Group can’t account for loss of hoodie money
Concordia’s Biology Student Association (BSA) admitted at a recent council meeting that an undisclosed amount of money related to their hoodie sales appears to have be stolen or otherwise unaccounted for, leading to a change in the signing authority in their executives’ governance.
The announcement was delivered by ASFA VP Finance Melina Ghio during a council meeting late last Thursday, April 9. Ghio said an ASFA investigation found security procedures weren’t carried out.
An agreement was reached to change who has the signing authority over BSA finances. Whereas before, President Krutika Patel and VP Finance JP Maillet were required to sign in the issuing of all cheques, this authority has now been given to VPs Academic and Social.
Patel apologized for the oversight and explained at the council that sufficient funds were found and transferred to make up for the deficit, albeit at the cost of late hoodie orders.
These funds came from events that could not be held in the time remaining in the semester. The BSA did not cite a specific number lost, but the transfers shown at the meeting amounted to approximately $1,000.
The BSA’s budget in 2011-2012—the latest figures available on ASFA’s website—was just shy of $5,000.
The BSA chose not to provide further comment beyond a posting on their Facebook group page admitting to a “security breach” that led to a loss of funds, and a desire for transparency.
