OUSA surplus more than $500,000

The Otago University Students' Association remains in a solid financial position, and ran an operating surplus of more than $500,000 last year.

General manager Darel Hall said last year's financial statements further confounded the misconception that students' associations ''don't think and act professionally''.

''We are 124 years old. We have got to think in generational terms, rather than what's happening just next year, or the year after,'' Mr Hall said.

The financial statements showed the association ran an operating surplus of $525,497, excluding GST, last year.

Its surplus in 2012 was $636,566.

Operating revenue had declined from $9.4 million to $9.2 million, in part due to there being no dividend from the OUSA-owned University Book Shop last year, which accounted for $50,000 of the difference.

The association was in good stead for the future, he said.

It held just over $6 million in reserves, which included $1 million in the ''future students investment fund''.

- vaughan.elder@odt.co.nz

More details on the financials

There will be a report to the Executive on the annual audit at a future meeting which will be a publicly reported.
Amongst details that may be of interest is that almost all reserves were divided into four reserves in 2012 which have dedicated purposes, including the Future Students Investment Fund which is a $1.5m reserve invested through Forsyth Barr.
Recognising that the OUSA thinks in generations, including a requirement in our constitution to consider the needs of future students, the Executive created this reserve as a long term conservative fund for a future generation to use.
The $2m refurbishment of the Albany Street OUSA Recreation Centre (formerly Clubs & Socs) is complete. The 2013 accounts show the commitment of this expenditure going into 2014. This project has been equivalent to the sum of about 3 years of surpluses. There have been other significant capital and large repairs and maintenance commitments so the renovations have captured somewhere in the order of 7 - 10 years of non-routine use of surplus. A more precise analysis will be included in the Executive report.

Darel Hall
OUSA GM
[Abridged]

 

Please let these people run DVML

Similar turnover, similar business, profit. The OUSA events I have been to have been inclusive, well run, friendly (not officious) and varied. I guess that when you have people passionate about delivering to their customers and concious that they are spending other people's money good things can happen.