Assembly members approve a clean audit and hear reports at the AMS Corporate Special General Meeting (CSGM).
The CSGM is where corporate members—which in the AMS’s case is only Assembly members—approve and vote on items such as audited financial statements, the AMS’s 2024-25 annual report and receive Board updates.
Klynveld Peat Marwick Goerdeler (KPMG) Senior Manager Chris Clarke, Comm ’17, presented the AMS’s year-end audit for the fiscal year ending April 30. Clarke said KPMG issued a clean audit opinion with no significant findings, noting the AMS remains in a strong financial position with more than $16 million in assets.
He attributed the society’s “slight overall deficit,” while not specifying exactly what the deficit was, to weaker investment performance in 2025 compared to the previous year. Assembly unanimously approved the audited financial statements and reappointed KPMG as auditor for 2025-26.
AMS Operating Budget
AMS Vice-President (Operations) Elena Nurzynski delivered a presentation on the 2025-26 operating budget, which covered the finances of the AMS offices, services, and commissions.
Nurzynski explained the budget is based on projected enrolment of 20,600 students provided by the University Registrar’s Office and assumes that 30 per cent of students will opt out of non-mandatory student activity fees. Ultimately, Nurzynski explained the AMS projects a $514,412 deficit.
According to Nurzynski, the services portfolio is projected to generate an $86,141 surplus in 2025-26, while AMS offices are projected to run a $600,553 deficit. The consolidated AMS budget projects an overall deficit of $514,412. The consolidated AMS budget projects an overall deficit of $514,412, compared to a projected $457,895 deficit in November 2024 for the 2024–25 year. Nurzynski explained the deficit is intentional, describing it as a strategic investment in the AMS’s future.
The budget also anticipates both increased revenue and expenses with the return to the JDUC, including the reopening of Queen’s Pub (QP) and the Brew, largely because they’re now fully operational and include personnel and cost of goods expenses.
Nurzynski pointed to the AMS’s reported $15 million in net assets—made up of capital assets, restricted funds, and unrestricted operating funds—as evidence that the society can absorb the planned deficit while maintaining financial stability.
During the question period, Engineering Society Vice-President (Finance & Administration) Ian Schaffer raised concerns about Queen’s Pub staffing costs, noting that the audited financial statements showed only about $51,000 in QP expenses despite the hiring of two permanent staff, including QP Restaurant manager Jordan East and QP Head Chef Rick Doucett.
He added that there was about a $350,000 increase in personnel cost from the AMS general office budget this year and questioned whether those salaries were instead being paid through the AMS general office rather than the QP’s budget.
Nurzynski responded that permanent staff salaries are housed within the AMS general office budget. Board Chair Dreyden George added that each of the services pays an administrative charge to the general office, and said the methodology used to calculate those charges is currently under review to ensure costs are appropriately attributed.
The meeting concluded after about one hour with reports from the Finance and Risk Committee, Governance Committee, Investment Committee, and Personnel Committee, before Assembly moved into the Special General Assembly.
Tags
AMS Operating Budget, CGSM, Corporate General Meeting
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