{"id":2258,"date":"2022-11-03T13:46:41","date_gmt":"2022-11-03T17:46:41","guid":{"rendered":"https:\/\/communicator.pef.org\/?p=2258"},"modified":"2022-11-04T14:00:27","modified_gmt":"2022-11-04T18:00:27","slug":"pef-in-good-spot-financially-despite-loss-of-state-workers-during-hiring-freeze","status":"publish","type":"post","link":"https:\/\/communicator.pef.org\/issue\/volume-40-no-8\/pef-in-good-spot-financially-despite-loss-of-state-workers-during-hiring-freeze\/","title":{"rendered":"PEF in good spot financially despite loss of state workers during hiring freeze"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-2259\" src=\"https:\/\/communicator.pef.org\/wp-content\/uploads\/sites\/2\/2022\/11\/Sec-Treas-Report-Header.jpg\" alt=\"Secretary-Treasurer Report\" width=\"1200\" height=\"300\" srcset=\"https:\/\/communicator.pef.org\/wp-content\/uploads\/sites\/2\/2022\/11\/Sec-Treas-Report-Header.jpg 1200w, https:\/\/communicator.pef.org\/wp-content\/uploads\/sites\/2\/2022\/11\/Sec-Treas-Report-Header-300x75.jpg 300w, https:\/\/communicator.pef.org\/wp-content\/uploads\/sites\/2\/2022\/11\/Sec-Treas-Report-Header-1024x256.jpg 1024w, https:\/\/communicator.pef.org\/wp-content\/uploads\/sites\/2\/2022\/11\/Sec-Treas-Report-Header-768x192.jpg 768w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><span data-contrast=\"none\">PEF Secretary-Treasurer Joe Donahue told delegates to PEF\u2019S 44<\/span><span data-contrast=\"none\">th<\/span><span data-contrast=\"none\">\u202fAnnual Convention in October that he has kept a sharp eye out to ensure transparency and compliance with laws and PEF policies in conducting the union\u2019s fiscal management over the year since the 2021 convention.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<figure id=\"attachment_2261\" aria-describedby=\"caption-attachment-2261\" style=\"width: 640px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-2261\" src=\"https:\/\/communicator.pef.org\/wp-content\/uploads\/sites\/2\/2022\/11\/Joe-Feature.jpg\" alt=\"Joe Donahue - PEF Secretary-Treasurer\" width=\"640\" height=\"435\" srcset=\"https:\/\/communicator.pef.org\/wp-content\/uploads\/sites\/2\/2022\/11\/Joe-Feature.jpg 640w, https:\/\/communicator.pef.org\/wp-content\/uploads\/sites\/2\/2022\/11\/Joe-Feature-300x204.jpg 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><figcaption id=\"caption-attachment-2261\" class=\"wp-caption-text\">Joe Donahue &#8211; PEF Secretary-Treasurer<\/figcaption><\/figure>\n<p><span data-contrast=\"none\">PEF is in good fiscal shape, Donahue said, and a close look at findings in the union\u2019s <a href=\"https:\/\/communicator.pef.org\/issue\/volume-40-no-7\/2022-audited-financial-statements\/\">Consolidated Financial Statements<\/a> for the end of the end of the 2021-22 fiscal year and the independent auditor\u2019s report help to show that.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">They show that PEF ended that year with net assets of $28 million &#8212; nearly $3 million higher than the previous year.\u202f <\/span><span data-contrast=\"none\">\u202f<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Revenue from union dues increased, partly because members received retroactive pay increases through the contract with the state that will expire April 1, 2023.\u202f This helped to offset the membership decrease created by the state hiring freeze that left 5,000 PEF-represented positions vacant.\u202f That freeze has now been lifted.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">The increased income and restrained spending have allowed the union to invest $750,000 in\u202f<\/span><span data-contrast=\"auto\">securities<\/span><span data-contrast=\"none\">, Donahue reported.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">\u201cAs always, I will continue to work with PEF\u2019s Finance Department to clarify policy, and ensure adherence by all members, so that we are able to maintain the levels of representation\u202f<\/span><span data-contrast=\"auto\">that\u202f<\/span><span data-contrast=\"none\">our members\u202f<\/span><span data-contrast=\"auto\">deserve<\/span><span data-contrast=\"none\">.\u201d<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Donahue answered delegates\u2019 questions about specific financial issues such as the average dues per member.\u202f Donahue estimated it to be about $800 per year. In response to another question, he said it generally takes about a month to begin receiving dues from new members. And he noted the PEF Membership Benefits Program is a separate entity that has approximately $20 million in assets. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PEF Secretary-Treasurer Joe Donahue told delegates to PEF\u2019S 44th\u202fAnnual Convention in October that he has kept a sharp eye out to ensure transparency and compliance with laws and PEF policies&#8230;<\/p>\n","protected":false},"author":6,"featured_media":2261,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"division":[],"allowed_regions":[],"allowed_divisions":[],"class_list":["post-2258","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","issue-volume-40-no-8","issue-volume-40-no-9"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.6 (Yoast SEO v27.9) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>PEF in good spot financially despite loss of state workers during hiring freeze - 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