MSU Audited Statements for fiscal year 2018-2019

October 31, 2019 at 09:00 am

MSU members (undergraduate students enrolled in 18-units or more) pay ancillary fees with their tuition in the fall term to support student life initiatives. As a result of the Student Choice Initiative, MSU members paid five essential MSU fees for 2019-2020 that totaled $69.70: Health and Counselling, Academic, Recreation, Campus Safety, and Building. The remainder of the Operating Fund fee was classified into non-essential fees, and as a result, students were able to opt-out of $63.56 for fees that go towards funding a variety of student services, the Clubs Department, and Campus Events.

The audited statements for the fiscal year 2018-2019 (May through April)

Overall, the MSU produced a deficit of $46,658, a positive swing upwards from last year’s deficit of $369,514. The main driver of this upwards shift is a result of a strong performance from the MSU’s marketable security investments. The MSU continues to remain in a healthy fiscal state with approximately $2.1 million in Operating Fund reserves and $6 million in reserves for the entire organization. It is important to note that the MSU operates using fund accounting, meaning certain reserves can only be used for specific aspects of the organization.

To address deficits moving forward, the MSU has been working to implement new revenue streams and reduce overall expenses. With the expansion of The Grind and the introduction of TwelvEighty 2-Go, TwelvEighty’s budget should trend towards the positive. To mitigate some of the deficit experienced by The Silhouette, The Silhouette’s Board of Publication (BOP) reduced some of the summer print issues, as well as those circulated around the fall and winter breaks. Lastly, although The Underground experienced some staffing challenges last year, the MSU is working to ensure the service is backed by a full team of staff.

At the end of every fiscal year, the MSU’s finances are audited by a professional accounting firm. In June and July of 2019, KPMG audited the MSU’s finances from the 2018- 2019 fiscal year. At the SRA meeting on October 20, the SRA received and approved the 2018-2019 audited statements. The results of the 2018-2019 audit and the opt-out numbers resulting from the Student Choice Initiative will guide the 2020-2021 budget process.

For more information, please contact:

Alexandrea Johnston
Vice President (Finance)
vpfinance@msu.mcmaster.ca

905-525-9140 ext. 24109

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