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