Emmanuel Klu, chair of the SGA Finance Board, has prepared this notice in an effort to increase transparency and better communicate with student organizations.
Finance Board Notice—March 2013
Thank you to everyone who came to the first-ever Finance Board Forum during SGA Week. We got really good feedback from students and were able to clarify issues, so we will continue this and make it a permanent part of SGA Week.
March 2013 Hearing
The March 2 Hearing was the last hearing for spring 2013 requests. Items with the least priority included capital items, T-shirts and other operating items. Overall, new requests (requests not from our February hearing) had priority over old requests, since the board would not put any student organization at a disadvantage for proposing in our last hearing. New organizations were given some money to start off their organizations and food was provided for a lot of events. Even though competitions were reviewed on a case-by-case basis, none were funded due to various reasons.
Statistics
- Amount Available: $63,000
- Total Requests: $210,338
- Total Allocated: $32,155
- New Requests Allocated: $26,000
- 15% approval rate per requested (Up 2% points)
- 51% approval rate per available (Down 24% points)
Allocation Breakdown
- 6% Capital
- 44% Programming
- 40% Conference
- 10% Operating
As you receive your decision letters, please contact your advisors or the board at fb@iit.edu without hesitation, to address any concerns.
Other News
Buffer
We saved $30,000 for next semester, so we have a buffer again! This is a good start for emergencies.
Increase in Student Activity Fee
The SAF (Fee) was increased to $110 from $105 per student. Hence, we’re expecting about $500,000 goes into the SAF for the fall 2013 semester.
April 2013 Hearing and Fall 2013 Semester
There will be roughly $530,000 available for the entire fall 2013 semester. This is $80,000 more than what we are used to having ($450,000). In light of this, we are looking forward to the last hearing of this semester on Saturday, April 13. This hearing will strictly be for summer and fall 2013 requests. At this hearing, all budget types will be given equal priority. We will be allocating about $200,000–$250,000, a big chunk of our entire budget. Thus, we advise student organizations to plan ahead and get all their semester requests in at this hearing, if possible. Advising will begin on Monday, March 25, so we advise student organizations to start preparing their budgets now for the hearing, as we have given ample time for planning.
We strongly recommend as transitions happen, that new executive boards go through our guidelines and attend workshops, and get in touch with advisors, so there is more understanding of the policies and procedures.
The board has worked very hard this academic year to stabilize the SAF, since as you would know, we started the academic year with a deficit. We thank all student organizations and the entire student body for working with us through these problems and being understanding. We’ve had to make big cuts to organization budgets and make some tough decisions, but thanks to everyone, we have an SAF in great shape for the next academic year! Thank you.