Last week, Ryerson University’s student newspaper, the Eyeopener, reported that unexplained purchases totalling $250,000 were allegedly made on a credit card under the Ryerson Students’ Union (RSU) president’s name.
According to the Eyeopener, credit card statements show some of the purchases were made at bars, restaurants, clubs and hotels. RSU president, Ram Ganesh and vice president of student life, Edmund Sofo were both suspended following the release of the Eyeopener’s report. According to the Eyeopener, Ganesh said at a Ryerson Board of Directors meeting that the card could be used by any part-time or full-time RSU staff member.
These allegations are not outliers. Recently, the Student Federation of the University of Ottawa (SFUO)’s now-former president Rizki Rachiq, and executive director Vanessa Dorimain resigned following fraud allegations—an external forensic audit found no supporting evidence.
These situations shows that there is a need for oversight of student finances that is independent from the student union at various post-secondary institutions. Independent oversight would ensure financial transparency and prevent students’ money from being abused.
The amount of funds allotted for discretionary purchases to be made by student union executives should be capped and larger purchases should have to be approved by this independent body. This way, the fiscal mismanagement alleged against the RSU will be less likely to happen to other student bodies in post-secondary institutions across Canada.
