Print  |  Close Window   AMO Currents  -  Posted: July 29, 2022

AMO audited financial statements, LM-2 available online

The audited financial statements of American Maritime Officers for the fiscal years ended March 31, 2021 and March 31, 2020 are available for AMO membership review in the Member Area of the AMO website. The audited financial statements for the most recent fiscal year have not yet been completed and will be posted when they become available.

The audited financial statements include a side-by-side comparison of the union's operating income and expenses. AMO's fiscal year begins on April 1 and ends on March 31.

Also available for AMO membership review in the secure section of the AMO website is the American Maritime Officers LM-2 report for the fiscal year ended March 31, 2022. AMO files the LM-2 financial disclosure report each year with the U.S. Department of Labor (DOL) as required, and the public document is also available through the DOL.

The financial statements differ from the LM-2 financial disclosure report in the way data is reported. The financial statements report AMO's revenue earned and expenses incurred during the fiscal year, regardless of when revenue is received or when expenses are paid.

The accounting methods required by the DOL for the LM-2 differ from what certified public accountants refer to as Generally Accepted Accounting Principles. The LM-2 reports the amount of cash collected and cash disbursed for the fiscal year. The LM-2 form includes a column for business expenses, such as travel and lodging, paid for by officials and employees in the course of their duties. However, reimbursement for approved business expenses is combined with salary in the "TOTAL" compensation column of the LM-2 form.

The Member Area of the AMO website is accessible to active AMO members and applicants. AMO members will need to click on the "AMO Member Log In" tab on the AMO home page and log in with their user ID and password for the AMO Dispatching website, as well as their Mariner Reference Number, which can be found on the photo page of the Merchant Mariner Credential.

Options for resetting a password and registering for an online account are available to active AMO members and applicants on the log-in page.


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