ufv s 2015-2016 q 1 f r quarter 1 financial report.pdf · ufv sus 2015-2016 operating budget page |...

July 2015

UFV

STUDENT

UNION

SOCIETY

2015-2016 QUARTER 1 FINANCIAL REPORT

Chilliwack Campus Room A0010

604-795-2825

Abbotsford Campus Room C1015 604-846-4613

Abbotsford Campus Student Union Building 604-846-4613

This document was written and prepared by Ricardo Coppola, Vice President Internal, with staff support

from Tracey Stonoski, Finance Administrator & Archivist.

The 2015-2016 UFV Student Union Society Quarter 1 Financial Report was presented to the Board of

Directors on July 30 2015.

2015 SUS Board of Directors Thomas Davies, President

Ricardo Coppola, Vice President Internal Sukhdeep Brar, Vice President External

Joshua Wilkie, Representative of the faculty of sciences Derek ward-Hall, Professional studies rep,

Ekaterina Alexandria Marenkov, College of Arts Representative Jennifer Janik, Aboriginal Rep

Maria Johanna Geluk, UFV SUS Health Sciences Representative Greg Stickland, Board of Governors

Nicole Dixon, Senate Representative Sonja Klotz, UFV Campus and Community Radio Society (CIVL) Rep (non-voting)

Ryan Peterson, ex-officio (non-voting)

For further information, clarifications, and questions, please contact Ricardo Coppola at [email protected]

UFV SUS 2015-2016 Operating Budget Page | 1

TABLE OF CONTENTS

Revenues ...................................................................................................................................................... 2

Expenses – Student Services ........................................................................................................................ 4

Student Advocacy & Support .................................................................................................................... 4

Student Jobs .............................................................................................................................................. 5

General Student Services .......................................................................................................................... 6

Expenses – Operating ................................................................................................................................... 7

Expenses – Office.......................................................................................................................................... 9

Capital Investment ..................................................................................................................................... 11

Other SUS Fees & Restricted Funds ........................................................................................................... 11

Appendix A – Q1 Financial Report ............................................................................................................. 13

Page | 2 UFV SUS 2014-2016 Operating Budget

REVENUES Revenue 2015/2016 Q1

1 Student Union Society Fees 654,000.00 477,632.89

2 ATM Fees 1,200.00 -

3 Miscellaneous (Printing, Events, Etc.) 400.00 95.00

4 Vending Contract Revenue - -

5 Program Management Subsidies 62,628.00 10,000.00

6 Interest on Account 11,000.00 8,873.46

7 Endowment Fund Interest 8,000.00 -

8 Scholarship/Bursary Income Fund 5,000.00 -

9 Restricted Donations 1,000.00 -

RX1 Advertising Revenue - -

RX2 Sponsorship Revenue - 500.00

10 TOTAL REVENUE 743,228.00 503,118.72

1. STUDENT UNION SOCIETY FEES – $477,632.89 (BUDGETED: $654,000.00)

Approximately 15,921 members were charged the $30 per semester fee for the summer and fall terms

to date, with further fall registrations still processing. Registration is on track to reach the budgeted

amount.

2. ATM FEES – $0 (BUDGETED: $1,200)

Two ATMs were installed in the Student Union Building back in mid-June. We will be seeing revenue

from these sources later in the year.

3. MISCELLANEOUS (PRINTING, EVENTS, ETC.) – $95.00 (BUDGETED: $400.00)

Revenue in this line has been mainly printing requested in the office.

4. SOFT DRINK CONTRACT – $0 (BUDGETED: $0)

Soft drink bending machines were installed mid-June and we will be seeing revenue from this line later

in the year.


5. PROGRAM MANAGEMENT SUBSIDIES – $10,000.00 (BUDGETED: $62,628.00)

Revenues are received at different points of the year in accordance with different contracts for each

subsidy.

6. INTEREST ON ACCOUNT - $8,873.46 (BUDGETED: $11,000.00)

This revenue is front-loaded, as the amount is calculated on current year SUS fees. To date, the interest

received is within the expected range.

7-8. ENDOWMENT FUND INTEREST SCHOLARSHIP/BURSARY INCOME FUND

- $0 (BUDGETED: $8,000.00)

This revenue will occur near year end in accordance with the distribution terms of the investment.

9. RESTRICTED DONATIONS - $0 (BUDGETED: $1,000.00)

This section is absolutely dependant on donations made by individuals or groups.

RX1. ADVERTISING REVENUE

Advertising space has opened up in the new building. However it is difficult to know what this might

look like in the future

RX1. SPONSORSHIP REVENUE- $500.00 (BUDGETED: $0)

This small sponsorship revenue was made for the upcoming Welcome Week


EXPENSES – STUDENT SERVICES

STUDENT SERVICES EXPENSES

Student Advocacy & Support 2015/2016 Q1

11 Campus Equalities 1,100.00 22.60

12 Campus Advocacy 2,600.00 -

13 Student Lobby Groups (CASA & ABCS) 30,412.00 11,961.00

14 Student Advocacy & Development Conferences 12,779.00 4,257.77

15 Student Food Bank 4,200.00 50.38

16 Student Scholarships 24,000.00 22,000.00

17 Student Leadership Recognition 2,500.00 -

18 Volunteer Recognition/Appreciation 1,250.00 -

19 Emergency Student Grants 37,000.00 -

20 TOTAL STUDENT SERVICES EXPENSES 107,841.00 26,330.75

11. CAMPUS EQUALITIES – $22.60 (BUDGETED: $1,100.00)

The first quarter didn’t see any spending in this very account due to summer being the time spent

primarily on developing a plan for the Equalities Resource Center.

12. CAMPUS ADVOCACY – $0 (BUDGETED: $2,600.00)

The first quarter didn’t see any spending in this very account due to summer being the slow semester.

We will be seeing more action from this line after the start of the “Get Out The Vote” Campaign.

13. STUDENT LOBBY GROUPS (CASA & ABCS) – $11,961.00 (BUDGETED: $30,412.00)

Expenses so far represent the renewal for the membership cost for both groups this year.

14. STUDENT ADVOCACY & DEVELOPMENT CONFERENCES – $4,257.77 (BUDGETED:

$12,779.00)

The breakdown for this line includes Four CASA conferences. Three attended by Vice President External

Sukhi Brar and President Thomas Davies, and one attended by Vice President Internal Ricardo Coppola.

And the StudentCare conference in Montreal by the President and the Vice President Internal.

15. STUDENT FOOD BANK – $50.38 (BUDGETED: $4,200.00)


The first quarter didn’t see almost any spending in this very account due to summer being the slow

semester, and the work that was done towards obtaining sponsorship through the Abbotsford Foodbank

16. STUDENT SCHOLARSHIP -$22,000.00 (BUDGETED: $24,000.00)

Funds for internal student scholarships transferred to UFV.

17-18. STUDENT LEADERSHIP RECOGNITION/ VOLUNTEER RECOGNITION/APPRECIATION

- $0 (BUDGETED: $2,500.00 / $1,250.00)

We expect to be using these lines later in the year as a gesture of appreciation for volunteers and

leaders in our student community.

19. EMERGENCY STUDENT GRANTS – $0 (BUDGETED: $37,000.00)

Funds for the Emergency Student Grants are transferred to UFV during the Fall semester.

STUDENT JOBS

Student Jobs 2015/2016 Q1

21 Board Chair 1,200.00 300

22 Board Executives 62,900.00 17,281.20

23 Chief Electoral Officer 2,000.00 -

24 Part-Time Office Staff 69,900.00 16,309.90

25 Student Officer Portfolios 60,800.00 12,014.69

26 TOTAL STUDENT JOBS EXPENSE 196,800.00 45,905.79

21. BOARD CHAIR - $300 (BUDGETED: $1,200)

The Board Chair has been paid $100 per month honorarium.

22. BOARD EXECUTIVES - $17,281.20 (BUDGETED: $62,900.00)

All Executives are paid $12.25/hour at 30 hours per week of work.

23. CHIEF ELECTORAL OFFICER – $0 (BUDGETED: $2,000)

The Chief Electoral Officer will be hired in the Fall semester and paid in the Winter semester, in line with

the 2015 General Elections.


24. PART-TIME OFFICE STAFF - $16,309.90 (BUDGETED: $69,900.00)

SUS uses student staff in the reception of both our Abbotsford and Chilliwack offices. Scheduled hours

have been higher than in previous years as we have to maintain longer hours and expect to have more

people in the new building.

25. STUDENT OFFICER PORTFOLIOS - $12,014.69 (BUDGETED: $60,800.00)

The new Officer Portfolio positions have been a fantastic addition to the SUS team. To date, these

positions are running slightly under budget primarily due to the time spent between changes in

Advocacy and Engagement positions. Since then wages have been on track; some of the savings may be

consumed later in the year during busy period if needed.

GENERAL STUDENT SERVICES

General Student Services 2015/2016 Q1

27 SUS Food Services Subsidy 79,700.00 25,087.79

28 Student Organizations Funding 50,000.00 9,105.39

29 Associations 6,786.77

30 Clubs 2,318.62

31 Student App 11,045.00 3012.18

32 SUS Events 14,000.00 -

33 Weeks of Welcome (Inc. SUB Opening) 17,000.00 -

34 TOTAL GENERAL STUDENT SERVICES EXPENSE 179,745.00 12,117.57

27. SUS FOOD SERVICES SUBSIDY – $25,087.79 (BUDGETED: $79,700.00)

The restaurant has been closed for the summer therefore revenue has been almost non-existent this

summer. We expect this number to increase slower towards the rest of the year.

28-30. STUDENT ORGANIZATIONS FUNDING - $9,105.39 (BUDGETED: $50,000.00)

This budget is in good shape, with a large amount of small events taking place throughout the summer

and plans already for large events for the end of the summer semester and the beginning of the fall.

31. STUDENT APP – $3012.18 (BUDGETED: $11,045.00)

Although we are phasing the OHLALA app out throughout the year, and payments are being made, we

will be receiving refunds for a few of those funds. More details will be given in the future.


32. SUS EVENTS – $0 (BUDGETED: $14,000.00)

The Events Committee works to balance funding throughout the year. The summer has been mainly

spent planning Welcome Week, and working on improving engagement in the campus.

33. WEEKS OF WELCOME – $0 (BUDGETED: $17,000)

Expenses for Weeks of Welcome will be incurred primarily during Q2, with final costs likely coming in

Q3.

EXPENSES – OPERATING Operating Expenses 2015/2016 Q1

35 External Recognition/Appreciation 250.00 0

36 Advertising and Promotion 13,500.00 1,274.09

37 Auditor 13,000.00 6,174.00

38 Bank Charges 200.00 383.05

39 Catering & Food Services 1,350.00 92.06

40 Insurance 4,200.00 1931.76

41 Legal Services 10,000.00 0

42 Mileage Allowance 2,000.00 91.30

43 Miscellaneous 1,000.00 0

44 Permanent Staff Salaries 141,447.00 51,081.10

45 Staff Benefits 24,331.00 2,096.66

46 Parking 1,800.00 1,500.00

47 Professional Development 2,400.00 743.94

48 Retreat & Teambuilding 4,000.00 3,880.60

49 Societal Filing Fees 140.00 25.00

50 TOTAL OPERATING EXPENSES 219,621.00 85,409.03

35. EXTERNAL RECOGNITION/ APPRECIATION - $0 (BUDGETED: $250.00)

We expect this money to be used in ways to thank speakers who come to present at SUS Events.

36. ADVERTISING AND PROMOTION - $1,274.09 (BUDGETED: $13,500.00)

Advertising and promotion expenses will be distributed throughout the year, as we work in new and

innovative ways to advertise the Student Union Building, our services, and ways to interact with the

society.


37. AUDITOR – $6,174.00 (BUDGETED: $13,000.00)

The 2014/2015 audit is in-progress and largely complete; MNP will be billing us next month. The budget

is based on the maximum quote provided by MNP.

38. BANK CHARGES – $383.05 (BUDGETED: $200)

Bank charges are uncharacteristically high due to the annual fees for the MasterCard account and the

$30.00 monthly charges for the RBC accounts which will be cancelled later in the year.

39. CATERING & FOOD SERVICES - $92.06 (BUDGETED: $1,350.00)

This line covers the costs of food whenever required for SUS activities. To date it has only been used in

our first Board Meeting of the year. However it can encompass any other non-event food requirements.

40. INSURANCE - $1931.76 (BUDGETED: $4,200.00)

The SUS has a general liability policy to cover operations, and also must pay Workers Compensation

(WCB) Premiums for its employees.

41. LEGAL SERVICES - $0 (BUDGETED: $10,000.00)

Use of legal counsel has not been necessary so far this year.

42. MILEAGE ALLOWANCE - $91.30 (BUDGETED: $2,000.00)

Reimbursement is offered to Board Members and Staff when travel is required for official business.

Expenses are typically lower in the summer, but SUS strives to avoid travel whenever it can be replaced

through electronic means.

43. MISCELLANEOUS – $0 (BUDGETED: $1,000)

This covers small expenses that do not do not fit anywhere else in the budget.

44. PERMANENT STAFF SALARIES - $51,081.10 (BUDGETED: $141,447.00)

This line covers the salaries of all permanent full-time staff members.

45. STAFF BENEFITS - $2,096.66 (BUDGETED: $24,331.00)

All permanent full-time staff receive pension coverage. Have access to a Medical Services Plan, which

includes doctor’s office and hospital care. Health and Dental plan and an RRSP which matches a max of

6% of payroll deduction.


46. PARKING - $1,500.00 (BUDGETED: $1,800.00)

UFV provides some parking passes to the SUS at no cost, and additional passes are purchased for all

students and staff who are required to spend significant time on campus.

47. PROFESSIONAL DEVELOPMENT - $743.94 (BUDGETED: $2,400.00)

This line is front loaded for activities that occur during the generally less busy summer semester, where

staff have some flexibility to be out of the office for various professional development opportunities.

This line may slightly exceed budget, but it should not be to any material degree.

48. RETREAT & TEAMBUILDING - $3,880.60 (BUDGETED: $4,000.00)

All costs of the annual SUS retreat are accounted for, and we will end the year under budget. Some of

the remaining funds are allocated for small teambuilding and development activities throughout the

remainder of the year.

49. SOCIETAL FILING FEES - $25.00 (BUDGETED: $140.00)

Only one small fee has been made in this line and was made to the BC government in order to maintain

or societal membership.

EXPENSES – OFFICE Office Expenses 2015/2016 Q1

51 Amortization 1,000.00 -

52 Computer Hardware & Software 2,250.00 1,207.00

53 Equipment Lease – Printer 3,804.00 1,473.12

54 Office Supplies 2,750.00 1,190.29

55 Printing & Photocopying 2,650.00 1,474.53

56 Shipping & Postage 100.00 81.23

57 Telephone & Fax 2,880.00 1,366.23

58 TOTAL OFFICE EXPENSES 15,434.00 6,792.40

51. AMORTIZATION - $0 (BUDGETED: $1,000.00)

Amortization has not been necessary for the general operations lines at the moment. However it is

expected to increase throughout the year.


52. COMPUTER HARDWARE & SOFTWARE - $1,207.00 (BUDGETED: $2,250.00)

Most expenditures on this line were spent not on hardware but on the setting up of our network and

the software required for general operations.

53. EQUIPMENT LEASE – PRINTER - $1,473.12 (BUDGETED: $3,804.00)

The SUS leases a multi-function printer for the Abbotsford Office, which handles all printing,

photocopying, faxing, and scanning.

54. OFFICE SUPPLIES - $1,190.29 (BUDGETED: $2,750.00)

New supplies have been largely needed for the expansion of use in the new building.

55. PRINTING & PHOTOCOPYING - $1,474.53 (BUDGETED: $2,650.00)

Necessary expenses like business cards and other printing needed increased the spending on this line.

The Fall and Winter semesters should be able to be kept on budget.

56. SHIPPING & POSTAGE - $81.23 (BUDGETED: $100.00)

Postage rates have increased this year, mainly due to a few important items being sent to the office. We

will reduce our use of regular mail wherever possible. A few more costs are expected during the Fall

and Winter semesters.

57. TELEPHONE - $1,245.34 (BUDGETED: $2,880.00)

Our expenses should be able to be kept on budget as we have fixed expenditures on this line. We also

have an $80 subsidy for cell phone plans for executive members which allows them to keep reachable at

all times.


CAPITAL INVESTMENT Capital Investment 2015/2016 Q1

59 Contribution to Contingency Fund 8,922.00 -

60 Contribution to Non-liquid Investments 14,865.00 -

61 TOTAL CAPITAL INVESTMENT 23,787.00

59. CONTIRUBTION TO CONTINGENCY FUND - $0 (BUDGETED: $8,922.00)

This contribution will occur near year-end when funds are available and the year-end outlook is

available.

60. CONTRIBUTION TO NON-LIQUID INVESTMENTS - $0 (BUDGETED: $14,865.00)

This contribution will occur near year-end when funds are available and the year-end outlook is

available.

OTHER SUS FEES & RESTRICTED FUNDS

HEALTH & DENTAL FEE

The SUS collects $215.59 per year for the student health and dental plan. Students may opt-out of the

plan if they have existing coverage, and may opt-in a spouse and/or dependents. Money collected is

restricted for use in the health and dental program, and cannot be used in any other area. Funds

remitted to the health and dental broker, Student Care, and expenses are directly tied to the number of

participants in the plan. A small portion of the monies collected remains in a Health and Dental Reserve

fund to cover future deficiencies in the plan funding, which does occur on occasion.

SHUTTLE BUS FEE

Starting in Fall 2013, the SUS launched the Abbotsford-Chilliwack Shuttle Bus. In Fall 2013 the fee was

$6.75/semester, but a subsequent referendum increased this fee to $17.75/semester to increase shuttle

service.


STUDENT UNION BUILDING FEE

The SUS collects a fee of $35/semester for the Student Union Building (SUB) Fund. All monies collected

under the SUB Fund are restricted for use within the scope of the SUB project, and cannot be used in

other areas. The SUB Fund also covers the operation costs of the building, the mortgage, general

upkeep and repairs, new student jobs in facility management, and any other costs tied to the building.

U-PASS FEE

The SUS collects a fee of $42.58/semester (adjustable for inflation) to operate the operated the U-Pass

program for students. All monies collected under the U-Pass program are restricted for use within the

U-Pass program, and cannot be used in any other area. The program includes unlimited access of the

transit system in the eastern Fraser Valley, unlimited access to recreation centres in Abbotsford,

Chilliwack, and Mission, and a variety of discounts and local restaurants and businesses. Expenses are

directly ties to revenues, with a small allocation to remain in a U-Pass reserve to cover any extraordinary

expenses which may occur within the program.

IT SERVICE FEE

The SUS collects a fee of $4.98/semester (adjustable for inflation) to operate the operated the This will

cover the employment, facilities, and operations of the service. The Service will be operational starting

the fall semester and will provide free repair, diagnostic, troubleshooting, and advice on computing

devices including laptops, PCs, towers, and tablets.


APPENDIX A: Q1 FINANCIAL REPORT REVENUES

Revenue 2015/2016 Q1

1 Student Union Society Fees 654,000.00 477,632.89

2 ATM Fees 1,200.00 -

3 Miscellaneous (Printing, Events, Etc.) 400.00 95.00

4 Vending Contract Revenue - -

5 Program Management Subsidies 62,628.00 10,000.00

6 Interest on Account 11,000.00 8,873.46

7 Endowment Fund Interest 8,000.00 -

8 Scholarship/Bursary Income Fund 5,000.00 -

9 Restricted Donations 1,000.00 -

RX1 Advertising Revenue - -

RX2 Sponsorship Revenue - 500.00

10 TOTAL REVENUE 743,228.00 503,118.72

EXPENSES – STUDENT SERVICES

STUDENT SERVICES EXPENSES

Student Advocacy & Support 2015/2016 Q1

11 Campus Equalities 1,100.00 22.60

12 Campus Advocacy 2,600.00 -

13 Student Lobby Groups (CASA & ABCS) 30,412.00 11,961.00

14 Student Advocacy & Development Conferences 12,779.00 4,257.77

15 Student Food Bank 4,200.00 50.38

16 Student Scholarships 24,000.00 22,000.00

17 Student Leadership Recognition 2,500.00 -

18 Volunteer Recognition/Appreciation 1,250.00 -

19 Emergency Student Grants 37,000.00 -

20 TOTAL STUDENT SERVICES EXPENSES 107,841.00 26,330.75


STUDENT JOBS

Student Jobs 2015/2016 Q1

21 Board Chair 1,200.00 300

22 Board Executives 62,900.00 17,281.20

23 Chief Electoral Officer 2,000.00 -

24 Part-Time Office Staff 69,900.00 16,309.90

25 Student Officer Portfolios 60,800.00 12,014.69

26 TOTAL STUDENT JOBS EXPENSE 196,800.00 45,905.79

GENERAL STUDENT SERVICES

General Student Services 2015/2016 Q1

27 SUS Food Services Subsidy 79,700.00 25,087.79

28 Student Organizations Funding 50,000.00 9,105.39

29 Associations 6,786.77

30 Clubs 2,318.62

31 Student App 11,045.00 3012.18

32 SUS Events 14,000.00 -

33 Weeks of Welcome (Inc. SUB Opening) 17,000.00 -

34 TOTAL GENERAL STUDENT SERVICES EXPENSE 179,745.00 12,117.57

EXPENSES – OPERATING

Operating Expenses 2015/2016 Q1

35 External Recognition/Appreciation 250.00 0

36 Advertising and Promotion 13,500.00 1,274.09

37 Auditor 13,000.00 6,174.00

38 Bank Charges 200.00 383.05

39 Catering & Food Services 1,350.00 92.06

40 Insurance 4,200.00 1931.76

41 Legal Services 10,000.00 0

42 Mileage Allowance 2,000.00 91.30

43 Miscellaneous 1,000.00 0

44 Permanent Staff Salaries 141,447.00 51,081.10

45 Staff Benefits 24,331.00 2,096.66

46 Parking 1,800.00 1,500.00


47 Professional Development 2,400.00 743.94

48 Retreat & Teambuilding 4,000.00 3,880.60

49 Societal Filing Fees 140.00 25.00

50 TOTAL OPERATING EXPENSES 219,621.00 85,409.03

EXPENSES - OFFICE

Office Expenses 2015/2016 Q1

51 Amortization 1,000.00 -

52 Computer Hardware & Software 2,250.00 1,207.00

53 Equipment Lease – Printer 3,804.00 1,473.12

54 Office Supplies 2,750.00 1,190.29

55 Printing & Photocopying 2,650.00 1,474.53

56 Shipping & Postage 100.00 81.23

57 Telephone & Fax 2,880.00 1,366.23

58 TOTAL OFFICE EXPENSES 15,434.00 6,792.40

CAPITAL INVESTMENT

Capital Investment 2015/2016 Q1

59 Contribution to Contingency Fund 8,922.00 -

60 Contribution to Non-liquid Investments 14,865.00 -

61 TOTAL CAPITAL INVESTMENT 23,787.00

ufv s 2015-2016 q 1 f r quarter 1 financial report.pdf · ufv sus 2015-2016 operating budget page |...

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