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Presentation on theme: "KATHERINE BENTON FINANCE DIRECTOR GSB Finance-101."— Presentation transcript:


2 Who cannot recieve funding? Let’s take a look at Priorities and Criteria Examples-  Residence Halls (not open to all fee-paying students)  Greek Houses (not open to all fee-paying students)  Departmental Groups  Pre-Professional Groups

3 Allocation Cycles Regular Allocations  General allocation period  Organizations create a budget for the next fiscal year  Funds available from July 1 st to June 30 th  Funds released in September/October Can Student Organizations start spending money before September? Special Allocations  Groups that did not come through Regulars  Groups that have an unforeseen expense  Ex- spike in membership  Funds available from January 1 st to June 30 th Misspent/Unused Funds  Taken back on July 1 st

4 Asking for Funding- Regulars/Specials Attend Informational Session Attend Budget Help Session Submit budget online Attend Allocation Hearing Attend Budget Balancing Session, if necessary Attend Senate Meeting Budgets are approved

5 Senate Bills Process Difference from Specials/Regulars?  1. Senator writes a bill  2. Bill goes through Finance Committee  Finance Committee makes their recommendations/ proposed amendments  3. Sent to Senate with possible discretion  Favorably, Unfavorably, No-Bias  4. First Read- Questions of Intent  5. Second Read- Vote on Bill  6. If affirmed- Organizations receive money

6 Capital Projects Account Bill written by GSB Senator  Funds in this account shall provide a means to allocate funds for capital expenditures that have the capacity of benefiting all students and/or student organizations. Items must be a minimum of $1500 Must have a life expectancy of at least 3 years These are owned by GSB and for any group to use  What if the group disbands?  What if the group wants to sell the capital items?

7 Senate Discretionary Bill written by a GSB Senator For items Senate “deems appropriate” About $8,000 per session, three sessions of Senate per term  Any unused funds in this account remaining at the end of the first or second sessions of the Senate shall remain in this account  All unused funds at Inauguration shall be automatically transferred to the Capital Projects Account.  Allocation to this account cannot exceed $15,000/session and cannot be less than $7,000/session

8 Events Account Theory for Events Account  ½ misspent funds  Allows every organization to be eligible Bill written by GSB Senator Funding is provided for events that are:  Entertaining or social in nature,  Open to all students,  As well as free of charge to all students Events Account “Cap”  Funds exceeding $50,000 in this account shall automatically be transferred to the Capital Projects Account.

9 Budget Adjustments Line Item Transfers  Changing of GSB Allocation from one existing line item to another  Who can do what?  $500 or less= Finance Director  $500 or more= Finance Committee  $1500 or more= Senate approval through bill  Must submit sufficient cause for this need Carryover Requests  Pertains to groups needing to spend their allocation funds after June 30 th  Same approval guidelines as Line Item Transfers  Except Finance Committee has approval rights up to $2,000  Deadlines  If greater than $499 the request must be in four weeks prior to end of semester  If less than $500 the request must be submitted before end of spring semester Case-by-Case basis

10 What should GSB fund? Priorities and Criteria (P & C)  Guidelines used by Finance Committee during allocation periods and groups creating budgets  Grey or Black/White?  Requires a majority vote to waive during allocation periods GSB By-Laws  Chapter 11  Concrete rules regarding GSB funding  Requires a 2/3 vote to waive at all times

11 Overview Process of organizations asking for funding  Allocation Cycles vs. Senate Bills Organization eligibility  Please refer to P&C and Chapter 11 of the By-laws for specifics Design and purpose for each account stated  Capital  Capital Expenditures  Senate Discretionary  What Senate “deems appropriate”  Events  All organizations eligible  Free and open to all students  Entertaining in nature

12 Questions?? There are NO stupid questions


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