SAG-AFTRA had a good year financially, according to Jane Austin, the union’s secretary-treasurer, who says “we are tracking ahead of projections on income and below on expenses” for the ninth straight quarter. Even so, she noted in the latest issue of the SAG-AFTRA magazine that “we have all seen some market fluctuations recently,” and she assured members that “we are keeping a close eye on our investment portfolio and taking great precautions should there be a downturn.”
So far this year, the Dow Jones Industrial Average is down nearly 6.8%; NASDAQ is off nearly 6.1%, and the S&P 500 fell nearly 7.7%. A continued downturn could significantly impact the 160,000-member union’s bottom line. According to SAG-AFTRA’s latest financial report filed with the U.S. Department of Labor, through April 30 of this year the union had more than $44 million in marketable securities – financial instruments that can be bought or sold on public stock or bond exchanges. That represents about 42% of the $105 million in dues the union received from its members last year.
The union’s website notes that “SAG-AFTRA offices are closed for the New Year’s holiday and will reopen Tuesday, Jan. 2.” Actually, Jan. 2 is Wednesday.