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Joint Apprenticeship Training Committee

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I am encountering something I have never dealt with before, so if anybody could provide some insight, I would appreciate it!

Our CPA firm prepares financial statements for a Joint Apprentice Training Committee for a Local Union of the IBEW. In December, 2003, the local received a memo from the national union regarding the preparation of a LM-2 report and a T-1 form. However, the T-1 form can be avoided if the training committee files an ERISA Form 5500 with the DOL.

My question is what information would be reported on the Form 5500? I see a code 4J for an apprenticeship program, but what would go on the Form. Financial information? For the 5500 itself, who would be considered a participant in terms of reporting? If there are over 100 participants, does the committee need a certified audit of its financial statements?

Again, any information that anyone could provide would be appreciated.

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