Unreliable funding increases OSSL losses

first_imgNewly published financial statements from Oxford Student Services Ltd (OSSL), the commercial arm of OUSU, show that gross profit fell by almost £40,000 between 2005 and 2006.OUSU sabbatical officers have warned that guaranteed funding from the University is the only way to avoid the Student Union’s current financial crisis. Overall turnover is down by around £100,000 and operating profit has fallen by £7,000.Ed Mayne, OUSU Vice-President (Finance) and OSSL Chairman, said that finances were volatile and prone to fluctuating. “Although the turnover for the 2004/5 financial year was high, the income proved to be unsustainable and many changes were made in the 2005/6 academic year. Due to the way OSSL currently operates, income and turnover will always fluctuate,” he said.OSSL plans to introduce a second business manager next year in a bid to increase revenue. “I am confident that the income we will receive in this financial year will be higher than in the previous financial year. OUSU’s publication provision will not change from its current format,” he added.In 2005, OUSU predicted that it would make a profit of £50,000 but in fact incurred a deficit of £42,702. As a result, OUSU was forced to radically reform its operations for creating revenue to remain financially viable. An estimated deficit of £60,000 the following year was proved wrong when the Student Union lost only £32,904 in 2006. The University has previously stressed that it will not provide further financial assistance until OUSU stops making losses, but the University’s Joint Committee has since reconsidered its position.OUSU President Alan Strickland said that the lack of a substantial block grant comparable to those received by student unions at other universities means that OUSU will remain financially weak due to inadequate funding and few permanent staff. “The volatility of OUSU’s commercial income makes it an unreliable source of funding for welfare, representation and other core services,” he said. “Thankfully, the University’s Joint Committee, which oversees OUSU, has accepted this. We are in advanced negotiations with them to gain stable core funding. OUSU has to guarantee provision of its core services without guaranteed funding. This is a serious problem which I hope we can remedy.”He added that OUSU expected greater OSSL profits in 2007, saying, “The overhaul of OUSU’s financial management which we’ve led this year and the hard work of our Business Manager mean that profits are stronger than last year. I’m confident that our subsidiary will be able to donate a healthier profit to OUSU at the end of the year.”Louisa Brownleelast_img read more

Runoff Cancelled; NEC Directed to “Give Urgent Attention to” LP’s Complaints

first_imgLiberia’s Justice Minister, Cllr. F. Musa Dean, has been tasked by President George Weah to determine the veracity of the latest Global Witness report involving ExxonMobil and former Liberian government officials. Just day to the holding of the November 7 runoff election, the Supreme Court has ordered the cancellation of the process, pending an investigation into allegation of gross irregularities and frauds arising from the conduct of the October 10 presidential and legislative by the Liberty Party (LP).Reading the joint decision of the five-panel justices yesterday, Chief Justice Francis Korkpor said, “the alternative writ of prohibition ordered issued by Associate Justice Kabineh Ja’neh, Justice in Chamber, is upheld and sustained, and the peremptory writ of prohibition requested by the LP is hereby granted.”As for the National Elections Commission (NEC), Justice Korkpor stated, “NEC is estopped and prohibited from conducting the runoff election, until the complaints filed by the LP are investigated by the NEC, and if need be the party appeal process to the Supreme Court is availed of and the matter is decided by the court.” Scenes from the Supreme Court ruling in the case of LP’s request for Writ of Prohibition agains…1 of 14 An excited Wilmot Paye at the supreme court following the ruling (Photo: Nick N. Seebeh) Concluding, the chief justice emphasized by saying, “because of the critical nature of the complaints, subject of the petition proceedings, and its implication on the governance of the nation, the NEC is directed to give urgent attention to the expeditious hearing and determination.” Overview of attendants at the hearing in the Supreme Court chamber (Photo: Nick N. Seebeh) Justices Jamesetta H. Wolokollie and Sie-A-Nyene Yuoh, the two female justices of the Supreme Court (Photo: Nick N. Seebeh) Karnwea, Bility, Paye and Sanvee sitting in the supreme court for the hearing (Photo: Nick N. Seebeh) Justices Philip A. Z. Banks, Kabina Ja’neh and Francis Korkpor (Photo: Nick N. Seebeh) Overview of the attendants of the hearing at the Supreme Court (Photo: Nick N. Seebeh)center_img Kuku Dorbor in an interview with journalists (Photo: Nick N. Seebeh) Cllr. Dean in an interview following the Supreme Court ruling (Photo: Nick N. Seebeh) NEC’s lawyer, Cllr. Musa Dean, following the Supreme Court ruling (Photo: Nick N. Seebeh) Prince Toles, Representative candidate of the Liberty Party during the October 10 elections, with his Colleague at the court (Photo: Nick N. Seebeh) A crowd waited peacefully outside the Supreme Court, awaiting the ruling (Photo: Nick N. Seebeh) The five justices in the Supreme Court (from left): Justices Banks, Ja’neh, Chief Justice Korkpor, Justices Wolokollie and Yuoh (Photo: Nick N. Seebeh) Liberty Party chairman Ben Sanvee in an interview with journalists after the Supreme Court ruling (Photo: Nick N. Seebeh) Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more