An internal review of the University of Canberra Students' Association has recommended a financial and governance overhaul, warning students were not engaging with their representative body, which risks going broke.
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But the association has rejected a recommendation to merge with the Student Union, preferring to stay an independent body, reach out to students and rebrand itself.
It will also consider revenue-raising measures such as setting up a small commercial operation on campus.
The February review was commissioned by association president Jacob White.
A report conducted in August under president James Pace also recommended a dramatic restructure, or disbanding.
Mr White said the first report was not a public document. He said its findings broadly reflected those of the latest review and that reforms were being made.
Mr Pace said it was clear the association needed to be overhauled if it is to become financially viable.
In January the association sought to reach out to the 10,000-strong student body by abolishing the $2 joining fee and requirements for those wishing to nominate or join committees.
''It was far too bureaucratic and we have tried to remove those barriers to participation,'' Mr White said.
The association has also negotiated with UC management to hand back student residence Arscott House, in Belconnen, which, in recent years, has run at a significant loss. The six-year contract for the association to run the 200-student residential block had been profitable in its initial years but recently suffered losses due to competition from new student residences in the area.
Mr White said the association had accrued substantial debt to keep operating. It has wound up its contract to run Arscott House a year earlier than planned, with the UC taking over until a new manager can be found.
Mr White said divesting from Arscott House was an important step towards a solid financial footing. According to the most recent audit last financial year by Moore Stephens, the association incurred a debt of $177,392 in 2012-13 leaving it with total assets of $21,721.
The association received about $250,000 from the university this financial year, with more than three-quarters of its funding going towards staff costs, according to Mr White.
He rejected a report by the ABC which alleged the association had a significant deficit and misused student services and amenities funding, saying it was used only ''for approved activities as outlined in the relevant Commonwealth legislation''. A spokesman for the university said it was confident ''that the proportion of SSAF funding allocated to the UCSA will be spent in accordance with the legislation''.
Mr White said the association wanted to maintain its vital role of representing student voices on campus, and would act on the review's recommendations. This would include a social media push, greater campus presence, and increasing the circulation of campus paper Curieux with a view to increasing advertising.
