Hello all! I hope that everyone’s summer has been going well and that you have been able to make the most of the great weather we have had lately. Today I’m going to speak briefly about the OUSA’s finances and some of our financial oversight procedures.
As you may know, OUSA is funded almost solely by the $2.68 for each full-time equivalent student enrolled at our member institutions. Therefore, ensuring financial accountability is of utmost importance. Since our membership changes annually, we operate on a yearly budget cycle from May – April. The budget also attempts to break even and historically we usually come very close.
In order to guarantee student dollars are being spent appropriately there is significant monitoring and oversight of the budgeting process by a number of individuals including but not limited to the Executive Director, accountant, Steering Committee, General Assembly, our Auditors and of course, myself. The budget is usually set by Steering Committee during the summer, however, that is only the first step towards assuring accountability.
As the budget is just a plan for the year, Steering Committee, General Assembly delegates and I will see financial updates throughout the year to make sure that we are spending in accordance with what was planned. If there are any discrepancies, if we are spending too little or too much, which could be due to a variety of reasons, than Steering Committee might find it appropriate to amend our budget.
Due to a change in OUSA operational policies, this year 80% of the membership fees will be collected up front. This means that for a few months time we will most likely have a significant amount of money available for the possibility of short-term investments. I am currently investigating the different low-risk and principally acceptable options we have and a report will be brought to Steering Committee soon.
Well that’s all for me this time around. Until next time, stay classy Blogosphere!
Saad Aslam
WLUSU Vice President University Affairs
OUSA Vice President Finance
