Comments on: Student union money is easily embezzled http://blog.fagstein.com/2008/11/30/student-union-money-is-easily-embezzled/ Can you think of a better name? Fri, 10 Feb 2012 20:25:08 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: R. Sonin http://blog.fagstein.com/2008/11/30/student-union-money-is-easily-embezzled/comment-page-1/#comment-81891 R. Sonin Mon, 15 Jun 2009 12:08:33 +0000 http://blog.fagstein.com/?p=3283#comment-81891 The CSU released (*cough*) audited financial statements for the first time in years - three sets. For the sets covering the tenures of Mohammed Shuriye and Khaleed Juma (2005-6 and 2006-7, respectively) the auditors said: "Our examination revealed serious deficiencies in internal control over revenues and expenses. As a consequence, we were unable to satisfy ourslves that all revenues and expenses of the Union had been recorded nor were we able to satisfy ourselves that the recorded transactions were proper." For the set covering Angelica Novoa's executive (2007-8) they said: "We were not able to express an opinion whether the non-consolidated financial statements for the year ended May 31, 2007 were presented fairly in accordance with Canadian generally accepted accounting principles. Since opening balance sheet figures enter into the determination of the results of operations and cash flows, we were not able to determine whether adjustments to revenues, expenses, opening net assets and opening fixed assets might be necessary." The full set of CSU financial statements is available at the New Union site (voteforanewunion.com) even if they aren't at the CSU site (csu.qc.ca): http://voteforanewunion.com/wp-content/uploads/2009/06/csu-non-consolidated-financial-statements-2006.pdf http://voteforanewunion.com/wp-content/uploads/2009/06/csu-non-consolidated-financial-statements-2007.pdf http://voteforanewunion.com/wp-content/uploads/2009/06/csu-non-consolidated-financial-statements-2008.pdf The CSU released (*cough*) audited financial statements for the first time in years - three sets.

For the sets covering the tenures of Mohammed Shuriye and Khaleed Juma (2005-6 and 2006-7, respectively) the auditors said:

"Our examination revealed serious deficiencies in internal control over revenues and expenses. As a consequence, we were unable to satisfy ourslves that all revenues and expenses of the Union had been recorded nor were we able to satisfy ourselves that the recorded transactions were proper."

For the set covering Angelica Novoa's executive (2007-8) they said:

"We were not able to express an opinion whether the non-consolidated financial statements for the year ended May 31, 2007 were presented fairly in accordance with Canadian generally accepted accounting principles. Since opening balance sheet figures enter into the determination of the results of operations and cash flows, we were not able to determine whether adjustments to revenues, expenses, opening net assets and opening fixed assets might be necessary."

The full set of CSU financial statements is available at the New Union site (voteforanewunion.com) even if they aren't at the CSU site (csu.qc.ca):

http://voteforanewunion.com/wp-content/uploads/2009/06/csu-non-consolidated-financial-statements-2006.pdf
http://voteforanewunion.com/wp-content/uploads/2009/06/csu-non-consolidated-financial-statements-2007.pdf
http://voteforanewunion.com/wp-content/uploads/2009/06/csu-non-consolidated-financial-statements-2008.pdf

]]> By: Fagstein » Students shouldn’t manage student finances http://blog.fagstein.com/2008/11/30/student-union-money-is-easily-embezzled/comment-page-1/#comment-66506 Fagstein » Students shouldn’t manage student finances Tue, 10 Mar 2009 22:26:41 +0000 http://blog.fagstein.com/?p=3283#comment-66506 [...] It’s not just Concordia, either. Dawson’s student union learned a hard lesson last fall when an executive went crazy with a union-financed credit card. [...] [...] It’s not just Concordia, either. Dawson’s student union learned a hard lesson last fall when an executive went crazy with a union-financed credit card. [...]

]]> By: Tim http://blog.fagstein.com/2008/11/30/student-union-money-is-easily-embezzled/comment-page-1/#comment-53266 Tim Wed, 03 Dec 2008 23:26:10 +0000 http://blog.fagstein.com/?p=3283#comment-53266 *sigh* <em>Plus ça change...</em> I can't speak to other incorporated student unions, but the CSU does have a systemic problem, and I do believe it needs an impartial financial chaperon, if only to have the confidence of the student body. The problem is that none of the immediate stakeholders (CSU, faculty student assocs., uni. admin., "Community-at-Large", et al.) is seen as neutral by all sides. Short of a court order, I don't see a remedy of this nature that won't cause at least one party to scream "paternalism", or "collusion", or "fascism", or "corruption", or... Wait—Wasn't there a thesaurus in the 2001-2002 student handbook for just this purpose? Yeah, I think it was on one of the unnumbered pages... (I think I just revealed myself as a Concordistani refugee on basis of sarcastic persecution. I asked for asylum, but they told me there was no need; Concordia is a nut-house!) *sigh* Plus ça change...

I can't speak to other incorporated student unions, but the CSU does have a systemic problem, and I do believe it needs an impartial financial chaperon, if only to have the confidence of the student body. The problem is that none of the immediate stakeholders (CSU, faculty student assocs., uni. admin., "Community-at-Large", et al.) is seen as neutral by all sides. Short of a court order, I don't see a remedy of this nature that won't cause at least one party to scream "paternalism", or "collusion", or "fascism", or "corruption", or...

Wait—Wasn't there a thesaurus in the 2001-2002 student handbook for just this purpose? Yeah, I think it was on one of the unnumbered pages...

(I think I just revealed myself as a Concordistani refugee on basis of sarcastic persecution. I asked for asylum, but they told me there was no need; Concordia is a nut-house!)

]]> By: Minh http://blog.fagstein.com/2008/11/30/student-union-money-is-easily-embezzled/comment-page-1/#comment-53024 Minh Tue, 02 Dec 2008 02:29:51 +0000 http://blog.fagstein.com/?p=3283#comment-53024 That's the result of secrecy and no accountability. The majority of the students does not know that their money is being mismanaged. That's the result of secrecy and no accountability.

The majority of the students does not know that their money is being mismanaged.

]]> By: Bob http://blog.fagstein.com/2008/11/30/student-union-money-is-easily-embezzled/comment-page-1/#comment-52988 Bob Mon, 01 Dec 2008 21:38:58 +0000 http://blog.fagstein.com/?p=3283#comment-52988 Hopefully the CSU funds weren't used to donate money to Cystic Fibrosis Research, else we'll have a SERIOUS scandal here... Hopefully the CSU funds weren't used to donate money to Cystic Fibrosis Research, else we'll have a SERIOUS scandal here...

]]> By: princess iveylocks http://blog.fagstein.com/2008/11/30/student-union-money-is-easily-embezzled/comment-page-1/#comment-52981 princess iveylocks Mon, 01 Dec 2008 20:27:50 +0000 http://blog.fagstein.com/?p=3283#comment-52981 I don't suppose it would occur to you that men occasionally buy jewelry for their girlfriends, hmmm? I don't suppose it would occur to you that men occasionally buy jewelry for their girlfriends, hmmm?

]]> By: Jill Murray http://blog.fagstein.com/2008/11/30/student-union-money-is-easily-embezzled/comment-page-1/#comment-52882 Jill Murray Mon, 01 Dec 2008 01:30:58 +0000 http://blog.fagstein.com/?p=3283#comment-52882 Goodness knows, dudes don't wear clothes or jewelry, and they especially don't take trips. Thanks for parenthetically calling that one. Goodness knows, dudes don't wear clothes or jewelry, and they especially don't take trips. Thanks for parenthetically calling that one.

]]> By: Dave K http://blog.fagstein.com/2008/11/30/student-union-money-is-easily-embezzled/comment-page-1/#comment-52869 Dave K Sun, 30 Nov 2008 21:55:08 +0000 http://blog.fagstein.com/?p=3283#comment-52869 I'm an executive in a Université de Montréal student association and every time I hear such a story it makes a chill run down my spine. I'm finishing my second bachelor's and over six years in university I've met dozens of dedicated student leaders who took their responsabilities seriously, and I think it's entirely possible to have your act together in a student association. Sometimes there's a rotten apple, just as can be the case in companies, government, and generally every form of social organization known to humankind. There should be adequate safeguards, but a person who really wants to will always be able to work the system. However, I do agree that college students fundamentally aren't ready for the kind of financial control referred to in the post. Giving children not always old enough to vote access to far too much of someone else's money is a bad idea no matter how you justify it. I'm an executive in a Université de Montréal student association and every time I hear such a story it makes a chill run down my spine. I'm finishing my second bachelor's and over six years in university I've met dozens of dedicated student leaders who took their responsabilities seriously, and I think it's entirely possible to have your act together in a student association. Sometimes there's a rotten apple, just as can be the case in companies, government, and generally every form of social organization known to humankind. There should be adequate safeguards, but a person who really wants to will always be able to work the system.

However, I do agree that college students fundamentally aren't ready for the kind of financial control referred to in the post. Giving children not always old enough to vote access to far too much of someone else's money is a bad idea no matter how you justify it.

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