Sec. 550-3.1. By labor organization and employer organization

(a) Every labor organization and employer organization shall establish and maintain records which will provide in sufficient detail the necessary basic information and data from which the annual financial report may be verified, explained or clarified, and checked for accuracy and completeness, and shall include, without limitation:

(1) Gross receipts

(i) the amount and date of each receipt

(ii) the name of the source of each receipt

(iii) the occasion or reason for such receipt, e.g., assessments, dues, etc., together with documentary verification of such information

(2) Bank statements

(3) Duplicate bank deposit slips or record book of bank deposits

(4) Duplicate dues and assessment receipts

(5) Collective bargaining agreements

(6) Gross disbursements

(i) the amount and date of each disbursement

(ii) the name of the recipient of each disbursement

(iii) the purpose of each disbursement

(7) Cancelled checks

(8) Invoices

(9) Petty cash vouchers

(10) Receipted bills

(11) Authorization to expend money, such as resolutions.

In addition to the foregoing the records of a labor organization shall contain information on receipts from fines, work permit fees and from check-offs.

(b) All such records shall be kept available for examination for a period of not less than five years after the end of the fiscal year.