ACCOUNTING & FINANCE STUDENT ASSOCIATION ANNUAL GOVERNANCE REPORT

AFSA 2025-2026 Governing Year Prepared by the AFSA Board of Directors Presented to the School of Accounting and Finance Student Body University of Waterloo

Table of Contents

Board of Directors Cover Letter ..................................................... 3

Executive Summary & History ....................................................... 4

AFSA’s Constitution Changes ......................................................... 5

AFSA By-Law Change.................................................................... 8

Accounting and Finance Endowment Fund (AFEF) Independence & Separation ............... 9 Memorandums of Understanding (MOUs) & AFSA Club Relations ................................... 10 2025/2026 Annual General Meeting ...................................................................... 11 Events Re-cap & Post Event Forms ........................................................................ 12

• Internal Events Committee ........................................................................................... 12 • Internal Services Committee ......................................................................................... 33 Elections Re-Cap .................................................................................................. 43

Finance Report ..................................................................................................... 44 Mission Highlight .............................................................................................. 47

Presidential Note: Rory Norris (2025–2026) .................................................................. 48

Accounting & Finance Student Association

Board of Directors Cover Letter

To the Members of the School of Accounting and Finance (SAF) Student Body,

On behalf of the Accounting and Finance Student Association (AFSA) Board of Directors, it is my privilege to present the Annual Governance Report for the 2025-2026 governing year. This past year has been defined by transition, rigorous evaluation, and extensive strategic adjustments. Through every structural amendment and operational pivot, our overarching objective has remained constant: to further establish, secure, and enrich the critical relationship between SAF students and their representative student association.

As a student governance body, our mandates are structured around three core pillars: robust governance structure, financial and administrative transparency, and meaningful value creation for the student community. The organizational changes detailed throughout this report demonstrate our commitment to building an AFSA that is both reliable and dynamically responsive to the needs of its membership.

Enhancing our governance framework has required a comprehensive return to foundational accountability practices. A key milestone this year was the successful execution of our Annual General Meeting, alongside the institutionalization of comprehensive governance assets such as this report. These structural mechanisms ensure that the Board operates under a clear, standardized framework, closing institutional gaps and providing the students with the oversight tools necessary to hold representatives to the highest professional standards.

In tandem with structural oversight, transparency has served as our guiding operational principle. We recognize that trust is built on visibility. To ensure absolute clarity regarding AFSA’s administrative trajectory, we have committed to making organizational documents public, ensuring that up-to-date fiscal budgets and meeting minutes were available to all members online. By removing barriers to information, we empower every SAF student to actively engage with, critique, and shape the direction of their association.

Ultimately, the purpose of a strong governance framework is to enhance our capacity to give back to our students. The institutional efficiencies and fiscal discipline achieved this term have translated directly into expanded student value. From high-impact networking and student events to specialized resources like the AFSA Tax Clinic, our focus remains on ensuring that student fees are consistently optimized and returned in the form of impactful professional and academic support.

This has undoubtedly been a busy year characterized by substantial organizational shifts, long-term policy adjustments, and intense collaborative re-drafting. However, these changes are vital to constructing a sustainable, resilient foundation for the years ahead. We thank you for your continued engagement, support, and partnership as we work together to build a stronger, more transparent, collective future.

Sincerely,

Gurman Johal

Chair of the Board of Directors

Accounting & Finance Student Association

Executive Summary & History

What is AFSA

The Accounting and Finance Student Association (AFSA) is the official undergraduate student association representing students in the School of Accounting and Finance (SAF) at the University of Waterloo. AFSA was established to provide professional development, academic support, and community engagement for students in Accounting, Finance, and related programs.

While some of AFSA’s current governing documents, such as its by-laws and constitution, predate the formal implementation of the student levy and Memorandum of Understanding (MOU), much of the early documentation surrounding the founding of AFSA has unfortunately been lost over the years. As a result, the precise details of AFSA’s origins and early structure are not fully preserved, though its longstanding affiliation with the Arts Student Union and SAF is well recognized.

Brief History of AFSA and its Relation with the Arts Student Union

In its early years, AFSA operated under the umbrella of the Arts Student Union and was primarily funded through the Accounting and Finance Endowment Fund (AFEF), and funding provided by ASU. While this supported AFSA’s operations, reliance on AFEF and ASU was determined by students not to be in the long-term interest of the organization. In 2014, AFSA initiated a major financial and structural reform. A successful student referendum, achieving 30% turnout and 92% support of SAF students, approved reallocating $30 per term from the AFEF contribution directly to AFSA. This change was presented to and approved at the Federation of Students Annual General Meeting (see Appendix: FEDS (WUSA) 2014 AGM Agenda). The fee structure adjustment enabled AFSA to receive direct and sustainable funding from its constituents. This is the same level of fee that AFSA currently has in place. Leadership during this transition played a pivotal role in shaping AFSA’s direction. The terms of Gerry Zhan (2014–15) and Lynn Wu (2015–16) were particularly significant, overseeing the implementation of the student levy and formalization of internal processes

AFSA’s History Leading up to Today

The disruptions brought on by COVID-19 and the remote terms that followed created a unique operational landscape: program spending slowed substantially, leading to an unprecedented accumulation of financial reserves alongside a multi-year degradation of internal governance practices. Institutional memory deteriorated, and adherence to procedural standards weakened year after year.

This operational drift culminated during the 2024–2025 operating year, when executive seats were filled through direct appointments rather than the democratic election processes mandated by AFSA’s constitution. This constitutional breach led to significant internal friction, escalated compliance challenges with the Waterloo Undergraduate Student Association (WUSA), and compromised student trust. In response to these challenges, the 2025–2026 governing year marked a critical turning point, placing strict constitutional compliance, structural accountability, and renewed operational transparency at the forefront to rebuild institutional integrity and restore AFSA into an association that genuinely serves and reflects its student membership.

Accounting & Finance Student Association

AFSA’s Constitution Changes

Alongside the broader governance work of the year, AFSA undertook a distinct constitutional reform project. This section focuses specifically on what changed in AFSA's governing framework, why those changes were pursued, and the practical result for future teams.

Why the Change was Necessary

The previous AFSA Constitution, Version 3.3, dated June 2016, had served the organization for roughly a decade. By 2025-2026, however, it reflected an earlier AFSA operating environment and did not always provide the clarity required for a modern student association. The governance difficulties of the years immediately before our term made those weaknesses particularly visible. Problems involving elections, succession, interpretation of governing rules, institutional record-keeping, and reliance on informal practice showed that AFSA needed both stronger compliance with its rules and a clearer set of rules to comply with.

What the Reform was Intended to Accomplish

The constitutional review was therefore not simply an exercise in rewriting language. Its purpose was to establish a governance framework that could be understood and administered consistently from year to year. The updated Constitution and accompanying by-laws were designed to clarify where authority sits within AFSA, better distinguish foundational constitutional rules from operational procedures, modernize election and succession processes, strengthen accountability and financial oversight, and reduce the extent to which future teams would have to rely on unwritten institutional knowledge.

From the Previous Framework to the New Framework

The previous Constitution placed a large amount of operational detail directly into the constitutional document and reflected structures, terminology, and relationships that had developed many years earlier. The new framework moved toward a clearer hierarchy of governing documents: the Constitution establishes AFSA's core democratic and organizational principles, while by-laws and policies can govern more detailed procedures. This makes AFSA's governance both more durable and more adaptable. Fundamental rules remain protected, while administrative processes can be maintained and improved without repeatedly reopening the entire Constitution.

Previous Constitution vs. Updated Framework

Area

Previous framework

Updated framework

Age and context

Version 3.3 dated June 2016 and designed for an earlier AFSA operating environment.

Updated framework reflects AFSA's current structure and the governance lessons of recent years.

Document

structure

Significant operational detail embedded in the Constitution itself.

Clearer separation between

constitutional principles and detailed by-laws/policies.

Elections and

succession

Rules existed, but recent governance difficulties showed that processes could be misunderstood or inconsistently

administered.

Greater emphasis on clear written election, vacancy, succession, and accountability processes.

Institutional

terminology

Contained structures and terminology inherited from an earlier period of

Waterloo student governance.

Modernized language and

relationships intended to match AFSA's present environment.

Accountability

Governance depended heavily on office holders understanding and consistently applying the document.

Stronger emphasis on defined

authority, accountability, conflicts, and repeatable processes.

Financial

governance

Financial responsibilities existed but were part of an older governance architecture.

Financial oversight and responsibility are more clearly embedded within the broader governance framework.

Institutional

memory

Greater reliance on informal practice and knowledge passed between leaders.

More reliance on written rules, by laws, policies, records, and transition materials.

Member

legitimacy

The old Constitution remained the inherited governing framework.

The revised framework was put to members through referendum,

creating a fresh democratic mandate.

Democratic Approval and the Result

A critical part of the reform was that the new framework was not simply adopted internally by the Executive. It was brought to AFSA's membership through the referendum process. Passage of the referendum gave the changes democratic legitimacy and created a clear point of renewal for the organization. The result was a stronger basis for elections, succession, financial governance, accountability, conflicts of interest, privacy, Board and Executive operations, and the relationship between AFSA's governing bodies and its members.

What Changed in Practical Terms

The practical effect of the reform can be summarized as a movement from an older and more fragmented governance model toward one that is clearer, more transparent, and easier to maintain. The most important changes were the modernization of AFSA's governing structure and terminology; clearer separation between constitutional principles and detailed by-laws; stronger written processes for elections, vacancies, succession, and accountability; clearer expectations around financial oversight and organizational responsibility; and a greater emphasis on governing documents as active rules that must be accessible, followed, and reviewed rather than documents that exist only in the background.

How the Reform Should be Judged

The success of the changes should not be measured only by the referendum result or by whether the documents worked during our term. The real test will be whether future leaders can conduct elections properly, fill vacancies consistently, understand their authority and roles, exercise financial oversight, transition between teams, and resolve governance questions without having to reconstruct the organization from memory. If the new framework helps AFSA operate consistently across generations of student leaders, then the reform will have achieved its purpose.

Remaining Work

The constitutional project should also be treated as the beginning of a governance cycle rather than the end of one. AFSA should maintain a public archive of current and superseded governing documents, identify effective dates and amendment histories, periodically review the Constitution and by-laws, and publish concise summaries when major changes are proposed. Future teams should also ensure that committee terms of reference, election procedures, financial policies, and transition materials remain aligned with the new constitutional framework.

Accounting & Finance Student Association

AFSA By-Law Changes

By-law Revisions and Structural Modernization

In conjunction with the broader constitutional updates, AFSA conducted a comprehensive overhaul of its by-laws to establish complete alignment across all core governing instruments. Unlike the Constitution, which demands a formal student referendum for revision, the by-laws represent a living, active framework that the Board can maintain and update dynamically as organizational demands evolve. Harmonizing these two instruments ensures that day-to-day administrative practices accurately reflect AFSA’s overarching constitutional principles.

Consolidation of Governing Instruments

Historically, AFSA operated under a fragmented system where individual policies and by-laws existed across disparate, standalone documents. This separation created substantial ambiguity regarding authority and complicated administrative compliance. To establish clarity and proper version control, all standalone operational policies were formally integrated into a single, cohesive governing document. Moving forward, the standalone designation of "policies" has been retired, establishing all organizational rules under a unified set of numbered by-laws.

Executive Structure Realignment

To provide necessary operational flexibility, the executive team summaries previously embedded within the Constitution were relocated to the by-laws, officially codified as By-law I. This adjustment allows team structures to adapt without triggering referendum requirements. Concurrently, the operational leadership model was reorganized to enhance focus and reduce institutional overhead, restructuring the executive apparatus from nine committees down to seven distinct, functional committees.

Club Oversight and Resource Stewardship

The updated by-laws also codify essential internal safeguards for subsidiary groups and physical assets. A dedicated by-law now formally outlines the expectations, compliance obligations, and operational boundaries for all student clubs and initiatives running under AFSA, standardizing accountability across the portfolio. Additionally, a specific operational by-law was enacted to govern the AFSA locker, explicitly defining the logistical protocols, security expectations, and physical stewardship responsibilities required of authorized keyholders and general users.

Accounting & Finance Student Association

Accounting and Finance Endowment Fund’s (AFEF) Independence and Separation from AFSA

Overview of Constitutional Reforms

During the 2025–2026 academic year, the Accounting and Finance Endowment Fund (AFEF) undertook a comprehensive review of its governing documents, culminating in pivotal constitutional amendments designed to modernize its operational framework. These structural enhancements were enacted to fortify organizational autonomy, raise fiduciary standards, and establish clearer boundaries between distinct student leadership entities within the School of Accounting and Finance. By proactively updating its governance architecture, AFEF has solidified its mandate to operate as an objective, dedicated steward of student endowment capital.

Institutional Independence and AFSA Separation

The cornerstone of these amendments is the formal establishment of institutional separation between AFEF and the Accounting and Finance Student Association (AFSA). The revised constitution eliminates automatic or ex-officio AFSA leadership seats on the AFEF Board, ensuring that resource allocation decisions remain entirely autonomous and insulated from outside organizational priorities. Furthermore, strict dual-service restrictions now prohibit elected AFEF student directors from concurrently holding positions on AFSA’s Board of Directors or Executive Team. This deliberate separation removes structural entanglements, safeguards board objectivity, and eliminates cross-organizational conflicts of interest during key capital allocation deliberations.

Expanded Representation and Conflict-of-Interest Protocols

To ensure the Board reflects the diverse needs and academic stages of the student body, the amendments increased the number of elected student Director seats from four to six. These directorships continue to be filled through general student elections, reinforcing direct democratic accountability to the broader AFEF membership. Complementing this broader representation, AFEF codified robust conflict-of-interest regulations. Under the updated provisions, student directors must formally disclose relevant affiliations and recuse themselves from all discussions, evaluations, and voting procedures involving funding proposals submitted by any student club, association, or initiative where they hold active leadership responsibilities.

Long-Term Governance Impact

Collectively, these reforms establish a transparent, accountable, and thoroughly student-focused governance model. By instituting strict organizational independence, expanding elected student oversight, and implementing rigorous procedural safeguards, AFEF is structured to manage its capital with the highest degree of fiduciary responsibility. These enduring governance standards ensure that endowment resources are distributed equitably, strategically, and in direct alignment with the long-term academic and professional interests of all School of Accounting and Finance students.

Accounting & Finance Student Association

Memorandums of Understanding (MOUs) & AFSA Club Relations

1. Objective & Historical Context

During the Spring 2026 term, the AFSA Board of Directors sought to formally re-establish and structure its institutional relationships with student organizations operating within the School of Accounting and Finance (SAF). The strategic intent was to bring SAF clubs under the formal umbrella of AFSA. This framework aimed to provide these groups with centralized funding, administrative support, and a robust organizational structure. In pursuing this, the Board reviewed historical 2016 Memorandums of Understanding (MOUs) to serve as a baseline model for integration.

2. WUSA Consultation & Policy Directives

Following extensive consultation with the Waterloo Undergraduate Student Association (WUSA), the proposed sub-society expansion model was halted. WUSA leadership clarified a structural shift in their organizational directive, explicitly moving away from allowing student societies to directly host internal sub-clubs. WUSA maintains that new sub-societies or internal club structures will only be authorized if there is a distinct, unrepresented academic program membership requiring formal representation (e.g., climate change programs under ESS or SMF under ASU).

3. Current Status of AFSA’s Clubs

For clubs already existing within the AFSA ecosystem, WUSA has confirmed they are permitted to remain under AFSA for the immediate term. However, long-term permanence under this model is highly unlikely. WUSA's broader directive advocates that general clubs should exist strictly under WUSA Clubs, while professional student societies remain separate under WUSA Societies. Active discussions continue regarding where these legacy clubs will permanently reside.

4. Revised Strategy & Future MOU Frameworks

Moving forward, it is highly unlikely that AFSA will be permitted to absorb or establish new clubs directly under its constitutional architecture. In light of this, the Board is pivoting its approach to Memorandums of Understanding (MOUs). While structural sub-society creation is blocked, MOUs will be explored and utilized as mechanisms for establishing external partnerships, corporate sponsorships, and targeted funding allocations. The Office of the Chair will continue investigating this narrower, finance-and-sponsorship-driven MOU framework to support student initiatives within the current regulatory landscape.

Accounting & Finance Student Association

2025/2026 Annual General Meeting

Annual General Meeting Recap

AFSA held its Annual General Meeting on November 3rd, 2025, the first AGM the Association has hosted in a decade. Turnout exceeded expectations, and the Board was glad to see strong member interest in AFSA's governance and financial standing.

The meeting opened with introductions from the executive team and club representatives, followed by an overview of upcoming changes to AFSA's constitution, policies, and by-laws, as well as updates on Saf Lounge furniture. The Board then presented the 2024/25 audited financial statements, independently audited by PricewaterhouseCoopers LLP, along with the Fall 2025 budget and balance sheet, giving members visibility into how their fees are allocated and managed. SAF club representatives closed the evening with updates on their respective activities and upcoming initiatives.

Future Improvements

Following the AGM, the Board reviewed what worked and where there's room to improve for future meetings:

• Engagement: Attendance was strong, but participation dropped off noticeably after refreshments were served. The Board is considering a feedback form to better track attendance by year and gather input on how to keep members engaged through the full agenda.

• Timing: Options for holding future AGMs earlier in the term are under discussion, balanced against the fact that many second and third year students are on co-op depending on the date selected.

• Club presentations: Several clubs prepared on short notice and had limited time to present. The Board is exploring a networking-style format that would give clubs more meaningful time to engage directly with interested members.

Overall Conclusion

The Board considers the 2025 AGM a successful reintroduction of this governance event and a step forward in financial transparency, with concrete plans in place to build on it next year

Accounting & Finance Student Association

Events Re-cap & Post Event Forms

Internal Events Committee | Fall 2025, Winter 2026 & Spring 2026

This section summarizes the events delivered by the Internal Events Committee across the Fall 2025, Winter 2026, and Spring 2026 terms, drawing on the committee's post-event recap forms. Each entry includes event details, financial performance, attendance, and the committee's own reflections for future planning.

FALL 2025

Tuesday, September 9, 2025 | 1:00 PM – 4:00 PM | Don Craig Atrium / Tatham Centre Parking Lot

AFSA FALL KICKOFF

Project Manager

Diya Tripuraneni

Advertising

LEARN, Instagram, David Ha's AFM 132 classes

Participants

75 registered scans (200 anticipated)

Summary

AFSA's termly Kickoff event, offering free food to students who have paid their AFSA levy (or a $5 fee otherwise) as a chance to mingle in the first weeks of term. Students scanned their WatCard for a ticket and redeemed it at a BeaverTails food truck stationed in the Tatham Centre parking lot.

Financial Breakdown

Item

Cost

BeaverTails Premium Package

$2,344.75

175 additional BeaverTails

$1,582.00

Total (Budget: $4,000.00)

$3,926.75

Attendance

Year

AFM

150

Year

AFM

100

Note: the attendance breakdown above (400 total) exceeds the 75 participants reported at the top of the form, as submitted; the committee's own comments describe turnout as well above expectations, including a line that formed before selling began.

Reflections

• What went well: turnout was well above expectations; students appreciated the variety of flavours; the BeaverTails vendor was flexible and supplied extra treats beyond the original order.

• Advice for next time: start planning early — processing takes longer than the event size suggests. Send proactive follow-up emails to UW Food Services, admin, and the President rather than waiting on responses. Ask about which food truck SAF orientation uses (BeaverTails is a regular fixture there). A Food Truck Approval form (UW Food Services), a notice to special constables, and a table/chair booking are all required. Arrive early enough to confirm the WatCard scanners actually work before the event starts.

Tuesday, October 28, 2025 | 6:30 PM – 10:00 PM | AL113

MOVIE NIGHT

Project Managers Yumnah Irshad, Elisa Yang, Logan Chin

Advertising

Instagram, lecture announcements

Participants

67 (60 anticipated)

Summary

A Halloween-themed first-year movie night (Hotel Transylvania) in the SAF lounge area, with snacks, drinks, candy, decorations, a raffle, and goodie bags for attendees.

Financial Breakdown

Item

Cost

Costco chips, drinks, popcorn

$152.21

Costco cookies, plates, gift basket, blanket, candy

$178.86

Domino's Pizza

$347.85

Raffle prizes (blanket, bath set)

$79.05

Dollarama goodie bags & basket

$8.29

Total (Budget: $1,550.00)

$766.26

Attendance

Year

AFM

SFM

Math/CPA

Reflections

• What went well: in-lecture presentations boosted signups by about 20 registrations; attendees socialized and enjoyed free snacks; the room comfortably fit the crowd; pizza flavour variety covered most dietary restrictions; setup and cleanup ran smoothly.

• What to improve: build a more structured task schedule, a faster/better sign-in system, and allocate less time for cleanup, which finished ahead of schedule.

• Advice for next time: watch for non-SAF students showing up and check them in accordingly; book the room with extra setup time before doors open; order pizza with same-day registrations in mind (about 30 people signed up the day of); test the projector connection ahead of time; promote well before the event rather than day-of; arrange a transport team for moving items from storage; extra tables could help; existing storage-room decorations were sufficient without new purchases.

Sunday, November 16, 2025 | 12:00 PM – 4:30 PM | PAC Small Gym

3V3 BASKETBALL TOURNEY

Project Managers

Prathesh Rajkumar, Manav Patel, Kayden Bruce

Participants

105 (50–60 anticipated)

Summary

A 3v3 round-robin basketball tournament, with pool winners plus the next-best record advancing to a playoff bracket (quarter-finals through finals). This year added a three-point contest and a skills competition, with NBA jerseys awarded to the winners.

Financial Breakdown

Item

Cost

2 jerseys (three-point/skills prizes)

$291.53

Gatorade, water, chips

$176.31

1st/2nd/3rd place prizes ($400/$250/$100)

$750.00

PAC small gym & snack room booking

$314.14

MVP gift card

$25.00

Total (Budget: $1,550.00)

$1,556.98

Attendance

Year

AFM/SFM

Biotech/CPA

CFM

Math/CPA

Reflections

• What went well: strong turnout of over 100 players; the three-point and skills competitions added an appealing new incentive; the $25 MVP gift card was a nice touch.

• What to improve: bring on a dedicated associate to manage snacks/drinks so each player gets a fair share; ask teams to self-report skill level (beginner/intermediate/advanced) on sign-up so pools are balanced; use actual referees rather than volunteers.

• Advice for next time: arrive early to confirm AV, snacks, and furniture have all arrived; handle team conflicts calmly and firmly; hire real referees.

Monday, November 24, 2025 | SLC Bomber

AFSA INTERNATIONAL CULTURE NIGHT

Project Managers

Matthew Tan, Riya Nambiars, Mehek Gajri

Participants

125 (100 anticipated)

Summary

Culture Night showcased multiple countries' food, music, dance, and activities. Students sampled dishes from several restaurants, engaged at a photobooth and henna station, and watched a Giddha dance performance. The event relocated from the originally requested Hagey Hall Hub (denied over fire safety/capacity limits) to the SLC Bomber, and was moved up a few days once the Bomber's availability was confirmed.

Financial Breakdown

Item

Cost

Water (5 x 24-ct)

$16.85

Paper plates (4 x 125-ct)

$81.22

Decorations

$67.55

Napkins (3x)

$16.85

Snacks (chips)

$60.56

Cutlery

$45.18

Soda/pop (7x)

$115.97

Cups

$36.14

AAA batteries (LED lights)

$20.78

Ennio's Pasta House

$567.98

The Cactus

$847.00

Shinwa Asian Cuisine

$717.55

Item

Cost

Arabesque Cafe

$1,130.00

Katsuya

$1,257.69

Twisted Indian Wraps

$1,136.22

Bemy Photo Booth

$580.00

Serving utensils

$75.85

Dance team payment

$300.00

Henna artists

$200.00

Henna materials

$13.55

Miscellaneous

$128.71

Total (Budget: $13,675.00)

$7,286.94

Attendance

Year

AFM

Biotech/CPA

CFM

Math/CPA

Reflections

• What went well: the food was well received, including the halal options; the dance performance and photobooth were both popular.

• What to improve: budget more generously for meat/protein dishes, which tend to be both pricier and more popular — don't cut corners there; book the room 1–2 hours ahead of start time for setup; try to line up more than one performance, possibly with an incentive; get marketing out earlier to boost signups; bring more trash bags and plan cleanup in advance, along with cleaning supplies; prepare a music playlist ahead of time.

• Advice for next time: build the interest/registration form as early as possible to gauge headcount; submit the AFSA room booking (admin) form immediately; finalize at least one restaurant early, since the UW and Region of Waterloo food-safety forms require a confirmed vendor; buy (or double up) enough tongs; bring gloves, wet wipes, and garbage bags; Bemy Photobooth is worth reusing; use the full budget where it improves the event; bring sharpies and bristol board for last minute signage, plus tape and scissors for decorations; watch daily spending limits on payment cards across multiple restaurant bookings.

Thursday, November 27, 2025 | 6:00 PM – 8:00 PM | RCH 101

BUBBLE TEA TALENT SHOW

Project Managers Carissa Kong, Jay Chopra, Kelvin Chiu

Advertising

Instagram, posters, LEARN

Participants

Not recorded on form (107 anticipated)

Summary

A talent show paired with free bubble tea for attendees. Students could sign up to perform or watch, and the audience voted for the top performers, who received cash prizes; all performers received a participation prize.

Financial Breakdown

Item

Cost

Bubble tea

$1,575.78 (flagged by PM as needing verification)

Uber (bubble tea pickup/return)

$13.84

Uber (microphone transport)

Not priced on form

Total / Budget

Not completed on form

Reflections

• What went well: an excess of bubble tea meant plenty to hand out; performances were well received.

• What to improve: close the performance sign-up window a day or two ahead to avoid rushed last minute changes; have performers submit their backing track/video in advance rather than guessing what to play; restrict audience voting to one vote per person, as multiple voting was an issue.

• Advice for next time: submit the admin form as early as possible so the event is approved sooner, avoiding late changes to location/time that cascade into marketing and AV.

Note: this form was submitted with the total expenses, budget, and attendance breakdown left blank, and the bubble tea cost flagged internally as unverified.

WINTER 2026

Wednesday, January 14, 2026 | 12:00 PM – 2:15 PM | Don Craig Atrium + Tatham Centre Parking Lot

WINTER TERM KICKOFF

Executive/Project Managers Yumnah Irshad, Manav Patel

Advertising

Instagram

Participants

165 (200 anticipated)

Summary

The Winter term's opening Kickoff event, following the same levy-ticket / $5 cash-fee model as the Fall Kickoff, this time featuring a funnel cake food truck (Funnel Cake Dreams) in the Tatham Centre parking lot.

Financial Breakdown

Item

Cost

Funnel cakes (200 x $12)

$2,400.00

HST (13%)

$312.00

Parking permit

$14.00

Total (Budget: $4,000.00)

$2,726.00

Attendance

Year

AFM

100

MAcc

Reflections

• What went well: strong levy uptake and positive feedback on the funnel cakes; two people were able to handle the rush comfortably, keeping the event low-stress overall.

• Advice for next time: approval from both UW Food Services (catering@uwaterloo.ca) and UW Parking Services (sustainable.transportation@uwaterloo.ca) is required and can be slow — call if you don't hear back quickly. Give the vendor a few possible dates in case approval is delayed. Book a WatCard scanner through Lynn Graham (l2graham@uwaterloo.ca) and a cash box through soc.coord@wusa.ca, ideally about a week ahead. Once parking services respond, the vendor will likely need to buy a parking permit slightly ahead of the event — arranging this the day before worked well. Furniture wasn't pre-booked this time (a table and chairs were found on the spot in Hagey Hall); booking in advance is worth considering, timing permitting.

Wednesday, February 4, 2026 | 6:00 PM – 8:00 PM | Don Craig Atrium, Hagey Hall

VALENTINE'S DAY EVENT

Project Managers

Eddie Wong, Kelvin Chiu, Carissa Kong

Advertising

Instagram

Participants

50 (40 anticipated)

Summary

A Valentine's Day pop-up where students and faculty could purchase roses and snack on Valentine's themed treats.

Financial Breakdown

Item

Cost

Roses

$523.99

Valentine's snacks

$39.55

Valentine's decorations

$20.50

Total (Budget: $800.00)

$659.97

Note: the line items above sum to $584.04, which doesn't match the $659.97 total on the submitted form; reproduced as-is rather than adjusted.

Reflections

• What went well: a number of roses sold, and buyers seemed pleased with their purchases.

• What to improve: the event ran roughly 10 days ahead of Valentine's Day, which fell during reading week this year, so turnout for purchases was lighter than hoped.

• Advice for next time: hold the event closer to February 14, earlier in the day, and get the marketing (Instagram) post out further ahead — this term's went up only a few days before the event.

Attendance breakdown was not collected, as no sign-up was required.

Wednesday, March 11, 2026 | 5:00 PM – 8:30 PM | EV2 2002

AFSA SOCIAL

Executives

Yumnah Irshad, Manav Patel

Project Managers

Ekam Padda, Sahib Singh, Megan Lee

Participants

50 (40 anticipated)

Summary

An inter-committee social bringing together Internal Events, External Relations, Marketing, Education, Finance, and Internal Services over pizza, games, and a raffle — including a jelly-bean guessing game, a committee Play-Doh sculpting contest, a "why your committee is the best" speech contest, and a dance off tiebreaker.

Financial Breakdown

Item

Cost

Pizza (25)

$402.60

Chips, soda, water

$96.76

Prizes (gift bags, mini eggs, candy, kinetic sand, plush, bodycare)

$61.23

Games (Play-Doh, jelly beans)

$7.44

Paper plates

$1.35

Napkins

$1.35

Garbage bags

$14.61

Total (Budget: $750.00)

$585.34

Attendance

50 first-year AFM students attended (no other years/programs reported).

Reflections

• What went well: strong engagement in the games; good turnout, aided by reminders sent to committee VPs.

• What to improve: congestion built up at the sign-in doorway; only two games (raffle and jelly bean guess) took up meaningful time, leaving excess downtime to fill.

• Advice for next time: prepare for cleanup in advance (e.g., have garbage bags on hand); plan more than two substantial activities so there's no dead time.

Additional notes: the dance-off tiebreaker was a highlight and raised the energy of the event; there was a lot of leftover pizza, suggesting the food budget could be trimmed in favour of other activities.

Monday, April 6, 2026 | 5:00 PM – 10:00 PM | Rec Room Toronto, 255 Bremner Blvd

CO-OP SOCIAL

Executives

Yumnah Irshad, Manav Patel

Project Managers Varshana Gnanakumar, Logan Chin, Prathesh Rajkumar

Advertising

Instagram

Participants

30, plus 6 IE members (80 anticipated)

Summary

A social event for co-op students at the Rec Room in downtown Toronto, featuring a buffet dinner, arcade games funded through game bands, a photobooth, and a self-pay cash bar.

Financial Breakdown

Item

Cost

Rec Room (venue, food, games)

$6,565.30

Total (Budget: $6,500.00)

$6,565.30

Attendance (Google form registrants only)

Year

AFM

SFM

CFM

MAcc

Reflections X

• What went well: the registration process (Google form plus ticket screenshot requirement) worked well; the food was well received; venue staff were very helpful; the photobooth was a hit.

• What to improve: the 5–10 PM window wasn't ideal, as many attendees arrived late — starting closer to 6 PM may work better; have a playlist ready ahead of time; consider adding more credit to the game bands; attendance was noticeably lower than the anticipated 80.

• Advice for next time: market well ahead of time and plan early; find ways to encourage on-time arrival; keep following up persistently with the venue, since booking took a while to finalize; double-check the date doesn't land on a holiday.

SPRING/SUMMER 2026

Thursday, June 25, 2026 | 6:00 PM – 8:00 PM | RCH 301

SAF VS. MACC STUDENTS TRIVIA NIGHT

Project Managers

Jeslyn, Michelle

Participants

110 (80 anticipated)

Summary

MAcc students faced off in teams against SAF faculty in a trivia night, with a spinner determining question categories (accounting, finance, pop culture, SAF-specific, UW, etc.) and wildcard challenges such as a rap-battle segment. Pizza and drinks were provided; students could participate or spectate.

Financial Breakdown

Item

Cost

Pizza

$378.70

Drinks/snacks

$180.05

Prizes

Not priced on form

Supplies

$56.49

Total (Budget: $1,050.00)

$651.93

Attendance

110 MAcc students attended.

Reflections

• What went well: the large crowd stayed engaged and easy to control; the event started on time thanks to an hour of early setup; all 12 teams got two rounds against the faculty team; the wildcard challenges, especially the rap battle, were a hit.

• What to improve: some accounting/finance trivia questions had incorrect answers and should be revised; the SAF-specific category was too obscure and could be dropped.

• Advice for next time: expect more attendees than the RSVP count suggests (extra pizza had to be ordered day-of); recruit more help for setup tasks like AV collection, food pickup, and decorating.

Friday, July 31, 2026 | 3:00 PM – 5:25 PM | Landmark Cinemas Waterloo (Boardwalk)

MOVIE DAY

Project Managers

Brume Erivwo, Nikita Fediounin, Vedant Shinde

Advertising

Instagram (post & story), word of mouth

Participants

132 (170 anticipated)

Summary

A pre-finals destress outing to a private screening of Spider-Man: Brand New Day, with bus transportation to and from Hagey Hall and concessions (popcorn, drinks, candy) included.

Financial Breakdown

Item

Cost

Landmark invoice (food, beverages, tickets)

$5,587.85

Bus

$508.39

Printing tickets

$73.68

Total (Budget: $7,600.00)

$6,169.92

Attendance

Year

AFM

Biotech/CPA

CFM

Math/CPA

MAcc

Reflections

• What went well: the event ran smoothly with no delays on buses or sign-ins; the Landmark manager was very supportive, keeping popcorn freshly made throughout; the movie started and ended on schedule; there were no attempts to sneak in without registering.

• What to improve: roughly 40 registrants didn't show up — a way to confirm attendance in advance would help avoid over-ordering.

• Advice for next time: have project managers arrive early, since the venue manager wasn't fully briefed on event details this time and required some on-the-spot coordination.

Saturday, August 1, 2026 | 10:00 AM – 10:00 PM | Canada's Wonderland

MACC GOES TO WONDERLAND

Project Managers Adelaide, Stephanie, Albert

Advertising

AFSA Marketing

Participants

150 (150 anticipated)

Summary

A day trip to Canada's Wonderland for MAcc students, with tickets distributed in advance and chartered buses departing from and returning to Hagey Hall.

Financial Breakdown

Item

Cost

Canada's Wonderland tickets

$6,373.00

Buses

~$3,500.00

Total (Budget: $11,000.00)

~$10,000.00

Attendance

150 MAcc students attended.

Reflections

• What went well: the event ran smoothly overall.

• What to improve: WUSA's parallel involvement confused students, some of whom filled out only the WUSA form and not the AFSA one and were then surprised not to receive tickets; this needs to be communicated more clearly next time, since AFSA only has access to its own system.

• Advice for next time: start early and book more tickets — around 175 — since this term's allotment sold out within two weeks and demand exceeded supply.

Saturday, July 25, 2026 | 9:30 AM – 7:00 PM | Grand Bend Beach

BEACH DAY

Project Managers

Simran, Rayah, Sailaja

Anticipated Participants

100

Note: this post-event recap form was submitted incomplete. The date, actual participant count, timeline, financial breakdown, event description, reflections, and attendance breakdown were all left blank. Only the location, time window, project managers, and anticipated headcount were provided.

Internal Services Committee | Fall 2025 & Winter 2026

This section summarizes the events and services delivered by the Internal Services Committee over the Fall 2025 and Winter 2026 terms, drawing on the committee's post-event recap forms. Each entry includes event details, financial performance, attendance, and the committee's own reflections for future planning. No Internal Services events were held in the Spring 2026 term.

FALL 2025

Tuesday, November 18, 2025 | 6:00 PM – 8:00 PM | RCH 301

EXCEL WORKSHOP

Project Managers Japvansh Bhalla, Kevin Tang

Advertising

Lectures, Instagram

Participants

95 (95 anticipated of 120 targeted)

Summary

Excel lessons and workshops were taught by two third-year students for lower-year members, with food and drinks provided to all attendees, followed by an informal networking session.

Financial Breakdown

Item

Cost

Drinks (Bubble Tea, The Alley)

$661.00

Food (Campus Pizza)

$271.00

Gift Cards (Amazon, for coordinators)

$150.00

Total (Budget: $1,100.00)

$1,082.00

Attendance

Turnout skewed heavily first-year (66 of 95 registrants), with additional representation from the CFM, SFM, and Math/CPA programs.

Reflections

• What went well: food choice, session length, the post-event social, and overall turnout.

• What to improve: workshop coordinators should pace content more slowly; sign-in setup and food pickup should happen earlier.

• Advice for next time: share the practice spreadsheet with students before the workshop begins, book rooms as early as possible, bring napkins/paper towels, and confirm coordinator gift cards in advance.

Tuesday, November 25, 2025 | 7:30 PM – 9:30 PM | Hagey Hall, Don Craig Atrium

EXAM DE-STRESS

Project Managers

Jonathan Zhou, Sai Nirmalan

Advertising

Internal Events Committee

Participants

200+ attended; 137 registered online (vs. 200 goodie bags anticipated)

Summary

Run jointly with the Internal Events Committee: Internal Services handed out goodie bags and managed registration/check-in, while Internal Events organized food, a gingerbread house building competition, and ornament decorating.

Financial Breakdown (Internal Services portion)

Goodie bag contents included hot chocolate, green tea, sticky notes, pens, stress balls, Hi-Chews, mini notebooks, holiday-themed items, gum, highlighters, Play-Doh, squishy toys, chocolates, and other treats, totaling $2,155.09 against a $4,000 budget.

Attendance (online registrants only)

Year

AFM

SFM

Biotech/CPA

CFM

Math/CPA

MAcc

Note: figures reflect only students who registered online in advance and do not capture walk-in attendees, who made up a significant share of the 200+ total.

Reflections

• What went well: all 200 goodie bags were distributed, and turnout was well above expectations.

• Advice for next time: increase goodie bag production, aiming for roughly 300 next time.

Wednesday, November 26, 2025 | 6:00 PM – 8:00 PM | RCH 103

NETWORKING FOR NEWBIES

Project Managers Anna Eunhu Do, Allison Wang

Participants

60 (100 anticipated)

Summary

A networking event for first-year (1A) SAF students. Two upper-year mentors led a workshop on effective networking, after which a large group of second- and third-year students joined to talk with first years about their SAF and co-op experience over a Korean fried chicken dinner.

Financial Breakdown

Item

Cost

Mentor gift cards ($50 x 2)

$100.00

Food + delivery (Korean fried chicken)

$1,296.25

Drinks (pop)

$77.75

Timbits

$20.00

Napkins, bowls, toothpicks

$25.90

Total (Budget: $1,500.00)

$1,519.90

Attendance

Year

AFM/SFM

Biotech/CPA

CFM

Math/CPA

Reflections

• What went well: strong food choice (Kim's Kitchen offered a discount and delivery), an engaging session, a large upper-year mentor turnout, and a well-executed presentation.

• What to improve: the date conflicted with the AFM 112 project deadline for many attendees.

• Advice for next time: book rooms in Hagey Hall as early as possible (this term's booking fell back to RCH), write descriptive marketing copy, promote through professors and social media, account for dietary restrictions, and line up backup mentors in case of late cancellations.

WINTER 2026

Saturday, February 28, 2026 | 8:00 AM – 7:00 PM | M3 1006

TAX CLINIC TRAINING

Project Managers

Justine Tso, Sana Hamidzada, Daniel Bet

Advertising

AFSA Marketing

Participants

135

Summary

First-year SAF students were trained to file tax returns for low-income individuals across the Kitchener Waterloo region, ahead of the annual Tax Clinic. Training was delivered by tax professionals, with lunch provided for volunteers.

Financial Breakdown

Item

Cost

Volunteer lunch (Korean Fried Chicken, Subway, water)

$1,214.50

Total (Budget: $1,214.50)

$1,214.50

Attendance

135 volunteers trained: 115 from AFM, 20 from SFM.

Reflections

• What went well: tax professionals taught efficiently and effectively; volunteers stayed engaged through the worked examples; the lunch options were well received.

• What to improve / advice: allow more time to review examples, as some volunteers found the material difficult to follow; test the Google Sheets sign-in integration beforehand, since delays occurred at the start; and build in short breaks, as the volume of material can be overwhelming to absorb in one sitting.

March 21–22 & 28–29, 2026 | 8:00 AM – 10:00 PM | STC 1012, RCH 301/302/305

TAX CLINIC

Project

Managers

Justine Tso, Sana Hamidzada, Daniel Bet

Advertising

AFSA Marketing, Instagram ads, UWaterloo SAF, News & Clubs for UWaterloo, WUSA posters

Participants

144

Summary

AFSA's annual Tax Clinic, in which first-year SAF students volunteer to file taxes for low-income individuals across the Kitchener-Waterloo region, with upper-year students mentoring them across four clinic days.

Financial Breakdown

Item

Cost

Advertising (Instagram ads + posters)

$262.05

Travel & accommodation for tax professionals

$1,187.35

Volunteer food & refreshments

$6,236.99

T-shirts for mentors

$1,983.15

Printer toner

$203.39

Banner

$330.00

Total (Budget: $10,202.93)

$10,202.93

Reflections

• What went well: a prerequisite quiz left volunteers well-prepared; attendees enjoyed the food options; the CATBUS online administration platform was easy to navigate and meaningfully improved efficiency.

• What to improve / advice: start advertising earlier in the cycle, especially the poster campaign; avoid scheduling against the March Open House, which conflicted with this term's clinic; and avoid booking in RCH, where the space became overcrowded

Tuesday, February 24, 2026 | 6:00 PM – 7:30 PM | HH 1101 / 1104

RESUME CRITIQUE

Project

Managers

Jonathan Zhou, Anna Eunhu Do

Advertising

AFSA Instagram, LinkTree, SAF Learn page, SAF Opportunities for You email

Participants

27, plus IS project managers (37 anticipated)

Summary

A resume critique session for first-year students, giving them the chance to have their resumes reviewed and to network with upper-year mentors over a Subway dinner.

Financial Breakdown

Item

Cost

Subway sandwiches & cookies (9 + 2 platters)

$612.28

Mentor gifts (6 mentors) + soda

$174.05

Total (Budget: $800.00)

$786.33

Attendance

Attendance was concentrated in first year (37 including project managers), with smaller numbers of second- and third-years (3 and 1, respectively), plus a handful of cross-faculty guests: one FARM first year, one FARM mentor (4A), and one first-year Economics/Arts student.

Reflections

• What went well: generous food with leftovers to spare; six enthusiastic mentors turned out (one more than the five originally confirmed); strong overall engagement.

• What to improve: a room-booking mix-up meant the group had to relocate partway through; make sure to prevent attendees from over-taking food before committee members are served.

• Advice for next time: read room-booking confirmations carefully to avoid mix-ups; recruit mentors early, since fewer upper-years are on campus in the winter term (reaching out via LinkedIn or through the VP's network may help); and keep backup mentors in mind in case of late cancellations.

Wednesday, March 18, 2026 | 6:30 PM – 8:30 PM | AL

TRIVIA & NETWORKING

Project Managers Hakan Jilani, Kalsang Choden, Sai Nirmalan

Advertising

Internal Services Committee

Participants

42 (50 anticipated)

Summary

A trivia and networking night to help SAF students unwind, featuring Blooket and OpenGuesser games, food from Lazeez Shawarma, and prizes for the winning teams.

Financial Breakdown

Item

Cost

Prizes for winners

$93.24

Food (Lazeez Shawarma)

$360.80

Soda

$17.99

Subway

$100.00

Water

$4.29

Total (Budget: $560.00, later increased)

$576.32

Attendance

Turnout was almost entirely first-year: 35 from AFM and 7 from SFM, with negligible representation from other programs.

Reflections

• What went well: students were enthusiastic about the trivia games and the food drew additional attendance.

• What to improve: offer a wider variety of games; start marketing earlier.

• Advice for next time: submit the marketing and room-booking forms as early as possible, and budget for the possibility of needing extra funding for food.

Tuesday, March 24, 2026 | 6:00 PM – 8:00 PM | Douglas Wright Engineering 2527

EXAM DE-STRESS

Project Managers Allison Wang, Yusra

Advertising

Internal Events Committee

Participants

100+ attended (80 anticipated)

Summary

Run jointly with the Internal Events Committee: Internal Services distributed 300 goodie bags and handled registration/check-in, while Internal Events organized food and games.

Financial Breakdown

Full itemized costs are tracked in the committee's linked spreadsheet rather than the recap form itself. Reflections

• What went well: students responded positively to the goodie bags and gave good feedback on item selection.

• What to improve: the committee overestimated demand and was left with leftover goodie bags this term.

• Advice for next time: order goodie bag items 1–2 weeks in advance and begin packing right away to stay ahead of ordering delays, assign enough people to help pack, and size the goodie bag order to actual expected turnout.

Accounting & Finance Student Association

Elections Re-Cap

General Elections and Governance Appointments

In accordance with the requirements set out in the Constitution, general elections were held during the Spring term to establish the incoming Executive team, Board of Directors (BoD), and Presidential leadership for the governing year. Organized as a joint process alongside the Accounting and Finance Endowment Fund (AFEF), this cycle marked the final shared election framework between the two entities. Going forward, AFEF will administer its own independent electoral process, though both groups are encouraged to align their timelines during the same operating period to maintain engagement across the School of Accounting and Finance.

The initial election round saw healthy engagement, with strong student interest across the Vice President portfolios leading to contested races and elected executive seats. Concurrently, three of the five AFSA Board of Directors seats were successfully filled, while AFEF filled five of its six available seats. However, two AFSA director seats and the AFSA Presidential position remained vacant following this first round.

To resolve the remaining vacancies, a subsequent by-election was conducted. This second phase successfully filled the remaining two AFSA Board of Directors seats and secured the final AFEF position, fully populating the general boards of both organizations as well as the AFSA executive roster.

With the AFSA Presidency still open following the by-election due to a lack of candidate interest, the Board of Directors convened an internal meeting to address the vacancy. To guarantee operational stability and leadership continuity for the 2026–2027 governing year, the Board appointed the Chair of the Board of Directors at the time, Gurman Johal, to step into the role of President. With this final appointment, all governance and executive seats were completed, positioning the association with a full, operational leadership team heading into the governing term.

Constitutional Adoption and Referendum Results

Running parallel to the initial candidate elections, the revised AFSA Constitution was officially put to the broader SAF undergraduate student body for adoption alongside proposed constitutional updates for AFEF. The student vote met the mandatory 10% quorum requirement of eligible SAF constituents and received strong affirmative support. This successful vote enacted the comprehensive constitutional overhaul, formalizing the new governance standards, updated structural separations, and modern procedural rules for the association.

Accounting & Finance Student Association

Finance Report

Budget Changes

AFSA Goes for Gold Program

The program was noted for its overlap with SLEF by WUSA but majority of the board believed the service still played an important role. $5000 was allocated for Winter 2026 to be treated as internally restricted funds, with any unspent balance to be carried forward for use in future semesters for the same purpose. $1000 was allocated for Spring 2026.

Annual General Meeting

There was an update to the AFSA 2025 Fall budget to reflect costs of holding the AGM. Adjusted expenses for the amount of pizza purchased as there was greater attendance than expected.

AFSA Jackets

AFSA Jackets were ordered in Fall 2025 for executive and board members, however, they were held by UPS/seized by customs because of a situation regarding import charges. As such, $1300 was approved in the Winter 2026 budget for a replacement order of new jackets.

Merch Subsidy

Originally $3000 in Fall 2025, the amount was moved to the Winter 2026 semester during a vote by BOD. The full amount was then approved again for reallocation to the Spring 2026 semester.

Networking and Trivia Event

$560 for a networking and trivia event as brought forward by Internal Services was approved for Winter 2026. The amount was given to cover the costs of the event and the distribution of cheques or gift cards to three prize winners.

AFSA Volunteer Appreciation Event

$750 was approved for Winter 2026 for the event idea brought forward by Internal Events to appreciate AFSA members for their work and contribution to the organization. The amount was given to cover decorations, items for activities, food, and drinks.

Blue Jays Game

Approval of budget for the Jays Game event to be hosted in early September. $4,000.00 for bus transportation and $11250 for tickets (125 tickets x ~$90) with an estimated net cost of $7125 after accounting for expected game ticket revenue of $8125 (125 x ~$65).

Major Expenses

Fall 2025

• Culture Night

o Budgeted $ 13,675.00

o Actual $ 6,902.27

• GradBall Committee

o Budgeted $ 44,430.50

o Actual $ 39,860.44

Fall 2025 loss actuals of $(8,389.93) significantly under budgeted loss of $(27,661.00).

Winter 2026

• First-Year Semi Formal

o Budgeted $ 16,000.00

o Actual $ 10,876.98

• Tax Clinic

o Budgeted $ 15,000.00

o Actual $ 14,606.14

Winter 2026 actual loss of $(11,050.26) below budgeted loss of $(18,677.00).

Spring 2026

• SAF Sports tournament

o Budgeted $ 7,600.00

o Actual $ TBD

• MAcc Wonderland Trip

o Budgeted $ 11,000.00

o Actual $ TBD

As Spring 2026 is the current ongoing term, actual comparisons are TBD.

Note

Budgeted vs Actuals

Every term, there are people who forget or delay sending in their cheque requests for reimbursement. These numbers are not accounted for in the actuals amount on the AFSA Main Budget, thus the variance from the budgeted amount may be reflected inaccurately.

AFSA Clubs

There are currently four clubs affiliated to AFSA and are accounted for under the AFSA bank account: ACE, AFOW, HEDGE, UWAC. However, we have also been receiving cheque requests from other SAF

related clubs. Future activity may involve discussing interest in integrating more clubs and the process for doing so.

Gift Cards

There has been a lot of confusion around the switch from gift cards to non-cash prizes. Many cheque requests are still incoming without prior approval for issuance of gift cards or the provision of contact information about the recipient(s). For future changes to reimbursement procedures, consider meeting or email announcements to executives of affiliated clubs in addition to AFSA committee VPs.

Accounting & Finance Student Association

Mission Highlight

Mission and Core Governance Oversight

Throughout this year, the Board of Directors remained steadfast in its commitment to serving the best interests of all School of Accounting and Finance students through rigorous governance, diligent financial oversight, and strategic guidance. By conducting thorough budget reviews and approvals, evaluating organizational procedures, overseeing democratic general elections, and providing continuous advisory support to the Executive Committee, the Board actively reinforced the core values of transparency, operational integrity, and responsible fiduciary stewardship across all student initiatives.

Long-Term Sustainability and Leadership Support

Beyond fulfilling its immediate constitutional mandates, the Board placed substantial emphasis on strengthening the long-term sustainability and operational foundation of AFSA. Directors focused on standardizing governance processes, preserving vital institutional knowledge across leadership transitions, and formulating actionable recommendations to empower incoming student leaders. These structural efforts ensure that AFSA remains an enduring, trusted representative body equipped to deliver impactful academic, professional, and social programming for the SAF student community year after year.

Strategic Advocacy: SAF Lounge Renovation Project

In alignment with AFSA’s core goal this year to give back directly to the student body and enhance the on-campus student experience, the Board prioritized the modernization of dedicated student spaces, centered on the SAF Lounge. To realize this vision, AFSA engaged in strategic, high-level discussions with both the School of Accounting and Finance (SAF) leadership and the Accounting and Finance Endowment Fund (AFEF) to plan a comprehensive, multi-stakeholder renovation of the lounge in the near future. This collaborative initiative will transform the space into a vibrant, modern hub designed to support collaborative study, networking, and community building for all SAF students.

Accounting & Finance Student Association

Presidential Note: Rory Norris (2025–2026) This final part is a broad reflection on AFSA's governance, transparency, partnerships, representation, space, and institutional development during my term as President.

Rebuilding The Foundation

When I began my term as President of the Accounting & Finance Student Association, AFSA was an organization with enormous potential, but it was also an organization that needed to re-establish confidence in its governance. The years immediately before our term had exposed weaknesses in elections, succession, institutional record-keeping, and adherence to the organization’s own governing documents. Those problems were larger than any one person. They demonstrated what can happen when a student organization relies too heavily on informal practice and institutional memory instead of clear, durable systems.

For that reason, one of the most important accomplishments of this year was simply getting AFSA back onto a proper organizational footing. We worked to move away from uncertainty about how decisions were made and toward a model in which the Constitution, by-laws, Board, Executive, committees, and membership each have a clearer place. The passage of the referendum and the adoption of an updated Constitution and by-laws were central to that work. They gave AFSA a stronger framework for elections, financial oversight, conflicts of interest, privacy, accountability, and the ongoing operation of the organization. The most important test of those reforms will not be whether they worked for our team, but whether they continue to work for the teams that follow us.

Transparency As a Normal Practice

I am particularly proud of the progress made on transparency. At the beginning of this work, basic information that members should reasonably expect from a student association was difficult to find. During our term, AFSA returned audited financial information to public view, posted meeting agendas and meeting minutes, maintained public governing documents, and expanded the information available about the people doing AFSA’s work. The recent recognition of committee members on the AFSA website is a small but important example. Committee members contribute real time and effort to the organization, and their service should be visible and valued.

We also held an Annual General Meeting that gave students an opportunity to come out, hear about the organization, ask questions, and engage directly with its governance. An AGM should never be viewed as a procedural inconvenience. It is one of the clearest reminders that AFSA belongs to its members. Going forward, public financial reporting, timely minutes and agendas, an annual meeting, and open explanations of major decisions should become routine expectations rather than special initiatives.

The Next Standard for AFSA

Even after a year of significant progress, AFSA still has substantial room to improve. On the Waterloo campus, organizations such as the Engineering Society and Mathematics Society show what mature student governance can look like: established representative structures, regularly maintained governing

documents, public meeting records, long-term planning, and strong continuity from one leadership team to the next. AFSA does not need to copy EngSoc or MathSoc, but we should aspire to the same level of institutional durability and member confidence.

There are also useful examples outside Waterloo. Across Canada, business student associations operate as substantial student governments and work together through the Canadian Association of Business Students (CABS). CABS connects student leaders through national conferences, competitions, roundtables, and leadership development, allowing associations to share practices and build capacity together. Over time, I hope AFSA can operate with the consistency, scale, and external connectedness that would allow us to function as a peer to the strongest business student associations in Canada.

The next phase should therefore focus on institutionalizing what we rebuilt: a predictable annual governance calendar; stronger transition and knowledge-management records; clear terms of reference for committees; annual budget-to-actual and impact reporting; regular Board and Executive assessments; and a long-term strategic plan that survives leadership turnover. Governance is strongest when the next team does not need to rediscover how the organization works.

Representation, Partnerships, And Space

One area that still requires careful work is AFSA’s relationship with graduate representation, particularly the place of Master of Accounting students. MAcc students are part of the SAF community and have historically participated in AFSA, while the Graduate Student Association has an important institutional mandate to represent graduate students. AFSA and the GSA should come to a clearer mutual understanding about representation, voting, services, fees, advocacy, and communication so that MAcc students receive strong support without duplication or ambiguity. That relationship should be written down and periodically reviewed rather than depending on informal understandings between individual leaders.

AFSA should also continue to work closely with our friends in the Arts Student Union. Although SAF students have a distinct representative structure, AFSA and ASU share many interests: academic quality, student space, affordability, community, and the broader student experience in the Faculty of Arts. Continued cooperation will make both organizations more effective advocates, including in the long

running need for more student-controlled and student-oriented space on campus.

The separation of AFSA and the Accounting and Finance Endowment Fund is another important development. Clearer organizational boundaries can strengthen both bodies by allowing AFSA to focus on representation, services, events, and advocacy while AFEF operates under its own governing framework and funding mandate. Separation should not mean isolation. I hope AFSA, AFEF, SAF, and other partners can work together on the capital renewal of student spaces, including the CPA Lounge on the second floor of New Hagey. The lounge has been an important academic and community space for SAF students, and future renewal should be approached as a shared, long-term investment in student life.

Closing Reflection

Looking back, the most meaningful outcome of this year is not any single policy or document. It is that AFSA is in a stronger position to govern itself responsibly than it was when we began. The referendum, updated governing documents, restored financial transparency, public agendas and minutes, AGM, improved recognition of volunteers, clearer organizational relationships, and renewed attention to long

term space and representation all contribute to that stronger foundation.

There is still more work to do, and that is a healthy reality for any student organization. Good governance is never finished. Each incoming team inherits both the progress and the unfinished work of the team before it. My hope is that future AFSA leaders continue to build a culture where students know who represents them, understand how their money is used, can see how decisions are made, and have meaningful ways to participate.

I wish the incoming team the very best of luck in the continued operation of the organization. I hope they preserve what is working, improve what is not, and keep raising the standard for what AFSA can be. If that continues year after year, AFSA can become not only a strong student association within SAF, but one of the strongest examples of student-led governance at Waterloo.

Rory Norris

AFSA’s 2025-2026 President

Prepared as an outgoing governance reflection.