| Dental plan debate |
| By Alex Wright |
Published
04/8/2009
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Print , Ryersonian Print Edition , News , Campus news
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Audit bites down on RSU management
Disagreements and accusations about mismanaged funds obtained through the health and dental plan are flying following a recently released RSU audit.
Deloitte & Touche LLP put out recommendations following its audit of the Ryerson Students' Union Members' Health and Dental Plan, as well as RSU election procedures last week. Among the results of the $85,000 audit was the recommendation that the RSU keep better records of the money owed to students.
Abdullah Snobar, director of the board of governors, maintains that funds were mismanaged. One of the original supporters of the audit, Snobar said it revealed that money was being used from the health and dental plan reserve to pay down a deficit in the RSU budget.
“Deloitte is saying that we should pay back these students the money that we used for our deficit accounting,” he said.
Snobar said the amount was about $340,000, and until the audit it was never clear where that money had been going.
However, vice-president finance Toby Whitfield said that the money had all been part of the RSU reserve of about $1.2 million. Although the transfer might seem confusing, he said that there are no missing funds.
“The money has all been accounted for,” said Whitfield. He also said that anyone looking to opt out of the plan won't be short-changed. “We will make sure that the money is available,” he said.
Whitfield said that there hasn't been enough time yet to implement the accounting changes suggested by Deloitte. But they are planning talks within the RSU and with their auditors to see what to do.
“We'll be speaking with our auditors to see what's doable this month and then to see what to do next year,” Whitfield said.
Whitfield said that the RSU was also talking about working with Deloitte in the future to implement some of their recommendations. As a condition of the audit, the firm has offered Ryerson free consultation services to help make their suggestions a reality.
But with over 40 recommendations in total given by Deloitte, Whitfield said that not all of them will be accepted.
“What’s important to remember is that they’re recommendations, and just because they come on a piece of paper that says Deloitte, that doesn’t mean it’s law,” he said.
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