Maintenanceandrepairsarechargedto
presentednetoftheAFTconstitutionalrebatesof$176,251and$170,259fortheyears
operationswhenincurred;betterments
endedMarch31,2009and2008,respectively.
andrenewalsarecapitalized.When
property,plantandequipmentaresoldor
Affiliation Dues
otherwisedisposedof,theassetaccount
AffiliationduesareamountspaidbyPEFtoparticipatewithotherlabororganizationsin
andrelatedaccumulateddepreciationare
variouslaborcouncilsinNewYorkState.
relievedandanygainorlossisincludedin
operations.
3. INVESTMENTSECURITIES
Use of Estimates
Investmentsecuritiesarecarriedatfairvalueandconsistofthefollowing:
Managementusesestimatesand
assumptionsinpreparingfinancial
2009 2008
statements. Thoseestimatesand
Cost Fair Value Cost FairValue
assumptionsaffectthereportedamounts
ofassetsandliabilities,thedisclosureof
U.S.Treasurynotes
contingentassetsandliabilitiesandthe
andbills $3,888,977 $4,125,290 $4,267,477 $4,518,289
reportedrevenuesandexpenses. Actual
Federalagencyissues 140,546 176,508 140,546 188,069
resultscoulddifferfromthoseestimates.
GNMApass-thrusecurities 771,543 791,079 148,966 151,101
Equitysecurities 1,168,868 835,001 1,468,324 1,428,896
Board Designated Net Assets
Corporatebonds - - 50,914 ___52,716
Boarddesignatednetassetsrepresents
Total $
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investmentsearmarkedbythePEF
ExecutiveBoardforfundingnewcontract
campaigns,membermobilizationor
politicalaction.Anyuseofthese
Netrealizedgains(losses)fortheyearsendedMarch31,2009and2008were($187,455)
investmentsoutsideofthesedesignations
and($27,454),respectively. Netunrealizedgains(losses)fortheyearsendedMarch31,
requiresapprovalbyatleasttwo-thirdsof
2009and2008were($289,378)and$243,407,respectively.
theExecutiveBoard.
4. POLITICALACTIONFUND
Bad Debts
PEFmaintainsaPoliticalActionFund(theFund)fromwhichpoliticalcontributionsare
PEFusesthedirectwrite-offmethodof
disbursed.ContributionsareapprovedbyPEF'sExecutiveBoardandfundedfromPEF's
accountingforbaddebts.Management
unrestrictednetassets.TheFundisadministeredwithinPEFbytheLegislative
believesthatanyallowancewouldbe
Department,whichisalsoresponsibleforotherlobbyingactivities.Fortheyearsended
immaterial.
March31,2009and2008,theLegislativeDepartmenthasallocated$1,529,865and
$988,699fromunrestrictednetassetsforitsoperations,includingpoliticalcontributions.
Reclassification
DuringtheyearsendedMarch31,2009and2008,$936,115and$913,699wasallocated
Certain2008amountshavebeen
forLegislativeDepartmentoperations.FortheyearsendedMarch31,2009and2008,
reclassifiedtoconformtothe2009
expenseswerelessthantheallocationbyapproximately$593,750and$75,000
financialstatementpresentation.
respectively.AtMarch31,2009and2008,theamountduefromthegeneralfundwas
$673,949.
2. NETMEMBERSHIPDUESAND
AGENCYSHOPFEES
5. PENSIONPLANS
SubstantiallyallemployeesofPEFareeligibletoparticipateintheAffiliates'Officersand
Membership Dues and Agency Shop
EmployeesPensionFundofSEIU(thePensionFund). ThePensionFundisadefined
Fees
benefitmulti-employerpensionplan.Totalpensionexpensewas$1,271,385and
Revenueiscomprisedofmembershipdues
$1,207,238fortheyearsendedMarch31,2009and2008,respectively.Theseamounts
paidbymembersofPEFandagencyshop
arebaseduponacontributionrateof14%oftotaleligibleemployeecompensation.
feespaidbythoseemployeeswhoare
ActuarialandplanassetdatarelatingtoemployeesofPEFisnotavailable.
membersofthebargainingunitbutnotof
PEF.Duesincomeisrecognizedbased
PEFalsohasadefinedcontributionplancoveringallfull-timeemployeeswiththree(3)
uponthepayperiodforwhichmembers'
monthsofeligibleservice.PEFshallmakeanemployermatchingcontributionannually
salariesarepaidbytheStateofNewYork.
onbehalfofeachparticipantinanamountequalto2%oftheactiveparticipant’s
Thebiweeklyduesandfeesarecalculated
compensationcontributedtotheplanasnegotiatedintheUSWA/PEFContractandthe
basedon.9%ofamember'sannual
ManagementConfidentialBenefitSynopsisandasapprovedbytheExecutiveBoard.
compensationfortheyearsendedMarch
31,2009and2008,respectively.
6. LEASES
PEFhasenteredintoavarietyofleases,primarilyfortheuseofofficespaceand
Divisional Distributions
equipment,whichareaccountedforasoperatingleases.Inaddition,PEFhascertain
Divisionaldistributionsrepresent
officeandcomputerequipmentleasesthatareaccountedforascapitalleases.Included
allocationstolocalorganizationsofPEF
within“furniture,fixturesandequipment”isequipmentheldundercapitalleaseswitha
members.Eachdivisionwaspaid$6.77
costbasisof$567,224and$638,871,andaccumulatedamortizationof$956,722and
permemberupto200membersand$5.41
$521,180atMarch31,2009and2008,respectively.Futureminimumpaymentsunderall
foreachmemberinexcessof200,ineach
noncancelableleaseshavinginitialtermsinexcessofoneyearatMarch31,2009consist
calendarquarterfortheyearendedMarch
ofthefollowing:
31,2009.
Per Capita Taxes
PEFisrequiredtopaypercapitataxeson
amonthlybasistoAFTandSEIUasa
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