CUS 2018 - 2019: Quarter 1 Financial Report by UBC Commerce Undergraduate Society (CUS)

STRATEGY

Q1 2018 REPORT MONTH ENDED AUGUST, 2018

STRATEGY

CREDITS CREDITS

| CREATIVE TEAM | • DMCS • | EDITORS |

• EVAN ZHOU • PRESIDENT evan.zhou@cus.ca

• PRISCILLA CHOI • VP EXTERNAL AFFAIRS priscilla.choi@cus.ca

• KIMBERLY TAY • AVP FINANCE kimberly.tay@cus.ca

| REPORT CREATOR |

• AJIT JOSEPH • VP FINANCE ajit.joseph@cus.ca

STRATEGY

TABLE OF CONTENTS

CREDITS.................................................................................................................................................3 PRESIDENTâ&#x20AC;&#x2122;S MESSAGE.............................................................................................................4 BUDGET REPORT............................................................................................................................5 CUS BUDGET......................................................................................................................................9 BUDGET ANALYSIS........................................................................................................................11 GLOSSARY OF TERMS.................................................................................................................26 FINANCIAL STATEMENTS STATEMENT OF OPERATIONS......................................................................................28 STATEMENT OF FINANCIAL POSITION...................................................................29 STATEMENT OF CHANGE IN NET ASSETS............................................................30 STATEMENT OF CASHFLOWS........................................................................................31

STRATEGY

PRESIDENTâ&#x20AC;&#x2122;S MESSAGE

Dear members of our community, Through providing our students with 23 services, 13 CUS affiliated clubs, over 250 events annually and various Sauder programs and other initiatives, we hope to enrich the university experience for UBC Sauder students. Our hope is that through our operations we are able empower our students and help cultivate your personal, professional and academic success. We hope that our quarterly report will help you better understand our financial spending and projected annual budget for the 2018/19 fiscal year. Through being more transparent with you, we look to stimulate more dialogue and involvement with our student body. Our aim is to continuously work with you to improve the value that we provide to our UBC Sauder community. Let us work together to create a community that we are proud of. Sincerely, Evan Zhou President of the UBC Commerce Undergraduate Society

BUDGET REPORT

STRATEGY

BUDGET REPORT

This section of the quarterly report has been created with the intention of providing the Sauder student body, as well as relevant stakeholders with a comprehensive understanding of the annual budget, including the development process and explanations of all line items, such that the student body may be better informed on how their student fees are used to fund activities that benefit them, and that relevant stakeholders are better aware of the impact and reach of the Undergraduate Society and its activities. To achieve the above stated goals, the budget report will be split into three parts: an overview of the budget development process within the Commerce Undergraduate Society, an explanation of terms and headings used within the annual budget, and finally, descriptions and explanations of all line items and categories within the budget. Should students or stakeholders have any questions regarding any of the content within this report, they are highly encouraged to contact the Vice-President, Finance, Ajit Joseph, at ajit.joseph@cus.ca.

THE BUDGET DEVELOPMENT PROCESS The development process is constantly being modified and improved as the need for additional, more comprehensive financial information and professionalism increases. However, traditionally, the process framework has remained the same. For several years, the general framework has been to conduct three primary rounds of budgeting, followed by secondary rounds, should there be a need to improve the quality of budgeted forecasts.

BUDGET REPORT

STRATEGY

BUDGET REPORT

BUDGETING ROUND 1: BUDGET CONSTRUCTION To facilitate such an extensive process while meeting constitutional standards, the CUS commences the first round of budgeting in the last week of April or the first week of May. This phase can be referred to as the Budget Construction phase, as in this round, student leaders within the CUS are asked to develop forecasts for their respective function areas for the upcoming academic year. To standardize the process and for the sake of efficiency, student leaders are provided a budget template, which is often a modified version of the ones used in previous years. The student leaders are also provided a copy of the prior yearâ&#x20AC;&#x2122;s budget, to provide them with a foundation to work on, as well as a target deficit, which is often set by the Vice-President, Finance based on the funds available to be distributed and on the basis of past performance and data. Student leaders are given between two to three weeks to complete the construction phase of the process, and the CUS Finance Portfolio provides support and clarity where necessary. Once budget construction is complete, student leaders are asked to submit a completed draft to members of the Finance portfolio, who then provide them to the Budget Development Committee of the CUS for review. The Budget Development Committee is composed of Board of Directors and Executive Council members, along with two members-at-large, Vice-President, Finance, and Associate Vice-President, Finance. The purpose of the committee is to ensure that service and portfolio forecasting is in line with the broader, strategic mandates of the CUS. Following initial review, all services and portfolios are invited to Round 1 presentations, which take place a few days after budget draft submissions. The presentations provide student leaders an opportunity to explain their budget allocations and for the committee to question them in detail regarding various line items. Following presentations, the committee generally takes one week to review the submitted drafts and recorded presentations, examining all sources of information (drafts, recordings, supplementary documents etc.) to ensure: relevant and effective spending, that spending meets CUS policy, and that student leaders have considered all relevant costs (taxes, service charges, other ancillary costs). Following the review of drafts, the Budget Committee produces general and service/portfolio specific feedback, which is then distributed to the relevant parties.

BUDGET REPORT

STRATEGY

BUDGET REPORT

BUDGETING ROUND 2: MODIFICATION AND APPEALS Once feedback is released, there is the second phase, which can be referred to as the Modification and Appeals phase. During the period, student leaders are asked to implement the changes requested. However, the CUS recognizes that it is possible for factors to have been overlooked or insufficiently considered. Therefore, student leaders who believe that the modifications requested would be detrimental to their operations are provided the opportunity to appeal the feedback through a structured process. Requested appeals are evaluated by the Budget Committee, who approve and reject them on the basis of validity. Services approved for appeals are provided an opportunity to once again present their concerns to the budget committee. Once the presentations are complete, the committee will evaluate all budgets, including services that did not request appeals. For appealing services, feedback is sent out on the basis of their appeal (whether the committee has decided to approve or deny the appeal, and if there are additional changes requested). For services whose appeals were rejected or did not request an appeal, those that have incorporated requested changes are provided no further feedback and their budgets are considered final. For services that have not done so, reminders are sent out, to ensure that there is congruent understanding between the service and the CUS executive body. All services will be given between one to two weeks to address the changes requested.

BUDGETING ROUND 3: APPROVAL The final phase of the Budgeting process is handled by the Budget Development Committee. The committee will verify that the recommendations sent to services have been implemented, and then finalize the overall Society budget for presentation to the Board of Directors. Once the Board of Directors has approved the Society Budget, it is officially released to the student body.

BUDGET REPORT

STRATEGY

BUDGET REPORT

CHANGES TO THE BUDGETING PROCESS IN FISCAL YEAR 2019 At the end of Fiscal Year 2018, the Ombudsperson of the CUS discovered that the CUS had not been fulfilling certain constitutional obligations. Chief among them was Section 14.04(D) of the constitution, requiring the budget to be updated and distributed to the student body every three months. The change being made this year is in direct response to this violation. In creating this quarterly report, the 2018-19 team intends to not only meet constitutional obligations but can also set higher professional standards that future teams will be challenged to follow. The current plan of the CUS is to continue developing the quarterly report format and content, so that more information can be provided with greater clarity. This will also become the official Round 4 of Budgeting, which could be considered the reporting phase. Furthermore, to ensure that there are fewer variances in budgeting, the CUS attempted to incorporate secondary rounds of budgeting, where budgets were evaluated in further detail to ensure congruence between the CUS vision and service operations. Moving forward, the CUS will continue working on ways to ensure that budgeting becomes a more comprehensive and rigorous process, and that the student body and all stakeholders are kept as up-to-date as possible on CUS operations and strategic vision.

CUS BUDGET

STRATEGY

CUS BUDGET

UBC Commerce Undergraduate Society Budget Board of Directors Approval: July 31, 2018

2017-2018 ACTUAL LINE ITEM

REVENUE

EXPENSE

NET

2018-19 PROJECTED (% OF STUDENT FEES) (EXPENSES)

REVENUE

STUDENT FEES ($) (EXPENSES)

EXPENSE

APPROVAL (% OF STUDENT FEES) (EXPENSES)

NET

STUDENT FEES ($) (EXPENSES)

BUDGET COMMITTEE BOARD OF DIRECTORS

FUNDING EARLY GRAD AND CO-OP REFUNDS SPONSORSHIP STUDENT FEES TOTAL

-27,519959,764987,283-

18,500--18,500-

18,50027,519959,764968,783-

1.93% 0.00% 0.00% 1.93%

($ ($ ($ ($

4.95) - ) - ) 4.95)

-12,000989,0331,001,033-

19,000--19,000-

19,00012,000989,033982,033-

1.92% 0.00% 0.00% 1.92%

($ ($ ($ ($

5.03) - ) - ) 5.03)

x x x

ADMINISTRATIVE COFFEE LOCKERS WEBSITE HOSTING TOTAL

-6,000-6,000-

23,000-1,74024,740-

23,0006,0001,74018,740-

2.40% 0.00% 0.18% 2.58%

($ ($ ($ ($

6.15) - ) 0.47) 6.62)

-6,000-6,000-

27,500-1,05628,556-

27,5006,0001,05622,556-

2.78% 0.00% 0.11% 2.89%

($ ($ ($ ($

7.28) - ) 0.28) 7.56)

x x x

BOARD, EXECUTIVE & SERVICE COUNCIL BOARD OF DIRECTORS BOARD OF DIRECTORS RETREAT OFFICE SUPPLIES PRESIDENTIAL EXECUTIVE COUNCIL EXECUTIVE COUNCIL RETREAT SAUDER UNLIMITED SERVICE COUNCIL APPAREL SERVICE COUNCIL RETREAT TOTAL

-----------

6001,00057--1,500-2,2986,96812,423-

0.06% 0.10% 0.01% 0.00% 0.00% 0.16% 0.00% 0.24% 0.73% 1.29%

($ ($ ($ ($ ($ ($ ($ ($ ($ ($

0.16) 0.27) 0.02) - ) - ) 0.40) - ) 0.61) 1.86) 3.32)

-------

-- -- -- -

4961,0007505384031,500-3,00010,50018,187-

0.05% 0.10% 0.08% 0.05% 0.04% 0.15% 0.00% 0.30% 1.06% 1.84%

($ ($ ($ ($ ($ ($ ($ ($ ($ ($

0.13) 0.26) 0.20) 0.14) 0.11) 0.40) - ) 0.79) 2.78) 4.81)

x x x x x x x x x

CUS INTERNAL OPERATIONS EXTERNAL AFFAIRS FINANCE INTERNAL AFFAIRS HR COMMISSION INFORMATION TECHNOLOGY MARKETING VISUAL MEDIA STUDENT ENGAGEMENT ACADEMIC SUPPLIES FOR SERVICES CLEANING AND LOUNGE EXPENSES TOTAL

-------------

1,116200--2,6781,0003,2341004,048--12,376-

0.12% 0.02% 0.00% 0.00% 0.28% 0.10% 0.34% 0.01% 0.42% 0.00% 0.00% 1.29%

($ ($ ($ ($ ($ ($ ($ ($ ($ ($ ($ ($

0.30) 0.05) - ) - ) 0.72) 0.27) 0.86) 0.03) 1.08) - ) - ) 3.31)

-------------

6,5271,5053,3624341,5007,4003,0003,5894,244-4,00035,561-

0.66% 0.15% 0.34% 0.04% 0.15% 0.75% 0.30% 0.36% 0.43% 0.00% 0.40% 3.60%

($ ($ ($ ($ ($ ($ ($ ($ ($ ($ ($ ($

1.69) 0.39) 0.87) 0.11) 0.39) 1.92) 0.78) 0.93) 1.10) - ) 1.04) 9.23)

x x x x

CUS SERVICES AWARDS NIGHT BUSINESS WEEK CAMPUS AMBASSADOR PROGRAM CASE COMPETITION CLUB BIZBUZZ (FKA CAVALIER) CHASING SUSTAINABILITY CLASS LIAISON COMMERCE COMMUNITY PROGRAM COMMERCE DAY COMMERCE MENTORSHIP PROGRAM ELECTIONS EXECUTIVE MENTORSHIP PROGRAM EXTERNAL CONFERENCE FIRST YEAR COMMITTEE GRAD NIGHT HEALTH AND WELLNESS HEALTH AND WELLNESS CONVENTION IMPRINT JDC WEST COMPETITION TEAM JDC WEST DEVELOPMENT TEAM ME INC NATIONAL STRATEGY CONSULTING CONFERENCE POITS SAUDER INTERNATIONAL STUDENT ASSOCIATION SAUDER SPORTS SUSTAINABILITY YEARBOOK & PROSPECTUS TOTAL

300--880-1,230-----1,900--42,3961,035-9,40632,700-25019,13545,5601,333-500-156,625-

34,39210,0641,8672,59495222,5964361,563-12,5501,81718,66232,1783,80385,32715,419-69,99190,597-1,523101,83480,8975,83810,1282,59129,437637,052-

34,09210,0641,8671,71495221,3664361,563-12,5501,81716,76232,1783,80342,93114,384-60,58557,897-1,27382,69935,3374,50510,1282,09129,437480,427-

3.55% 1.05% 0.19% 0.18% 0.10% 2.23% 0.05% 0.16% 0.00% 1.31% 0.19% 1.75% 3.35% 0.40% 4.47% 1.50% 0.00% 6.31% 6.03% 0.00% 0.13% 8.62% 3.68% 0.47% 1.06% 0.22% 3.07% 50.06%

($ ($ ($ ($ ($ ($ ($ ($ ($ ($ ($ ($ ($ ($ ($ ($ ($ ($ ($ ($ ($ ($ ($ ($ ($ ($ ($ ($

9.12) 2.69) 0.50) 0.46) 0.25) 5.71) 0.12) 0.42) - ) 3.36) 0.49) 4.48) 8.61) 1.02) 11.48) 3.85) - ) 16.20) 15.48) - ) 0.34) 22.12) 9.45) 1.20) 2.71) 0.56) 7.87) 128.49)

-----5,500-300---1,200--54,0001,320-8,20033,1505,00012,40029,72559,3353,3001,955200-215,585-

32,32410,1972,0335,0001,00017,0345183,7474,19917,1272,27313,83049,9943,50079,07017,1352,00060,00074,4747,81844,40076,91696,4328,50018,7933,49331,115682,921-

32,32410,1972,0335,0001,00011,5345183,4474,19917,1272,27312,63049,9943,50025,07015,8152,00051,80041,3242,81832,00047,19137,0975,20016,8383,29331,115467,336-

3.27% 1.03% 0.21% 0.51% 0.10% 1.17% 0.05% 0.35% 0.42% 1.73% 0.23% 1.28% 5.05% 0.35% 2.53% 1.60% 0.20% 5.24% 4.18% 0.28% 3.24% 4.77% 3.75% 0.53% 1.70% 0.33% 3.15% 47.25%

($ ($ ($ ($ ($ ($ ($ ($ ($ ($ ($ ($ ($ ($ ($ ($ ($ ($ ($ ($ ($ ($ ($ ($ ($ ($ ($ ($

8.39) 2.65) 0.53) 1.30) 0.26) 2.99) 0.13) 0.89) 1.09) 4.45) 0.59) 3.28) 12.98) 0.91) 6.51) 4.10) 0.52) 13.44) 10.72) 0.73) 8.31) 12.25) 9.63) 1.35) 4.37) 0.85) 8.08) 121.29)

x x x x x x x x x x x x x x x x x x x x x x x x x x x

CLUBS FUNDING

CUS BUDGET

STRATEGY

CUS BUDGET

CLUB MEMBERSHIP GRANT CLUB MEMBERSHIP SUBSIDIES TOTAL

-- -- -- -

CONTRIBUTIONS TO SAUDER PROGRAMS BRAND MANAGEMENT MENTORSHIP PROGRAM BUSINESS CAREER CENTER INTERNATIONAL CASE COMPETITIONS SPARK TOTAL

------

10,400193,58222,50022,500248,982-

1.08% 20.17% 2.34% 2.34% 25.94%

($ ($ ($ ($ ($

2.78) 51.77) 6.02) 6.02) 66.59)

------

15,800197,50022,50022,500258,300-

1.60% 19.97% 2.27% 2.27% 26.12%

PROJECT FUNDS CONFERENCE AFFILIATION SPECIAL PROJECTS CLUB INNOVATION SERVICE INNOVATION TOTAL

------

-81,590--81,590-

0.00% 8.50% 0.00% 0.00% 8.50%

($ ($ ($ ($ ($

- ) 21.82) - ) - ) 21.82)

------

38,0005,00010,00020,00073,000-

2018/19 INITATIVES LOUNGE RE-DESIGN INTERNAL AUDIT CAPITAL PROJECTS FUND TOTAL

-----

0.00% 0.00% 0.00% 0.00%

($ ($ ($ ($

) ) ) ) -

-- -- -- -

25,5003,50010,00039,000-

OTHER MISCELLANEOUS REVENUES MISCELLANEOUS EXPENSES EXPENSES FROM PREVIOUS YEAR TOTAL

3,197--3,197-

-30,000-30,000-

3,19730,000-26,803-

0.33% 3.13% 0.00% 3.46%

($ ($ ($

0.86) 8.02) -- 8.88) -

17,550- -- 17,550- -

--7,5007,500-

TOTAL

1,078,531- -

74,574-

96.39% ($

247.42) -

1,240,168- -

457,38274,574300,00040,000191,956-

1,153,105- -

7,800- 5,067- 12,867- -

OPENING CASH BALANCE OPERATING SURPLUS SUMMER OPERATIONS RESERVE OPERATING RESERVE CASH BALANCE

ASSUMPTIONS FEE PER STUDENT STUDENT ENROLLMENT NUMBER

7,8005,06712,867-

256.69 3739

0.81% ($ 0.53% ($ 1.34% ($

2.09) 1.36) 3.44) -

-- -- -- -

8,400- 6,500- 14,900- -

2.18) 1.69) 3.87)

x x

($ ($ ($ ($ ($

4.10) 51.26) 5.84) 5.84) 67.04)

x x x x

3.84% 0.51% 1.01% 2.02% 7.38%

($ ($ ($ ($ ($

9.86) 1.30) 2.60) 5.19) 18.95)

x x

x x x x

25,5003,50010,00039,000-

2.58% 0.35% 1.01% 3.94%

($ ($ ($ ($

6.62) 0.91) 2.60) 10.12)

17,550-7,50010,050-

1.77% 0.00% 0.76% 2.53%

($ ($ ($ ($

4.55) - ) 1.95) 6.50)

1,179,115- -

61,053-

99.19% ($

259.69)

531,95661,053300,00040,000253,009-

CLOSING FIGURES OPENING CASH BALANCE PROJECTED OPERATING SURPLUS SUMMER OPERATIONS RESERVE OPERATING RESERVE PROJECTED CASH BALANCE

ASSUMPTIONS PROJECTED STUDENT FEE PROJECTED STUDENT ENROLLMENT

8,4006,50014,900-

261.8 3778

0.85% ($ 0.66% ($ 1.51% ($

x x

BUDGET ANALYSIS BUDGET ANALYSIS

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BUDGET CATEGORY I: FUNDING The funding category includes the main sources of CUS funding, which are student fees, and sponsorships. The category also includes early grad and co-op refunds, which has been grouped into this category because it does not fit into any other categories within CUS operations. In further detail: 1) Early Grad and Co-op Refunds: The CUS offers students who graduate early or are on a co-op term a $100 refund for every term that they are not enrolled in any courses at UBC. This initiative was created because prior executive teams felt it was equitable to refund students a portion of their student fees when they are not in active study, as they are unlikely to utilize CUS services during this time. For several years, the utilization rate has hovered around $18,000, and there has been no indication to suggest a variation in the trend. Therefore, the CUS has budgeted $19,000, to ensure that any minor variances in student refund requests can be absorbed. 2) Sponsorship: The CUS, as with most not-for-profit organizations, attempts to secure sponsorships on an annual basis. This line item is the sponsorship forecast solely for the CUS, and not for the individual services. Service sponsorships are directly incorporated into their independent revenue forecasts. The CUS currently has an agreement with CPA to receive $7,000 in funding, and another agreement with the Artona Group to receive $2,000 in funding for a total of $9,000 in guaranteed funding. In FY 2018, the CUS team had forecasted $27,000 in sponsorship, but this was found to be erroneous, as the AMS journal entry system processed all sponsorships, including CUS service sponsorships, into one sponsorship line item. This meant that the $27,000 forecast was double counting forecasted sponsorship revenue. Therefore, stakeholders will notice a considerable decrease in sponsorship forecasting. The current projection is a more conservative target of what the team felt could be achieved within FY 2019 with the resources available. 3) Student Fees: The CUS receives the bulk of its funding from student fees. Student fees are pegged to inflation, so that the spending power of the CUS does not decline over time. As of FY 2019, student fees are $261.8, up from $256.69. Stakeholders will notice a considerable increase in the student fee revenue forecast. This is due to an oversight in the model creation process where the student fee forecast didnâ&#x20AC;&#x2122;t factor the increase in student fees due to inflation. It also did not factor in a secondary trend, which is an increase in the enrollment numbers (approximately a 1% increase year over year). The present model takes into effect these factors, as well as attrition, as some students are likely to withdraw from the BCom program over the course of the year. The attrition over the past two years has hovered around 42 students, and the data from the Undergraduate Office does not indicate any change in the trend. The base revenue figure on which the present yearâ&#x20AC;&#x2122;s forecast is built is the actual student fees collected in FY 2018.

BUDGET ANALYSIS BUDGET ANALYSIS

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BUDGET CATEGORY II: ADMINISTRATIVE The Administrative category contains the student facing line items of CUS operations. These include: coffee in the CUS lounge, locker rental fees, and hosting of the CUS website. 1) Coffee: All Sauder students are provided complimentary access to the coffee machines within the CUS lounge. The CUS covers all the costs related to coffee and beverage use within the lounge. The coffee is provided by Thirst First, which also provides the coffee machines and conducts regular maintenance on the machines to ensure continuous operability. The CUS does not have a contract with Thirst First, and therefore, it is believed that the coffee billings are based on usage, although the Finance team is in the process of confirming this fact. Due to conflicting data, the team has increased the estimate to $27,500, as coffee is a heavily utilized and valued service of the CUS, and the team wants to ensure that operations are not adversely affected through insufficient estimation. As further data is gathered on this line item, the estimate will change to reflect gathered information. 2) Lockers: Lockers are available to students for rental in limited numbers. The current rental rate for lockers is the same as last year, at $20 per term. The locker usage rates are not expected to vary significantly as the unit price will remain unchanged, and usage rates are not expected to vary. 3) Website Hosting: The CUS is required to pay a monthly server fee as well as an annual domain fee in order to maintain the society website. The server fee was previously $144 per month, but through successful negotiation, this rate is now $83 per month. The domain fee per annum has remained constant at $32 per year.

BUDGET CATEGORY III: BOARD, EXECUTIVE, AND SERVICE COUNCIL In order to ensure the effective functioning of all elements of the Commerce Undergraduate Society, the CUS budgets for internal expenditures which are focused on team development, fulfilling team needs, and empowerment. 1) Board of Directors: In order to encourage students to attend board meetings in previous years, the Board of Directors would budget approximately $1000-3000 in funds to purchase food for board meetings and events. However, for FY 2019, it was felt that funds could instead be put towards interactive activities with the Sauder student body, such as boothing in CPA hall, so that students have an opportunity to meet with their representatives.

BUDGET ANALYSIS BUDGET ANALYSIS

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BUDGET CATEGORY III: BOARD, EXECUTIVE, AND SERVICE COUNCIL 2) Board of Directors retreat: As representatives of Sauder, it is important for the Board of Directors to have opportunities to interact with their fellow board members and develop their leadership ability, so that they may govern the organization in an effective and unified manner. The Board of Directors retreat provides the team with such an opportunity. The retreat often includes bonding activities, as well as an opportunity for Board members to learn more about the CUS and their respective roles. The allocation for the Board of Directors retreat will not be changing, as the previous team was able to keep costs within the allocated deficit. 3) Office Supplies: CUS Board, Executives, and Associate Vice-Presidents have access to the CUS Office, which is located at HA 239B. To effectively function as a management team, the team needs to have resources such as paper, printer ink, tape etc. Office supplies is the budgeted figure than enables the team to have access to these resources. All resources are strictly for professional use, and guidelines are published that prohibit the use of these resources for non-CUS purposes. In the previous year, the utilized amount was $57. The actual cost of office supplies was higher than this amount, but because the expenses were posted to a miscellaneous expense account, it is currently not possible to arrive with an improved figure of the cost. In the upcoming year, the team estimates that there will be approximately $750 in expenses, with the addition of food and beverage purchases, stocked in keeping with the new talent retention strategy wherein the CUS seeks to reduce the pressure on student leaders and incentivize and reward diligent effort. 4) Presidential: The presidential budget is a new line item that has been created at the request of the President, especially in light of recent trends of reduced student interest in leadership positions and higher resignation rates at the Board and Executive level. It was felt that in the present role, the president lacked resources to support the Board and Executive teams, and funds have been allocated to achieve this purpose. Items include allocations for Board and Executive wellness, to ensure that burnout rates and morale remain consistent over the course of the year. These wellness allocations could be a small gift or activity done with the board or executive member, so as to alleviate stress or resolve any distressing issues. There has also been a $40 provision for the president himself, although there are controls in place to ensure the spending is in line with CUS standards. 5) Executive Council: Executive Council has typically allocated funds towards Executive spending outside of individual portfolios, but this has traditionally seen limited use. The President of the CUS was asked to establish a purpose for this line item, and the current purpose is on additional wellness and support resources for the CUS Executive Council, as they operationally face some of the highest burdens within the overall command structure. The bulk of these funds are focused on a mid-point event, which is to ensure that motivation within the team is maintained as the year progresses into its final phases. .

BUDGET ANALYSIS BUDGET ANALYSIS

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BUDGET CATEGORY III: BOARD, EXECUTIVE, AND SERVICE COUNCIL 6) Sauder Unlimited: Sauder Unlimited is a one-day leadership conference hosted by the UBC Sauder School of Business in conjunction with the CUS. The conference is an opportunity for students to attend workshops and keynote presentations where they can develop additional skills, as well having the opportunity to interact with other leaders at Sauder. The CUS has previously covered $850 of the total cost, with the remainder of the costs borne by the UBC Sauder School of Business. However, in the present year, Sauder agreed to cover all of the costs for the event, which meant the CUS did not have to pay for the event. The Internal Affairs team is currently in discussion with the Sauder team on the liability borne by the CUS, but it is currently believed that the CUS will not have to pay for any expenses in the upcoming year. 7) Service Council Apparel: Team apparel is often used to reinforce internal culture and pride, and as a branding tool such that student constituents can easily recognize their CUS representatives when searching for answers. For this reason, each service is allowed up to $20 per member to spend on team merchandise. Similarly, the CUS Board, Executive, and certain portfolio members excluded from the $20 rule such as portfolio commissions are allowed approximately $20 to spend on their respective apparel. The budget for FY 2019 has been increased to $3,000, as the number of portfolio members such as commissions are increasing, and therefore more costs must be incurred to purchase apparel for the larger team. 8) Service Council Retreat: Every year, all members of the incoming and outgoing Board, Executive, and Service council are invited to attend the annual CUS retreat. This has traditionally been held for two days at Camp Kawkawa, as this has generally been the cheapest available rental for the number of members involved. The cost listed in the budget for FY 2018 was $6,968, although this number is underestimated as some costs were pooled into Miscellaneous expenses. It is believed that the true cost of the retreat is closer to $9,150, although this number is an estimate and will be confirmed at a later date. For the upcoming year, the team has budgeted for $10,500 in expenses, which is a slight increase over previous estimates to account for an increase in the number of members likely to attend. As the year progresses and a better idea of team size is determined, this estimate will likely change to reflect the new information.

BUDGET ANALYSIS BUDGET ANALYSIS

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BUDGET CATEGORY IV: CUS INTERNAL OPERATIONS In order to provide administrative and engagement support from their respective functions, each Vice President and a number of directors are provided funds based on their functionâ&#x20AC;&#x2122;s needs. These funds are put towards paying for any systems and software, or to cover the costs of various activities that each function undertakes. Should stakeholders have questions, they are encouraged to contact the individual responsible for each function for greater detail. 1) External Affairs: The External Affairs portfolio has traditionally dealt with corporate relations and sponsorship, ensuring that the CUS maintains positive brand image outside of UBC and is able to procure sponsorships to complement available funding. In FY 2019, the focus of the current VP External is to also bolster the CUS and Sauder image on campus, with additional focuses on interfaculty events, which are to be determined. It has been decided that a greater portion of funds will go towards this purpose, approximately $2,688, as the sponsorship team plans to utilize electronic resources for sponsorship procurement, reducing the costs for the activity and re-proportioning those funds. The remainder of the funds will be used for Corporate recognition events and Networking events. The External Affairs team was recently granted an allowance to purchase 3 LinkedIn premium accounts for the remainder of the year, which results in an increase of cost by $1,440. 2) Finance: The Finance portfolio has traditionally been a low cost portfolio as there have been few resources the portfolio has needed to function. The $200 expensed was on team socials in FY 2018. In FY 2019, the costs are going to team socials as per the $20 rule per member, as well as for a recognition program. The Finance portfolio was recently approved for an increase in funds, as the team is planning to restructure the portfolio in order to increase efficiency. Some funds will be put towards accounting software such as QuickBooks Online, while other funds are being considered put towards an overhaul of the existing reimbursement system. The Finance portfolio thus expects to spend an additional $1,200 in funds on these items. 3) Internal Affairs: The Internal Affairs team is being provided funding in FY 2019. The funds will be put towards improving the interconnectivity between services, clubs, and the CUS through Club kickoff events, and Roundtable events. The cost of these events includes activities, as well as food and beverage for the attendees. As the Internal Affairs portfolio is also responsible for partial maintenance of the lounge, they have also allocated $100 towards lock replacements, sink and cabinet repairs, as well as other contingencies that are likely to arise. 4) HR Commission: The HR Commission is another low budget portfolio, and expenses have primarily been portfolio socials, as well as gifts for the HR Recognition program. The HR Commission this year will be spending similarly, with some spending on portfolio socials, some on the recognition program, and some on an Onboarding program.

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BUDGET CATEGORY IV: CUS INTERNAL OPERATIONS 5) Information Technology: Information Technology in the past has comprised costs other than the costs to maintain the website. In the previous year, the budgeted figure included stipends for the IT Director and IT Associate. In the upcoming year, the Information Technology portfolio will not be provided honorariums for their services, and funds will instead be focused towards IT Engagement, which are events for BUCS and BCom students that are IT focused. An addition to the IT portfolio following the initial budget release has been an allowance for Slack premium. Slack is the preferred method of communication for all CUS internal operations as it allows for frequent communication between members while communication itself is in a more formal environment than Facebook or other messaging services. However, free versions of Slack workspaces are limited to a 10,000-message limit, after which previous messages cannot be viewed, unless the premium service is purchased. As CUS executives rely on this system, it is sometimes necessary to track back on communications. Therefore, the CUS will be looking to purchase Slack premium for approximately 40 users, which with an educational organization discount is expected to cost approximately $500. 6) Marketing: The Marketing portfolio has spent resources on the past on (Evan can write this). In FY 2019, Marketing expenses are expected to include resources for marketing channels, such as Snap Chat Geofilters, Marketing specific events, as well as collaborations with the Student Engagement Portfolio, for which the marketing portions of the collaborations are included in the Marketing budget. Marketing has been approved for an increase in funds primarily centered around Instagram and related expenses. A more detailed estimation of these expenses will be released once numbers are finalized. 7) Visual Media: CUS Visual Media provides photography support at CUS Service events, as well as hosting the monthly professional headshot sessions. The primary expenses for CUS Visual Media are the purchase of an additional Canon Camera, as well as the repair of the existing one, along with storage for photos. 8) Student Engagement: The focus of the Student Engagement portfolio in the previous year was on hosting the CUS Annual General meeting, while collecting feedback and allowing for interaction with CUS executives through the Pulse survey and proceeding CUS coffee chats. The Student Engagement portfolio will be building on this focus in the upcoming year by hosting additional CUS events, which is where the bulk of resources will be diverted. The Student Engagement portfolio was approved for an additional $750 in funding, which it will use to improve gift and overall quality of its events.

9) Academic: $4,048 of the Academic portfolioâ&#x20AC;&#x2122;s budget is utilized to make the CUS payments for AMS tutoring, which is a fixed amount that is expected to remain unchanged from the previous year. The remainder of the funds are to be used on the Academic portfolio social.

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BUDGET CATEGORY IV: CUS INTERNAL OPERATIONS 10) Supplies for services: Earlier in the year, members of the CUS Executive council decided that it may be more cost efficient for the CUS to purchase common items such as lanyards, paper plates, cutlery etc. to be sourced in bulk rather than having all the services purchase these resources individually. Therefore, the CUS VP External will source these items on behalf of the services, and once a final number is derived, it will be approved by the Board of Directors at a later date. The current estimate for this line item is $5,000, but it is being left blank until the necessary information is available. 11) Cleaning and Lounge expenses: The CUS, being responsible for lounge operations, covers the cost of any cleaning or maintenance that is required within the lounge. In the previous year, the funds required for these purposes were sourced from the CUS Endowment Fund. In the upcoming year, the CUS has decided to transfer the expense back to the main books, which means that a new line item was created. Furthermore, as there are more funds available, it was believed that students would appreciate more regular cleaning services, so the allowance has been doubled from the previous estimate of $2,000 to $4,000. However, talks with the janitors must happen before the arrangement is confirmed.

BUDGET CATEGORY V: CUS SERVICES CUS Services form the backbone of the CUS and consist of the programs that provide the greatest value to students through diversity and excellence of service. The CUS consists of 22 services which traditionally account for between 45 - 50% of overall CUS expenditures. Stakeholders who require additional information on each serviceâ&#x20AC;&#x2122;s offerings are asked to contact the service chairs responsible for clarity. 1) Awards Night: Awards Night generally hosts a 200-300-person gala, which is where most of their costs arise from (food for the guests, as well as decorations, A/V etc.). Awards Night also hosts an open bar at the Pit, which accounts for $7000-8000 in expenses. In the upcoming year, Awards Night will be hosting 275 people (it was awarded an increase in the budget, thus allowing the number of attendees to increase from an initial estimate of 250 to the current 275). There are also some changes to the goodie bags and ancillary items that may lead to cost differentials, but the core aspects of the event are expected to remain the same. 2) Business Week: Business Week being a showcase of clubs and services at Sauder and UBC, sees the majority of its costs arising from its collaborations with other services and clubs, as well as food and activity costs. While the collaborations and activity offerings are likely to change, the fundamental nature of Business Week will remain unchanged, hence the low expected variance.

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BUDGET CATEGORY V: CUS SERVICES 3) Campus Ambassador Program: The Campus Ambassador Programâ&#x20AC;&#x2122;s primary costs are volunteer based, with monies going toward a presenter orientation, recognition for presenters, and presenter activities and guides. The remainder of the funds are put towards boothing. The Campus Ambassador Program hasnâ&#x20AC;&#x2122;t seen a strategic redirection, and therefore there are no significant variations in cost. 4) Case Competition Club: Given the diversity of offerings available on campus with regards to case training and case presentation (JDC West, Case competitions hosted by various clubs) it was felt that the prior model of the club had too many overlaps to provide additional value to students. The Academic portfolio is therefore in the process of restructuring the club so that it can create a new niche within which it may add value to Sauder students. Details of the program will be released once restructuring is complete, but current estimates suggest that running the program in its entirety will cost $5,000. 5) Cavalier: The Cavalier has been restructured by the Marketing portfolio to become online based as opposed to print based. As a result, many of the previous costs, such as printing costs, have been eliminated, and the current model is expected to run lean. Costs are focused on marketing elements such as boothing and advertising, as well as gifts for giveaways for these events. 6) Chasing Sustainability: The major change for Chasing Sustainability is its transition from an off-campus conference to an on-campus one. It is hoped that by moving the conference to UBC, the conference logistics become more manageable for the team, that costs are reduced, and most importantly, that the conference becomes more accessible to students interested in sustainable practices. The major savings come from the fact that Sustainability being a CUS service has its venue costs waived for the Great Hall, as well as receiving discounts for the catering options. These are traditionally where the bulk of costs have been focused, and the waiving and reduction of these fees frees up working capital for Sustainability to use. The savings have been put towards improving engagement for the conference through better and sustainable gift offerings for attendees, as well as additional boothing and marketing to extend the reach of the conference. 7) Class Liaison: Class Liaison is a lean CUS service as it does not require extensive funding in order to operate efficiently. The primary costs are office supplies, food for class liaison orientations, and gift cards. The Class Liaison service does not change extensively from year to year.

8) Commerce Community Program: The Commerce Community Programâ&#x20AC;&#x2122;s spending is centered around their three key events, which include costs for food, supplies, and boothing. The remainder of the costs are internally focused, with boothing for Business Week and food for internal meetings.

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BUDGET CATEGORY V: CUS SERVICES 9) Commerce Day: Commerce Day is a Term 2 event that is run by the Business Week team. It is a variation of what was previously ‘Commerce Week’ which was in many ways the Business Week of Term 2. Commerce Day has been shrunk in scale because it is very difficult logistics-wise for the Business Week team to be able to plan and execute a second series of boothing events on the scale of Business Week, and therefore, the events will be focused on a single day. These costs will primarily be food and beverage costs, as well as decorations. 10) Commerce Mentorship Program: Commerce Mentorship Program costs will be put towards tutor pay and bonuses for Term 1 and Term 2, which comprise 75% of their total costs. The remainder of the costs arise from tutor appreciation, supplies, boothing costs, and workshop costs. 11) Elections: Elections funding will be put towards reimbursing elections candidates for some costs, boothing for Business Week, and their other events such as Elections Forum, Voting period boothing etc. Some funds will also be focused on marketing for the elections, for both the service and the candidates, which includes the cost of posters and printing, business cards, as well as a few gifts for their social media campaign. 12) Executive Mentorship Program: As the Executive Mentorship Program is mentorship based, their costs are distributed over their various events such as the Mentee Orientation, Kick-off event etc. These costs usually include food and beverage costs, as well as activity and on occasion, venue costs. The remainder of the funds will be put towards marketing. 13) First Year Committee: The First Year Committee budget is determined in July, but the breakdown of funds is not determined until the chair is hired in September/October. Given the limited experience that the chair would have with CUS procedures, the Vice-President, Finance of the CUS works with the chair to help determine line items and set costs. The current listed number is an estimate of the costs required to run the service and may change during the development process. Details on the breakdown will be released once the budget has been set and approved. 14) Grad Night: The Grad Night event was previously hosted at the Pan Pacific. In order to have a more unique experience for this year’s Grad Night, the chair of the service has been evaluating a number of options. As with most hotel and conference events, a large portion of the costs will come from food, beverage, and venue costs. The remainder of the costs will be from decorations, performances and other ancillary event costs.

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BUDGET CATEGORY V: CUS SERVICES 15) Health and Wellness: The Core of Health and Wellness’ (HeWe) costs are the HeWe Eats, which are conducted six times in the course of the year. HeWe was approved for a budget increase because the costs of HeWe Eats had been stable for the past few years, and the supplier had informed the service that costs would be rising in the upcoming year. HeWe has also been approved for a $1000 increase in their deficit, as they requested additional marketing support for their convention, as well as interest in hosting another mental wellness event. The remainder of the costs arise from supplies for HeWe Eats, marketing and boothing, as well as the resources for their events. 16) Health and Wellness Convention: The Health and Wellness (HeWe) Convention is an idea that was proposed by previous HeWe executives and would in many ways be an extension of HeWe’s current offerings. It would be a day conference where speakers would discuss topics in Health and Mental Wellness. There would also be activities for attendees to partake in. HeWe’s main costs are catering for the event, as well as activity costs. 17) Imprint: As a major conference, Imprint’s primary costs are food and beverage, as well as venue costs, including A/V. A major expense that Imprint will be incurring is the cost of accommodation and travel for speakers. In previous years, the CUS did not allow services to pay for speakers. However, the current year’s team felt that this prevented services from being able to recruit exceptional speakers for their events, and therefore waived the rule for services. Imprint plans to bring in CPG speakers from across Canada to the conference, which should enrich the event quality. The remainder of costs will arise from marketing, pre-conference workshops, and other auxiliary logistics expenses. 18) JDC West Competition Team: The JDC West Competition team is one of the larger services within the CUS, and while the number of recruited students is not very large, it provides exceptional case training and development opportunities to the involved students, who go on to represent Sauder nationally and internationally. A sizeable portion of JDC West’s Competition expenses arise from their delegate fees which competitors and attendees must pay in order to be part of the experience. The remainder of funds are put to numerous uses but are primarily centered on training (retreat, mock weekends, identifying and inviting judges etc.). JDC West was recently provided a $1,000 increase in their funds, as they need additional allowances to cover their retreat expenses.

BUDGET ANALYSIS BUDGET ANALYSIS

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BUDGET CATEGORY V: CUS SERVICES 19) JDC West Development Team (Summer Development Program): The JDC West Summer Development Program is a four month program lasting from April to August, where students whether interested in being part of the competition team, or just to acquire case study experience, get to work with JDC Coaches, Instructors and other team members to hone their skills. Costs are distributed over a number of items such as case printing, catering for weekend sessions, as well as a number of socials and other auxiliary costs. 20) Me Inc: Me Inc had not occurred in FY 2018, as there had been limited interest in chairing the conference. The items listed on the FY 2018 budget are residual payments that were made to reimburse the Me Inc 2017 team. In FY 2019, the scope of Me Inc is dramatically different from that of previous years. It will no longer be hosted at a hotel and rather at a venue that is less formal and less intimidating for what will likely be amongst the first conference experiences for younger students . The change in venue is also expected to reduce costs, as the venue space and catering options are expected to be cheaper, although they will still comprise the bulk of the costs. The remainder of the funds will be used to pay for decorations and printing for the conferences, as well as gift and prizes, resources for workshops, and miscellaneous marketing spending. 21) POITS: One of the biggest expenses POITS incurs are the Ski Trip packages for students and executives, although this is partially offset by the revenues collected from ticket sales. The remainder of major expenses include alcohol for the regular POITS events (both regular beer as well as coolers), as well as supplementary resources such as ice, cups, beer pong balls etc. 22) Sauder International Students Association: Sauder International Student’s Association’s (SISA) mission is to give international students a home away from home and expose them to local culture through events like their Thanksgiving Dinner and Culture Day. As SISA’s largest events are the Thanksgiving Dinner and Cultural Night, these events (food, decorations, performances, gifts) will utilize most of their resources. Other smaller collaborations, as well as marketing will utilize the remainder of the resources. 23) Sauder Sports: Sauder Sports projected spending is based on a diverse set of offerings. Costs are distributed between activities such as volleyball, basketball, and yoga, as well as a number of hikes, along with several other planned fitness activities. The remainder of the funds are put towards miscellaneous uses, such as marketing and gift and prizes. .

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BUDGET CATEGORY V: CUS SERVICES 24) Sustainability: Sustainability is an events heavy service, and so the bulk of their funds will be used to acquire resources for both collaboration and independent events. The remainder of the funds are to be used for boothing, marketing, and gift and prizes for their various events. Sustainability was recently approved for a minor increase of funds totaling $100, which will be put towards their Seal program, which seeks to recognize business services and clubs that have made great strides towards sustainable practices. 25) Yearbook and Prospectus: Yearbook and Prospectusâ&#x20AC;&#x2122;s sole expenses are the printing, design, and transportation costs for the Yearbook and Prospectus they design. These costs are determined to some extent by the publisher and rises 3-5% on average.

BUDGET CATEGORY VI: CLUBS FUNDING While the CUS does the majority of its resources on internal programs, there is recognition of the fact that it is not possible for the CUS to be able to fund all business specific programs. It is for this reason that the CUS maintains a strong relationship with AMS clubs that have business focuses, such as UBCMA, BizTech, and HRMC amongst many others. These clubs are offered financial, internal, and marketing support to ensure that the CUS is helping them succeed and providing indirect value to Sauder students. In order to receive support from the CUS, clubs have to become affiliated, the status being granted through an affiliation process that occurs bi-annually. Further questions on the club offerings, as well as the affiliation process can be directed to the Vice President, Internal of the CUS. 1) Club Membership Grant: Each club that is affiliated with the CUS is provided a $600 grant annually. These funds do not have to be put to a specific purpose as the CUS has no direct control over clubs and cannot thus monitor their use of funds. However, through a rigorous affiliation process, the risk of misuse is mitigated. 2) Club Membership Subsidies: Each club that is affiliated is also provided a subsidy for every Sauder student involved in their club. The rate of subsidy has been $3/Sauder student for the past two years and will remain unchanged. .

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BUDGET CATEGORY VII: CONTRIBUTIONS TO SAUDER PROGRAMS As the CUS is in many ways an extension of the UBC Sauder School of Business, it also ensures that programs that are Sauder affiliated are provided funding. Many of these programs ensure the career and personal successes of Sauder students, and thus inadvertently have an impact on the future operations of the CUS by creating an enthusiastic and successful alumni network who develop the brand value of UBC Sauder, and indirectly, the CUS. 1) Brand Management Mentorship Program: The Brand Management Mentorship Program (BMMP) is an avenue for students who are interested in marketing careers to be able to get support from marketing professionals, as well as the opportunity to develop their skills, with the ultimate goal of receiving an opportunity to interview with major marketing-oriented organizations such as CPG (consumer packed goods) companies. The CUS has an agreement with BMMP to provide program support and provide reimbursements to student who are successful in attaining an internship through BMMP. This is currently estimated at $15,800, although some costs, such as the reimbursements are variable and prone to change. 2) Business Career Center: The Business Career Center (BCC) provides personal and professional development support to Sauder students through coaching, platform offerings such as VMOCK, and programs such as SauderGO. The CUS supports the BCC by providing partial funding for the SauderGO program, co-op placements for students at the BCC, career resources such as Vault and Interview Stream, among others. In the current year, the total of BCC support is expected to be $197,128. 3) International Case Competitions: International Case Competitions are managed by Professor Kin Lo, Senior Associate Dean, Students and provide an opportunity for students to be involved in major global case competitions, which help them develop their skills, but which also acts as a major branding avenue for UBC Sauder, as success in these competitions puts the school on the map internationally. The CUS has an agreement to fund approximately $22,500 for this program, a commitment which is expected to remain unchanged in the 2018/19 Academic year. 4) The Spark: The Spark is the UBC Sauder orientation program where incoming students pair with senior students to take part in various activities and build their relationships within the faculty. As a program that has a critical impact on the first year experience, the Spark has received consistent report from the CUS, and is expected to continue receiving this support, with $22,500 in funds earmarked for the program costs. . .

BUDGET ANALYSIS BUDGET ANALYSIS

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BUDGET CATEGORY VIII: PROJECT FUNDS As with Clubs funding, there is a recognition that there are other types of organizations (external conferences, outside UBC) that provide value to Sauder students, as well as clubs and services which need additional funding as the school year progresses. To provide this support, the CUS employs various funds which provide financial support to these organizations. The allocation of each fund is discretionary and is based on factors such as the availability of financial resources to the CUS once service and other mandatory allocations are met, as well as projected impact and need. An organization that receives project funding isnâ&#x20AC;&#x2122;t guaranteed a base level of funding; it must prove that it can provide consistent value to receiving funding in future years. In this way, the CUS ensures that only the greatest value generating affiliates are provided support. 1) Conference Affiliation: The Conference Affiliation fund was created to provide funding to conference that benefit Sauder students. The Conference Affiliation is a separation of the Special Projects Funds from previous years, as it was felt that there was a need for a conference-only fund as opposed to a general pool which could be depleted by clubs and other services as well. Additionally, such a fund provides further transparency into the allocation of what used to be SPF funding, to facilitate clarity of understanding by our student constituents. The fund is currently set at $38,000, based on projected need, but may increase in future years based on need and projected applicants. 2) Special Projects: In previous years, the Special Projects Fund was a general fund from which all external organizations (conferences, clubs etc.) could draw from. This year, Special Projects is limited to organizations external to UBC (Suits U for example). The fund is set at $5,000, as there were not many external organizations. 3) Club Innovation: The Club Innovation fund is a way for clubs to get funding for one time projects, as they were previously eligible for Special Projects funding. The fund is set at $10,000, as clubs generally do not have expenses as significant as conferences do.

4) Service Innovation: The Service Innovation fund is a new fund created specifically for CUS Services, as they were previously unable to draw from Special Projects funding. Many services have new projects which are created during the year, and in prior years, the Vice-President, Finance of the CUS would evaluate and approve these budget increases. However, it was decided that by creating a fund, there would be a more curated process where feedback from other parties such as the CUS Executive council could be provided, which would result in an overall fairer process. It would also ensure that services were held accountable to higher standards, as other CUS VPs are more suited to provide operational feedback on service issues. .

BUDGET ANALYSIS BUDGET ANALYSIS

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BUDGET CATEGORY IX: 2018/19 INITIATIVES Due to JDC West not having flight costs this year, as well as returned funding from Sauder Summit and UBC Marketing Association, the CUS ended up with $40,500 in additional funds just for the 2018/19 Academic Year. It was decided by the Executive Council and Board of Directors of the CUS that these funds should be used to benefit Sauder students this year itself. The initiatives highlighted below are what were discussed and approved. 1) Lounge Redesign: It was determined that lounge use is limited because it is not a very welcoming environment. Furthermore, the lounge lighting is very limited, which means its use as a social space is very limited. The CUS wants to encourage more students to use the lounge, either as a rest or social space, so it will be looking at lounge re-design, which would include new furniture and lighting. The CUS also wants to use some funds to renovate the CUS office, to maximize its storage space and enable a more organized meeting space. Therefore, $25,500 of the additional funds are being put towards these two purposes. A more detailed breakdown will be released at a later date. 2) Internal Audit: As part of the CUSâ&#x20AC;&#x2122;s efforts to re-align its offerings to meet student needs, the Internal Audit committee was created. The committee will be releasing a survey to the student body and using the received data to refine and redefine CUS student offerings. The Internal Audit committee would like this process to be professional and are evaluating the possibility of getting consultant support in survey creation. This is expected to cost between $3,000 and $5,000. 3) Capital Projects: Many services request line-item purchases of equipment and items that are of use across multiple events. The CUS had previously budgeted one time expenses under each service, but it was felt that the process would be better managed if the CUS approved one time expenses such as walkie talkies and then purchased them on behalf of services. To allow this, the capital projects fund was created, with $10,000 available for such one time costs. The approval process will be managed by the CUS Executive Council, to ensure that are requests are properly vetted prior to approval. If unused funds remain, they will be carried forward to the next year and so forth till the fund is depleted.

. .

STRATEGY

GLOSSARY OF TERMS GLOSSARY OF TERMS

1) FY: Fiscal Year refers to a year in which business operations have taken place. The number refers to the year in which the operations for that period ended. For example, Fiscal Year 2018 (FY 2018) in the context of the CUS, refers to a one-year period from April 1, 2017 and ending on March 31, 2018. 2) Surplus/Deficit: A surplus is an excess of cash resources generated because revenues exceed expenses. A deficit refers to fewer cash resources (negative cash generation in the year) because expenses exceed revenues. 3) Operating Surplus: Refers specifically to the surplus for the whole Commerce Undergraduate Society and is not to be confused with surplus cash. Operating surplus is the excess of cash generated from having more revenues than expenses for a given Fiscal Year. 4) Opening Cash Balance: The opening cash balance refers to cash resources that was within the CUS Bank Account at the start of the Fiscal Year. 5) Summer Operations Reserve: This denotes the $300,000 in cash resources the CUS puts aside to ensure there are funds available from May to October of a given fiscal year, as there are very few revenues flowing into the CUS accounts in this period, and because the CUS does not have the lines of credit that corporations might have. This is also a constitutional requirement of the CUS and the level of cash must be maintained at all times.

STRATEGY

GLOSSARY OF TERMS GLOSSARY OF TERMS

6) Operating Reserve: The Operating Reserve refers to the fund that is maintained as a buffer in the event that expenses are greater than forecasted. The Reserve has not seen much use in the previous years as there has always been surplus cash in the CUS accounts which could be used to pay for contingencies. This is expected to remain the same for FY 2019, although the reserve may see use in the future years. 7) Cash Balance: This refers to the ending cash balance for the CUS. This is calculated as the Opening Surplus + Operating Surplus – Summer Operations Reserve – Operating Reserve – Other Reserves. 8) % of Student Fees: There had been requests from students to have the CUS provide a breakdown of deficits with relation to student fees. To achieve this, there are now two metrics, one as a % of student fees, and another as $ of student fees. The % of student fees is calculated as the absolute value of [service deficit/student fees] * 100% and highlights roughly what percentage of student fees goes to each line item. 9) $ of Student Fees: This is the metric to highlight what proportion of student fees, in dollar terms, goes to each line item. It is calculated as the absolute value of [Student Fee * % of Student Fees].

FINANCIAL STATEMENTS

STRATEGY

FINANCIAL STATEMENTS

STATEMENT OF OPERATIONS MONTH ENDED AUGUST 31, 2018

Statement of Operations Month Ended August 31, 2018 2017-2018 ACTUAL

2018-19 Q1

OPERATIONS REVENUE STUDENT FEE REVENUE SPONSORSHIP REVENUE SERVICE REVENUES INTERNAL OPERATIONS REVENUE MISCELLANEOUS REVENUE TOTAL REVENUES

( ( ( ( ( ($

959,764.00) 27,519.00) 159,821.00) 6,000.00) - ) 1,153,104.00)

OPERATIONS REVENUE STUDENT FEE REVENUE SPONSORSHIP REVENUE SERVICE REVENUES INTERNAL OPERATIONS REVENUE MISCELLANEOUS REVENUE TOTAL REVENUES

OPERATIONS EXPENSE LOUNGE EXPENSE STUDENT SERVICE EXPENSES INTERNAL OPERATIONS EXPENSES SERVICE EXPENSES CLUBS AND PROJECT FUNDS EXPENSES EXPENSES FROM PREVIOUS YEAR MISCELLANEOUS EXPENSE TOTAL EXPENSES

( ( ( ( ( ( ( ($

23,000.00) 267,482.00) 26,538.74) 637,052.00) 94,457.00) - ) 30,000.00) 1,078,529.74)

EXCESS OF REVENUE OVER EXPENSES

74,574.26) EXCESS OF EXPENSES OVER REVENUE

( ( ( ( ($

- ) 500.00) - ) - ) ( 17,550.00) 18,050.00)

( ( ( ( ( ( ( ($

4,523.06) 600.00) 3,343.91) 51,783.30) - ) 5,124.02) 1,307.75) 66,682.04)

(48,632.04)

FINANCIAL STATEMENTS

STRATEGY

FINANCIAL STATEMENTS

STATEMENT OF FINANCIAL POSITION MONTH ENDED AUGUST 31, 2018

UBC Commerce Undergraduate Society Statement of Financial Position

Month Ended August 31, 2018 2017-2018 ACTUAL

2018-19 Q1

CURRENT ASSETS CASH TOTAL CURRENT ASSETS

( ($

CURRENT ASSETS 531,956.26) CASH 531,956.26) TOTAL CURRENT ASSETS

LONG-TERM ASSETS SERVICE EQUIPMENT CUS EQUIPMENT OFFICE EQUIPMENT AND FURNITURE INVESTMENT IN SECURITIES TOTAL LONG-TERM ASSETS

( ( ( ( ($

4,600.00) 1,060.00) 1,900.00) 336,286.00) 343,846.00)

TOTAL ASSETS

874,942.26) TOTAL ASSETS

CURRENT LIABILITIES ACCRUED EXPENSE - SAUDER PROGRAMS REEVALUATION - SERVICE EQUIPMENT REEVALUATION - CUS EQUIPMENT REEVALUATION - OFFICE EQUIPMENT AND FURNITURE TOTAL CURRENT LIABILITIES

( ( ( ( ($

LONG-TERM LIABILITIES SUMMER OPERATIONS RESERVE OPERATING RESERVE TOTAL LONG-TERM LIABILIITIES

( ( ($

NET ASSETS NET ASSETS RESTRICTED FOR ENDOWMENT UNRESTRICTED NET ASSETS TOTAL NET ASSETS TOTAL LIABILITIES AND NET ASSETS

( ($

483,324.22) 483,324.22)

(

( ($

4,600.00) ( 200.00) ( 1,900.00) 336,286.00) 342,986.00)

826,310.22)

( ( ( ( ($

197,500.00) 4,600.00) 200.00) 1,900.00) 204,200.00)

LONG-TERM LIABILITIES 300,000.00) SUMMER OPERATIONS RESERVE 40,000.00) OPERATING RESERVE 340,000.00) TOTAL LONG-TERM LIABILITIES

( ( ($

102,500.00) 40,000.00) 142,500.00)

( ( ($

NET ASSETS 336,286.00) NET ASSETS RESTRICTED FOR ENDOWMENT 191,956.26) UNRESTRICTED NET ASSETS 528,242.26) TOTAL NET ASSETS

( ( ($

336,286.00) 143,324.22) 479,610.22)

874,942.26) TOTAL LIABILITIES AND NET ASSETS

826,310.22)

- ) 4,600.00) 200.00) 1,900.00) 6,700.00)

LONG-TERM ASSETS SERVICE EQUIPMENT CUS EQUIPMENT OFFICE EQUIPMENT AND FURNITURE INVESTMENT IN SECURITIES TOTAL LONG-TERM ASSSETS

CURRENT LIABILITIES ACCRUED EXPENSE - SAUDER PROGRAMS REEVALUATION - SERVICE EQUIPMENT REEVALUATION - CUS EQUIPMENT REEVALUATION - OFFICE EQUIPMENT AND FURNITURE TOTAL CURRENT LIABILITIES

FINANCIAL STATEMENTS

STRATEGY

FINANCIAL STATEMENTS

STATEMENT OF CHANGES IN NET ASSETS MONTH ENDED AUGUST 31, 2018

UBC Commerce Undergraduate Society Statement of Changes in Net Assets Month Ended August 31, 2018 2017-2018 ACTUAL

CAPITAL BALANCE, MAY 1 EXCESS OF REVENUES OVER EXPENSES ENDOWMENT CONTRIBUTIONS INVESTMENT IN CAPITAL ASSETS BALANCE, APRIL 31

( ( ( ( ($

) ) ) ) )

( ( ( ( ($

UNRESTRICTED 117,382.00) 74,574.26) - ) - ) 191,956.26)

2018-19 Q1

( ( ( ( ($

ENDOWMENT 324,026.00) - ) 12,260.00) - ) 336,286.00)

( ( ( ( ($

TOTAL 441,408.00) 74,574.26) 12,260.00) - ) 528,242.26)

CAPITAL BALANCE, MAY 1 ( EXCESS OF EXPENSES OVER REVENUES ENDOWMENT CONTRIBUTIONS ( INVESTMENT IN CAPITAL ASSETS ( BALANCE, AUGUST 31

) ( ( ) ) ($

UNRESTRICTED ENDOWMENT 191,956.26) ( 336,286.00) ( (48,632.04) ( - ) ( ( - ) ( ( - ) ( 143,324.22) ($ 336,286.00) ($

TOTAL 528,242.26) (48,632.04) - ) - ) 479,610.22)

FINANCIAL STATEMENTS

STRATEGY

FINANCIAL STATEMENTS

STATEMENT OF CASH FLOWS MONTH ENDED AUGUST 31, 2018

UBC Commerce Undergraduate Society Statement of Cash Flows

Month Ended August 31, 2018 2017-2018 ACTUAL

2018-19 Q1

CASH FLOWS FROM OPERATING ACTIVITIES CASH RECEIVED FROM STUDENT FEES CASH RECEIVED FROM SPONSORSHIP CASH RECEIVED FROM SERVICES CASH RECEIVED FROM INTERNAL OPERATIONS CASH RECEIVED FROM MISCELLANEOUS SOURCES CASH PAID FOR SAUDER SERVICES CASH PAID FOR LOUNGE SERVICES CASH PAID FOR INTERNAL OPERATIONS CASH PAID FOR SERVICES CASH PAID TO CLUBS AND PROJECT FUNDS CASH PAID FOR PREVIOUS YEAR EXPENSES CASH PAID FOR MISCELLANEOUS EXPENSES NET CASH USED IN OPERATING ACTIVITIES

( ( ( ( ( ( ( ( ( ( ( ( ($

959,764.00) 27,519.00) 159,821.00) 6,000.00) - ) 267,482.00) 23,000.00) 26,538.74) 637,052.00) 94,457.00) - ) 30,000.00) 74,574.26)

CASH FLOWS FROM FINANCING AND INVESTING ACTIVITIES ENDOWMENT FUND EARNINGS ENDOWMENT FUND DEPOSITS ENDOWMENT FUND WITHDRAWALS CASH PAID FOR CAPITAL ASSET ACQUISITIONS NET CASH USED IN FINANCING AND INVESTING ACTIVITIES

( ( ( ( ($

12,260.00) 12,260.00) - ) - ) - )

CASH SUMMARY NET INCREASE IN CASH CASH BALANCE, MAY 1 CASH BALANCE, APRIL 31

( ( ($

( ( ( ( ( ( ( ( ( ( ( ( ($

( ( ( ( ($

CASH SUMMARY 74,574.26) NET DECREASE IN CASH 457,382.00) CASH BALANCE, MAY 1 531,956.26) CASH BALANCE, AUGUST 31

( ( ($

- ) 500.00) - ) - ) 17,550.00) 600.00) 4,523.06) 3,343.91) 51,783.30) - ) 5,124.02) 1,307.75) (48,632.04)

) ) ) ) )

(48,632.04) 531,956.26) 483,324.22)