Salient

Financial Review Still on Agenda

By Nicola Kean | 2 Oct, 2006

A finalised version of the review of VUWSA’s financial processes was completed last week, with many of the core recommendations of the draft remaining largely unchanged.

The review was commissioned by VUWSA after the announcement of a $100,000 deficit several months ago, and will be implemented despite the recent increase in the VUWSA levy. It was conducted by Horwath Strategy, an independent accountancy firm.

A major recommendation made by Horwath is that VUWSA focus on its main business of representation, cutting back on social and sporting events such as Orientation.

It also recommends a number of changes in the budgetary process, including setting a base budget in November or December the year preceding the beginning of the term of the new Executive. The budgeted should be formulated by the Treasurer along with a VUWSA staff member. Monthly financial reporting should also be provided to the executive.

Recommendations include hiring an Association Manager to oversee the day-today workings of the VUWSA and provide a link between staff and the executive, along with the creation of an office manual to provide a template for new executive members to work from.

VUWSA President Nick Kelly says he is “generally happy” with the content of the review, adding that a number of recommendations will “open the debate nicely”. Staff and the executive will be consulted on the recommendations before they are implemented.

Kelly hopes that the recommendations will be “mostly in place” by the beginning of next year.