For my last update this term, I’d like to talk about something that has become a large goal for me as the VP Finance of the Engineering Society, and that’s keeping our finance practices organized and also sustainable. As the Society continues to grow (more students each year means a bigger society and more funds, not to mention new services and operations like RidgidWare), I think that it is very important our financial practices grow and adapt to suit the needs of students. Whenever we make a financial decision, we need to take into account not only the present, but what it will mean in ten or fifteen years down the line. I know I certainly don’t want students in the future to look back and think that a finance choice I made hurt the Society in the long run.
Some examples of improvements that I have been working on are consolidating our bank accounts, and also centralizing funding like Sponsorship so that it is available to teams year round. Even though A-Soc is on co-op next term, the Society is still here and still running, and for teams and groups that operate year round it is important they have access to the funding they need when they need it. In the past, teams have had to wait up to four months to receive reimbursement, but by having all the funds in a joint A-Society and B-Society account, this will no longer be a problem.
The Engineering Capital Improvements Fund (ECIF) is potentially one of the longest term tasks in the VP Finance portfolio. These purchases are capital improvements, and meant to last for years to come. However, they do not mean very much if the money allocated is never spent. This term we have worked hard to clear out the backlog of funding sitting stagnant in ECIF. If you stop by the Orifice you will see that we’ve already made some of the purchases from this term’s allocations. Moving forwards I hope to make sure that EngSoc is spending the ECIF funding as soon as possible, to help improve the lives of students right now, and also that the purchases made will be beneficial for years to come.
All in all, this term has been a lot of behind the scenes work for me. Unfortunately some of the other Novelties and general goals I had for this term have fallen by the wayside. However, I am very happy with where EngSoc’s finances are at right now, and I hope that moving forward we will continue to adapt and improve and serve students in the best way possible. Good luck on co-op and see you all in the Summer term! If you have any questions, shoot me an email to vpfinance.a@engsoc.uwaterloo.ca
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