The University Bookstore exceeded income expectations this year by $50,000, which violates its non-profit status. So director Jonathan A. Kates has committed the surplus to Student Council, which will appropriate the money toward student performances and the Student Escort Service, Student Council President Abby Fifer announced last week.
As a non-profit agency of the University, the bookstore is not allowed to keep excess funds and is obligated to give surpluses back to the University.
After covering basic expenses, such as salaries and building maintenance, giving its obligatory $250,000 to the University endowment and establishing a contingency fund to cover unexpected renovations, repairs and construction, the bookstore produced enough money to give back to the University community, Kates said.
"We want to do something that has a very clear, positive effect for students," he said. "Our first commitment after expenses is the endowment. Once that is met, there is every hope that we will support the students with this endeavor."
Based on expected earnings for the year, Kates approached former Student Council President Joe Bilby in May with the donation, which already has been committed and set aside for student use.
After Bilby stepped down, Fifer continued discussions with Kates and Assoc. Dean of Students V. Shamim Sisson about what to do with the surplus.
"It would be a physical way for students to know that the bookstore was giving them a gift," Fifer said.
After weeks of meetings, she said they decided to use the money to purchase lighting equipment for student performances.
She added that providing lighting is exciting because student groups traditionally have had problems trying to acquire lights for various performances. Groups often then come to Council for appropriation money to buy proper equipment, which can cost up to $30,000.
"This university is completely ill-equipped to host independent student performances," she said.
The remainder of the donation will be used to improve the Student Escort Service. Council members are hoping to coordinate a shuttle that will run during the school year every 30 minutes from the library bus stop by the Chapel on McCormick Road.
Fifer said the money would be used to create a relay-type system in which students could wait for the shuttle in the lobby of Clemons Library. Students could then wait for a light to go off, signaling that the van had arrived.
"These are two initiatives we thought would benefit the most number of students in a very specific, physical way," Fifer said.
Council members hope to coordinate improvements before students return in August, she said.
The bookstore's profit is performance driven and therefore depends on the success of sales, Kates said.
He hopes the store will be profitable enough in the future to continue giving money back to the community.
"If support from students continues as it did last year and as it has in the last few years, I see no reason we can't continue doing this," he added.
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