afsa financial term report (fall 2009)
DESCRIPTION
AFSA Financial Term Report (Fall 2009)TRANSCRIPT
Financial Term Report FALL 2009
FALL2009 Term Report
Table of Contents
Financial Statements Consolidated Income Statement 4 Revenue Breakdown 4 Expense Breakdown 4 Notes to Consolidated Income Statement 4 Allocation of Contribution Overview 6 Endowment Allocation of Services 7 Endowment Allocation of Events 8 AFSA Finance Committee Meet the Team 9
Financial Statements
42%
22%
2%
34%
Marketing ExternalInternal - Events Other Revenue
47%
0%
12%
27%
2%
2%
10%
Marketing
Communications
External
Internal - Events
Internal - Services
Admin & Knowledge Management
Grants & Sponsorship
Notes: 1With regards to the sponsorship of ACE Financial Services $200 of this was a start up cash injection, and the other $400 will be collected back in the coming terms (Winter 2010, Spring 2010)
Marketing Sale of Merchandise $7,550.00
Subtotal $7,550.00
External
Fall CA Night $1,375.00 Corporate Sponsorship $2,500.00
Subtotal $3,875.00
Internal - Events
In-House Case Competition $355.00 Subtotal $355.00
Other Revenue
Interest Revenue $6,000.00 Subtotal $6,000.00
Total Revenues $17,780.00
Marketing Merchandise $7,161.33 Promotions $12.97
Subtotal $7,174.30
Communications
Essentials $46.17 Subtotal $46.17 External
Fall CA Night $1,709.34 AFSA Gives Back $165.62
Subtotal $1,874.96
Internal - Events
AFSA Launch Party $1,123.62 Reach for the Stars $364.63 Culture Night $533.57 BBT/Comedy Night/Talent Show $427.14 Sports Day/Golf Day $300.76 In-House Case Competition $597.62 Wine and Cheese Event $300.00 Bomber Night $500.00
Subtotal $4,147.34
Internal – Services
Adopt-a-Coop/Resume Critique Session $212.75 Speaker Series $93.25
Subtotal $306.00
Admin & Knowledge Management
General Meeting $215.25 Subtotal $215.25
Grants & Sponsorship
Accounting Orientation Committee $953.00 ACE Financial Services
1 $600.00
Subtotal $1,553.00
Total Expenses $15,312.02
Net Income $2,462.98
Revenues
Expenses
Accounting and Finance Students’ Association Income Statement
For the Term Ended December 22, 2009
Revenue Breakdown
Expense Breakdown
4
Allocation of Contribution
With the convergence of ASA and ASEC, the new Accounting and Finance Student Association has shown great strides in bringing together all years of the School of Accounting and Finance, as well as in allowing the first years and upper years to embrace their differences and assist in each others’ success. With the implementation of the new Executive and Board of Directors, not to mention the new SAF building, AFSA has been able to unite the students of SAF and help them become one in their goals toward success. This fall 2009 term, AFSA has seen the introduction of new services and events, and the renewal of past successes. Even with the reduction of the Accounting and Finance Endowment Fund contribution (from the previous $75.00 to a new $50.00), we have seen an even higher attendance in events and interactive services than ever before. With the new venture of AFSA, we have seen the description of “educational” broadened to a wider horizon. Although small, the new contribution has been used much more comprehensively and provides students more “bang for their buck”. Along with the smaller contribution, comes transparency in the financials of AFSA. We, as the students of SAF, can now feel comfortable knowing where our money is going, and how it is being used. The following is a summary of the services and events for the fall term of 2009.
Accounting and Finance Endowment Fund Contribution Allocation
6
Endowment Allocation for Services
Adopt-a-Co-op / Resume Critique Sessions The Adopt-a-Co-op program helps second-year students in their first co-op experience by finding an upper-year mentor to help them through the process. Three resume critique sessions were also offered to any student going through the job search process. (No professional development events were held for first years this term as the School of Accounting and Finance wanted 1st years to focus on academics) Target: 2nd years, 3rd years, and 4th years Total Expenses: $212.75 (refreshments) Speaker Series In the fall term, AFSA Speaker Series presented “Our Community, Our Waterloo, One Vision.” by Mayor Brenda Halloran Target: All years Total Expenses: $93.25 (refreshments and gift for speaker) High School Ambassador Programs The High School Ambassador Program gives students the opportunity to refine their public communication skills and demonstrate pride in their program while providing high school students with information on the accounting and finance programs at the University of Waterloo. Target: All years (focus on 1st years) Total Expenses: *None
Endowment Fund Allocation For Services by Year ($)
Year 1st 2nd 3rd 4th
Total Expenses
$23.31 $94.23 $94.23 $94.23
70%
30%
Endowment Fund Allocation for Services (%)
Adopt-a-Co-op / Resume Critique Sessions
Speaker Series
Endowment Allocation for Services
7
Endowment Allocation for Events
As the new SAF student association came into effect as of Fall 2009, AFSA had many internal events to keep the students of SAF united and entertained throughout the term. Events included: Culture night, BBT/Talent show, sports day, In-house case competition for first years, the awesome AFSA launch party, Reach for the Stars, Wine and cheese event for the upper years, and finally, Bomber social night for upper year students. Starting with the Launch party, and moving through and into our final event, the Bubble Tea/Talent show social night, SAF students can see that their contribution is being put to phenomenal use by the VP Internal Events. The events have been a wonderful success, leading to a total of actual expenses of $4,022.34, when projected spending was budgeted at $4,483.90; illustrating AFSA’s success in providing SAF students with interactive, network building events with a new, lowered contribution of $50. Endowment Fund Allocation For Events by Year ($) Year 1st 2nd 3rd 4th
Total Expenses
$1285.05
$954.10 $954.10 $954.10
13%
10%
7%
15%7%
27%
9%12%
Endowment Fund Allocated to Events (%)
Culture Night
BBT/Comedy Night/Talent Show
Sports Day/Golf Day
In-house Case Comp.
Wine and Cheese Event
AFSA Launch Party
Reach for the Stars
Bomber Night
Endowment Allocation for Events
8
Meet the Team
(Top Row - Left to Right): Jing Xu, Vithushan Jeyakumaran, Teresa Choo, Cindy Zhang, Quinntin Fong, Sharon Ren, Dianna Hanna, Joanna Tam, Meng Wang, Meryl Almeida, Matthew Lui, Roanna Shen, Sanket Shah, Jason Gong
(Bottom Row): Shubham Datta
(Absent from Photo): Vincent Vu
Accounts Receivable
Manager Meryl Almeida
Associates Matthew Lui & Sanket Shah
Accounts Payable
Manager Teresa Choo
Associates Sharon Ren & Cindy Zhang
Financial Statements
Manager Meng Wang
Associates Vithushan Jeyakumaran & Jing Xu
Term Report
Manager Joanna Tam
Associates Roanna Shen & Vincent Vu
Contribution Analysts
Manager Dianna Hanna
Associates Quinntin Fong & Jason Gong
VP Finance
Shubham Datta
9