Finboard Announces Fall AllocationsBy Kristen Landino
ASSOCIATE NEWS EDITOR
The Undergraduate Association approved Finance Board recommendations for student group allocations last night after considerable discussion.
“We funded the groups on the assumption that we had $97,000 at our disposal,” said Edgar Martinez ’00, Finance Board Treasurer.
Chancellor Lawrence S. Bacow ’72 allocates $194,000 to the Office of the Dean for Students and Undergraduate Education which gives the money to the Undergraduate Association for dispersal.
“Our goal was to disperse two-thirds of the funds through the initial allocations and set aside the remaining one-third for the appeals,” Martinez said.
Finboard appeals will begin in early October. There students can protest the amount given to them during allocations and request more funding.
“Our target dispersement was approximately $70,000 and the total allocation was $80,224,” Martinez said.
Funds were allocated based on a number of factors including the size of the group, quality of presentation, and when the group was established among other things.
Finboard request forms changed significantly this year as the board separated funding into categories such as operations, capital, events, and publicity.
“Publicity and operations are viewed as necessary to keep the group alive so these categories are not scrutinized as closely as events funding is. The quality of an event, its size, and how unique it is are factors which contribute to its funding potential,” Martinez said.
In particular, Martinez noted that these categories will have more of an effect on the reimbursement procedure.
“In terms of allocations, it is not so important. It comes into play more during reimbursement. For example, if a group wants to substitute a Lecture Series Committee ad for an ad in The Tech, it can do so because both of these expenses fall under the publicity category,” Martinez said.
The UA made one notable change to the Finboard recommendations. They added $12,500 to their own fund allocation and abolished the UA Social Board which previously existed as a separate entity. However, before the UA meeting the Social Board had not been allocated any money by the Finboard
“Given the amount of funds we had at our disposal, I think the board did a pretty good job of balancing the requests,” Martinez said.
Finboard will notify student groups via e-mail of their allocation for fall term by Friday.