NUGSS Page

February 11, 2002

™NUGSS FINANCIAL REPORT I

To those who may not
know, | am Khumo Phake,
the Director of Finance and
Operations for the Northern
Undergraduate Student
Society (NUGSS). | issued
the Financial Report at the
Extraordinary General
Meeting (EGM). This report
was accepted as well as the
Finance and Operations
Director's report. The finan-
cial report entailed a descrip-
tion of the income statement.
| discussed where the
sources of both social rev-
enue and general revenue for
the NUGSS were_and which
accounts contributed the
most to both revenue totals.
Also discussed were sources
of operating expenditures for
the NUGSS and which
accounts contributed the
most to total expenses.

As of February 4, 2002 the
NUGSS had a net income of
$50,454.74. The General
Manager and the Director of
Finance conducted a finan-
cial analysis of the income

statement and from that
analysis came the following
assertions:

eThe flat rate fee should
help with revenues this com-
ing September.

*No additional revenues
were added, and more have
to be added to offset increas-
ing operating expenses

eThere is a need for more
sources of revenues: most
likely this should be a Board
of Directors initiative lead by
the Director of Finance.

*Sponsorship revenues are

another issue; thus the
General Manager and
Director of Finance are

preparing to submit sponsor-
ship proposals to the local
community namely for web-
site sponsorship.

*There is potential for an
effectively operated website
sponsorship program, by
NUGSS, to generate rev-
enues of $5000-$7000. Last
year’s revenues for the
Business Undergraduate

Student Society website cor-

roborates the aforemen-
tioned.

*The success of the SHAW
Cable Internet Promotion led
to this fiscal year’s corporate
donations revenue total, the
third largest revenue
account.

‘The General Manager,
Director of Finance, and
Director of University Affairs
are presently taking the steps
to request the University to

take charitable donations for

the Student Union Building
now that it has been allocated
land by the Board of
Governors. Subsequent to
university approval of accept-
ing such donations, the
General Manager and
Director of Finance should
prepare to submit donations
proposals to the local com-
munity namely for the
Student Union Building.

¢The aforementioned chari-
table donations would reduce
the amount of capital
required to finance a Student
Union Building.

»

‘The NUGSS may also
want to consider a change in
the Student Union Building
fee as well or another invest-
ment account in addition to
the current building fund, if so
it should be a diversified port-
folio of investments.

eThe increase in student
population accounted for the
increase in student fee rev-
enue.

eThe copy services
expense should be lower this
fiscal year than last since the
Board has made the appro-
priate amendments to policy
to ensure this takes place.

eClub funding allocation
was both fair and equitable
due to policy amendments by
Internal Affairs and the
Director of Finance and the
effectiveness of the standing
Committee of Monetary
Affairs.

eThe NUGSS_ operating
expenditures and NUGSS
budgeted operating expendi-
tures for this fiscal year were
not significantly different

4%,

*The difference between
the two aforementioned totals
is approximately $11,500,
mainly from the $6000 Over
The Edge expense and

approximately — $5500 -
incurred at this year’s
Backyard Barbeque.

eThe budget that was set
for this fiscal year was com-

prehensive, well researched,

and equitable.

In conclusion, things seem
to be going well, as there is a
net profit and the NUGSS is
in the financial position to pay
off its short-term liabilities
should it liquidate its capital
assets. | try to make myself
as available and as easily
approachable as possible to
students and to be prepared
to answer any questions that
may arise. To the readers
please do not hesitate to ask
me if you have any questions
about the financial position of
the NUGSS.

FEBRUARY 12-14th 2002 is OLYMPIC FR FROSTBITE

Enter your team of 5-20* people to compete in this ears Frostbite. Top Prize is $500.

Events include Cheer Offs, Talent Show and A Pie Eating Contest!!
SIGN UP BEGINS FEBRUARY 4TH OUTSIDE NUGSS OFFICE. COST IS $1 PER PARTICIPANT!!!

*Please note: Clubs and other large groups will have to have a full team of 20 before starting additional teams.