The Defense Fund is an important component of union members’ resources. The primary purposes of the GSU Defense Fund is to ensure and provide for the continued operation of GSU and to provide strike/lockout pay to members of GSU in the event they strike or are locked out.
GSU members pay additional dues of 1 percent of regular pay to a maximum of $10 per member per month. These additional dues will continue to be paid into the GSU Defense Fund until suspended by the Joint Executive Council or discontinued by a vote of the members of the union.
The GSU Defense Fund is required to maintain a minimum operating balance of $2.5 million. According to the 2017 second quarter portfolio report, the GSU Defense Fund had assets of $3.8 million invested with RBC Dominion Securities in addition to $317,000 in cash on deposit at Affinity Credit Union. Total assets currently stand at $4.117 million.
The GSU Defense Fund is administered by a Board of Directors of five members of GSU in good standing who are not elected representatives to the Joint Executive Council of GSU.
The Board of Directors are elected at GSU’s biennial policy conventions. Interim appointments to fill vacancies are conducted by the GSU’s Joint Executive Council as required between policy conventions.
The Defense Fund is audited annually as part of GSU’s annual audit process.
If you have questions about the Defense Fund or the Board of Directors, contact your GSU staff rep.