Georgetown University’s Newspaper of Record since 1920

The Hoya

Georgetown University’s Newspaper of Record since 1920

The Hoya

Georgetown University’s Newspaper of Record since 1920

The Hoya

Corp Sees Record Revenue in 2007

Fiscal year 2007 brought in the most revenue in The Corp’s 35-year history, company leaders announced Sunday. The student-run company earned $3.8 million in total revenue last year and $1.4 million in gross profit, according to an annual report released at Sunday’s second annual Corp Shareholders’ Meeting in Sellinger Lounge. Charlie Harrington (COL ’08), chairman of the board of the Corp, said the company’s success extends to all Georgetown students. “Nominally, all students at Georgetown are shareholders,” he said. The directors of each of The Corp’s seven services presented the successes, shortcomings and profit margin of their operations. In the record-breaking fiscal year 2007, which ended June 30, there was a 17 percent increase in gross profit, a 256 percent increase in net income, and a 49.5 percent increase in the amount of money given to philanthropy and scholarships. Vital Vittles ranked at the top of the gross profit list with $460,328.71 in earnings, while the seasonal Book Co-op came in last, earning $13,230.31. However, this has been a consistent trend over the past four years due to the size of the services. Vital Vittles also became the first Corp service to make over $2 million dollars in sales. Last year, $36,456 of The Corp’s revenue was given back to students. According to Harrington, The Corp has remained loyal to its mission as a non-profit organization to “give back to the students.” At the meeting, he announced two new scholarships – the Corp Textbook Scholarship, which is a need-based scholarship that will give six incoming freshmen $500 for textbooks, and “The Word,” awarded to six students who write the best essays on innovation. Jillian Perlow (COL ’08), the chief financial officer of the company, said that the storage program was growing and that efforts to make The Corp “green” were also progressing. She said that there is widespread demand for green initiatives in particular, including more recyclable products and potential composting. “Our customers and the Corpies were interested in seeing The Corp become a more environmentally friendly company,” she said. “Look out for more changes soon.” Ted Reilly (COL ’08), president and chief executive officer of The Corp, said the recent closing of Movie Mayhem would allow the company to focus on improving the profitable services. “Our time and our resources can best be used focusing on what we already have working,” he said. He did add, though, that he hopes to have DVD kiosks installed around campus in the future. Corp leaders also discussed possible plans for the creation of a Corp Google calendar, the expansion of Corp catering, and potentially the creation of a new service in the new McDonough School of Business building. “We’re putting a bid into the new business school to open a coffee-shop type store,” said Reilly. “The hardest thing to get on campus right now is space so, for now, much of our expansion is online.” The board of directors introduced the newly elected leadership, which will take office Friday. Jesse Scharff (COL ’09) will be the next president and CEO, Adah Berkovich (SFS ’09) will become chief operating officer, and Kevin Lynch (COL ’09) will be the CFO. Harrington said that new ideas are central to the continued success of The Corp. “Your ideas are what started this company in the first place, and that’s why we’re lucky enough to stand before you today,” he said to shareholders at the meeting.

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Corp Sees Record Revenue in 2007

Fiscal year 2007 brought in the most revenue in The Corp’s 35-year history, company leaders announced Sunday. The student-run company earned $3.8 million in total revenue last year and $1.4 million in gross profit, according to an annual report released at Sunday’s second annual Corp Shareholders’ Meeting in Sellinger Lounge. Charlie Harrington (COL ’08), chairman of the board of the Corp, said the company’s success extends to all Georgetown students. “Nominally, all students at Georgetown are shareholders,” he said. The directors of each of The Corp’s seven services presented the successes, shortcomings and profit margin of their operations. In the record-breaking fiscal year 2007, which ended June 30, there was a 17 percent increase in gross profit, a 256 percent increase in net income, and a 49.5 percent increase in the amount of money given to philanthropy and scholarships. Vital Vittles ranked at the top of the gross profit list with $460,328.71 in earnings, while the seasonal Book Co-op came in last, earning $13,230.31. However, this has been a consistent trend over the past four years due to the size of the services. Vital Vittles also became the first Corp service to make over $2 million dollars in sales. Last year, $36,456 of The Corp’s revenue was given back to students. According to Harrington, The Corp has remained loyal to its mission as a non-profit organization to “give back to the students.” At the meeting, he announced two new scholarships – the Corp Textbook Scholarship, which is a need-based scholarship that will give six incoming freshmen $500 for textbooks, and “The Word,” awarded to six students who write the best essays on innovation. Jillian Perlow (COL ’08), the chief financial officer of the company, said that the storage program was growing and that efforts to make The Corp “green” were also progressing. She said that there is widespread demand for green initiatives in particular, including more recyclable products and potential composting. “Our customers and the Corpies were interested in seeing The Corp become a more environmentally friendly company,” she said. “Look out for more changes soon.” Ted Reilly (COL ’08), president and chief executive officer of The Corp, said the recent closing of Movie Mayhem would allow the company to focus on improving the profitable services. “Our time and our resources can best be used focusing on what we already have working,” he said. He did add, though, that he hopes to have DVD kiosks installed around campus in the future. Corp leaders also discussed possible plans for the creation of a Corp Google calendar, the expansion of Corp catering, and potentially the creation of a new service in the new McDonough School of Business building. “We’re putting a bid into the new business school to open a coffee-shop type store,” said Reilly. “The hardest thing to get on campus right now is space so, for now, much of our expansion is online.” The board of directors introduced the newly elected leadership, which will take office Friday. Jesse Scharff (COL ’09) will be the next president and CEO, Adah Berkovich (SFS ’09) will become chief operating officer, and Kevin Lynch (COL ’09) will be the CFO. Harrington said that new ideas are central to the continued success of The Corp. “Your ideas are what started this company in the first place, and that’s why we’re lucky enough to stand before you today,” he said to shareholders at the meeting.

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