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Union Facing Financial Black Hole

The comments below are unmoderated submissions by Live! readers. The Editor accepts no liability for their content, nor for any offence caused by them. Any complaints should be directed to the Editor.
Sep 24 2007 23:25

ICU is facing the prospect of "belt tightening" after auditors revealed a massive black hole in the reserves.

Click Here for the Full Article

Sep 25 2007 04:25

Could people not auction off the Sabb team responsible a la Slave Auction night, but instead keep the profits and never take the aforementioned Sabbs back? That should get another ?20 back towards fiscal security...

Sep 25 2007 09:21

Wasn't the Summer Ball just gone a big success? Wasn't it supposedly raising money for the Redevelopment Fund?

How much did it actually raise in the end?

Sep 25 2007 09:43

About ?12k apparently. Quite a long way off the budgetted profit of ?44k. Did someone forget ticket printing?

4. IMHO   
Sep 25 2007 11:23

I think this shows why Council is incapable of dealing with important financial decisions and we'd all be better off if this sort of business was dealt with by the Trustee Board. Of course, this doesn't mean Council shouldn't be consulted.

I'd also be interested to know what sort of advice the Union's finance team were offering to the Executive Committee at the time this decision was made.

5. nd   
Sep 25 2007 12:49

'as it has left ICU with no means to cover its legal responsibilities in the event of an expensive unforeseen circumstance, such as a major fire in the bars.'

No consequential loss insurance then? Tut tut.

Sep 25 2007 16:04

Inept members of council appear to have pulled a fast one, without considering where the money would actually come from. Union has insurance, but in the event of financial catastrophe the reserve is supposed to keep us solvent until we can sort out more permenant solutions.

At least our current Sabb team is keeping people informed instead of covering up. I don't envy the job of trying to sort out the financial mess.

Sep 25 2007 18:15

We have a reserve policy? Kept that one quiet.

Sep 26 2007 22:48

So what is the trustee board doing as we speak?

Was this all because the council was incapable to deal with money or was it because the sabbs were trying to hide the truth from the council?

Sep 29 2007 00:16

"'as it has left ICU with no means to cover its legal responsibilities in the event of an expensive unforeseen circumstance, such as a major fire in the bars.'"

d?j? vu a

"The elimination of reserves which are linked to specific areas of the union's activities such as the bar or the shop is a particularly risky, if currently unavoidable situation. Should for example the Union Bar suffer a major fire over the summer there would be no funds available for renovation."

Sep 30 2007 21:25

We made what we felt was the best decision for the Union at the time, taking as much as advice and information into consideration as we could. There was certainly no false information given.

If 1 & a half years on the situation has changed, which it seems to have, then it needs to be addressed, but simply blaming the past sabbaticals and council isn't really the answer.

11. Bob   
Sep 30 2007 22:53

There was a large group of people (me included) who voiced our concers with the likes of Mr Tibbits at the ridiculous situation of spending all the reserves on the building. The decision was "hidden" nicely in a President's report to Council. The past sabbaticals are entirely to blame.

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