More than five years after the collapse of its insurance trust, the Indiana State Teachers Association is still far from crawling out from under. Still, despite losing members and revenue, owing NEA $16.1 million, and subsidizing the remaining liabilities of the trust in an amount of more than $5 million, the union still managed to post a $2.6 million surplus. How? By reducing labor costs.
ISTA was able to reduce total staff compensation by more than $3 million in a single year. Coupled with other cost-cutting measures, the union was able to increase its net worth to negative $13.7 million.
NEA has already made adjustments to its own books to account for the situation in Indiana, but ISTA figures to be a drag on the rest of NEA for many years to come.
Total membership – 44,716, down 2,152
Total revenue – $21.6 million (87.5% came from member dues), down $290,000
Budget surplus – $2.6 million
Net assets – negative $13.7 million
Total staff – 79
Staff salaries and benefits – $9.3 million
Highest paid employee – Brenda Pike, executive director, $170,241 base salary
Highest paid contractor – Benesch, Friedlander, Coplan & Aronoff, $277,338