With our student fees released, I could finally pay back the multitudes of people we owed money to. This took much more time than I had anticipated. I was then able to turn my attention towards getting those of our funds frozen by Revenu Quebec released.
This required getting up-to-date on all our tax filings, as the AUS had been tax-delinquent since 2008. Although most of the important filings had been done already, there were a few which were holding us back, mostly involving the small retail operation the AUS runs called SNAX.
These tax filings were taken care of by our accountants, and I was relegated to a support role which required digging up old documents and trying to re-construct missing financial history. This article goes into a bit of the history which led to our funds being frozen by the Quebec government. I was interviewed for this right around the time we had made our final submission to Revenu Quebec and were expecting our funds to be released in 30-60 days.
This article is a follow-up to the previous one. The exact amount held back by Revenu Quebec was indeterminate and depended on how much they assessed the AUS owed in charges for delinquency and the like. I was expecting we would get back $100,000 but we ended up receiving $114,000. This amount was immediately transferred to our savings account, which had been hurting over the last few years (as discussed in the articles).
Getting our student fees released and finally being up-to-date on our tax filings were immensely important. Failure in either of these would probably have meant the AUS filing for bankruptcy. It may seem negligent for an organization to get to the point where it has to cover years of ground in financial reporting over a few months, but understanding what caused the AUS to come so close to bankruptcy was critical in making sure this didn’t happen again.
To prevent the AUS going down the same path in the future, it was clear the AUS needed to be restructured, at least as the very first step. I will cover this restructuring in the next post.