The student-run bookstore Haven Books had more than $450,000 in undistributed consignor payouts last year, according to the Carleton University Students’ Association’s (CUSA) 2013-14 operating budget.
Haven sells used books on a consignor system, where sellers—known as consignors—give their books to Haven, which upon sale pays back the seller 80 per cent of the sale price.
The budget shows that Haven’s used book sales last year were about $710,000. Consignors’ portion of that, about $568,000, is far higher than the amount actually recorded to be picked up—$115,911.85.
CUSA’s vice-president (finance) Folarin Odunayo said the audit on this budget has not yet been completed.
He said he expects the amount of money consignors picked up to be found higher when the audit is complete in mid-October.
“We’re really just learning how to do Haven. It’s a very successful business but we’re in the process of bettering our accounting practices,” he said.
Katie Rouse, manager at Haven, said many consignor cheques are left unclaimed by students.
After a book has sold, she said students have one year to pick up and cash their cheques. After that, she said what happens to the money is on CUSA’s end.
Odunayo declined to comment on what happens to consignors’ unclaimed money after the year is up. He also declined to comment on why the one-year period exists.
Rouse said she suspects one of the reasons people forget to pick up their cheques is the email system.
Haven sends automatic email notifications to consignors when a book is sold, so the emails may sometimes be filtered as spam, she said.
People also often make errors when giving their email address to Haven, so they may never receive an email informing them their book has sold, she said.
“If funds are sitting unclaimed, it’s a shame really,” Rouse said.
At the corner of Seneca and Sunnyside Avenue, Haven is the most recent addition to CUSA’s roster of student-run businesses. Last year it was also the most profitable, with a net income of $584,050.93, according to the 2013-14 CUSA budget.
