Originally Posted by deadpool

To note:
Andrew, part-time student managers are in charge of services. Services are not designed to generate any revenue, and are designed to run on the operating fund in order to benefit students. Huzaifa is completely incorrect with what he said.

Ah, should have worded it better. I generally meant "student managers" of any sort. I think 1280 & Underground are the only services with older & very experienced managers.

What I meant here were issues like Stock Disappearing from record at shortstop(which was later found) and other inventory issues. Something like this would have been highly looked down upon had it happened at a large organization like Sportschek. What I was essentially saying was that the SM's who usually have an annual turnover cannot be expected to have inventory/budget management skills, that say a manager working in that specific industry for 5-6 years would have.
There is still a learning curve involved after they get their job.

Similar are Over staffing complaints I have heard over and over by people outside the SRA; for example Undercovers having upto three people working at one time(when it is supposed to be a self serve type of buisness imo).

Originally Posted by Ian Finlay

If you read the statements right, they have a HUGE surplus. Also they did not record a $400k deficit, they recorded a $40,000 one last year, and another $356,000 one this year, which does not even equal to 1 mil in the past two years combined.

Yeap, my bad. It was actually -40,000 the year before and -$356,000 this year. I think in the year we had the 40k budget deficit we also had a major Quarters deficit(which Sil covered and interviewed you and Azim in) that I confused the overall budget with.

Originally Posted by huzaifa47

Hmm yeah I suppose it seems like a good idea, because I still can't differentiate between income statements and balance sheets and how/where I can find for example the Maroon's Repsuit fees that appears to be a "cost" on the Balance sheet but if I infer your post correctly it should appear somewhere else as a positive on the "Income Sheet".

I would definitely be willing to spend some time learning these accounts with the comptroller in January. Right now I have to harass people like Rohan with questions!

p.s: The Income statements; I'm assuming they aren't published online?

The income statement is a 1 of 4 statements presented in traditional financial statements (Balance Sheet, Income Statement, Statement of Retained Earnings and Cash flow statement). Commonly, different names are used for each - If i remember correctly the income statement for MSU inc is titled "Statement of Revenues and Expenditures". All services are grouped under a single line in MSU's income statement and supported by Schedule 11.

A cost-center break down is not available any deeper than Schedule 11 - although you can be assured that the expense in question would normally be consolidated into schedule 11 under Maroons Service Expenses. (pg 23).

Originally Posted by james2255

A cost-center break down is not available any deeper than Schedule 11 - although you can be assured that the expense in question would normally be consolidated into schedule 11 under Maroons Service Expenses. (pg 23).

But if I'm not wrong the Uniforms aren't supposed to be just an expense. They should have a cost of goods sold(from the company they ordered them from) & then a uniform revenues. I'm also assuming they charge the 60 WW reps the amount similar to COG so it should balance out.
They have that Marauder bird as well but I'm assuming it was paid for under special projects or via a donation from alumni's.

Right now we have a Uniform cost at $4718 and Revenue of $600(Assuming 10 suits sold/recorded at $60 a suit). What I was essentially asking was; Would the other $4100 be found somewhere else?

I'm assuming it would be consolidated by the comptroller and be put into the Income statement.

Originally Posted by huzaifa47

But if I'm not wrong the Uniforms aren't supposed to be just an expense. They should have a cost of goods sold(from the company they ordered them from) & then a uniform revenues. I'm also assuming they charge the 60 WW reps the amount similar to COG so it should balance out.
They have that Marauder bird as well but I'm assuming it was paid for under special projects or via a donation from alumni's.

Right now we have a Uniform cost at $4718 and Revenue of $600(Assuming 10 suits sold/recorded at $60 a suit). What I was essentially asking was; Would the other $4100 be found somewhere else?

I'm assuming it would be consolidated by the comptroller and be put into the Income statement.

It depends how you treat it. You can either capitalize the purchase price of many suits and expense them as you sell them, recognizing a decrease in inventory, an expense recognition (COGS) - and Revenues and Cash for a different amount.

Personally I would just expense the suits and recognize revenues. Its not really product that is classified as inventory. COGS is used when you capitalize quantities of inventory that will last for several period - you expense parts of it based on what you sold (matching principle).

The net would be the same - and under the same consolidated account on schedule 11.

As a Side note: we treated it this way when we accounted for DCS faculty Rep suits.

Originally Posted by huzaifa47

Ah, should have worded it better. I generally meant "student managers" of any sort. I think 1280 & Underground are the only services with older & very experienced managers.

COMPASS! Why does everyone forget about Compass? :(