American Maritime Officers logged a first-quarter 2021 operating budget surplus of $549,000 - twice what had been projected.
In what has become a familiar pattern, the budget surplus resulted from a combination of sound asset management and a significant increase in revenue through the timely payment of dues by AMO deep-sea, Great Lakes and inland waters members. The operating budget surplus for March 2021 was $136,562.
"Dues payments remain strong this year with a year-to-date amount exceeding projections by $275,000," said AMO Director of Business Administration Thom Heaton. Initiation fee receipts from applicants for AMO membership "have run slightly equal to or below projections for the year," Heaton added. "The increase in dues payments is the sole reason why the year-to-date surplus is double what was projected."
Investment and cash reserve accounts totaled $15 million as of March 31 - "a record high," Heaton said.
Operating expenses "have remained close to projected amounts" with the exception of unanticipated legal fees.
This reflects what I have called a "productive partnership" between the AMO administration and the seagoing deep-sea, Great Lakes and inland waters AMO membership. Here at headquarters, we have targeted waste, extravagance and redundancy and brought AMO to where our union lives within its means, as AMO member families do. The membership response has been greater compliance with timely dues and initiation fee requirements.
American Maritime Officers is in its seventh consecutive year without a membership dues increase or a hike in the membership initiation fee.
April 22, 2021