Audited Financial Statements of the MSU (fiscal year 2015-2016)
November 3, 2016 at 15:58 pm
On September 25, 2016, the Student Representative Assembly, acting in their capacity as members of MSU Inc, received and subsequently passed the MSU’s 2015-2016 audited financial statements, as prepared by KPMG. The complete audited statements of the MSU can be viewed here. After five successive years of surplus, the 2015-2016 fiscal year was a one of significant investment. The contributions to enhance student life included the establishment of new services such as MSU Maccess and the first full-fledged year of MSU Spark and the MSU Women and Gender Equity Network (WGEN). The MSU also the included its portion of The Light Up the Night block party into the operating budget.
The MSU’s 2015-2016 fiscal year ended with a year-over-year deficit of $192,000 taking overall net assets from about $5.8 million to just over $5.6 million. The organization is in a healthy financial position and chose to invest in the start-up of key programs this past year. The deficit in the operating fund was $457,424, or 4.9% of revenues. The deficit is due to the performance of the MSU Investment portfolio. During fiscal 2016, the portfolio incurred a loss of $114,000 or 2% compared to earning over $495,000 or 7.8% of investment income in the prior year. This is due to the fluctuations our North American equity mutual funds. Therefore, the remainder of the operating fund, consisting of discretionary spending on services, advocacy and programming, along with revenue from business units, generated a modest surplus of $20,000. Moving into 2016 and beyond, the MSU will continue to monitor risk exposure to ensure it aligns with investment objectives and time horizon for marketable securities. Furthermore, the approved operating budget of 2016-2017 boasts a healthy surplus of nearly $250,000.
The MSU will continue to invest in students and student life, and has done so in the current fiscal year with the addition of expanded Homecoming programming, the creation of MSU Macademicsand the launch of the new Student Assistance Program. The infograph below gives a per student breakdown of the $125.82 Organization Fee paid by MSU members:
For more information, please contact:
Vice President (Finance)
905-525-9140 ext. 24109