Association of Professional Flight Attendants
LM-2 Financial Analysis — FY2024
April 1, 2023–March 31, 2024 · OLMS file 509-620 · Report 896676
Period, source and filing controls
This analysis covers April 1, 2023–March 31, 2024, OLMS file 509-620, report 896676. The source is the 54-page original-format report body hosted by CrewSignal. Its header, Statements A–B, all 20 schedules and Item 69 were inspected. The source host is distinct from the government filing system.
Open the inspected FY2024 report copy (PDF) · Open the official OLMS report route
| Field | What the saved report shows |
|---|---|
| Amended / hardship / terminal | No / No / No |
| President’s signature date | August 27, 2024 |
| Treasurer’s signature date | August 20, 2024 |
| Saved report footer | December 31, 2025; report 896676; 54/54 pages |
| Membership, Item 20 | 26,523; Item 69 describes active members who pay in full |
| Regular dues | $41 monthly, as reported |
| Outside audit or review | Yes, as reported |
| Maximum fidelity bond coverage | $500,000, as reported |
Signature dates are not independently verified government receipt dates. The saved body appears complete, but the government-hosted version, separate attachments and complete later amendment history were not acquired. This page describes FY2024; current rules and later periods are covered on the funding page.
Sources: Header and governance fields, PDF pages 1–2; Item 69, PDF pages 52–54.
FY2024 financial overview
| Measure | Amount |
|---|---|
| Total receipts | $14,056,455 |
| Total disbursements | $14,012,937 |
| Receipts less disbursements / cash increase | $43,518 |
| Year-end assets | $17,591,694 |
| Year-end liabilities | $2,075,570 |
| Year-end net assets | $15,516,124 |
Cash increased $43,518 during the year while net assets declined $1,473,992. The cash-flow comparison alone does not explain the net-asset decline. The component bridge below shows the reported changes in assets and liabilities without assigning an unverified cause.
Sources: Statements A–B, PDF pages 3–4.
Receipts and reported asset transactions
| Reported line | Amount |
|---|---|
| Dues and agency fees | $13,009,224 |
| Interest | $308,074 |
| Sale of investments and fixed assets — item 43 | $739,157 |
| Total receipts | $14,056,455 |
Dues and agency fees supply most reported receipts. Schedule 3 describes the $739,157 under the combined sale line as “Net GAIN FROM SALE OF SECURITIES”, with zero book/cost value reported. That detail should be retained rather than presenting the amount as gross investment principal liquidated.
Sources: Statement B, PDF page 4; Schedule 3, PDF page 7.
| Asset purchased | Amount |
|---|---|
| Telephone equipment | $15,657 |
| Computer equipment | $390,086 |
| Building improvements | $57,804 |
| Total | $463,547 |
The form’s generic purchase line covers investments and fixed assets. In FY2024 the supporting schedule identifies only the fixed assets above, so this amount should not be called investment purchases.
Sources: Schedule 4, PDF page 8.
Complete disbursement allocation
| Category | Amount | Share of $14,012,937 |
|---|---|---|
| Representational activities — Schedule 15 | $8,717,630 | 62.21% |
| Political activities and lobbying — Schedule 16 | $245,517 | 1.75% |
| Contributions, gifts and grants — Schedule 17 | $5,042 | 0.04% |
| General overhead — Schedule 18 | $1,902,117 | 13.57% |
| Union administration — Schedule 19 | $1,773,887 | 12.66% |
| Benefits — Schedule 20 | $730,487 | 5.21% |
| Fixed-asset purchases — Statement B item 60 | $463,547 | 3.31% |
| Direct taxes | $174,710 | 1.25% |
| Total disbursements | $14,012,937 | 100.00% |
The table includes fixed-asset purchases, contributions/gifts/grants and direct taxes as well as the major functional categories. Percentages are rounded, and personnel allocations are already included within the functional categories.
Sources: Statement B, PDF page 4; Detailed functional summary, PDF page 38.
Representational spending: composition and denominators
| Component | Amount |
|---|---|
| Allocated employee disbursements | $6,868,921 |
| Allocated officer disbursements | $1,058,930 |
| Named itemized payments | $711,089 |
| Named nonitemized payments | $32,882 |
| All other disbursements | $45,808 |
| Total representation | $8,717,630 |
The two named-payment lines total $743,971. Including “All Other” produces $789,779 in nonpersonnel representational disbursements. The older $0.74 million residual omitted $45,808.
| Ratio | Result |
|---|---|
| $8,717,630 representation ÷ $14,012,937 total disbursements | 62.2% |
| $8,717,630 representation ÷ $13,009,224 dues and agency fees | 67.0% |
The first percentage describes the share of union-wide disbursements classified as representation. The second compares that spending with dues receipts. Neither isolates local spending, a per-base budget or service effectiveness. The amount already spent is not a maximum pool available for future work.
Allocated compensation describes how disbursements were reported. It does not establish where a staff member worked, which base received a service, how many cases were handled or what result followed. Those questions require operational records beyond this schedule.
Sources: Schedule 15 detailed summary, PDF page 38; Statement B denominator amounts, PDF page 4.
Officers and employees in the fiscal-period report
| Reported group | Gross salary | Allowances | Official business | Total |
|---|---|---|---|---|
| Officers | $1,294,477 | $78,861 | $0 | $1,373,338 |
| Employees | $8,061,260 | $0 | $409,434 | $8,470,694 |
| Officer | Gross salary | Allowances | Total |
|---|---|---|---|
| Julie Hedrick | $128,440 | $3,300 | $131,740 |
| Larry Salas | $119,104 | $3,300 | $122,404 |
| Josh Black | $112,965 | $5,006 | $117,971 |
| Erik Harris | $113,965 | $3,600 | $117,565 |
The national-officer rows are included in Schedule 11’s total. Officer/employee allocations are included in the functional categories, so these amounts must not be added again to those categories. IRS Part VII reports calendar-year compensation; it is a different period and measure from this April–March LM-2.
Sources: Schedules 11–12, PDF pages 15–36; Functional summary, PDF page 38; Form 990 instructions, Part VII calendar-year compensation.
Assets, liabilities and the net-asset bridge
| Reported balance | April 1, 2023 | March 31, 2024 | Change |
|---|---|---|---|
| Cash | $1,464,459 | $1,507,977 | $43,518 |
| Accounts receivable | $218,845 | $96,539 | −$122,306 |
| Investments | $16,006,312 | $14,875,873 | −$1,130,439 |
| Fixed assets | $1,049,887 | $1,067,272 | $17,385 |
| Other assets | $67,415 | $44,033 | −$23,382 |
| Total assets | $18,806,918 | $17,591,694 | −$1,215,224 |
| Accounts payable / total liabilities | $1,816,802 | $2,075,570 | $258,768 |
| Net assets | $16,990,116 | $15,516,124 | −$1,473,992 |
The $1,473,992 decrease in net assets equals the $1,215,224 decrease in assets plus the $258,768 increase in liabilities. This identifies where the reported change appears. It does not establish the cause of the investment or payable movement, and it is not explained by saying that almost all annual receipts were deployed.
Cash, investments and fixed assets have different uses. The $14,875,873 investment balance is not automatically unrestricted liquid cash available for operations. Underlying fund restrictions, investment movements and audited notes are needed before making stronger reserve or liquidity claims. The filing reports no loan or mortgage balances, but it does report $2,075,570 of accounts payable.
Sources: Statement A, PDF page 3; Schedule 5 investments, PDF page 9; Schedule 8 payables, PDF page 12.
Payloss balances, benefits and named payments
| Reported balance | Amount |
|---|---|
| American Airlines Payloss — receivable | $94,662 |
| American Airlines Payloss — payable | $1,516,786 |
Receivable and payable balances do not by themselves measure the annual cost of representative release. The carrier/union reimbursement framework and a settlement rollforward are needed to explain the timing and composition.
Sources: Schedules 1 and 8, PDF pages 5 and 12; Section 32, Union Business.
| Description | Payee | Amount |
|---|---|---|
| STAFF - HEALTH INSURANCE / DENTAL | BLUE CROSS BLUE SHIELD | $509,554 |
| STAFF - LIFE AND DISABILITY INSURANCE | LINCOLN NATIONAL INSURANCE | $40,199 |
| STAFF - VISION | VISION SERVICE PLAN | $4,697 |
| OTHER - HEALTH / LIFE INSURANCE | AMERICAN AIRLINES BENEFITS SERVICE CENTER | $31,290 |
| STAFF / OFFICER RETIREMENT | ADP | $144,747 |
| Total | $730,487 |
These descriptions principally concern staff insurance and staff/officer retirement. The total should not be presented as a general benefit paid to the entire flight-attendant membership.
Sources: Schedule 20, PDF page 51.
| Reported date | Amount |
|---|---|
| June 27, 2023 | $55,002 |
| February 5, 2024 | $92,661 |
| Total | $147,663 |
Schedule 8 separately lists $92,661 payable to “CWA-AFA.” The shared figure does not establish duplicate payment, settlement or a reconciled counterpart transaction without supporting invoices and a payable rollforward.
Sources: Schedule 15, PDF page 40; Schedule 8, PDF page 12.
Historical filing fields and current governance
The FY2024 filing reports outside audit or review, $500,000 fidelity bond coverage, and no contingent liabilities or pledged assets. These are the filing’s responses; the actual auditor’s report was not acquired as part of this review.
Its next-regular-election field says February 2028. That is a historical filing field, not the current schedule. APFA’s current Constitution provides three-year national-officer terms, and the corrected October 14, 2026 election notice covers the 2027 national and base elections.
Sources: Items 10–21, PDF page 2; Article VI, current national-officer terms; Corrected 2027 election notice.
This historical report does not establish separately reportable APFA councils, lodges or districts. Current base representation, budgeting rules and later financial periods are addressed in the linked governance sections.
Return to the annual financial comparison · Base representation · Current elections