We all from time to time gloss over the technical details of financial documents and reports. They seem difficult or too cumbersome to read and understand. But if you consider the importance of BMWE funds, you may view this annual reporting process through a different lens. Because the financial capability of the BMWE, combined with the strength and resolve of our members, translates into power, it is crucial that we maximize the power of our members' money.

Without carefully managed finances, the BMWE would not have the resources to educate our members on safety and health concerns, rail and labor legislation pending in Congress, collective bargaining developments, or why the outcome of legislative debates and elections matter to BMWE members and their families.

The finances of this union make it possible for the BMWE at every level to constantly speak out against hostile proposals that would harm BMWE members. And without adequate finances we would fall short in ensuring that the BMWE and the entire labor movement have the best representation possible. We all know that the big railroads have the money -- and they spend it by the millions.

According to Webster's Dictionary, a secretary is the person who is in charge of keeping the records of an organization. A treasurer is the person in charge of the funds of an organization. As your Secretary-Treasurer, I am the person in charge of keeping an accurate record of the funds of our organization. But I also have what is called "fiduciary responsibility." In other words, I am committed to not only ensuring that there is an accurate record of BMWE's financial resources, but also to making sure that these funds are handled with great ethical and moral care.

Fiduciary responsibility means that I need to help guide decisions about spending and investing money wisely. Sound purchases and investments translate into an efficient and effective union. With so much to accomplish for our members, we must remain vigilant in our efforts to make the right choices that will guarantee the financial security of our union today and in the future.

Remaining vigilant means that the BMWE will not tolerate wasting money on items we don't need or wasting it through careless purchasing methods or decisions. As you will see from the annual report, we take every purchasing decision to heart and make it with your best interests in mind.

The entire office of the Secretary-Treasurer understands that we must lead by example. If we are to expect our systems and subordinate lodges to take handling their finances seriously, then we must pursue every means at our disposal to raise the bar on the way we manage our finances. We can expect no less if we're serious about running the most effective rail labor organization.

All BMWE money must be spent wisely and that includes having systems in place for accurate reporting and accounting. Factual accounting and timely reporting gives you and your fellow BMWE members the opportunity to see first hand the financial impact of BMWE decisions and policies. Through the annual report and other federal, state and local documents the BMWE is required to file, you can achieve a greater understanding of how your dues are being managed.

As Secretary-Treasurer, I want to personally thank you on behalf of all of the Grand Lodge Officers, appointees and employees for the faith and trust you have placed in us as we make daily financial decisions with your union dues. It's a trust that we value and treasure - and you have my word that it is a trust that we do not and will not squander.