Comin' Atcha Cash
THE OXFORD UNION stands to make a loss of £74,000 by the end of this year due to its excessive spending and poor management of events, it was revealed this week.
The news came to light at Monday's Standing Committee meeting when Stephen Dixon, the Senior Treasurer, presented the society's six-monthly accounts. According to the report, the Union made £96,000 less in Michaelmas 2001 than in the same term the previous year, and it will be extremely difficult to recoup the difference during the rest of the year. He also warned Union officials that the society faces "serious consequences" unless urgent action is taken.
At present, the Union has a surplus of just £112,000 compared to £208,000 this time last year, with almost all areas of the organisation earning substantially less money than in Michaelmas 2000. President's Drinks alone cost approximately £270 more for each weekly party, and this year's membership drive - which provides nearly half of the Union's income - was less successful than the previous year. Officials have described the state of affairs as "extremely bad."
Dixon stated that the situation had become so serious because "almost all last term's social events ran at a loss." The committee have been urged that loss-making events such as the Ice Ball, Pink Party and Paris trip are to be seen as "bad news" which "must be avoided in the future". The recommendations also criticise the Union bar's no smoking policy, which it claims is "damaging the health of the Union."
Current President Charlotte Keenan remains confident, however, that the current predicament is not as grim as it might first appear. She told the Oxford Student that "there was a blip last term" but insisted that the situation was "not that serious." She emphasised that Union officers had already been told to "cut back on the excess" and that results were beginning to be seen. Keenan also said that in real terms the society's shortfall will be approximately £20,000, which she believes is negligible in terms of the society's annual turnover of £870,000.
Daniel Johnson, Union Returning Officer and former member of the Finance Committee, was critical of the Union's officers, commenting that "what (the accounts) show is that the elected officials have been consistently letting down the members...It is not the Union which is the real problem, but people not following the much maligned rules." He called the cancellation of the Hilary term ball "a wise decision" and remains "hopeful that the situation can be turned around by the end of the year."
Ex-returning officer, Sheridan Westlake, described the losses from the recent balls as "pretty disgusting" and added that Union balls "should be making money but are losing it." He told the Oxford Student that the officers who were in charge should take responsibility for the failures, and believes that it is a healthy sign that this is being discussed in the open. Matthew Taylor, another former member of the finance committee was more positive about the situation, saying that even in the worst case scenario, "there is always a large enough reserve." He added a note of caution however, saying that the reserve is "enough for one year, but not for two or three years."
31st Jan 2002