EXCLUSIVE: More student unions could pass their debts onto students
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A number of UK universities could pass their debts on to students in the case of financial failure, we can reveal. Yesterday we reported that the University of South Wales (USW) added rules in 2013 allowing its students' union to pass its debt onto students and graduates. In her statement to us, USWSU President Megan Wilson implicated five more student unions that hold students liable for their debts saying that "this clause is typical of many other Students' Unions,' including, but not limited to, Durham, Sussex, Nottingham, Keele, Leeds and Oxford." According to an annual report ending June 2016, the University of Oxford has made losses of £14,709 and was expected to end 2016-2017 with a deficit of £83,000. Whilst their unrestricted funds stood at £119.310 in 2015 (after ending the year on a £145,452 surplus), the more substantial loss in 2016 decreased reserves to £75,992. Section 7 of OUSU's Article of Association, titled 'Liability of Members,' states that there is the potential to incur a liability fee if the union ceases to exist, each member is expected 'to contribute to the assets of the Union in the event of its being wound up while he or she is a Member.'
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