Our 2023 numbers overall are positive, but with qualifications. We spent slightly under $1 million more last year than in 2022. That expenditure was offset by a small uptick in work dues and membership dues and excellent gains from our investments.

Personnel expenses are always our biggest expenditure. Last year, we saw that increase by $642,949 as we continued to fill vacancies and adjusted wages for cost of living. With all staff working onsite, building expenses  —  which cover items such as cleaning, security, and waste removal  —  were also larger by $34,783. Other office expenses increased by $42,226. General expenses increased by $242,161 due to higher legal and public relations spending. Legal fees alone increased by 51 percent over the previous year.

Total revenue for 2023 increased by 15 percent. Dues collected in 2023 were slightly higher than those collected in 2022 by $22,930. The most significant increase in revenue was due to better stock market performance in 2023: our net investment income in 2023 was $310,687 as compared to a loss of $554,725 in 2022. That leaves Local 802 with a small surplus of income over expenses in the amount of almost $300,000 in 2023.

As we cannot count on market returns to put us in the black every year, we need to continue to be mindful of our expenditures. 2024 is half over and some large bargaining units like Broadway, the New York Philharmonic, and ABT are already in negotiations. All these negotiations will incur many hours of legal billing. Once we start the renovation, we will be adding some rental costs to our monthly cash flow, however that cost will be wrapped into the renovation financial package.

While we’re talking about money, let me mention two things.

First, the recording department has thousands of dollars of your money sitting unclaimed, just waiting for you to pick up. We want that money to go into your pocket! Click here to view our Unclaimed Checks page, which was recently updated.

Secondly, there is a small but easy thing that members can do to help the collective “us” maintain good financial standing: if you usually pay your dues quarterly, why not switch to paying in full at the beginning of the year? Not only will you receive a $5 discount if paid each year by Jan. 31, but it will save you a trip to the building (or a few stamps) — and we’ll save on staff time and postage by reducing quarterly invoicing. This small change might also save you from forgetting to keep up with dues payments thereby risking late fees and termination of your membership. If you play recordings or are in the late night bands, paying work dues right away on that income is also important.That money keeps us strong by enabling us to pay representational and operating costs. You can pay your dues online at the Local 802 membership portal: https://www.info.local802afm.org.

Click here to download Local 802’s financial statements, which appear in this issue of Allegro.