FY 2024/25 Q1 report
To the members of the Ubyssey Publications Society (UPS),
As the UPS business manager, I would like to thank all members for their continued support throughout this past academic year. This business update covers the period of January 1, 2025 to March 1, 2025.
Our editorial team, led by Iman Janmohamed, and our web development team, led by Sam Low, have combined efforts to lead and grow The Ubyssey. It was awarded four John H. McDonald Awards for Excellence in Student Journalism by the Canadian University Press, confirming our standing as Canada’s most awarded university publication. These awards are reflective of the outstanding work and unwavering dedication exhibited by our team of student editors, reporters, developers and volunteers.
Moving forward into the summer months and then into Fiscal Year (FY) 2025/26, The Ubyssey will continue to publish both in print and online. The Ubyssey’s operating budget for FY 2024/25 ending August 31, 2025 is $520,000 in total income with expected expenditures projected to come in at $519,000. At the halfway point in our fiscal plan, we are on target to meet our budgeted plans. Our continued efforts to upgrade office tech, streamline HR processes and modernize and integrate our website with our production efforts will proceed as planned. We are actively exploring ways to reduce student fees through prudent management of our financial resources. The Ubyssey was awarded $31,000 in government funding to assist us in these efforts.
The Ubyssey projects student fees, advertising revenues and Government of Canada grants will combine to keep the paper on solid financial ground through the remainder of FY 2024/25. Currently, wages account for 75 per cent of the projected budget, 15 per cent of the budget went to equipment purchases and office expenses and conferences, travel and professional development made up the remaining 10 per cent. Adjustments to the budget will continue to 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 at business@ubyssey.ca 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
Financial update: FY 2023/24
As the business manager for the Ubyssey Publications Society (UPS), I would like to thank all members of the Society for their continued support throughout this past academic year.
This business update covers the period September 1, 2023 to January 31, 2025. The 2024/25 editorial team, led by Iman Janmohamed, and our web development team, led by Sam Low, have combined efforts to create and produce The Ubyssey’s website and print issues. Since May 2024, student editors and staff have worked extremely hard revising our governance and policy documents while streamlining our workflow procedures.
The 2023/24 Ubyssey team received several awards for excellence at the 2024 Canadian University Press’s annual conference held in Edmonton, Alberta under the editorial leadership of Anabella McElroy. These awards are reflective of the outstanding work and unwavering dedication exhibited by our team of student editors, staff reporters, web developers and volunteers.
Moving forward into the summer months and then into Fiscal Year (FY) 2025/26, The Ubyssey will continue to publish in both print and online. Print issues will be published twice monthly (once monthly during the summer) and our website will continue to be updated daily. The Ubyssey’s operating budget for FY 2023/24 ending August 31, 2024 was $520,000 in total income with expenditures coming in at $519,000. At the halfway point of FY 2024/25, we are on target to meet our budgeted plans. The UPS is currently debt-free after repaying our $40,000 Canada Emergency Business Account loan, taken out at the height of the pandemic which was due in December 2023. Our continued efforts to modernize our website have been supported by the Canadian Periodical Fund and Canada Summer Jobs grants.
Overall, The Ubyssey projects that student fees, advertising revenues and Government of Canada grants will combine to keep The Ubyssey on solid financial ground through the remainder FY 2024/25. Currently, wages account for 75 per cent of the projected budget, equipment purchases and office expenses 15 per cent and conferences, travel and professional development the remaining 10 per cent. Monthly reviews and adjustments to the budget continue throughout the budget year to compensate for unforecast shortfalls and/or under-spends. As always, we strive to balance the books by the end of each fiscal year. To that end, we have engaged Reid Hurst Nagy Accountants to conduct yearly reviews of our expenditures.
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 at business@ubyssey.ca 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
Financial update: FY 2022/23
To the members of the Ubyssey Publications Society (UPS),
As the Business Manager for the UPS, I would like to thank all members for their continued support throughout this past academic year. This business update covers the period September 1, 2023–August 31, 2024. This year’s editorial team, led by Anabella McElroy, and our web development team, led by Brittany Sampson, have combined efforts to create and produce an award-winning publication. The Ubyssey received nine awards for excellence at this year’s Canadian University Press’s annual meetings held in Hamilton Ontario, including Canadian University “Student Publication of the Year!” These awards are reflective of the outstanding work and unwavering dedication exhibited by our team of student editors, writers, developers and volunteers throughout the year.
Moving forward into the 2023/24 fiscal year (FY), The Ubyssey will continue to publish in both print and online. Print editions will be published bi-weekly and our online publication will continue to be updated daily.
The Ubyssey’s operating budget for FY 2022/23 ending August 31, 2023 was $530,000 in total income with expenditures coming in roughly in line with income at $532,000. As always, it is our stated aim to strive to achieve our budgeted forecasts and this past FY we were able to do so. During FY 22/23 we accessed the Canadian Periodical Fund ($37,000) which allowed us to do a complete overhaul of our web based online publication. We also received, $29,000 through the Canada Summer Jobs Program which assisted us with our summer student employment program. These government grants helped enormously in not only student employment but also in completing several much-needed initiatives. Going forward, The Ubyssey is obligated to repay in full our CEBA loan of $40,000.00, obtained during the pandemic, this December. We have already set aside funds for this so no impact is anticipated on our plans for FY 23/24. Our continued efforts to modernize our website will be aided by a second application to the Canadian Periodical Fund for monies designated for further web development.
Overall, The Ubyssey projects that student fees, advertising revenues and Government of Canada grants will combine to keep The Ubyssey on solid financial ground through FY 23/24. We anticipate revenues (fees, grants and advertising) to provide up to $520,000 with projected expenses accounting for $512,000. We will monitor our expenses closely as there is no certainty of being awarded the periodical fund grant for a second time. Currently, wages account for 75 per cent of the projected budget, equipment purchases and office expenses 15 per cent, and conferences, travel and professional development the remaining 10 per cent. 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 at business@ubyssey.ca 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