over the last financial year, its most recently audited financial report shows.

And management salaries and expenses continue to be one of its most costly expenses.

The BIU took in $2,088,897 between October 1, 1995 and September 30, 1996 and they spent $2,085,490 which means that they had $3,407 left over.

Of the money they spent over this period, $875,910 went to pay officers' salaries while $895,747 went to "other expenses of management.'' By comparison, money paid to members formed a diminutive portion of the BIU's expenses.

Sick pay to members amounted to $1,737, superannuation pay was $7,795, accident pay and education seminars came to $3,511 while medical aid and education bursaries was $566.

The majority of income came from members' dues at $1,582,471. Other income included some $487,146. The majority of that was derived from rents ($308,745), $170,857 came from the BIU gas station, and $55,184 came from the construction funds' administration fees. Sundry Income was $30,719.

Meanwhile the Liberty Theatre made a loss of $78,359 compared to the 1993/94 financial year when it made a loss of $35,796. During the financial year 1992/93 its loss was $79,587.

The BIU is owed $220,190 in unpaid dues and another $162,586 in "other accounts receivable''.

Other assets include $33,270 for inventory, $29,699 in prepaid expenses and $106,364 for investment.

Among its liabilities, are members equity at $1,941,858, and a long term debt of $884,687. Some $49,393 is due in the short term.

The BIU has most of its assets in land holdings ($765,000), offices and buildings ($6,319,710) and $418,934 worth of cash in the bank. It also owns 25,978 shares in the Bermuda Commercial Bank worth $168,073.

The accounting firm of Deloitte and Touche conducted the audit.