Spring Break
Treasurer proposes long-term goals
by Anya Bergman
News | 4/8/08
Posted online at 5:13 AM EST on 4/8/08
Union Treasurer Choon Woo Ha '08 presented his State of Finance, a summary of his goals and accomplishments from his two years as treasurer, highlighting a cap on the Student Activities Fee for the 2008 to 2009 fiscal year last Monday night.
In the Shapiro Campus Center Atrium, Ha began by explaining the weaknesses in the financial process when he was first elected. He said clubs did not really understand the financial process, which is why he created a treasurer's manual and packet from the Office of the Treasurer which was extended this year, and the creation of a Web site.
A large portion of his speech focused on the unspent funds from the SAF that has accumulated over the past couple years. He said that right now there is $436,000 in rollover and unspent money. Of this money, $120,000 is unintentional rollover. Another $140,000 is intentional rollover, which is part of the Capital Expenditures fund, a reserve and emergency fund.
The rest of the money makes up a discretionary fund, club fundraising money and gifts-money with which the Student Union and administration does not intervene.
Ha said one problem is that the Finance Board has not been doing an adequate job allocating unspent money from the first semester to clubs during the second semester.
Ha explained that in order to remedy this, there will be a cap on the SAF for the 2008 to 2009 year. Typically the SAF increases at the same rate as University tuition, but this is unnecessary for next year because there are enough resources from this year to sustain clubs. In order to spend the rollover funds, all members of the student body can submit ideas in the next coming weeks for a project on which to spend the money. The ideas will then be put to vote by the student body.
Undergraduates can be "stakeholders of [the] SAF," Ha said.
Ha said long-term goals for the treasury include incentives for clubs to plan better in order to reduce rollover. This will include granting high and low priorities to clubs during marathon, in which clubs request money from the F-Board, for clubs that have proven to be financially responsible. General grants for events for clubs began last semester, and by the coming early marathon, which takes place at the end of the semester and the money allocated is used in the following semester. Clubs can apply for general grants for the whole semester with a list of line items.
In the Shapiro Campus Center Atrium, Ha began by explaining the weaknesses in the financial process when he was first elected. He said clubs did not really understand the financial process, which is why he created a treasurer's manual and packet from the Office of the Treasurer which was extended this year, and the creation of a Web site.
A large portion of his speech focused on the unspent funds from the SAF that has accumulated over the past couple years. He said that right now there is $436,000 in rollover and unspent money. Of this money, $120,000 is unintentional rollover. Another $140,000 is intentional rollover, which is part of the Capital Expenditures fund, a reserve and emergency fund.
The rest of the money makes up a discretionary fund, club fundraising money and gifts-money with which the Student Union and administration does not intervene.
Ha said one problem is that the Finance Board has not been doing an adequate job allocating unspent money from the first semester to clubs during the second semester.
Ha explained that in order to remedy this, there will be a cap on the SAF for the 2008 to 2009 year. Typically the SAF increases at the same rate as University tuition, but this is unnecessary for next year because there are enough resources from this year to sustain clubs. In order to spend the rollover funds, all members of the student body can submit ideas in the next coming weeks for a project on which to spend the money. The ideas will then be put to vote by the student body.
Undergraduates can be "stakeholders of [the] SAF," Ha said.
Ha said long-term goals for the treasury include incentives for clubs to plan better in order to reduce rollover. This will include granting high and low priorities to clubs during marathon, in which clubs request money from the F-Board, for clubs that have proven to be financially responsible. General grants for events for clubs began last semester, and by the coming early marathon, which takes place at the end of the semester and the money allocated is used in the following semester. Clubs can apply for general grants for the whole semester with a list of line items.
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