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Salient: Victoria University Students' Paper. Vol. 29, No. 8. 1966.

Shand found accounts a shambles

page 12

Shand found accounts a shambles

In 1965 The Vuwsa financial records were reduced to a complete shambles. This is revealed in the treasurer's report, just released.

Amongst the points revealed :

• Current treasurer Dave Shand took over after the end of the financial year and has since largely cleared up the shambles which was found when Mr. Kevin Tate resigned as treasurer.

• The association's auditor has refused to certify the books.

• Threats of legal action against the association were made in December, following the non-payment of accounts.

• Over £6000 is owed to Vuwsa but has never been collected. This includes £2200 on one single project.

• Over £7000 has been invested at the rate of 3 per cent when interest rates of double this are available in trustee investments.

• The association has failed to accumulate any substantial reserves.

• The club grant system collapsed which was one of the major reasons why the association finished the year with a £1400 surplus.

The annual general meeting of Vuwsa carried with acclamation a motion congratulating Mr. D. Shand on restoring the association's accounts to a correct position.

But his report revealed that, before he took office, the associatlon was in serious trouble.

He outlined the haphazard payment of accounts, the irregular banking of cash, the lack of effort in collecting the debts of the association, and the inadequate control over the incurring of debts.

Student clubs received £1000 less than in 1964 because of the breakdown of the grants system This represents almost all of the association's 1965 surplus.

Outstanding debts of £6000 date back to 1963. The "Aframe house" project (promoted by Vuwsa in aid of Corso) has still not been completed, and the association is owed £2268 on this. £369 in loans to clubs have not been repaid, and £1700 in Extrav and Cappicade profits has not yet been paid into the association's general funds.

The coffee bar has been advanced £308 by the association. Whether this can be repaid will not be known till accounts are complete.

Other New Zealand student associations still owe Vuwsa £1118 for tournament levies. These go back in one case to Easter, 1960.

The auditor. Mr. P. M. McCaw, commenting on these amounts, says about £500 of the "A-frame house project" is likely to be irrecoverable.

He says he has seen nothing to indicate that club loans, coffee bar advances, or tournament levies will be recoverable.

He also indicates that a sum of £286 described as "fixed assets" may be in error. "There is some doubt as to the existence and ownership of the items included," he says.

He also criticises the failure of Salient to supply audited accounts for 1965 in time for the main audit.

£500 Loss

At Right, the 1963 "AFrame House" project. It was promoted by Vuwsa in aid of Corso.

At Right, the 1963 "AFrame House" project. It was promoted by Vuwsa in aid of Corso.