The Commerce Undergraduate Society (CUS) received approval from the Board of Governors to freeze their student fees at $291.52 for the winter semester as a result of the remaining surplus from the pandemic.
In an interview with The Ubyssey, CUS President Thomas Dunsmore explained that due to COVID-19 restrictions in previous years, they couldn't hold events. The resulting surplus has allowed the club to operate without having to adjust the student fee in accordance to the BC Consumer Price Index (CPI).
Dunsmore added that the society decided to freeze the fee earlier this year in March, but if the fee were to be adjusted it would increase to $310.76.
“It was simply a decision that we made because we knew we could operate in a way we always have if not on a bigger scale, [while] simply just mak[ing] sure we didn’t charge students extra fees that we didn’t think we needed this year,” Dunsmore said.
In a statement published last month, the CUS said that two years ago the society requested and was approved by the AMS Council to reduce the student fee from $275.34 in 2020/21 academic year to $199 due to the pandemic. When classes returned to in-person, the temporary fee decrease expired. After consulting with the CUS VP Finance and Board of Directors, Dunsmore said they realized the CUS can operate without increasing the fee.
Dunsmore highlighted that the price freeze will not compromise existing services as they have sufficient reserve in their account. Instead, the CUS will likely experience a deficit in the upcoming fiscal year due to the fee freeze and inflation. Dunsmore highlighted that the CUS has already set a target deficit for the whole year.
“[The CUS] is making sure we're bringing down that opening balance to a manageable amount, where we can be charging the students fees normally and not have a surplus that is just a little bit large,” he said.
When asked whether the CUS’s decision would put a financial burden on future students, Dunsmore said that his current team is coming up with a five-year plan to recommend strategies on how to maintain the society’s operations in a fiscally responsible manner. Currently, the CUS has a bigger reserve than previous years.
Dunsmore also added that the Commerce Student Initiative Fund (CSIF), which is worth an estimated $55,000, is currently accepting applications. “We're really shifting towards individual students instead of clubs and making sure that students who just have a good idea who want to improve the student body ... UBC can really get that funding and make that change."
Despite keeping the student fee price stable, the CUS remains the most expensive undergraduate student society on campus. Dunsmore explained that the fee is split across over 17 services and about 19 affiliated clubs this year. He added that the CUS also partially funds the Business Career Centre, the counselling service, case competitions and a string of other events.
“So, the fee does get spread out quite a lot. And we do understand that’s the largest [undergraduate student] fee. But we do hope to provide for students and [that they] can benefit from that fee.”
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