Labor Organization Annual Financial Reports
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
The rule changes how U.S. labor organizations report their annual finances to the Department of Labor. It creates a longer Form LM-2 for the largest labor organizations, revises the standard Form LM-2 for many organizations with at least $350,000 in receipts, updates Form LM-3, and changes reporting thresholds for Forms LM-3 and LM-4. Labor unions and similar organizations will need to review which form they must file and prepare for more detailed reporting if they fall into the affected categories. The rule applies to fiscal years that begin on or after July 1, 2026.
AI-generated summary. May contain errors. Refer to official sources for legal decisions.
Key Changes
- Creates a longer Form LM-2 Long Form for the largest labor organizations
- Revises Form LM-2 for many labor organizations with receipts at or above $350,000
- Updates Form LM-3 and changes reporting thresholds for Forms LM-3 and LM-4
Obligations
What this law requires
Labor organizations whose fiscal years begin on or after July 1, 2026 must determine which annual financial reporting form they are required to file under the revised Department of Labor LM reporting thresholds.
Labor organizations with annual receipts at or above $350,000 must prepare to file the revised Form LM-2 annual financial report unless they fall into the category required to file the Form LM-2 Long Form.
The largest labor organizations must file the new longer Form LM-2 Long Form for annual financial reporting to the Department of Labor.
Labor organizations eligible to file Form LM-3 must use the revised Form LM-3 annual financial report under the updated reporting requirements.
Labor organizations that previously filed Form LM-3 or Form LM-4 must reassess their filing status because the rule updates the reporting thresholds for Forms LM-3 and LM-4.