Financial Statements & Fees

Your SU is proud of the way it manages your money. We maintain that we have one of the lowest fee for service/revenue ratios of any students’ association in the country. We continue to carefully manage our percentage of student fees to total operating revenue without compromising the value of services and programs we offer to undergraduate students. The SU’s annual fiscal year is July 1 to June 30. The SU undergoes an audit each fall by independent chartered accountants. Audited financial statements are generally made available in December once the audit has been completed, and the Students’ Legislative Council has the opportunity to review and approve the draft statements.

Fees & levies – a breakdown of what you pay

Full-time undergraduate students (except Medicine and Co-op/Intern) pay $32.50 each fall and winter semester for the SU General Fee. An additional $23.00 in ancillary fees are collected by the SU and flowed through to third parties like CJSW and Student Legal Assistance, or specifically allocated to a particular cause like the Refugee Student Program or Committee of 10,000. Over the years, U of C students have voted through a referendum to approve the fees noted in the following schedule.

 
Title of Fee
Full-Time Fee
Part-Time Fee
Referendum Approval Date
Fee Administered By
SU General FeeSU General (Operating/ Capital and Expansion) Fee$32.50$14.50Feb. '05Students’ Union
Subsidizes the operating and capital costs of the Students’ Union
Ancillary FeesLibrary Assistance Fee$3.75$2.00Feb. '04Students’ Union
Contributes to an endowment fund that generates an annual amount to allow the library to purchase more resources for students
Student Legal Assistance Fee$1.75$1.75Mar. '01Student Legal Assistance Society (Calgary)
Contributes to the funding necessary to provide free legal services to students
Refugee Student Program Fee$2.25$1.00Mar. '10Refugee Student Board
Sponsors a refugee student to attend at U of C each year
CJSW Fee$5.00$5.00Feb. '07U of C Student Radio Society
Contributes to the funding required to operate the student radio station
NUTV Fee$4.50$4.25Feb. '09NUTV Board
Contributes to the funding required to operate the student television station
Gauntlet Fee$4.50$2.75Feb. '08Gauntlet Publications Society
Contributes to the funding required to produce the campus student newspaper
Volunteer Services Fee$0.75$0.50Mar. '91Students’ Union
Subsidizes the cost of providing volunteer programs and services on campus (e.g., Food Bank, etc.)
Committee of 10,000 Fee$0.50$0.00-Students’ Union’s Committee of 10,000
Distributes funding to deserving Calgary community and charitable organizations
HEALTH & DENTAL FEES (may opt out with proof of alternative coverage)Health Plan Fee$51.50n/aSep. '93Students’ Union via the Undergraduate Health & Dental Plan Office
Provides students with a comprehensive set of health insurance benefits, supplementary to any provincial health care plan
Dental Plan Fee$45.00n/aSep. '91Students’ Union via the Undergraduate Health & Dental Plan Office
Provides student with dental coverage through a specific network of dental clinics throughout Calgary
OPTIONAL FEESStudent Peer Assistance Bursary Fee$10.00$7.00Mar. '96-
Creates bursaries for students in proven financial need (an optional fee)

The above table shows fees for full-time and part-time students who attend classes on campus in the Fall and Winter Sessions. Fees assessed in spring/summer, or for medicine, off-campus and co-op students are slightly lower than those shown above that pertain to regular full-time and part-time students.

Annual Budget

The Students’ Union represents student interests and is committed to transparency and openness as an organization. By being open and transparent, the SU can engage students in dialogue about their needs and how their SU can help students achieve their goals. To that end, the SU publishes their annual operating budget (see below).

The budget is one of the best ways to understand how the SU operates and how and where student fees are spent. Revenue is generated through student fees (11%), lease revenue from tenants in the food court and MacHall (15%), and SU-owned businesses and other areas (74%). The SU then uses this money to fund the various programs, services, events, and advocacy to improve student life on campus.

To ensure funds are used efficiently and effectively, the annual budget is created through an extensive and thorough process. The SU’s General Manager works with the professional staff for approximately five months to create the preliminary budget. The draft is then presented to the Operations and Finance Committee which scrutinizes it in fine detail and then recommends it to the Students’ Legislative Council (SLC). SLC receives a presentation from the SU’s Vice President Operations and Finance, analyses the budget through two readings, and requires a super majority (two thirds approval) to approve the budget once they are certain that it aligns with students’ needs. Once approved, our accountants implement and manage the budget while the Vice President Operations and Finance provides student oversight throughout the year. To ensure ongoing fiscal responsibility, the SU’s independent auditors (PwC) annually review the financials to ensure that funds are managed appropriately. The audited financial statements are published on the website annually.

If you have any questions about the budget feel free to send an email to the Vice President Operations and Finance, at suvpfin@ucalgary.ca with your questions or to set up a time to discuss them in person.

FAQs

How do you get the numbers for projected income/projected expense?

The budget-making process follows GAAP (generally accepted accounting principles) to ensure the projected numbers as accurate as possible. Some income and expenses are calculated using trend analysis or using the previous year’s numbers as a benchmark and making adjustments from that point. Changes to staff salaries and benefits are made using human resource policies and adjustments by the Consumer Price Index (CPI).

If the budget is a projection of revenue and costs, where can I see the actuals?

Each year the SU’s finances are audited by an independent auditing firm. This year the firm PwC has been selected by Operations and Finance Committee. The audit is performed in September and the financial statements are then given to SLC for approval and published in October. The audited financial statements can be found above.

What do I do if I have more questions?

Contact the SU VP Operations and Finance, at suvpfin@ucalgary.ca with your questions or to set up a time to meet and discuss them in person!