UMSU received an audit opinion for the fiscal year ending April 30, 2025. Financial statements reviewed by BDO Canada LLP found the organization’s records to be in accordance with Canadian accounting standards for not-for-profit organizations, with no material misstatements identified.
Founded in 1975, UMSU operates as a registered not-for-profit corporation and is exempt from income tax. Its operations are organized across several fund categories, including the Operating Fund, Scholarship and Bursary Fund and a Capital Fund used for campus building improvements and renovations.
The Health and Dental Plan Reserve opened the year with $3.54 million. The Deferred Revenue for the Childcare Facility Fund began the year at $589,806 and UMSU received $281,557 in new funds and recognized or transferred $210,000, bringing the balance to $661,363.
Net book value of capital assets declined to $606,404 from $708,360 the previous year. This includes computer equipment at $41,288, other equipment at $166,687, furniture and fixtures at $122,524, and leasehold improvements at $276,325.
UMSU maintains a long-term commitment to U of M’s Front and Centre Capital Campaign, under which it pledged $16.22 million over 12 years through student levies. Remaining payments total $4.94 million, scheduled from 2026 to 2029. In addition, UMSU continues annual repayments of $500,000 plus five per cent interest toward a $3 million loan from its Endowment Fund Inc., with repayments concluding in 2029.
Related-party obligations include $538,929 payable to UMSU Endowment Fund Inc., down from $978,203 in 2024, and $54,673 payable to UMFM, the student radio station. The Endowment Fund loan is secured, while other payables are non-interest bearing.
The audit indicates that UMSU’s financial statements present the organization’s financial position and comply with applicable accounting standards. No irregularities were reported.
