Introduction

University College Dublin Students’ Union (UCDSU) is a company limited by guarantee and not having a share capital. The Union exists to promote and further any matters of interest to its membership and to represent students at all levels within the university and society.

The Union’s Board of Directors oversees its governance, ensuring that the organisation remains financially responsible and aligned with its objectives. The members of the board serve as the guarantors of the company under Irish company law.

UCDSU is a registered employer and employs:

• Six full-time sabbatical officers

• Seven full-time staff members and one part-time staff member.

• Two full-time editorial staff on nine-month contracts for The University Observer

As a CLG, UCDSU is required to manage its finances responsibly to ensure it can pay its debts as they fall due and meet its responsibilities as an employer. The Union is a private sector entity and is not bound by public procurement procedures. It has the ability to negotiate pricing with suppliers and continuously reviews supplier relationships to ensure it receives the best possible value and service. Where possible, UCDSU supports local suppliers.

• Auditors: McInerney Saunders, Registered Auditors, 38 Main Street, Swords, Co. Dublin, Ireland, K67E0A2

• Solicitors: Hammond & Co Solicitors, HG Legal Chambers, Thomas Davis Street, Mallow, Co. Cork

• Bankers: UCD Students’ Union manages its finances through accounts held with: AIB, Clonskeagh Branch; Bank of Ireland, Stillorgan Branch

Income

UCD Students’ Union has an annual budget of approximately €1,067,000, derived from a combination of university funding and commercial income sources. Of this budgeted amount, the only element which is guaranteed is an annual allocation from UCD. All other elements of funding are variable and not guaranteed.

University Funding

UCDSU receives an annual allocation of €810,000 from UCD, distributed from a central funding pool overseen by the University’s Student Experience Group. This funding supports the Union’s representational, advocacy, and student support activities. None of this annual allocation goes to UCDSU Shops.

The University funds several support units and activities by way of an annual allocation.

Allocation of Annual Funds

Each year, the Union and the Board of Directors in conjunction with the President and Executive prepare a budget for the forthcoming year. The purpose of the budget is to try to allocate the funds received by the Union in the best way possible for the forthcoming year while also maintaining a level of financial prudence to try to mitigate against financial overruns during the year. Unlike other support units that the university funds, UCDSU is required to pay its staff and sabbatical officers from the funding it receives from UCD.

Students’ Union Commercial Services

UCD Students’ Union operates UCDSU Shops under a separate limited company, UCDSU Commercial Services Ltd. While the Union and the commercial services entity are financially distinct, UCDSU receives €100,000 annually in management fees from UCDSU Shops.

Mandated Funding Commitments

UCDSU is mandated to fund The University Observer, UCD’s student newspaper. This costs approximately €55,000 annually, including the salaries of two full-time editorial staff employed on nine-month contracts.

Expenditure

• UCDSU issues payments by electronic transfer only, ensuring a full audit trail

• Payments are made only upon receipt of an invoice

• The Union does not use cheques and does not make cash payments

Entertainment and Events costs

UCDSU strives to run Ents Events on a break-even basis, but ideally generating a small surplus which may be reinvested into a larger end-of-year event for students.

Audit and Financial Reporting

• The Union’s finances are audited annually by McInerney Saunders

• Audited accounts are presented at the Union’s AGM and made available to members via the SU website

• Financial oversight is the responsibility of the Board of Directors

• Financial reports and updates are submitted to the Board at regular intervals