By Irene Papakonstantinou
All it took was more than $500,000 in renovations for Oakham to make $22,000 last year.
“We don’t have the statements for all the eyars, btu it’s the first time Oakham has made money in a long time,” said RyeSAC president David Steele.
Though the profit is a welcome change, Oakham is still $225,000 in debt to RyeSAC. Half of all profits must be used to pay off the debt.
Steele said he doesn’t expect Oakham’s debt will increase because the house is beginning a 10-year plan to eliminate its debt.
Despite being in the hole, Oakham has continued to spend money on renovations. This past summer, RyeSAC spent $100,000 re-carpeting the hallways, putting vinyl on the walls and bringing in new sound equipment for the bar and Thomas Lounge.
In the past three years, Oakham has undergone more than $500,000 in renovations. Steele believes profits and increased patronage are a direct result of the upgrades.
Oakham has been able to attract more conferences since the renovations were made. One over the summer was the Canadian Organizations of Campus Activities (COCA), a one-week entertainment conference for all universities and colleges.
Oakham made $30,000 in revenue and RyeSAC walked away with almost $8,000 in profit.
“The increase in volume [at Oakham House] is very rewarding,” said Steele. “It shows our commitment to Oakham is worthwhile.”
And if last Thursday is any indication, Oakham looks poised to enjoy another successful year. On its first pub night of the school term, Oakham broke their single night profit record, making $6,700.
RyeSAC has plans to continue renovations for Oakham House, although most major work has been done, Steele said. RyeSAC has set aside $75,000 for the establishment, but does not expect to use it all.