Ryerson University has announced that it will withhold funding from the Ryerson Students’ Union amid allegations of misused student funds by union executives.
The university administration met with the RSU’s board of directors on Wednesday night to request a forensic audit of the student union’s finances, which have not been reported since the current executives took office in May 2018.
The entire result of the audit must be shared publicly with the university despite the RSU being a separate corporate entity from Ryerson University.
Student fees, except funds necessary for the RSU’s day-to-day operations, will be withheld by the university until the results of the audit are available and “there is greater transparency and confidence that the RSU is managing student funds responsibly,” Ryerson said in a statement.
Ryerson administration also required the board of directors to renegotiate the terms of transferring payment between the university and the RSU.
“The university takes these allegations very seriously,” the statement said. “Protecting the interests of students is of primary concern to the university.”
Last week, credit card statements in RSU president Ram Ganesh’s name were posted online showing hundreds of thousands of dollars worth of expenses charged at nightclubs, bars and the LCBO, among other questionable purchases.