According to the financial statements of the University College Literary & Athletic Society (UCLit) from April 2015, the organization was operating with a deficit by the end of the winter term.
The UCLit’s statement of operations reveals that their expenses rose by over $67,000 from 2014 to 2015. Expenses increased across the board in 2015, a $20,000 increase for services and University College-recognized clubs form the bulk of the increases. Several thousands of dollars also went into outreach, as well as literary and creative arts initiatives.
The society is largely dependent on the University of Toronto for its funding, but some revenue also comes from external sources.
In 2014, the society had $34,848 in excess revenue. A total of $210,144 in revenue came from fees and levies, events, and the Refugee Sponsorship Program. In 2015, however, $242,500 in expenses outweighed the student society’s revenue of $205,029.
Although there was an increase of several thousand dollars in revenue from Fireball, the college’s annual formal dance, and the Refugee Sponsorship Program, there was a significant drop in revenue. The figure fell from $55,124 in 2014 to $26,954 in 2015.
When compared to 2014 when there was a $30,481 increase in cash that resulted in a cash total of $53,252, records show that there was a $56,888 cash decrease in 2015.
Net assets, however, remained relatively similar from $72,237 in 2014 to $63,273 in 2015. At the end of April 2015, the assets comprised primarily the funds held in trust by U of T, a sum of $51,432 and did not include any money in the bank.
For the 2015–2016 term, the UCLit’s executives have said that they are working to ensure that the same losses do not occur.
“As for the current year, we’re ensuring that overspending does not occur, through perpetual updates to our actual spending, and ensuring all transactions are streamlined and filed in detail,” said Snow Mei, the UCLit’s current finance commissioner.
“Updating our actual expenditures as they are approved and issued ensures we can identify when specific line items go beyond the budgeted amount,” she said, adding that the UCLit’s goal is to host events and provide services to students while maintaining a balanced budget.
According to the auditor’s report, the financial statements do not reflect the assets and liabilities of the clubs and student organizations at the UCLit, and they do not reflect the services of volunteers.