Annual Report
2007
“Your Growth Is Our Strategy” At STAR we believe that every student should always develop him- or herself besides their studies. On and off campus there are multiple opportunities for extra-curricular activities and we believe that organising and participating in these activities can make a difference, now and in the future. Together with our partners and the support of RSM Erasmus University we strive to give students a more valuable time at this University and give them the chance to ‘Grow’ even more.
Table of Content Profile History Message from the Board 29th Board of Study Association RSM Erasmus University Special Thanks to our Volunteers Statistics Events Summary of Consolidated Financial Statements
Profile About STAR Study association of RSM Erasmus University; STAR, is with
Highlights
over 5.500 members which over 1.000 international students and 220 active members, but most of all the most active and international study association in The Netherlands. STAR provides students with the opportunity to get in contact
11% increase of revenues to €1.5 million
with their fellow students, their study and a broad range of companies. This is facilitated by the great number of activities that are organised by numerous committees and Master
Over 5500 members
Study Clubs. There are activities for both BA and IBA students in all phases of their study. The best known events are:
1100 new members
> STAR Management Week, which consists of an Entrepreneurial Seminar, an Academic Conference, workshops, master classes and the biggest student party in The Netherlands. > The International Business Study, where students conduct research for companies in an emerging market. > The Erasmus Recruitment Days, which is the largest recruitment event of the Benelux that is organised by students. Next to the academic activities, STAR also aims to arrange a broad range of social activities. Every Wednesday the weekly drink at the Villa Kakelbont takes place and every month an IBA social drink brings all IBA students together. A few times a year parties, like the STAR party in the STAR Management Week, make great DJ’s take the stage. We communicate to our students by means of our website, direct mail, the STAR Diary and other publications (brochures, flyers, posters, etc.) We also have our own magazine, the STAR Interface which is distributed five times a year. In this magazine we have the latest news on STAR activities, interviews with CEOs, entrepreneurs and politicians, as well as news on developments within the business environment. The Interface is sent to 7.000 students and relations and is thereby the largest faculty magazine in The Netherlands. In short, students will meet STAR during the full period of their studies; from the introduction weekend up until their graduation party.
250 organising members with 29 different nationalities 50+ events organized
MISSION Study Association RSM Erasmus University (STAR) aims to provide development opportunities for RSM Erasmus University students, either via active involvement in organizing projects or participating in its activities. These development opportunities are staged on and of the university and together
During the year more then 300 students went abroad Guest speakers as mr. Goldschmeding, mr. Lubbers, mr. Zalm, mr. Scheepbouwer and mr. Bückner
with the faculty, the university and other organizations who take interest in RSM Erasmus University students.
VISION In our continuous search of developing and growing the quality and effectiveness of our core business of student development, we have three primary trajectories which constitute the main arenas of strategic, tactical and operational discussion. Archetypical these trajectories are represented by three questions: “Do we provide an unrivalled learning context for our volunteers?” “Are we adding value to our members?”
Cooperation with 30+ embassies Cooperation with more than 200 companies
“Are we as a student organisation a premium partner to our stakeholders?” These questions are essential to our license to operate and our effectiveness in reaching our goals.
We have the best (and most fun) volunteers Our core business is student development. We believe that the most complete and immerging experience of our core business is focused around our volunteers. By actively participating, our volunteers learn from each other and from themselves. Management of our volunteer workforce by recruitment, training, in-house development and post-project trajectories will provide the best learning context for that which is regarded as our most important asset. Our volunteers deserve an organizational structure in which their development is supported and stimulated by the proper context of identification, nurturing and challenging of one’s skills. As this process begins and ends with the volunteer’s interaction amongst themselves, communication is of the highest value within STAR. Fundamental to our volunteer’s mindset is the eagerness to learn, the room for error and a balance between hard work and fun.
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We are adding value to our members In essence, we earn our license to operate by providing added value to our members. By organizing a balanced array of activities we will strive to meet the wishes of all our students. Management of our portfolio by mechanisms of evaluation, benchmarking, improvement and selection will keep our activities in close relation to the needs of our students. Balancing our portfolio is not a one-dimensional discussion on both content and time. By taking into account project effectiveness, fundamental needs of members and CSA arguments we will continuously increase our added value.
We are important to our stakeholders We do not operate in a vacuum, besides our members and volunteers we have other stakeholders. Management of these stakeholders through dialogue, investment and providing service will increasingly shift our approach from a customer orientated relationship towards a partnership nurturing style. Other primary stakeholders as RSM Erasmus University, our commercial and academic network, our network for reaching out to guest speakers, the city of Rotterdam and supportive foundations are essential to our processes. By combining both our own interest and that of our stakeholders, we can increase the overall effectiveness of STAR’s projects.
We are communicators We dot not believe that our strategy, mission, vision and values begin and end on the drawing board. These are not static viewing points, but elements of shared interest and give room for continuous self exploration. This is what we hold close to our hearts; as the organization as a whole, as subgroups and as individuals. Each of us has a valuable opinion and needs to have a say in strategic, tactical and operational discussions. Our livelihood depends on the participation of our volunteers, members and stakeholders in constructive dialogues.
Balanced drive Our foundation is that it is hard work at STAR, but the experience is one none of us is willing to trade. Our volunteers have a balanced drive which enables them to learn, realize that success is sometimes achieved through failure and that hard work and fun can go hand in hand. Our employee communication and recruitment revolves around the balanced drive. This is the common ground of all our volunteers and creates understanding and bonds.
Uncompromising virtues Our brand is one of the strongest on campus. Our organizational virtues of diversity, honesty, respect and
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fairness are intertwined to both our branding and employee communication. We strive to be innovative and challenging, claiming a leading role as a student organization with strong value branding. The way we brand our projects and the way we manage our members’ perception of STAR revolves around our one brand strategy. With our balanced drive as foundation, we can elevate a set of uncompromising virtues along with our ambitious goals to make a lasting impact in the way we communicate.
Unrivalled achievement We are unrivalled in what we do. As our organization has the critical mass to make lasting impacts, our achievements are unique. Based on a strong balanced drive and our uncompromising virtues, our volunteers have a unique message to communicate to our members and our stakeholders.
your
growth is our
strategy
History
W
e write the date of the 26th of May 1976. During a special student meeting, the students of the
‘Interfaculteit
Bedrijfskunde’
(Interfaculty
Business
Administration) discussed the lacking communication between students and staff, thereby missing the chance to express their vision to the interfaculty’s administration. All were aware of the same fact: an association should be found. During a meeting of the student representatives on 16th September an ad interim board was installed to found an association. The ad interim board investigated already existing organisations; the ideas of staff, alumni and students were gathered; and plans were made. Due to the fact that the interfaculty’s staff was engaged in other affairs, the idea of a dynamic faculty policy was seen as impossible and undesirable. Therefore it was decided to found an association pure for students, with a mission to “represent study- and students stakes of
memorandum of association on 27th May, 1977. The succeeding number of boards lifted the association on higher levels. On June 23, 1986, these efforts were rewarded by receiving the A-status, the most premium status the University can acknowledge to one of the associations being active on its premises. It was also the year the first Management Week was organized. In 1987 the first Almanac was published and the first International Business Study, as we know it nowadays, was organized. The exact meaning of S.v.i.i.b. lost its meaning when, in 1984, the cooperation between the different universities was lifted and the faculty Business Adminstration became an official part of Erasmus University. In 1994 it was therefore decided to write the name as a noun, also later recorded to remove the dots between the characters, as the name was widely recognized within the Business Administration population.
the students of the Interuniversitary Interfaculty Business
Also a lot of daughter associations (Dutch: disputen) were
Administration.” The association focuses on three targets:
established. In random order we can name Markant for the
external contacts, internal contacts with scientific staff and of
marketing department, Impuls for the Business Information
course the mutual contacts.
Management students, Femus for those who studied Finance,
On March 21, 1977 the activities of foundation were
Strategion for the strategy students, etc.
completed, resulting in a founding board existing out of Gosse
BActive was founded in December 2000 by several students
Jensma, Alexander Maas, Hans van Oort, Edu Massink en
of the then newly started program in International Business
Albert Dalmeijer. In the next meeting the founding board was
Administration. At this point the program was part of both the
partly replaced by freshmen resulting in the real first S.V.I.I.B.
FBK and FEW, hence also initially the cooperation between
Board officially in place from the May 2 , 1977 onwards. The
Sviib and the Economic Faculty Assocation Rotterdam (EFR).
founding board’s only task was actually still to sign the official
As of September 2003 the FEW pulled out and the program
nd
continued only under FBK. After paying a small sum to the EFR, BActive also continued under the sole supervision of Sviib. The aim of BActive was to offer activities in English which both Sviib and EFR did not offer at that time and to put an emphasis on the social activities. The reason behind the latter is that many international students are not a member of a student association, and therefore also look to their study association for social activities. In 2003 and 2004 four prominent speakers visited Sviib, the faculty of Business Administration and the Rotterdam School of Management: Vicente Fox, former president of Mexico, Boutros Boutros-Ghali, former UN Secretary General, C.K. Prahalad, management guru and Jack Welch, former CEO of General Electric. Together with the establishment of RSM Erasmus University as we know it today, leading to a more conjoint organisation of the BA, IBA and MBA studies, the aim was to have the same conjunction among the study associations. During that time, the BA and IBA study were both getting more internationally focused. The typical difference - Sviib being focused on the BA student and BActive on the IBA student between the two groups was therefore getting smaller. In the beginning of August 2005 Sviib and BActive merged into STAR, an association with a bit of both worlds and a more international focus. A new international name would fit best with the new direction of the association and it was decided not to renumber, but to take the foundation year of the old S.V.I.I.B. as a starting point. Activities have become more international and more extensive. The European Business Study was completely replaced by the International Business Study, the Interface Magazine has grown from a photocopied A5 Magazine to a professional full color A4 Magazine and the Sviib (Management) Week with its Sviib (Management) Week Party has become a phenomenon. Through the past 29 years STAR has become an association of influence, diversity and professionalism. With over 5.500 (inter)national members, of whom 220 are volunteers, we can proclaim to be the largest study association for Business Administration students in The Netherlands and in Europe.
Message from the Board
he 1st of August was the day the 29 th Candidate Board semi-officially took office. This team would be in the
Transparency The first milestone is already the report which lays on the table
end responsible for the success of their association’s
in front of you or which is momentarily in your hands. This
activities, the strategic (or tactical) steps the association
document is a reflection of our commitment as stated during
would take and the relationships with STAR’s stakeholders.
the Semi General Assembly of Members on the 13th of March
They would be overlooked and advised by the Members of
of this year: giving a better and more transparent insight in
the Supervisory Board.
our activities, affairs and administration to our volunteers,
Now, when the end of the academic year 2006-2007 has passed, it is time to have a look in the back mirror to what has been done in the past academic year and – more
our members and our partners. The second document which hopefully instills a true mutual trust between STAR and all those who hold STAR in high esteem.
importantly – to look at STAR’s future. The question of what has happened in the past twelve months should perhaps
Booksale
merely be a memorable illustration of a more fundamental
Our organization and the freshmen of the 29th Board were
issue: what can be considered as this year’s inheritance to
already confronted with the first challenge in September,
a successful future for STAR and to what it holds so dearly.
which had an extra spin to it in comparison to former years.
We will look at the past year by first observing some milestones of this academic year, after which we will proceed with the points of execution of the 29 th STAR Board’s Policy as presented on the 13 th of September 2006, titled ‘Your Growth is Our Strategy’: The Rise of Our STARs Measuring Matters
As always, the start of a board year comprises of making new RSM students enthusiastic about joining STAR, whether they are passive or active members. Nevertheless, for the gross of our members, one of the most appealing arguments to fill in a membership form is getting a discount on their books. The 28th Board took the bold initiative at the end of the year to change from a university-based, more expensive book supplier to a lowest-price-guarantee, more service orientated
Students meet Community
supplier. This would create a competitor on campus and could
Hello, Mr. President
form a threat to STAR’s license to operate: the influx of new
Welcome Back!
members. However, not something has happened by far. We
Grand Festivity; the VIth Lustrum
can undoubtedly say that through the great effort at beginning
of the year and by looking closely to the actions of the
served as guest and host. This made us unfortunately decide
competitor-supplier throughout the year, STAR has been in the
that our resources could be allocated in a better way.
position to welcome more new members than the year before and the revenue of the books has even increased. Due to this new partnership our members need to spend considerable less money on their books.
Board Composition During the second half year, we were obliged to think about next academic year. What would be the theoretical composition of a new board; did we want to make any adjustments? After fruitful discussions between and within the 29th Board and the
The International Sport Relations is a committee which sends out a group of students to an international sports tournament. However, due to serving STAR’s mission less than most of our other projects and being mostly concentrated around a small group of students, we decided to allocate STAR’s efforts to other goals. Besides this, it was also decided – where possible – to change certain committees ‘formulas’ to the advantage of its success and to introduce the support teams.
Supervisory Board, it was decided that we had to make some
The successful implementation and the obtained achievements
structural changes while reconfirming the will to recruit nine
of these support teams, as the Marketing Support Team, the
candidates. Of these changes, we believe that especially the
ICT Support Team and the Commercial Support Team, will
renewed focus on ICT – for which a special function has been
certainly help the association to reach ever higher levels in the
created – and the new board-supervision structure will be to
future, being able to present more effective promotion, better
the benefit of a growing and complex organization as STAR,
infrastructure and commercial contacts and thereby leaving
and thereby its volunteers and its members.
room for taking up new initiatives.
Product Portfolio
Finance
Nearing the end of the academic year, we also had to think about
Within the field of finance and all that it surrounds, the 29th
necessary changes in the product portfolio. Unfortunately
Board – in conjunction with the Verification Committee
every change that is made, is unpleasant to those who
– have made some structural changes. In the past years, a
have been in the committee in the past or those who have
malign treasurer had the possibility to transfer vast amounts
benefited from it. The 29th Board saw it as their painful duty to
of money from the bank, without being checked at that very
put one step back, thus downsizing STAR’s product portfolio
moment. The initiative was therefore put in place to divide the
with the Philips Innovation Award, the International Week and
responsibility of transferring money from one bank account to
the International Sports Relations so that succeeding boards
another between two persons. Furthermore, a start has been
could take two steps forward again.
made to research the financial juridical system of STAR and
The Philips Innovation Award, organized in cooperation with a Rotterdam student fraternity, was decided to cancel after failed negotiations in which STAR strived having our volunteers
the financial risks it undergoes. In this way we hope that we can avert any financial risk whatsoever and that we are certain that we abide by the fiscal laws of this country.
to be able to join as committee members. Concerning the International Week, we saw the biggest value contribution when international students came here for the week. At the same time, however, the relationship with people who STAR sends out is almost zero. That is why the latter is seen as of less importance to be involved in. Unfortunately the organization which organizes all the International Weeks demands to receive students as well; in this way both having
Vision In the Semi General Assembly of Members in March and in its report, we shortly underlined our will to rewrite a vision to which both coming STAR boards, as well as the Supervisory Board would bound itself to. We believe that redefining starting points and common ground such a document will eventually benefit the association at large, providing it with a clear,
consistent and transparent line showing what the association
The expectation is that during the Semi Annual General
wants to be, where it wants to go and how it wants to arrive
Assembly of Members of the 30 th Board, the entire document
there. The vision has been explored from a Supervisory Board
can proudly be presented to the members.
perspective with involvement of the current board by forming a group of four to discuss present issues and to put the thoughts into words. The time has been too limited to finish this document of this high importance, nevertheless some preliminary conclusions have been agreed upon.
The Rise of Our STARs STAR’s human resources – our volunteers – are the most valuable asset of the organization. This year, 250 students have put time and effort into their projects, making STAR the
First of all, we have to acknowledge – and design the
great organization it is today. We can honestly say that we
organization accordingly – that our Core business is student
are very proud of all the work that has been done and the
development, and as time has learned, most effectively
warm atmosphere that all these volunteers brought into the
achieved by our volunteers. We do this by nurturing the
organization.
idea that volunteers learn from themselves and each other while being active within STAR. This will be increased by
This year for the first time HRM was a core function of one of
institutionalizing, communicating and really feel that values
the board members. With this position in the board, a large
as the possibility to make mistakes and learn, sharing those
focus was placed on the active members. Because we believe
experiences and hard work, but having fun altogether are
that what is good for the active members, is good for the
entrenched in the organization.
organization as a whole, this focus on HRM will be continuing
Besides this, we will do everything in our power to keep adding value to our members by always closely looking at project effectiveness and presenting our members with an attractive portfolio of activities which they think are useful and valuable.
in the coming years as well. The goal of HRM in STAR is threefold: First, to optimize the inflow, through put and outflow of active members; Second to provide our active members with an even greater learning opportunity, more knowledge sharing within the organization
However, the triangle is not complete. This means that we have
and thus a better leverage of all the knowledge in STAR; Third,
to put more effort into creating lasting partnerships with our
to create a culture of harmony, social cohesion and helping
other primary stakeholders as RSM Erasmus University, our
one another, so that being active in STAR is as enjoyable as
commercial and academic network, our network for reaching
possible.
out to guest speakers, the city of Rotterdam and supportive foundations, as they are assisting in our processes and an
What has been done last year to contribute to these three
integral part of our success.
elements of STAR’s Human Resource policy?
We can only achieve this by giving all the earlier mentioned stakeholders – our volunteers, our members and our partners – the possibility to join in constructive dialogues, whether they are strategic, tactical or operational of nature.
• In the area of organizational culture we can distinguish the popular-proven activities for our volunteers: the members day, the Christmas dinner, the BBQ and the newly introduced STAR soccer tournament. Also the dinners with committee-members have confirmed themselves as a favorable instrument to
It is a demanding task and one which should not be taken
know more about each other and the organization. We also
lightly. Slowly, but surely we are crystallizing fundamental
greatly valued the Villa Kakelbont-evenings, introducing it
truths about this organization which will be the first step in
with theme-evenings as a New Year’s Summer Party and a
revitalizing the entrepreneurial spirit and corporate citizenship
Carnival Party as organized by enthusiastic members of the
within STAR.
activity team. Another change is that the 29th Board – on behalf of the
entire organization - has been given presents to many
Measuring Matters
committees to thank them for their prosperous labor and at
At the 13th of March we already mentioned our full desire to
the same time giving the volunteers a token they can keep
know more about our members and our volunteers, but that
and remember STAR by.
we were short in time to do this properly. At the end of this
Redesigning the social room has been furthermore a key
board year we have decided to postpone the research to the
aspect to enhance the culture within STAR. Providing the
beginning of the academic year 2007-2008. The underlining
volunteers with a place to enjoy themselves and meet each
reasons are based on having during that time new enthusiastic
other have caused more communication and awareness
RSM-students – both Bachelor- and Master students – and
within our association. Finally the change of kickoff for new
students not fully concentrated on the (preparation of) their
committees, with a considerable priority to the social part,
(re)exams. We are of the expectation that STAR will reap more
has provided the newcomers with a nice way to get to know
valuable conclusions of the preparation work when this will
each other and STAR.
be further carried out by the 30th STAR Board.
• In the area of knowledge sharing and development several trainings and courses have taken place for our volunteers
Students Meet Community
and our members. They ranged from a sales training to an
It can not be repeated enough; we are aware of our
interview training to language courses and were open for
responsibilities to a society which has given us the opportunity
everybody.
to develop. Hence it is our believe that STAR’s involvement in
For all the commercials within STAR, cross functional
society is an important – not to say essential – part of our
meetings were set up in which people could share ideas with
product portfolio.
each other, get advice from their peers and discuss several
However at the same time we also have to keep looking
aspects of the acquisition process. It is our expectation that
critically in how to organize this in the best way, without being
these cross functional meetings can be expanded to other
overconfident or pompous in what we can really mean to
functions as well.
that society. The nationally-focused Buddy Project, in which students mentor 7th and 8th graders of a local Rotterdam
• In the area of inflow, through put and outflow evaluations
school, will therefore remain in place and proactively has to
were held to find out the details of people’s strengths and
be given space to grow. The attitude that Rotterdam is so
weaknesses, and see in which competencies they would
proud about, being “roll up those sleeves and get to work”,
like to develop themselves further. In this way we gained a
will be the thought that we want to implement into the
better insight who we really have within STAR and what can
international project. This means that STAR’s international
be considered a main concern in the future.
project aims at being an intermediate between NGO’s and a group of members in which the latter helps the NGO to do
In the past academic year the emphasis has been mainly in the field of culture and social cohesion. In the future, this
labor at hand.
element has to be maintained and the two other elements
Hello, Mr. President
have to be further developed. We are confident that the
Drawing the balance after a year of putting continuous energy
30th STAR Board and their successors will take on the next
in reaching the goal to be a host to many distinguished,
steps and keep on improving our internal organization to be
remarkable guests and providing them with a interesting
an increasing comfortable and attractive House of Personal
forum, thereby turning the gold for the silver, many
Growth and School of Development.
improvements have been made.
In the Semi General Assembly of Members we already mentioned the quality and quantity improvements in Embassycontacts, the many sent-out open invitations, the increasing importance of the Conference & Networking Committee and the successful introduction of the STAR Networking Drink to invite those stakeholders we think are of value. Also the line up of the STAR Management Week becomes more impressive every year. At the same time, there is still work to be done to change the mindset of every volunteer, i.e. making them aware that they can all be a deciding factor in fulfilling STAR’s aim. With having recruited the right persons for the job, we trust it will be in good hands for next year and are certain that saying that small little sentence once again comes more into reach.
Welcome Back! Bringing continuity in creating and nurturing warm relationships with alumni has certainly been improved in the past academic year. By recruiting a special committee, organizing a former board weekend, organizing an Evening with the STARs, greatly updating the database and already communicating the dates for next year activities, have been measures taken which resulted in gratitude and warm compliments by our alumni when meeting them.
We are aware that we have certainly not reached the finish line to say we have a detailed, all encompassing alumni policy, but
Our True Aspiration This text shows a thorough contemplation of what can be
we have made the clear statement that we want
considered the milestones and the actions being undertaken
to welcome them back. We are certain the echo of the latter
throughout the academic year 2006-2007. Despite all the lines
will be heard in many years to come.
as written above, we already want to align with the preliminary
Grand Festivity; VIth Lustrum A blue wreath surrounding one big green star, two smaller ones, four blue letters, depicting STAR and the founding date 1977 is the one-year symbol as will officially be presented the day after the General Assembly of Members. It is a symbol which symbolizes a year of anniversary to show those from the past, the present and the future– both internally as externally
conclusions of STAR’s vision and be very brief about the result we hope to have achieved throughout this year: providing the past year’s volunteers with valuable experiences and a joyful time. Furthermore, we hope to have taught the succeeding board in our last months to rate the latter result with the same or even more significance.
– that STAR is a flourishing organization with enthusiastic volunteers. We do this by organizing numerous activities of which the Lustrum Week in May should be its climax. We are confident that the efforts and energy which has already been put into the process by the Lustrum Board, the Lustrum Committee, the Marketing Support Team and all those others, will eventually make this celebration an unforgettable experience and causes a lasting impression to all those who are present. On behalf of the 29th STAR Board and STAR’s Supervisory Board, we remain.
Dwight de la Fontaine Schluiter Chairman XXIXth STAR Board
Jacob Jan van Duijvenvoorde Chairman Supervisory Board 2006-2007
XXIXth STAR Board Dwight de la Fontaine Schluiter
Erik Gruwel Treasurer and Controller
Chairman
Joyce de Groot
Eric Ritsema
Secretary
Commercial Relations
Supervisory Board 2006 - 2007 Jacob Jan van Duijvenvoorde
Guido van der Ven
2003-2004 Chairman, Sviib Board. Working at Rabo Securities
2005-2006 Chairman, STAR Board. Master student at RSM
(Rabo International).
Erasmus University, MscBA Strategic Management.
Dirk Vink
Arno van Slooten
2004-2005 Treasurer, Sviib Board. Student at RSM Erasmus
2003-2004 Vice chairman, Sviib Board. Working at DSM
University, MscBA Financial Management.
Elastomers.
Coen van Oorschot
Marit van der Heijden
2001 Chairman, Sviib Management Week. Working at DSM
2005-2006 Marketing & PR, STAR Board. Master student
Food Specialties, Delft, NL.
at RSM Erasmus University, MscBA Global Business and Stakeholder Management.
Stephen Maduro
Marcel Duits
Commercial Relations
Academic and International Relations
Freerik Meeuwes
Sera Yeramian
Marketing & Public
Internal Relations and
Relations
HR
Danang Voestermans
Tim Stuijfzand
2005-2006 Chairman, Master Study Club BSM. Working
2004 - 2005 Chairman, Sviib Board. Working at Nike as
at RSM Erasmus University BSM Department & Gupta
Assistant Marketing Europe.
Strategists.
Hoa Tran 2004-2005 Vice Chairman, Sviib Board. Trainee at Municipality The Hague.
Agastya Jankipersadsing 2004-2005 Treasurer, BActive.
Onur Celik 2002 - 2003 Vice Chairman, Sviib Board.
Ruby Bobos
Adrianne van Vliet
Arnoud Rijneveld
Corien Herweijer
Florentijn Kloosterman
Ahron van Drunen
Arnout Dijkhuizen
Daan Koek
Floriaan Zwart
Aika Kabdukairava
Arthur Stoof
Daan Meurders
Florian Mossler
Ajmal Majidi
Atiq Khan
Dagmar Van Den Brule
Frank de Haan
Aleksis Medvedevskihs
Aymeric Matencio
Dang Zhi Qiang
Frank van Uffelen
Alex Goumans
Azra Muhamedbegovic
Daniel Kozlov
Frederik Willmes
Alexander Bruin
Bart Meenink
Danique v. Burken
Frederike Maats
Alexandra von der Heide
Bas-Jan Nieuwenhuijzen
Debbie Hagendijk
Gabrielle Berghout
Aljona Galatenko
Bastiaan Uunk
Demelza Jurevic
Gabrielle Boer
Amy Brix
Bastian Steinbach
Didier Limpens
Geert-Jan Kaper
Andre Vorage
Bastian Bölts
Dirk Vink
Gerard Drost
Andrej von Berg
Bianca Huizer
Dominik Kulicki
Gerben van den Blink
Angela Rappard
Birgit Dekkers
Dominik Burziwoda
Gijs van Dam
Aniek Beeren
Birgit Stein
Ebru Göçmen
Gina Lindeboom
Anne Stam
Birgitte Verdegaal
Edwin Moerland
Hanna Castren
Annelies Koster
Bram Sieben
Elske Hartsink
Hanneke Raaijmakers
Annelies van der Staaij
Bram Snijders
Erik van Veen
Harmen Lewin
Annemiek de Groot
Carlijn Bosman
Esmee Hartog
Inge Eikens
Annika Schmid
Carolien Verheij
Estella Griffioen
Inge Hendriks
Anouk Loppies
Ceyla Tokbay
Esther van Wel
Ivo Berg
Anouke Jansen
Chris van Wijnen
Eva Maki-Uuro
Jaco Smit
Arjan Koot
Christiaan de Vaart
Evelien Smits
Jacomijn Klitsie
Arjan Spelt
Christiaan Meeuwisse
Fleur Krekel
James Liu
Arjen Dekker
Cindy Parisius
Florens Schaap
Jamill Dors
Jan Joost Liebregt
Louwrens Nederlof
Nikki Matabadal
Rutger Kemper
Jan Michiel Berkel
Luuk Meijers
Niko van Eeghen
Samantha Flores
Janine Roes
Lyubka Sokolova
Olga Fedulova
Sanna-Maaria Mattila
Jan-Kees van der Toorn
Maarten Fokkelman
Olga Steenge
Sanne Ijspelder
Jasper Lagerberg
Maartje Schoolderman
Pablo Alva Medina
Serpil Olmez
Jelle van den Akker
Manisha Kalpoe
Patrick Peltonen
Siegfried Kruger
Jeroen Bontje
Marcel Legerstee
Patrick van Eerden
Simone Pieters
Jeroen van Teijlingen
Marcel Tuijn
Patrick van Straalen
Sjoerd van Leeuwen
Jessiska Jappy
Maria Bobrowska
Patrick van Westerveld
Stefan Bernards
Job Mesker
Marielle Aantjes
Patrick Verkaart
Stefan Picavet
Job ten BoschÂ
Marin Schuerman
Paul Peters
Stephanie Wolf
John van den Molengraft
Marius Berndt
Peder Berg
Stephen Hough
Jordy Kwa
Marjan van Gelder
Peter de Wit
Steven van den Boomen
Joren Neef
Marlies Draisma
Peter Snijders
Susan Fliers
Joris Bonants
Martijn Daniels
Peter van Bemmelen
Sylvia van Woerden
Joris Machielse
Martijn Scholtens
Peter van de Wal
Tanmayi Gummaraju
Jorn Shauw Koen Fa
Martijn van den Donker
Pieter Peters
Tim Maak
Jurriaan Besorak
Mattijs Grummel
Pim van Daatselaar
Tim Stuijfzand
KaHon Tang
Michael Franzen
Pooja Padhye
Tomasz Stepan
Kanishk Kathpalia
Michelet Romulus
Ralph de Jong
Tyrza Rottier
Kim Wagenaar
Michiel Lenstra
Reiner Bronsgeest
Varoll Huzeir
Kimberly Keulers
Mick Hersevoort
Remco vd Born
Vera van der Molen
Kimberly Rooijakkers
Mike Vernooij
Rick van Weelden
Vienna Seltenreich
Kiran Mahajan
Minouk Schmitz
Rita Masoud
Wanjing Ji
Koen van Baekel
Mireille Lokkevier
Rob Swarts
Wendy Loppies
Lamia Asag-Gau
Misha Kouzeh
Robin Claushuis
Wesley van Dijk
Lars Brink
Moritz Schwartz
Robin van Wijk
Wietske van de Knaap
Lilia Planyian
Mumtaz Arici
Roel Spee
Wouter Alders
Lisette van der Pijl
Mylene Cnossen
Ronald Winter
Wung Yip Chan
Lodewiek Jansen
Nasstassia Didden
Rosa Esnard
Yoshka Malais
Lonneke Muusz
Nathalie Koppelle
Roxanne van der Linden
Zina Dickhoff
Lorraine Maite
Nathalie van Wijkvliet
Roy Berns
Lotte Hovens
Nelson Meijers
Rudrani Djwalapersad
Louisa Droge
Nico Bercx
Rutger Joon
Statistics STAR members and the different studies STAR Active Members: Different Studies
RSM Erasmus University: Different Studies
28%
52%
BA
BA
IBA
IBA
Master
Master
20%
Next to the 5512 members, STAR has 222 active members, 105 are BA students, 67 are IBA students and over 50 are master students. What is remarkeble is that we have relatively a high number of IBA students (30%) in our active member population, compared to the number of IBA students in the student population.
Balance of the genders STAR Active Members: Gender
38%
Male Female
62%
Of the 222 active STAR members is 62% male, and 38% female. This is a fair representation of the balance male/demale at RSM Erasmus University.
Language differences STAR Active Members: Nationality
STAR Active Members: Language
10%
23%
Dutch
Dutch
International
No Dutch
77% 90%
In total 9% of those active in STAR do not speak Dutch. Of all active members, 17% are international students. In total we have 29 nationalities within the active members of STAR, which shows the truly international character and flair of STAR.
Projects
S
TAR offers a broad and varied range of activities that
had a great taste of several curry dishes and afterwards most
allows students to develop themselves next to their
people went to a club. On the 5th of January the activity team
studies (international) business administration at the RSM
started the year with organising the STAR Skitrip to Risoul. It
Erasmus University. STAR offers multiple projects in which
was a week of sun, snow and partying. In the end of March
students can participate or which they can realise. These
every student on the Erasmus University gets attacked with
projects create a construction of the six pillars, namely
red glossy flyers. The activity team set up a great party in the
social, academic, recruitment, community, research and
Thalia Lounge with the theme ‘Over the top’. The night was
publication.
enormous; the party got sold out with over 900 visitors.
Social
International Weeks – An international week, is a week in which students from all over the world are invited to come to
As a faculty association STAR feels the responsibility to
a country and get to know the culture, students, business life
contribute in establishing a social environment in which
and the other international students. An enthusiastic group of
students feel comfortable. To sustain and enhance community
six students made it possible to send out around 20 students
building, a variety of social events are organised throughout
to the following destinations: Istanbul, Vienna, Budapest,
the year.
Jakarta, Prague, St. Gallen, Japan, Barcelona, Madrid, Lund,
Activity team - Via the Activity Team freshmen can get in
Warsaw and Indonesia.
touch with their fellow students and have a taste of organising
On the 28th of April 20 students came over to Holland to
activities. The activity team started in September with 35
enjoy the international week which STAR organised together
enthusiastic bachelor students. During the year the activity
with our colleagues from Groningen, study association BIG.
team helped out during big events like SMW and ERD. On the
The first part of the week took place in Groningen, the second
11 of November they organised the active member’s day.
part took place in Rotterdam. The committee took students
Around 50 active members went to Antwerp. Even though the
for sight seeing and activities in cities like Delft, Amsterdam
shops were closed, everybody had a great day. The day started
and The Hague.
th
with some sightseeing by boat and foot, afterwards everybody went to a café to have a few drinks. After dinner we went disco bowling and ended the night in a bar. Early morning the bus arrived back in Rotterdam. On the 11th of December the yearly Christmas diner was organised in restaurant Curry’s. Everybody
BA Introduction Days – Last year the BA Introduction days took place from the 15th till the 17th of August. About 150 BA students applied for the introduction days. During these days the students visited a brewery, did a management game,
some sports and partied during the nights. IBA Introduction Days – From the 22nd till the 24th of
Never before a team won 2 out of 3 prices! Team Erasmus won the Race Achievement Award and the Sprint Award.
September the IBA Introduction Weekend took place in
Social Committee – On the 20th of September the Social
Zeeland. About 120 students applied for the weekend. A salsa
Committee organised their first social drink in club B.U.M.B.
workshop was organised; a sport day and both nights had a
Around 600 showed up and started their study year with a
theme party.
great party. The rest of the year the committee organised
International Sport Relations – ISR manages the participation of IBA students from RSM Erasmus at international sports tournaments organised annually at different universities across Europe. In the past RSM has been represented in Koblenz, Germany at WHU EuroMasters; Barcelona’s EuroESADE and Paris’ Science Po. EuroCriterium. Similar
several other social drinks in Beurs, Club Rotterdam, American Dream Café, ClubImax and Zin. On the 2nd of May the IBA Gala took place in Club Vie. The theme of the gala was ‘Casino Royal’, cash casino tables were available, saxophone players and dancers were present. A gala photographer made pictures of the beautiful dressed people.
tournaments are also held in Helsinki, Konstanz and Milan
Study Trip BA – After the success of the first BA studytrip
amongst others. The committee organises transportation
organised in 2006 with destination Paris, the BA studytrip
and uniforms, and deals with the contact between STAR and
went to New York this year. The BA studytrip provided 40
the tournaments’ respective organisations. Over the past few
students the opportunity to explore New York in terms of
years the most popular sports to compete in have been Soccer
business, culture and education. On the 23rd of March the
and Basketball, though ISR has been known to form and bring
group left Holland to get to New York via Philadelphia. In New
tennis, volleyball and girl’s soccer teams. Some tournaments
York they visited the Colombia University, World Trade Center
also offer competitions for sports such as swimming, rowing,
(organisation), theUnited Nations, all of the hot spots, a typical
handball and rugby to name a few. Every year there are also a
American basketball game, a comedy club and much more.
few supporters who come along for the ride! In short the trips are weekends full of great sports competition, insane partying and a chance to meet new people from IBA and all over the world.
Enroque – Enroque is an exchange program with an Argentinean study association from a business faculty. In October 2006 17 BA and IBA students went to Buenos Aires, to get acquainted with the country, the students, their culture
Race of the Classics – The Race of the Classics is the largest
and their business life. In January, the group of Argentineas
sailing trip in Holland. Every year, STAR represents the RSM
from that study association visited Holland, and got to know
Erasmus Univeristy with a group of 34 students. The trip
our students and Rotterdam.
starts in Rotterdam, passes Belgium, England, and ends in Amsterdam. On the 16th of April 2007 the ship called ‘Henrika Bartels’ with team Erasmus left the harbour. The ROTC committee had been busy with the preparations for more than a half year. A lot of sponsors were attracted and the team turned out to be the most successful team in the ROTC history.
Alumni – On the 17th of November the yearly predecessor’s dinner took place. We also introduced a new activity: Honorary board members weekend. The last weekend of April 2007 around 30 honorary board members and the current board went to the Achterhoek to have a golf clinic, dinner and a
enjoyable night. On the 16th of May all alumni where invited
3rd Year Accountancy day – On the 7th of May the MSC
for the alumni event of the year ‘Evening with the STARs’ on
Financial Management organised an Accountancy Day
the RSM Erasmus University. Alumni got back in touch with
together with the big 4 especially for 3rd year students. The
each other and ended their night traditionally in the Villa
day was held in Hotel New York where the students made a
Kakelbont.
case, with a discussion and drink afterwards.
Academic
STAR Management Week –The STAR Management Week is a week with a very diverse programme for all business students
By organising academic events we make study related issues
at RSM Erasmus University. In October 2006 the campus
and society issues more tangible and interactive for students.
coloured pink more and more, this year the theme of the STAR
STAR facilitates students in finding the best offer for study
Management Week was ‘Think Free, Act different’. On Monday,
books, and brings an extra dimension to their studies by
the 30th of October the STAR Management Week had their
organising congresses, conferences and discussions.
grand opening with a Entrepreneurial Seminar. Prominent
Conferences & Networking – The main activities of this committee was to organise a conference on the one hand and to manage the network of STAR on the other hand. On the 2nd May they organised a conference with the theme ‘Poverty eradication as a business strategy’. During the conference the following interesting speakers took their stand on poverty: Mr. Rein Willems (President Director, Shell Netherlands), Prof. Rob van Tulder, Mr. Tsakhiagiin Elbegdorj (Former Prime Minister, Mongolia), Ms. Barbara Ischinger (Director of Education, OECD), Mr. Pascoal Mocumbi (Former Prime Minister, Mozambique High Representative EDCTP, WHO) and Mr. Ludo Oelrich (Program Director, TNT “Move the World”).
national and international speakers like Mr. Pieter Witteveen, Mr. Frits Goldschmeding, Ms. Marlies Dekkers, Ms. Nancy McKinstry, Mr. Thierry Schaap, Mr. Gary Mesch, Mr. Peter Swinkels and Mr. René Frijters shared their vision on start-ups and corporate entrepreneurship in an interactive session. In the evening restaurant ‘Staal’ was the Arena of the Political Debate. On Tuesday several companies gave workshops and a network fair was held. In the evening a company dinner was organised. On Wednesday a Academic Conference took place with main topic: ‘Renovation of Europe, how to improve Europe’s core competences?’. The chairman of the day was Mr. Cor Molenaar. The discussion was illuminated from three perspectives: policital, academic and corporate by Mr. Ad
MSC Events –MSC stands for Master Study Club. For almost
Scheepbouw, Ms. Agnes van Ardenne, Mr. Gareth Penny, Mr.
every specific master in Science of Business Administration
Hans-Paul Bürkner, Mr. Ruud Lubbers, Mr. Gerrit Zalm, Mr.
there is a Master Study Club to organise study related activities.
Kees Koedijk, Mr. Rob de Wijk and Mr. Cor Molenaar. In the
The MSC Financial Management organised a real estate day,
afternoon there were also some master classes and a Network
corporate drinks, inhouse days, master introduction days and
fair took place. On Thursday the Rotterdam Experience day took
had their own magazine ‘ FM Corporate’ which was distributed
place, which was openend by Mr. Ivo Opstelten. Thereafter a
4 times last year. MSC Strategy organised a studytrip to India
few company visits and a management game took place. The
and an alumni event. MSC Supply Chain Management organised
successful week ended by the famous STAR Party in club Now
various activities like company visites, guest lectures, a
& Wow, which was visited by about 4.000 students.
Harbour Day, a LogInn Event together with MSC Innovation and a studytrip to Shanghai. MSC Information Management was founded this year and they organised a workshop at Accenture. MSC General Business Society Management organised a congress in September with the theme ‘Making it in the Middle East’. MSC Entrepreneurship organised a study trip to Israel in cooperation with the Entrepreneurship Department. MSC Innovation organised an Introduction weekend and together with MSC Supply Chain Management the LogInn Event.
PHIA – PHIA stands for Philips Innovation Awards and is in short an award of €5.000,- for a product innovation, designed by students. Participation is open for students from all over the Netherlands; however the project is mainly focusing on RSM Erasmus students and those at TU Delft. The 5 best practices where presented on the 19th of April before a jury of representatives of Philips, the RSM Erasmus University and the TU Delft, which were the following persons: Mr. I.W. Opstelten, Drs. C.W. van Rooijen, Prof. Dr. Ir. J.T. Fokkema, Dhr. F. van Houten, Dhr. J. Visser, dhr. G. Bosveld and dhr. H. Hendriks. During the evening also Esther Raats-Coster and
Prof. Dr. Douwe Breimer gave their vision on innovation. On the
Community Development – The community development
top floor of the Gulden Tulips Hotel-Centre, the Mayor of the
committee exists of students who want to be more active in
city of Rotterdam, Ivo Opstelten announced the winners of the
volunteer work and community development. The committee
Philips Innovation Award 2007. The Philips Innovation Award
organised several projects and events in which students
is organised in cooperation with Het RSC (Het Rotterdamse
can volunteer and participate. At the 14th of December the
Studenten Corps). Team Holland Container Innovation won
Christmas Dinner for homeless people took place at the
the Philips Innovation Award of 2007.
Salvation Army in Rotterdam. Around 40 homeless people had a 3 course dinner to give them a special Christmas feeling.
Recruitment STAR does not only feel responsible for adding value during the studies, but also in contributing to the students’ future. As a large study association, we have the ability to bring students into contact with numerous companies, which can be interesting for future careers and internships.
There are a relatively large number of homeless people in Rotterdam, and by this event we tried to put them first for a change. The committee also developed a project called the buddy project, in which students from the RSM Erasmus University help primary school children in class, with their lessons, but also out side school, in their preparation for secondary school. The school at which this project takes place
Erasmus Recruitment Days – In the third week of February
is situated in an area of Rotterdam where less fortunate kids
2007 the Erasmus Recruitment Days started. The Erasmus
live, that do not all have a prosperous future ahead of them.
Recruitment days is the biggest recruitment organised
This project tries to motivate these children, and gives them
by students in the Benelux, organised together with the
the extra attention at school they need. This year we also
study association of the Economics Faculty. Thanks to the
helped the organization of TNT’s Walk the World: the initiative
international and national professional image 126 companies
that supports the World Food Programme to fight against
visited the Erasmus University. During the two weeks over
hunger in the world.
1600 students participated in workshops, presentations, company dinners and interviews.
Community Development SIFE team – SIFE is the other project in the community development platform. SIFE stands
MSC Consultancy Castle – During the STAR Management
for Students in free Enterprise in which it’s all about creating
Week a new exclusive event took place: the Consultancy
economic opportunity. It is a global network of universities
Castle. 32 top students had the opportunity to get in contact
and companies in which teams of students all over the world
with the top consultants during a two day stay in a five-star
organise projects that create economic opportunity for less
castle and dinners in a Michelin-star restaurant.
fortunate people. Every year, these teams present their projects at national competitions, and eventually all best
Community As a large organization we have the means to bring social
national projects are presented to top CEO’s at the global competition.
awareness to the student’s attention. In this way, we try to
This year the SIFE committee worked on a number of projects.
stimulate students in using their knowledge and capabilities,
They organised a workshop day for teenage mothers. During
so that they can help develop communities in a social and/ or
the workshops topics like budgeting, the labour market, and
economical way.
job application were discussed. Next to this, they helped a
International Business Project – The goal of the International
Dutch based foundation for women and children in Sudan
Business Project is to create the opportunity for specific
write a business plan for a more successful execution of their
financial master students, to do practical research abroad.
operations. They also developed a project for South African
The research is an international project, allowing the students
farmers who want to be entrepreneurs and successfully put
exposure to a variety of businesses. The IBP group consisted
their products on the market. This project will now be realised
of the MSC Financial Management board, IBP committee
by a South African SIFE team. Last but not least, they are
members, lecturers and about 20 participants. The companies
currently working on a series of workshops for women of ethnic
which are sponsoring the IBP will work with the students and
minority groups in Rotterdam. Through these workshops they
have the opportunity to contribute to their research. This
aim at giving the women more insight in their opportunities in
year the International Business Project went to Buenos Aires,
the Dutch labour market.
Argentina in June.
Research
Publishing
Contributing to the practical aspects of the (International)
STAR has two main publications, the STAR agenda and the
Business Administration study and maximizing students’
Interface. They reach over all students of the RSM Erasmus
organizational skills is one of our main objectives. Therefore
University and they’re very popular among students. It’s a
students get the opportunity to develop both their analytical
service star offers for free.
and creative skills, by conducting research for companies.
Diary – In August the new STAR Diary with the theme ´Future´
ID-SR – International Development – Student Research
was published. 4500 copies of the agenda were printed. Next
conduct research in emerging markets. This project aims
to the fact that this agenda provides the obvious functions of
at multiple countries at the same time, depending on the
an agenda, in the STAR agenda all the university and STAR
demand of companies in the Netherlands. It is an on demand
activities are mentioned.
research project, which combines the need of companies to explore emerging markets and the opportunity for students to do an internship abroad and at the same time gather the information needed for the contracted companies and their thesis. Last year IDSR got their exposure by the Kamer van
Interface – The Interface is the faculty magazine which is distributed 5 times a year to all BA and IBA students (approximately 7.000 people). The first edition of last year was the Management Week addition with even 22.000 copies!
Koophandel and sent their first student out to India. The
This year the Interface Team of writers and editors has had
student did research for a Dutch company specialized in
interviews with interesting and inspiring people like Ruud
water management. Based on this research there will be more
Lubbers, Tjibbe Joustra, Eric Mafuna, Ben Woldring and Gail
cooperation in the future between this company and Indian
Whiteman. These people all had their own vision on things
NGO’s and facilities for drinking water can be installed.
and the interviews have told us more about who these people
International Business Study – International Business Study conducts tailor made contract research in an emerging country – with a group of 22 participants and 6 committee members. The project started in September 2006 when the committee made their final country choice of Mexico. In October/ November they selected 22 highly motivated students and started doing pre-research. In January they started with finding interesting companies and the acquisition target was reached by May. On the 5th of July the group left Holland for Mexico City and started research for 3 weeks.
really are and what they do to achieve their goals.
Events 2007 - 2008 August 2007
January 2008
BA Introduction Days
Skitrip
H.T. – F.T. drink
Lustrum New Years Party
September 2007
February 2008
Opening Academic Year
STAR Lustrum Prom
Alumni Event: Predecessors dinner
Erasmus Recruitment Days
General Assembly of Members
Jazz on Waves
Opening Lustrum Lustrum Pearl Party IBA Introduction Days
October 2007 Active Members Day Cologne STAR Lustrum Management Week
November 2007 IBS Mexico Seminar IBA Graduation Party
March 2008 Semi Annual General Assembly of Members Photo Exposition; STAR over 30 years
April 2008 BA & IBA Studytrip Race Of The Classics Active Members Weekend
May 2008 STAR Lustrum Month: Multiple activities during this month
Constitution Drink
June 2008 December 2007
Active members BBQ
Christmas Dinner
July 2008 International Business Study India
Summary of Consolidated Financial Statement BALANCE SHEET FOR THE YEAR 2007 ASSETS 7/31/2007 EUR
7/31/2006 EUR
EUR
EUR
Fixed assets Tangible fixed assets
64.876
61.812
Current assets Inventory
5.537
6.202
Accounts receivable
158.167
165.243
Liquid assets
164.000
80.207
Total assets
327.704
251.652
392.580
313.464
EQUITY AND LIABILITIES 7/31/2007 EUR
7/31/2006 EUR
EUR
EUR
Equity Retained earnings
155.866
141.734
General reserves
58.312
57.334
Exploitation surplus
55.800
14.132 269.978
213.200
Provisions
23.576
9.076
Current liabilities
99.026
91.188
392.580
313.464
Total equity and liabilities
INCOME STATEMENT FOR THE YEAR 2007 7/31/2007
7/31/2006
EUR
EUR
Net income
1.461.527
1.331.375
Cost of sales
(1.374.296)
(1.308.486)
Gross profit
87.231
22.889
(77.323)
(37.627)
9.908
(14.738)
43.847
26.647
2.045
2.223
55.800
14.132
General and administrative expenses Operating profit/(loss) Other income Interest income Exploitation surplus
NOTES TO THE FINANCIAL STATEMENTS 2007 General Study Association RSM Erasmus University (‘STAR’), Rotterdam was incorporated on September 27, 1977. STAR aims to provide development opportunities for RSM Erasmus University students. These development opportunities are staged on and off the university and together with the faculty, the university and other organisations who take interest in RSM Erasmus University students. STAR is not required to publish financial statements, using the exemption option as laid down in Article 396, Title 8, Book 2 of the Netherlands Civil code. These statements are primarily drawn up to inform the members of STAR and other stakeholders. The financial statements have been prepared in accordance with the requirements of Title 9 of Book 2 of the Netherlands Civil Code. Historical cost is used as the measurement basis, unless otherwise indicated. STAR uses EUR as reporting currency, because EUR is the functional currency of the association. Comparative figures Certain comparative figures have been reclassified to be consistent with the classification applied in the current year.
Summary of significant account principles Balance sheet Unless stated otherwise, assets and liabilities are stated at face value. Tangible fixed assets Tangible fixed assets are stated at cost less accumulated depreciation, calculated on a straight-line or accelerating basis, over the estimated useful life’s of the assets (3-10 years). Impairment losses The carrying amounts of tangible fixed assets are reviewed at each balance sheet date to determine whether there is any indication of impairment. If any such indications exists, the asset’s recoverable amount is estimated. An impairment loss is recognised whenever the carrying amount of an asset exceeds its recoverable amount. Impairment losses are recognised in the income statement. The recoverable amount is the greater of the net selling price and value in use. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying among that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. Receivables Receivables are stated at face value less provisions considered necessary for doubtful debts. Income taxes The association is in principle not liable for income taxes to the extent that it operates as an non-profit organisation and does not conduct commercial activities. Under that assumption these financial statements have been drawn up.
Income statement Income and expenses are recognized on an accrual basis.
Balance sheet as at 31-07-2007 Tangible fixed assets
2007
2006
EUR
EUR
Inventory
40.624
41.452
Computers and peripheral devices
21.338
8.111
435
2.332
2.479
9.917
64.876
61.812
Marketing items Software and licences
Inventory Inventory comprises mainly of office supplies and other small items which are used by the association. Receivables
Joint venture projects Other receivables
2007
2006
EUR
EUR
32.305
18.288
125.862
146.955
158.167
165.243
Liquid assets The liquid assets represent bank balances and are freely available. Equity Changes in equity during the year are specified as follows.
Balance as of 31-07-2006
Retained
General
Exploitation
Total
EUR
EUR
EUR
EUR
141.734
57.334
14.132
213.200
14.132
-
(14.132)
-
Mutation general reserves 2007
-
978
-
978
Exploitation surplus
-
-
55.800
55.800
155.866
58.312
55.800
269.978
Appropriation of result 2006
Balance as of 31-07-2007
Provisions
Lustrum
Balance 31-07-2006 Additions
9.076 14.500
Use of provision
-
Releases
-
Balance 31-07-2007
23.576
This provision is formed for the 6th lustrum of STAR. Of the total EUR 14.500 additions during 2007, EUR 9.500 relates to a contribution from RSM. Current liabilities
Accounts payable
Repayment of current liabilities will take place within one year.
2007
2006
EUR
EUR
99.026
91.188
Income statement for the year 2007 Net income Acquisition revenues
2007
2006
EUR
EUR
477.001
382.556
Contribution membership
29.901
27.409
Contribution participants
174.519
187.159
6.100
5.640
62.980
54.800
711.026
673.811
1.461.527
1.331.375
Consumption revenues Grants of faculty/funds/EUR Sales books
Cost of sales Active members costs
2007
2006
EUR
EUR
22.002
12.140
303.303
251.957
Office Supplies
15.019
11.527
Postage costs
27.788
21.260
Print and promotional costs
155.494
167.463
Purchase books
708.462
674.806
Representation costs
30.701
21.368
Travelling costs
98.370
131.906
Telephone costs
13.156
16.059
1.374.296
1.308.486
Costs of activities
General and administrative expenses
2007
2006
EUR
EUR
Accrual costs
-
(5.346)
20.515
20.198
ICT costs
9.388
16.482
Insurance costs
3.162
2.977
Legal and bank costs
1.545
1.047
42.712
2.269
77.323
37.627
Depreciation costs
Provisions
Other income Cash register surplus
2007
2006
EUR
EUR 4.534
(3.604)
590
3.613
(18.409)
(21.162)
Interest income
2.044
2.223
Result liabilities
(7.940)
-
Result participations
65.073
47.800
45.892
28.870
Difference in exchange rate Incidental results
Employees The association has no employees. All work is performed on a voluntary basis. Exploitation surplus The association has no objective to have an exploitation surplus. However the association will use this exploitation surplus to improve her liquidity, which means the exploitation surplus is included in retained earnings.
Other information Audit obligation Under section 396 (6) Book 2 of the Netherlands Civil Code, the Association is exempt from the obligation to have the financial statements audited by an auditor. Consequently, no audit has been requested and therefore no auditor’s report has been issued. Rotterdam, 12 September 2007 On behalf of the Board,
Erik Gruwel Treasurer & Controller Appointed February 14, 2006
STAR Study Association RSM Erasmus University P.O. Box 1738 3000 DR Rotterdam Visiting address Burgemeester Oudlaan 50 3062 PA Rotterdam Tel. +31 (0)10 408 20 37 Fax +31 (0)10 408 90 23 info@rsmstar.nl www.rsmstar.nl