CFUR News reported yesterday after the NUGSS annual general meeting that the organization was coming on hard times. We sat down with Eric Depenau who is the Vice President of Finance for NUGSS.
Listen to the Full Interview here:
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At present NUGSS is facing a $99,000 dollar deficit and $49,000 short term debt load for a loan taken out in 2010 to deal with operational revenue short falls. The final aspect to the NUGSS debt loan is on $1.8 million for a loan used to renovate the NUSC space when NUGSS originally started leasing the space from UNBC.
The loan which was originally for $100,000 and was from Bank of Montreal was taken out in 2010.
Subleasing the Thirsty Moose space, Degrees coffee shop as well as the office spaces on the top floor of the NUSC are one of a couple options NUGSS is looking at to balance the budget. Other options are raising the prices of food, or even the possible closure of the Thirsty Moose Pub and Degrees. Right now NUGSS is in talks with some outside groups to take over these business however nothing is definitive and they may not even go down that road, Depenau stressed.
Depenau stressed the idea that the past boards of NUGSS did the best job they could with the information they had. He also felt strongly that these austerity should put NUGSS in a better position as long as they also stick to long term planning. It is unclear after this interview if insitutional measures around accountability will be put in place after this trouble but on thing is sure NUGSS is keeping an open mind.
For more information: http://www.cfur.ca/nugss-hits-rough-waters/
*Updated as new information is learned*