Form LM-2 (Labor Organization Annual Report) is an annual financial statement required of any Union or Labor Organization covered by the Labor Management Reporting and Disclosure Act (LMRDA), the Civil Service Retirement Act (CSRA), or the Foreign Service Act (FSA), with total annual receipts of $250,000 or more. This form will tell you when the next union election is, how many members the union has, the salaries of officers and staff, and other useful information, including:
- Whether the union has any subsidiary organizations
- Whether the union has a political action committee (PAC)
- Whether the union discovered any loss or shortage of funds
- Number of members
- Rates of dues and fees
- 7 asset categories such as cash and investments
- 4 liability categories such as accounts payable and mortgages payable
- 16 receipts categories such as dues and interest
- 18 disbursement categories such as payments to officers and repayment of loans obtained
- A schedule of payments to officers
- A schedule of payments to employees
- A schedule of office and administrative expenses
- A schedule of loans payable.
Generating these informative reports can be burdensome. First, you have to drop what you are doing, interrupting your daily accounting activity. Then you have to manually sift through an entire years worth of financial records and receipts to formulate a meaningful and accurate LM-2. If only there were a more efficient way to do this…
Actually, there is!
Complete Software’s Labor Reporting Module (LRP) uses data from your accounting package to automatically generate a complete LM-2. While other products may provide partial solutions, requiring you to finish the process manually, our Labor Reporting Program will provide you with a complete LM-2 report. In addition, the LRP Module provides all of the uploaded files, in the correct format, for easy upload to the Department of Labor web portal.
Other benefits of the LRP Module include:
- LRP is a complete LM-2 system (Every Schedule).
- LRP requires no duplicate data entry.
- LRP allows unions to correct data at anytime without taking extensive amount of time.
- LRP offers a preview function of the LM-2. You can review your report before uploading to the Department of Labor web portal.
- LRP provides an easy change function for LM-2 codes.
- LRP works with any accounting software systems.
LRP is a turn-key system and complete labor union accounting solution. Our program is reviewed monthly to ensure LM-2 compliance in a software solution. We will work with your accounting staff to customize our software so that your labor union activity will work seamlessly with our software for LM-2 and ensure that your report meets the requirements set by the Department of Labor.
Interested in learning more about our Labor Reporting Module? Then contact Complete Software by calling 443-636-5263 or click here to visit our website!
Based out of Catonsville, Maryland, Complete Software (CS) is proud to be a Microsoft Partner and Value Added Reseller (VAR) for Microsoft Dynamics GP 2010 and Microsoft Dynamics SL as well as a unique software developer providing solutions for businesses and non-profit organizations throughout the country. The CS development team writes customized software solutions for core products at a competitive price.
Our goal is to provide a complete financial system with a core Microsoft Dynamics foundation to businesses and labor unions located in Maryland, Washington D.C., Virginia, New York, and New Jersey. We offer a variety of services including Microsoft Dynamics consulting, system evaluation, business process analysis, system design, customizations, Enterprise Resource Planning (ERP) implementations and system upgrades.
Complete Software’s areas of expertise include: Financial, Sales and Distribution, System Integration, Web-based Tools, Accounting Support, and Labor Union Reporting Needs.
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