As a requirement of the Labor-Management Reporting and Disclosure Act, unions provide financial information to the Department of Labor annually via Form LM-2 (LM-3 for smaller unions). This information is publicly available to anyone wanting to see it.
LM-2 forms mainly cover the receipt and disbursement of union dues and funds that are collected by one part of the union and forwarded to another part. The LM-2 does not cover contributions to candidates or ballot initiative campaigns by union-controlled PACs, nor does it cover union pension or health care benefit funds.
Over the past few years, the disclosures on LM-2s have caused legal problems for unions. The Obama administration plans on revising the form – but to what extent is not yet determined. However, it is anticipated that the changes will be to conceal much of the information that has caused trouble for unions in the recent past.