May 29, 2009
Dear Fellow Members,
The current economic crisis has had a profound global impact, and the WGAW has not escaped it. Despite formidable challenges, we are pleased to report that your Guild remains in excellent financial shape. The Guild owns its headquarters with no debt and our investments stand at $12.8 million, including a total of $7.4 million in our Strike and Good & Welfare Funds.
In this annual report to members, you will find the WGAW 's financial statements, notes to financial statements, and other relevant industry and employment data for the past fiscal year.
For the fiscal year ending March 31, 2009, the Guild took in $20.9 million after combining revenues with unrealized investment losses caused by the struggling economy. Our expenses for the year totaled $26 million. This resulted in a deficit of $5.1 million.
During FY 2009, TV and screen earnings decreased by 3 percent and 31 percent, respectively. Guild revenues of $22.7 million in dues and fees, however, were only 3.4 percent lower than FY 2008's total of $23.5 million. This relatively small decline was due mainly to improved collection of delinquent and underreported dues.
Unrealized investment losses exceeded investment income, which resulted in a $1.9 million net investment loss for FY 2009. This was down $3.6 million from FY 2008 investment gains due to turmoil in the financial markets and steep declines in equity markets.
Guild expenditures of $26 million were only slightly lower than FY 2008's total of $26.3 million. This relatively narrow margin reflected extraordinary expenses related to staff severance costs and maintaining a reserve for estimated uncollectible strike loans. The difficult decision to lay off just under 10 percent of our employees was made in order to balance the FY 2010 budget and to maintain adequate reserves for contract enforcement, jurisdiction expansion, and future negotiations.
Your Membership and Finance Committee is made up of five members and is mandated by the WGAW Constitution. Among its duties, the committee oversees the annual audit process performed by the independent accounting firm of Miller, Kaplan, Arase & Co.
We present this Annual Report to keep you informed of the Guild's financial condition. We look forward to reporting our financial performance to you throughout the year.
The Membership and Finance Committee
Elias Davis (chair), Tony DeSena, Ashley Gable, Adam Rodman, and Alison Taylor
2008 Annual Report to Writers
2007 Annual Report to Writers
2006 Annual Report to Writers
2005 Annual Report to Writers
2004 Annual Report to Writers
2003 Annual Report to Writers
2002 Annual Report to Writers
2001 Annual Report to Writers
2000 Annual Report to Writers
1999 Annual Report to Writers
1998 Annual Report to Writers