American Maritime Officers had another strong month in September 2020 as operating expenses declined and a key source of revenue rose significantly.

Membership dues payments were down slightly for the month, but increased receipts from initiation fees paid to the union by applicants for AMO membership offset this considerably.

As a result, AMO closed out September with an operating budget surplus of $186,513. This continues a steady trend in our union - nearly every month since mid-2015 has ended in a budget surplus.

Surplus revenue is deposited into cash reserve accounts - which allow our union to plan for known and anticipated capital expenses - and into investment accounts, which exceeded $13.5 million in value as of September 30.

Given the persistent uncertainty driving the catastrophic COVID-19 economy, AMO expects a break-even fourth quarter of 2020, but with a year-end operating budget surplus of over $1 million.

All of this is possible because of a combination of responsible asset management at AMO headquarters and increased payment of on-time dues and initiation fees from within the deep-sea, Great Lakes and inland waters fleets. This joint strategy has resulted in six consecutive years without an increase in membership dues or initiation fees.

I thank all of the AMO seagoing professionals we at headquarters and in the Toledo and Washington offices are privileged to represent for their savvy hand in keeping our union sound, and for furthering our union's reputation for excellence in commercial and defense shipping services.

On behalf of the AMO Executive Board, the vessel-boarding representatives and support staff employees, I wish all AMO members and their families the best of health during the COVID-19 emergency and as we approach this year's holiday season.

As always, I welcome your comments, questions and perspectives.

Paul Doell
October 7, 2020