By DAVID NOEL
The Finance Committee has nearly $20,000 more to meet finance requests during this upcoming year than it did last year, due to a redistribution of funds and the shifting of requests from spring to fall.
The committee does not yet know where this money will go because clubs have not requested the money this early in the year.
According to Finance Committee Chair Kelly Caldwell, the actual total budget of the Finance Committee decreased from $515,000 in 2008-2009 to $485,000 in 2009-2010. However, the amount the Finance Committee allocated in their final budget for the year, not including money to meet finance requests, also decreased from around $395,000 to $325,000.
This left roughly $120,000 to be distributed throughout the year in the 2008-2009 academic year and $135,000 to be distributed for the 2009-2010 academic year. This was the shifting of current funds, rather than the allocation of new funds.
According to the Finance Committee website, their goal is to “allocate and distribute funds to eligible clubs as efficiently and equitably as possible.” Allocating these funds is a process that takes place over a several month period, which is described in the Finance Committee bylaws.
First, clubs request funding at Spring Budget Hearings, held no later than April 10.
Second, the Finance Committee uses these requests, in combination with the previous year’s budget, to complete an Initial Budget by the end of May.
Finally, clubs are then notified of the amounts allocated at the Finance Committee Training for all club treasurers, which occurs within the first two weeks of the academic year.
In addition to the funds allocated to clubs in advance, the Finance Committee also allocates, or reallocates, funds throughout the year for specific events. These finance requests are paid out of the Finance Committee’s budget, but are separate from the yearly amounts requested at the spring budget hearings.
The Finance Committee has money each year set aside for this purpose. It is here that the Finance Committee has more than last year.
According to Finance Committee Chair Kelly Caldwell, this nearly $20,000 increase is there “because clubs tightened contracts last year,” resulting in smaller requested budgets up front. Also, clubs were asked to only submit budgets in the spring if they knew they were going to be accurate.
This resulted in more clubs waiting until the fall to submit requests for funds. Less money is being distributed before the school year begins, which allows for more funding to be distributed later. Kelly Caldwell confirmed that the Finance Committee’s budget is “in about the same shape as last year” and confidently stated that “it [will] all be spent.”