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CSN can’t read a balance sheet: You can’t trust them with your dues

CSN can’t read a balance sheet: You can’t trust them with your dues

Corrections Bargaining unit: Solid for the future
Corrections Bargaining unit: Solid for the future
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CSN’s at it again, desperately grasping at anything to try and convince OPSEU/SEFPO corrections members to sign a CSN card. This time, they grabbed a page from OPSEU/SEFPO’s 2018 balance sheet, completely misread one of the lines, and their supporters are now sharing it on social media. But that’s okay, we don’t mind teaching CSN how financial reporting works.

OPSEU/SEFPO had a $4.5 million surplus in 2019.

At the end of 2019, OPSEU/SEFPO reported a very healthy $4.5 million surplus in our operating budget. Not surprising considering that we’re a growing union, and we’re careful with how we spend our members’ dues.

Compare that to CSN. In their 2017-2020 budget, they actually planned a $6 million deficit in their operating budget. Why? Despite cutting almost two dozen staff, they just couldn’t balance their budget when 22,000 health care and social services members left CSN for other unions in 2017 and left a huge hole in their revenues.

OPSEU/SEFPO has a $4.5 million surplus. CSN budgeted a $6 million deficit. Those are the real numbers.

What are “wrap up numbers”?

There is another line on OPSEU/SEFPO’s balance sheet that shows how much money we would have to pay out if we were forced to completely shut down the organization tomorrow. It’s something you have to report even though it will probably never happen. Those are known as “wrap up numbers.” Any organization that employs staff and offers pensions and benefits has to report what their liabilities would be if they “wrapped up” their organization entirely and had to release all their staff. So, if OPSEU/SEFPO shut down tomorrow, we would be responsible for severance, pension payouts for current staff, as well as pension funds and benefits for every currently living retiree. That total amount has to be reported as a “liability” on a balance sheet. It’s something you have to keep track of even if it never happens. But it isn’t a real deficit, because OPSEU/SEFPO is not shutting down tomorrow. OPSEU/SEFPO is the fastest growing union in the country. CSN is losing members and desperately trying to raid other unions to make up for lost revenues.

CSN is spreading misinformation – again.

CSN supporters are presenting OPSEU/SEFPO’s hypothetical “wrap up” numbers as if it is money we have actually spent. Either CSN doesn’t understand the difference between an operating budget and wrap-up liabilities or they’re lying. OPSEU/SEFPO’s operating budget is in surplus. Our finances are healthy and strong.

Do you want to pay 42% higher dues to a union that either doesn’t understand, or lies to their members about how a balance sheet works? Don’t believe the CSN hype. Corrections workers are better off with OPSEU/SEFPO.