MSU's Complete Audited Financial Statements 2013/14
October 27, 2014 at 12:51 pm
Each year, the McMaster Students Union (MSU) is audited by an external professional auditing firm (KPMG LLP) to ensure and maintain a high level of fiscal accountability and present accurate, transparent documents for release to students and the wider public. As an organization, the MSU generated a surplus of $286,024 for fiscal year 2013-2014. With a total of $12,446,592 in expenditures, the 2013 surplus represents 3% of the annual operating budget.
The MSU Organizational Fee is $122.61 and is directed towards the “Operating Fund”, which supports the core operations of the organization, including most of the 35 services provided by the MSU. These services range from six-figure operating budgets such as The Silhouette and MSU Campus Events, to smaller services run primarily by student executives and volunteers like the MSU Maroons and Mac Bread Bin. All in all, pragmatic management of financial resources have placed the MSU in a comfortable financial position moving forward, with plenty of room to grow as an organization.
Although the MSU is carrying a surplus from last year, it is important to know that the organization is taking steps to decrease this sum in 2014-2015. Recently, via referendum, the MSU reduced the CFMU 93.3FM fee by nearly one third. Additionally, coming into this year, the MSU froze its own organization fee. MSU President Teddy Saull has committed to keeping the MSU fee frozen again for next year. The MSU is able to do all of this while simultaneously increasing the operations and scope of student services. The MSU will continue to strive to provide as much value as possible to the undergraduate students of McMaster University.
In terms of value, last year the MSU generated two and a half times the value of student fees invested into the organization:
For more information, please contact:
Vice Presidnet (Finance)