Salient. Victoria University Student Newspaper. Volume 38, Number 13. 12th June 1975
[Introduction]
Students Association General Account | $9.00 |
Publications Board | $2.25 |
Association Trust Account | $1.00 |
Union Maintenance Account | $10.25 |
Union Building Fund | $8.00 |
$30.50 |
The University collects the money on behalf of the Association and then pays over the the Association $12.25 (the first three items).
The purpose of the Building Fund is to provide improvements and additions to the Union and the Gym. With inflation over 12% it could seem common sense to invest the money at rates which minimise the extent to which inflation erodes the value of the fund. As the money can safely be invested for periods over six months and even up to two years.
1973 ($) | 1974 ($) | 1975 ($) | |
---|---|---|---|
Opening Balance, Jan. 1 | 156,361 | 185,028 | 218,225 |
Students' Association fees | 45,653 | 44,796 | 44,800 |
Union receipts | 3,445 | 3,800 | |
Miscellaneous receipts | 452 | 492 | |
205,291 | 234,115 | 263,025 | |
V.U.W. Grant | 10,135 | 10,435 | 12,500 |
Less Building Costs (1) | 31,018 | 26,325 | |
185,028 | 218,225 | 275,525 | |
Return on investment | 5.80% | 5.02% | 4.96% (2) |
(1) Building costs includes things like architects fees.
(2) For 1975 as the fees are collected in late February the $44,800 is available for investment for nine months.
Why then is the interest rate so low? The University uses and includes the money as part of the University's cash float; it has the free use of our money. Some of the money provides the cash float for the Catering Service. Some of the money has even been loaned to buy the Catering Service manager's ear.
At a recent meeting of the Union Management Committee the Vice-Principal for the University, Dr. Culliford, stated that the University was just minding the money for students. This being the case, then I feel there are good grounds for a charge of mis-management of funds.