CSU presents audited financial statements to students

Net assets higher than previous year and general meeting bylaws amended

Christine Beyleveldt // News Editor

Every year the Capilano Students’ Union (CSU) invites students to ask questions at their Annual General Meeting (AGM), most of which pertain to student life and community building on campus. The meeting on Thursday, Oct. 19 was delayed because quorum could not be reached immediately.

At a board of directors meeting the following day, the CSU addressed participation at the AGM and turnout.

Owen Sigurdsson, vice president equity and sustainability, noted that the meeting was scheduled at the height of midterms, and he estimated that at least 75 per cent of students he spoke to had midterms scheduled for the block after the AGM. Gary Chun, senior accountant from Tompkins, Wozny, Miller and Co Chartered Professional Accountants, reviewed the CSU’s audited financial statements for the 2016-17 fiscal year, which ended on May 31.

The audited statements were viewed and approved by the board of directors on Oct. 10 and shown to students at the AGM. Chun revealed the CSU’s assets to be approximately $2.86 million as of May 31, 2017, which is nearly $300,000 more than their assets from the prior year, given that several student fees were increased and two new fees were introduced following a referendum held in March. The CSU’s total revenue for the 2016-17 academic year amounted to $1.93 million while expenses amounted to nearly $1.92 million, leaving an excess of nearly $18,000 of which $13,000 was contributed to the Capilano University Foundation.

However, not mentioned in Chun’s presentation, but included in the CSU’s financial statements was that for 2016-17, a net surplus of over $4,700 was recorded, marking a stark decrease from the $55,700 recorded in the previous year. Cash that was provided by operating activities, which accounts for administrative activities and program delivery, also totalled over $420,000 last year compared to just over $21,000 the previous year. Tompkins, Wozny, Miller and Co. was also approved to audit the CSU’s financial statements at the end of this year.

Nicole Cousin, business and professional studies faculty representative, also spoke to the CSU’s wish to amend their bylaws that dictate the governance of general meetings, specifically the seventh point, which deals with notice. The CSU wished to amend this bylaw so that they would be required to provide a minimum of three weeks notice before any general meeting can occur instead of two. They also wished to change the number of posters that would be required to advertise AGMs, since they now use social media to advertise their events.

Only 10 posters instead of 50 would need to be distributed at CapU’s North Vancouver campus. This was also amended to have references to the Squamish campus and Sunshine Coast campus removed from the document, since the Squamish campus closed at the end of the 2016 academic year. It was originally supposed to be out of use for the 2016-17 academic year with its single program, Advanced Wilderness Leadership, suspended so it could be adapted to better serve students’ needs but over a year later CapU students still haven’t been able to return to the campus.

 

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