CUSU set to run five figure budget deficit
CUSU’s finances are in disarray
‘The draft budget proposes an end of year deficit of -£75,888’
CUSU may have to put in a plan to ‘proactively address the charity’s financial difficulties’ and may potentially look ‘to the University for financial assistance over the coming years.’ Bearing in mind that CUSU had to be bailed out only two years ago.
CUSU relies on external publications for the majority of its income, yet the board are currently locked in negotiations with their external publisher. These discussions are projected to continue until 2017/18, thereby prolonging CUSU’s financial crisis.
It has been decided that CUSU should ‘take steps to reduce expenditure’ although it is as yet unclear where these cuts will fall. Meanwhile, CUSU’s charity reserves have dwindled to £93,555. Not only is CUSU facing internal pressure, but it’s threatened with a fortyfold increase in NUS affiliation fees.
This email was sent out at 23:40 on Caesarean Sunday. This has left rather little time for students and CUSU hacks to digest this shocking information. The email was accompanied by an apology: ”Apologies for the delayed email, this is due to the late submission of the paperwork.”
CUSU’s income this year was £664,142 yet expenditures were £740,034. This includes a new £10,500 NUS affiliation fee, substantially higher than last year’s payment.
Seeing as sturdy financial foundations are essential for CUSU ‘s work it is particularly concerning that the finances are in this state. Follow the action at tonight’s CUSU Council on our liveblog.