LM-2 Financial Analysis

1. Filing Identifiers

• OLMS File Number: 000-376
• Organization: Flight Attendants ASN, CWA
• Designation: National Headquarters
• Unit Name: AFA-CWA
• Reporting Period: 06/01/2023 through 05/31/2024
• Members (end of period): 49,452
• Outside audit/review reported: Yes

Source: Cover page and Items 10–21.

2. Financial Snapshot

Statement A — Assets and Liabilities

• Total Assets: $10,508,433 (end) vs. $9,648,061 (start)
• Cash: $10,000 (end) vs. $688,958 (start)
• U.S. Treasury Securities: $1,822,146 (end) vs. $513,673 (start)
• Investments (Schedule 5): $8,654,709 (end) vs. $8,427,806 (start)
• Other Liabilities (Schedule 10): $1,444,406 (end) — described as “Amounts Held for Strike Funds”
• Net Assets: $9,064,027 (end) vs. $8,329,655 (start)

Source: Statement A Items 22–35; Schedule 10 description line.

Statement B — Receipts and Disbursements

• Dues and Agency Fees (Item 36): $0
• Other Receipts (Item 48 / Schedule 14): $28,114,551
• Total Receipts (Item 49): $28,334,445
• Representational Activities (Item 50 / Schedule 15): $19,490,469
• Political Activities & Lobbying (Item 51 / Schedule 16): $114,044
• General Overhead (Item 53 / Schedule 18): $2,451,505
• Union Administration (Item 54 / Schedule 19): $1,454,854
• Per Capita Tax (Item 56): $1,163,217
• Total Disbursements (Item 68): $29,013,403

Source: Statement B Items 36–68 and schedule references.

3. Key Items Flagged

These flags highlight LM-2 categories that are material, structurally informative, or comparability-relevant. Flags are descriptive and anchored to specific LM-2 items/schedules.

Flag A — “Dues” do not appear as receipts on the national LM-2

• Dues and Agency Fees (Item 36): $0
• Other Receipts (Item 48): $28,114,551

This presentation matters for comparability: a large share of receipts are reported through “Other Receipts” rather than “Dues and Agency Fees.” Readers should treat this as a reporting-structure signal, not as an absence of member-funded revenue. Source: Statement B Items 36 and 48.

Flag B — Parent-body funding is explicitly itemized in Schedule 14 (Other Receipts)

• Named payer: Communications Workers of America (classified as “Affiliate Labor Union”)
• Four “CWA CONTRIBUTION” entries: $250,000 each (10/31/2023; 11/30/2023; 02/29/2024; 05/31/2024)
• “FUNDING FROM AFFILIATE FYE 2024”: $26,166,633 (05/31/2024)
• Total with this payer (Schedule 14): $27,166,633

This is a direct, itemized indicator of the parent/subordinate financial relationship as presented in the filing’s receipts. Source: Schedule 14 entry for “COMMUNICATIONS WORKERS OF AMERICA.”

Flag C — CWA also appears as a major payee in Overhead (Schedule 18)

• Payee: Communications Workers of America
• Recurring line: “RENT - AFA OFFICE SPACE” ($22,119 monthly across the period)
• Large transfer line: “AFA UNSPENT INCOME TRANSFER TO RESERVE” $1,572,848 (05/31/2024)
• Total to this payee on Schedule 18: $1,838,375

This is a second, itemized parent/subordinate touchpoint: the parent body is not only a funding source, but also a major payee for overhead and a large end-of-year transfer described as a reserve transfer. Source: Schedule 18 entry for “COMMUNICATIONS WORKERS OF AMERICA.”

Flag D — Strike / reserve posture is visible as a balance-sheet liability

• Other Liabilities (Schedule 10): “AMOUNTS HELD FOR STRIKE FUNDS” $1,444,406

Source: Schedule 10.

Flag E — Legal / professional spending is largely embedded in functional buckets

• Representational Activities (Schedule 15 total): $19,490,469
• General Overhead (Schedule 18 total): $2,451,505
• Union Administration (Schedule 19 total): $1,454,854
• Example itemizations: multiple law-firm entries under Schedule 15 with “LEGAL REVIEW/CONTRACT ENFORCEMENT” purposes

The LM-2 provides some vendor-level itemization, but it does not allocate by carrier/contract or organizing campaign; costs are primarily reported by functional schedule. Source: Statement B Items 50, 53, 54; Schedule 15 vendor lines (e.g., “LEGAL REVIEW/CONTRACT ENFORCEMENT”).

4. Parent/Subordinate Relationship — What This LM-2 Shows (and What It Does Not)

What is directly visible (itemized)

• Inbound funding from CWA: $27,166,633 recorded in Schedule 14 (“Other Receipts”).
• Outbound payments to CWA: Schedule 18 includes recurring rent plus a large year-end “transfer to reserve” to the same payee.
• Affiliation-linked obligations: Per Capita Tax payments total $1,163,217 (Item 56), but payee detail is not on the Statement B line itself.

Source: Schedule 14 and Schedule 18 CWA entries; Statement B Item 56.

What cannot be cleanly derived from this LM-2 alone (must be treated as “not determinable here”)

• Net “return” on affiliation: The filing shows both inbound (Schedule 14) and outbound (Schedule 18 / Item 56) touchpoints, but it does not provide a single reconciled “services received vs. funds remitted” ledger.
• Carrier-by-carrier cost accounting: Negotiations, enforcement, and organizing are not broken out by airline/contract; they are primarily aggregated under functional schedules (especially Schedule 15).

Source: Statement B functional buckets and Schedule-level structure.

5. Organizing Drives, Joint Initiatives, and Contract Negotiation Load — Visibility Limits in LM-2

Avelo and Breeze organizing outcomes (context)

• Avelo: Avelo flight attendants voted to join AFA-CWA in 2022 (NMB-certified).
• Breeze: Breeze flight attendants voted overwhelmingly to join AFA-CWA in 2024 (NMB-certified).

Public organizing outcomes (context sources): AFA-CWA announcements on Avelo and Breeze.

What this LM-2 shows financially about Avelo

• Itemized affiliate funding includes: “AFA MEC AVELO AIRLINES” — “FUNDING TO AFFILIATE FYE 2024” $47,459.

This is an example of post-certification affiliate funding appearing as an itemized Schedule 15 payee line (but it is not a total “organizing cost” measure). Source: Schedule 15 payee line for “AFA MEC AVELO AIRLINES.”

Delta joint organizing drive (AFA-CWA + IAM + others) — what can be said from the LM-2

• Publicly, Delta organizing has been described as a coordinated campaign involving AFA-CWA and IAM (and others).
• In this LM-2: there is no line item that labels “Delta organizing” as a discrete project cost; costs are absorbed into functional schedules (primarily Schedule 15).
• Delta appears in the filing: as a named entity with non-itemized amounts in Schedule 14 (“Other Receipts”) and Schedule 19 (“Union Administration”), but these lines do not label an organizing-campaign cost category.

Delta organizing context (public): AFL-CIO and Teamsters statements/articles describing the coordinated campaign.

Delta named-entity presence in this LM-2: see Schedule 14 and Schedule 19 pages listing “DELTA AIR LINES” with non-itemized amounts (no campaign-purpose label on those lines).

Republic/Mesa joint representation + IBT interaction (context)

• Publicly, the Republic/Mesa merger process includes joint bargaining activity with reference to Teamsters counterparts at Republic.
• In this LM-2: there is no discrete “Republic/Mesa/IBT pact” cost category; any related negotiation/support costs would be embedded primarily within Schedule 15 representational spending unless separately itemized by payee/purpose.
• Mesa-related itemization exists: Schedule 15 includes “AFA LEC 24088 MESA AIRLINES” funding line ($35,297) and Schedule 15 includes “AFA MEC MESA AIRLINES” funding line ($169,891), but these are affiliate-funding disbursements, not a merger-cost ledger.

Context sources: CWA and AFA-CWA updates describing Mesa/Republic joint contract / merger bargaining posture.

LM-2 anchor: Schedule 15 affiliate-funding lines for Mesa entities.

Multiple contract negotiations, many past amendable dates — how LM-2 presents the cost

• Core point for readers: this LM-2 does not break negotiation or enforcement costs out by carrier or by contract.
• Instead: the filing aggregates costs into functional schedules (especially Schedule 15) and into employee/officer allocations to those schedules (many employees are allocated 100% to Schedule 15).

Source: Statement B Item 50 (Schedule 15 total) and Schedule 12 employee allocation lines showing 100% Schedule 15 for representational work (examples throughout Schedule 12).

6. Source Document

• LM-2 (CWA-AFA / AFA-CWA) — File 000-376 — Period Ending 05/31/2024 (PDF)

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Filing used for this analysis: “000-376 (LM2) 05/31/2024.”

7. Method and Limits

This page cites only what is visible in the filed LM-2. “Anomalies” are treated as reporting-structure signals or reconciliation prompts (e.g., dues recorded outside Item 36; parent-body funding/payee touchpoints), not as proof of misconduct. Where readers may be tempted to infer net affiliation benefit or campaign-by-campaign cost, this LM-2’s structure generally does not support that inference without additional documents (e.g., subsidiary reports, internal budgets, or carrier/council-level statements).

The clearest parent/subordinate touchpoints in this filing are the itemized CWA receipts in Schedule 14 and the itemized CWA disbursements in Schedule 18.