Large revenue increase in 2011 for Students of Georgetown, Inc.
Students of Georgetown, Inc. released its Annual Report for fiscal year 2011 last week, revealing financial success and income statements boasting a net income of $244,384.17, a significant bounce back from the previous year’s net loss of $10,418.
Current Chief Financial Officer Scott Munro (COL ’12) attributes this success to a variety of factors, including increased margins and re-pricing in both Vittles and coffee products. Keeping costs down through key vendor changes in combination with a raise in the price of 20 oz. Coke products were also large contributors to this year’s change in net income.
“I think my philosophy has always been: the better The Corp can do financially, the better we can serve the community,” Munro said. “The Corp, and I, have also always been big on providing students with low cost services: whether that’s catering, printing, a banana, we pride ourselves on being the cheapest (and happiest) company around.”
The Corp seeks to emphasize that its goal to ensure steady revenue growth goes back to the fact that income is directly reinvested back into the Georgetown community. While some Corp Philanthropy efforts such as the annual Corp Gala and the Reimagine Georgetown Grant are more familiar to students, there are also several other facets through which the Corp gives back. The Annual Report lays out four committees and initiatives: the Corp Service and Outreach Committee, the Corp Philanthropy Committee, the Corp Advancement Team and the Green Corp Initiative. Through these, The Corp is able to more efficiently and effectively improve upon the implementation of its goals to both increase involvement and transparency with the student body.
“I’m most excited about what we can do with our Philanthropy Committee and what active steps we can take on campus to give back to the community,” said incoming CFO Vidur Khatri (MSB ’14) on how he hopes to continue The Corp’s success. “I’m excited about expansion and reinvesting in our services that can ensure that we continue to serve the highest quality products to our shareholders, the students of Georgetown.”