Last updated on March 10th, 2026

Each year, unions in New York State are required to file one of three annual financial reports: Form LM-2, LM-3, or LM-4. Each of these forms requires varying degrees of financial detail, with the form type determined by a union’s annual gross receipts. This article will focus primarily on LM-2 reporting; however, whichever form your union is required to file, accurate and timely reporting is essential—not only for compliance purposes, but also to support transparency within your union.

What is Form LM-2?

Form LM-2 is the most detailed annual financial report required for unions by the DOL’s Office of Labor-Management Standards (OLMS). Unions with total annual receipts of $250,000 or more and those in trusteeship are required to file Form LM-2.

Form LM-3 and Form LM-4

Unions with total annual receipts of less than $250,000 that are not in trusteeship must file Form LM-3 (a less detailed annual report), while unions with less than $10,000 in total annual receipts that are not in trusteeship must file Form LM-4 (an abbreviated annual report).

LM-2 Reporting Requirements

Form LM-2, the most detailed annual financial report, requires unions to submit various informational and financial items, along with supporting schedules. Some of the information required includes rates of dues and fees, receipts and disbursements, assets and liabilities, disbursements, and schedules of payments and loans. LM-2 forms also provide information about membership status, officer and employee compensation, spending on political activities and lobbying, contributions and grants, governance information, and more.

Why are accurate reports so important?

The purpose of filing LM-2 (or LM-3 or LM-4) reports is to disclose information about a union’s financial activities, provide important insights, and promote accountability and transparency within the organization. Accurate and timely completion of reports ensures that unions maintain compliance with DOL regulations. Inaccurate or incomplete forms can lead to legal issues and threaten a union’s credibility. However, the importance of accurate reporting extends beyond compliance. Annual financial reports, which are publicly available, help members understand how their union operates and how union resources are managed. The information in these reports supports informed decision-making and helps maintain trust between members and union leadership by serving as a check against potential financial mismanagement. These reports can also help to facilitate productive communication between employers and unions by offering employers insight into union operations.

Accounting Services You Can Rely On

Reliable year-round accounting is key to accurate LM-2 reporting. RBT CPAs’ union team is here to support your union’s accounting needs, whether it’s helping you prepare for audits, reviewing your internal controls, or providing full CFO services. Give RBT CPAs a call today and find out how we can be Remarkably Better Together.