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Senate Resolution 1008

Senate Resolution 1008. In Support of Effective Handling of College Council Funds after the Closure of the Student Organization Bank. Background.

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Senate Resolution 1008

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  1. Senate Resolution 1008 In Support of Effective Handling of College Council Funds after the Closure of the Student Organization Bank

  2. Background By January 2011 all funds belonging to sponsored student organizations must be transferred from accounts at the Student Organization Bank to new accounts in the sponsoring department. The closing of the Student Organization Bank puts new and significant restrictions on how sponsored student organizations can access and use their funds.

  3. Purpose • To facilitate a smooth transition of funds from Org. Bank accounts into new departmental accounts. • To make recommendations regarding the ideal handling of college council funds after the close of the Student Organization Bank.

  4. Summary • The Senate Financial Directors feel that new restrictions on fund use will hinder the ability of the college councils to serve the students of their respective colleges and schools. • The authors of this resolution recommend the measures contained in this document to mitigate these new challenges.

  5. Whereas Summary Lines 7 through 16 - Background information about the specifics of the closing of the bank. Lines 18 through 33 - Detail the relation of the college councils to the Student Organization Bank. Lines 35 through 58 - Explains the reasons why new limitations are detrimental. Lines 60 through 65 - Summarizes the need for adequate staff to administer accounts.

  6. Whereas Summary Lines 67 through 76 - Explains the details and merits of type-41 accounts. Lines 78 through 86 - Enumerates the history and need for reimbursement ability. Lines 88 through 95 - Details current accounting practices regarding access to account balances and the importance of accurate reports.

  7. Resolved Summary Lines 97 through 99 - Calls for the continued support of the Student Organization Bank during the transition. Lines 101 through 103 - Calls for the relaxation of current departmental restrictions on sponsored organizational spending. Lines 105 through 107 - Calls for adequate staff or the reallocation of staff responsibilities to meet increased demand.

  8. Resolved Summary Lines 109 through 111 - Calls for the creation of type-41 accounts to accommodate transferred funds. Lines 113 through 115 - Calls for the continued ability of an organization to reimburse a member. Lines 117 through 118 - Calls for the availability of and access to accurate account balances.

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