MSU Audited Statements for fiscal year 2017-2018

November 15, 2018 at 09:00 am

In October 2018, the Student Representative Assem­bly received and subsequently passed the MSU’s 2017-2018 au­dited financial statements, as pre­pared by KPMG. The complete audited statements of the MSU can be viewed here . The 2017/2018 audit reflects an organization that remains in a healthy fiscal state.

There is a strong reserve in the operating fund, within the limits set out in Corporate Bylaw 3 – a policy that ensures responsible capital growth. There is approximately $2.78 million in the operating fund reserves, which allows for yearly surpluses or deficits. In addition, the organization has a total reserve of $6.07 million, representing 45.4% of the overall annual budget. Future impacts to the budget include potential infrastructure investments within the planned Student Activity Building, in addition to other unforeseen changes in student enrollment or general revenue.

This year, a $369,514 deficit was produced, translating to 2.7% of the overall operating budget. Significant contributing factors to this deficit include declines in the investment portfolio. Although the investments performed poorly compared to the previous year, the performance remained in line with both the Toronto and New York Stock Exchanges.

Last year, the health plan fee was lowered by 4% and the newly instituted Student Assistance Plan remained, a plan that provides benefits to students, such as access to 24/7 psychological and other forms of counselling over the phone through a toll-free call centre.

For more information, please contact:

Scott Robinson
Vice President (Finance)
(905) 525 9140 ext. 24109

Posted in: MSU Departments & Services, Board of Directors, General | No comments yet
No comments have been posted yet. Be the first!
Icon_online-surveys Ongoing MSU Surveys
Icon-twitter MSU_McMaster Tweets
  • Logo-for-matt-square_normal about 18 hours ago RT @MSU_Maccess: Just a heads up that Maccess has extra reusable + plastic bags that you can come by and pick up for FREE! 💼♻️ Now that the…
  • Logo-for-matt-square_normal 1 day ago RT @hsr: Students are back and so are the University buses! HSR will operate special #HSR51 service for McMaster Welcome Week (August 26 -3…
  • Logo-for-matt-square_normal 1 day ago RT @MSU_WGEN: *musical fanfare* WGEN is hiring Safe(r) Space and Events Committee volunteers for the school year! Applications close on Sep…
Follow MSU_McMaster