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GSB Finance-101

GSB Finance-101. Katherine benton Finance Director. 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.

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GSB Finance-101

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  1. GSB Finance-101 Katherine benton Finance Director

  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 1st to June 30th • 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 1st to June 30th • Misspent/Unused Funds • Taken back on July 1st

  4. Asking for Funding- Regulars/Specials Attend Informational Session Attend Budget Help Session Submit budget online Attend Senate Meeting Attend Budget Balancing Session, if necessary Attend Allocation Hearing • 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 30th • 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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