The 2014-15 audited financial statements of Carleton University Students’ Association (CUSA), Inc. were presented at a Board of Directors meeting on Jan. 11, highlighting a surplus of more than $146,000.
Chief financial officer (CFO) and CUSA vice-president (finance) Craig Handy presented the statement, which details a variety of revenues and expenses CUSA gained and incurred throughout the last fiscal year.
“CUSA has had a lot of financial issues in the past,” Handy said. “We need to make sure that we are making financial decisions that are responsible for the future. This is a good first step in making sure that all of our debts are paid. We’re in a much healthier position.”
CUSA president Fahd Alhattab said the 2015 audit marks the first time in the past five years the association has experienced a surplus.
“I think the surplus shows the fiscal responsibility of this team and this organization and how we’re trying to move forward and improve things from years past,” Alhattab said.
Last year, CUSA audited a $750,000 deficit that was blamed on acquiring Haven Books, missing Unicentre fee money that was owed from the Graduate Students’ Association (GSA), and overspending on various programs.
According to Alhattab, acquiring the bookstore and the Unicentre fee warranted a non-cash loss, which left the association with a $250,000 deficit to fix.
“A lot of [fixing the deficit] comes from efficiencies, changing internal structure of how things go and where money is spent,” Alhattab said.
Alhattab said having a general manager helped with the overall operations of the association, including overseeing full-time staff, and building relationships with sponsors.
He added sticking to the budget for student life programming, as well as settling the lawsuit with the GSA, helped the association reach a surplus.
While CUSA business Haven Books brought in a net revenue of $273,877, both Rooster’s and Henry’s ran net losses of $35,298 and $26,422 respectively. Handy said the loss at Rooster’s was due to renovations that caused a month and a half of closure, while the loss at Henry’s was due almost entirely to the convenience store no longer selling tobacco products.
Handy said there is a three-phase improvement plan in place to increase Henry’s revenue to account for the loss of tobacco sales that includes changes to store layout, offering new products, and a performance increase in employee training.
With Rooster’s fully operational once again, Hardy added the coffee shop’s net revenue “will level out in the 2016 audit.”
Oliver’s also ran a loss of $84,970, which was a $28,779 improvement over the 2014 audit.
Handy attributed the progress to better entertainment and event programming being put in place at the pub, while Alhattab mentioned that halal menu items had also been recently implemented in an effort to serve a greater number of students.
