Download the 2020 Annual Report

July 21, 2020

Dear Fellow Members:

We are presenting the Guild’s annual financial report at a tumultuous time for the industry and our country. The report, which covers the Guild’s fiscal year ending March 31, 2020, reflects the onset but not the full impact of the economic disruption caused by the COVID-19 pandemic. Next year’s report will doubtless give us a more complete picture of the effect of the pandemic on the Guild’s finances. For now, however, members should feel confident that the Guild is on a strong financial footing, with significant reserves that will enable us to face, and surmount, the current uncertainties.

In this booklet, you will find the WGAW’s financial statements and a summary of industry and employment data for the fiscal year that ended March 31, 2020. Here are some highlights:

  • The Guild ended the fiscal year with total net assets of over $77.8 million. The Guild owns its headquarters located at the corner of Third Street and Fairfax Avenue, where a multi-year renovation project is entering its final phase, with planned upgrades to the main entrance and streetscape.
  • The Guild had a small operating surplus for the fiscal year of $0.335 million based on total revenues of $38.5 million, down from $42.9 million in the last fiscal year. The decline in overall revenue is largely attributable to unrealized investment losses resulting from the pandemic-related declines in equity markets at the end of the fiscal year in March.
  • Annual expenditures of $38.2 million were higher than FY 2019’s total of $32.8 million. The increase was the result of a number of factors: increased payroll and benefit expenses; higher depreciation expenses; the expenses related to member mobilization in connection with the 2020 MBA negotiations; and the Guild’s continued activities in connection with the talent agency campaign, including the development and launch of the WGA Staffing & Development Platform.
  • The supplemental schedule on page 17 reflects that the Guild’s Foreign Levies Program distributed $14.9 million to writers and heirs during the last fiscal year. The program currently collects royalties in 21 countries in Europe and South America. This annual review is also posted on the Foreign Levies page of the Guild’s website, www.wga.org/foreignlevies, where you will also find other information about the program.
  • We publish this financial information each year in the interest of transparency and a fully informed membership. The Membership and Finance Committee is a constitutional body, made up of five members appointed by the Board of Directors. The Committee oversees the annual audit conducted by the independent accounting firm of Miller Kaplan Arase LLP, whose report is contained in this booklet.

Sincerely,

The Membership and Finance Committee

Michele Mulroney (chair), Patti Carr, Robb Chavis, Tony DeSena and Carleton Eastlake


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