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September 11, 2006 | by  | in News |
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Draft Financial Review Completed – VUSWA Officially Screwed

A draft review of VUWSA’s financial position was completed last week, making a number of recommendations about how VUWSA conducts its financial operations.

Following the announcement of a $100,000 deficit in August, VUWSA President Nick Kelly and Dan Ormond of the VUWSA Trust commissioned the accountancy firm Horwath Strategy to conduct a financial review.

A number of current and former executive members, along with most current VUWSA staff were interviewed in the process.

The report suggests that despite the organisation carrying significant deficits in the past, the reintroduction of the student union building levy of $175,000 will mean that in the future VUWSA may not be able to carry out its day-to-day functions without resorting to funding from external parties.

Among its recommendations, the report suggests that VUWSA concentrate on its core services such as education and welfare, while scaling back on social, sporting and cultural events.

It also makes a number of recommendations about the budgetary process, suggesting that the budget be completed in November or December of the previous year and that the executive be provided with monthly financial updates.

A better system of easing new exec members into their positions is also floated.

Kelly says that although the review is only in draft form, it “gives confirmation of a few issues”, as well as providing “a good position to start making changes”. Further discussions on the final shape of the draft are due to take places over the next few weeks.

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About the Author ()

Nicola Kean: feature writer, philanthropist, womanly woman. Nicola is the smallest member of the Salient team, but eats really large pieces of lasagne. Favourites include 80s music, the scent of fresh pine needles and long walks on the beach.

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