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:
Vice President (Finance)
(905) 525 9140 ext. 24109