LRCFT Treasurer’s Report
Hello LRCFT members. My name is Stephanie Rowe and I’m the Secretary/Treasurer of our faculty union. I have served in the position for just over two years. I wanted to introduce myself and provide a bit of my background.
I am a current California Certified Practicing Accountant (CPA). Before becoming a full-time professor, I worked as a corporate accountant for approximately 20 years in industries such as financial services, consumer products, retail and manufacturing. I am also a licensed Certified Management Accountant (CMA), which means that I have managerial analytical skills. I greatly enjoy the role of Treasurer as it gives me the opportunity to be a practicing accountant again!
Since becoming Treasurer, I have implemented separation of duties, an accounting measure that ensures integrity in payment processes and reduces the risk of fraud and error. I have introduced many cost-saving efforts in our general and administrative expenses, and in areas such as travel and meals. These measures saved the Union over $30,000 in my first year as Treasurer.
My aim as treasurer is to submit clear and realistic budgets, and to ensure that the LRCFT remains fiscally sound. For the 2023–24 fiscal year we had a net income (that is, income after all expenses) of approximately $17,000. I project that our net income for 2024-25 will be about $23,000, although the exact number will only be determined once the year ends. When the audited financial statement for 2024-25 is complete, I will ensure that it is posted on the LRCFT website.
Our budget typically includes a set of major disbursements, including:
- General and administrative costs, such as expenses related to building services, staff salaries and benefits. Basically, this is the cost of keeping our offices open, the lights on, and the staff paid and working for faculty.
- Reassigned time and stipend expenses for union-related work. The LRCFT has a number of committees and other groups, and we also sometimes pay faculty to help us with research or other work that serves the bargaining unit.
- Legal and other associated costs. The LRCFT makes regular use of a labor attorney, who assists the LRCFT Executive Board and staff on legal issues related to Union business, Union interaction with the Los Rios administration, navigating California labor regulations and the Education Code, and providing advice representation to our bargaining unit members.
- Travel and meals. Members of the Executive Board and other LRCFT members periodically attend conferences and conventions run by the American Federation of Teachers (AFT) and the California Federation of Teachers (CFT), the national and statewide unions with which we are affiliated. We also send Board members and other faculty to other meetings and training opportunities that help them better serve our members.
- Payments to AFT and CFT. As a local affiliate of large national and state labor organizations, we benefit from the collective power of these unions in their influence with legislatures and in the political process more generally, and from their resources in areas such as research and information gathering.
While some of these disbursements are relatively stable and predictable, there are times when the union faces unforeseen expenses. Large numbers of grievances, District investigations of faculty, and unexpected District actions can lead to increased legal costs. For example, the union’s legal expenses went up as a result of recent District investigations into PREP faculty and the Union’s PERB complaint against the District over the closure of Davies Hall. The LRCFT contract will expire at the end of June 2026, and the process of negotiating a new contract will also increase our expenses in the 2025-26 fiscal year.
As treasurer, I intend to ensure that the LRCFT continues to be a responsible steward of its members’ dues, and that we are fiscally prepared for both the typical and the unexpected costs of representing our faculty.
Please email me at stephanie@lrcft.org if you have any questions.