To the members of the Ubyssey Publications Society (UPS),
As the business manager of the UPS, I would like to thank all members for their support throughout this past year. The year has been one of transition as we moved from the restrictions of the pandemic to more normalized operations. Editors and staff have moved back into the office spaces and seamlessly transitioned to in-person workplace practices. As campus restrictions were lifted our reporters have returned to traditional methods and have incorporated those lessons learned while working remotely, striving to continuously adapt and improve our journalistic practices. This year’s editorial team, led by Charlotte Alden, is excited and eager to meet all challenges and professionally report on issues of interest to UBC students, faculty, alumni and the surrounding community.
During the past year we hired another software developer, in addition to the two already established positions, to help transition and modernize our award-winning website. The work accomplished will foster a more user-friendly experience for our readership and help facilitate the web design/editor interface. Extensive work was also completed concerning the online advertising component of the web. This will allow our advertising manager to more effectively facilitate the placement of ads and improve services to our advertising clients.
Moving forward into the new fiscal year — FY 2022/23 — The Ubyssey will continue to publish both in print and online. Print editions will be published twice monthly and our online publication will continue to be updated daily. Advertising revenues have recovered to about 75 per cent of normal with an expectation of full recovery by fiscal year 2023/24.
The Ubyssey’s operating budget for FY 2021/22 ending August 31, 2022 was $484,000 in total income with expenditures coming in at $475,000. The operating surplus was due to more funding received from Canada Summer Jobs (CSJ) than projected. This additional money has been allocated for equipment upgrades (computers and camera equipment). We will carry forward a CEBA (Canada Emergency Business Account) loan of $40,000 until its due date in December 2023.
Overall, The Ubyssey projects that Ubyssey fees, advertising revenues and CSJ grants will keep The Ubyssey on solid financial ground through FY 2022/23. The Ubyssey projects revenues to come in at $485,000 (includes fees, government grants and advertising revenue) and expenses of $491,000. The deficit of $6,000 is due to equipment purchases and will be covered by last year’s surplus.
Currently, wages account for 75 per cent of the projected budget. Fifteen per cent of the budget will go to equipment purchases and office expenses, while the remaining ten per cent will go to conferences, travel and professional development. Adjustments to the budget will be made to compensate for shortages and monies will be allocated as appropriate while striving to balance the books. As a non-profit entity, we are obliged to provide transparency to our membership on budgetary matters and will make available financial information to members who seek a more detailed breakdown of expenses. I can be reached as noted on this page and would be more than happy to discuss the business side of The Ubyssey, on request, by any member of the UPS.
Sincerely,
Douglas Baird MB CD, UPS Business Manager
business@ubyssey.ca