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EAC 694 Projet Writing
Questions:
The University Club at the University of Regina was in financial distress. The club had been losing money for several years and was being subsidized by the University of Regina. However, due to budget cuts by the Saskatchewan government, the university was no longer in the position to subsidize the operations of the club. The club’s board members had to make some tough choices, but they needed a detailed analysis of the financial statements to make an informed decision. Loraine Taylor, the accounting professor who had recently joined the club’s board, suggested performing ratio analysis to assess the problem areas.
The University Club was a formal dining facility located on the campus of the University of Regina and was structured as a non-profit, membership-based corporation. A board of directors, comprised of 10 board members elected from the general membership, was responsible for the governance of the club.
The club’s main objectives as stated in the constitution were the following:
• To promote communication, fellowship, and goodwill among individuals working within or associated with the University of Regina.
• To provide quality food services, lounge facilities, recreation, and entertainment for members of the club.
The University Club was incorporated in 1965 and had been housed in its current location since 1974, when the University of Regina became an autonomous institute. Up to the 1990s, the club was referred to as the Faculty Club, at which time the name changed to the University Club. The University Club was an upscale facility on campus and was the preferred venue to entertain university guests, faculty, and staff recruits, and to conduct special events. Although such services were available not far from the campus, the club was the only facility on campus, which made it convenient for the faculty and other university community members, especially in the cold winters. As the whole university was connected internally.people from anywhere on campus could walk to the club without needing to put on their coat or boots in the coldest winter days—a huge benefit in Regina.
While the location was advantageous for those working on campus, it was not so for anyone from outside campus. The restaurant was located on the second floor in College West in an obscure location, making it difficult for outsiders to find. Parking was not free, and the paid parking lot was also quite far away. Restaurant space was also limited, with no room for expansion, and the kitchen space was tight and became hot when the stoves and the dishwasher were operating. Both the furniture in the dining area and the equipment were aging and would need to be replaced soon.
As the statement of financial position and the income statement for the years 2007 through 2016, indicated, Taylor was concerned that net income was negative in seven out of these 10 years (see Exhibit 1). The university valued the services that the club provided to its faculty, guests, and the professionals working at several private organizations housed in the research park on campus. Therefore, the university subsidized these losses by writing off the accounts payable. The most recent write-off occurred in 2009, when the university wrote off all outstanding debts owed to it by the club. However, the Saskatchewan government’s budget deficit of over $1.5 billion1 reduced university funding by 3.5 per cent. With this
financial crunch, the university was no longer able to subsidize the club’s shortfalls.
Taylor noted that the gross income in these 10 years ranged from $500,000 to $700,000. This seemed to be an anomaly to Taylor negative net income despite a sizeable positive gross income. She wanted to dig deeper by performing a detailed ratio analysis. Financial ratios were calculated from the financial statements of a business and provided a picture of the financial health of the company. These ratios could be divided into several categories based on the type of information they provided.
EAC 694 Projet Writing
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