Student Council passed a bill last night that aims to decrease the amount of rollover money left in the appropriations budget at the end of each calendar year. The bill requires contracted independent organizations that apply for money on a rolling basis to use that money by a specific deadline.
Under the new rules, CIOs receiving funds on a rolling basis must use their money within 45 days of receipt, Vice President for Organizations Catherine Tobin said, adding that if a CIO fails to use its funds, the money allocated to it will then be eligible for reallocation to other CIOs.
"The idea is to give the most groups the most money so that they can carry out their organizations' function," Tobin said.
Before the bill's passage, unused money from CIOs would not be immediately available for reallocation, instead rolling over into the next year's budget, Tobin said, noting that last year's rollover totaled about $160,000.
"My goal is to lower the rollover and reduce costs," Tobin said.
Tobin added that she hopes the bill will cut rollover funds by half in the coming year. She also said she hopes the new bill will encourage CIOs to use the money they have.
CIOs are permitted to apply for funds from Council on both an annual and a rolling basis. According to Tobin, groups that are able to forecast their budgets well in advance usually apply for annualized appropriations, while rolling appropriations are usually preferred by groups whose expenditures are harder to predict. Tobin said, for example, that a group planning to invite a speaker but unable to predict the cost of the speaker's engagement would be more likely to rely on rolling appropriations.
If a group applies for annualized appropriations and discovers it needs more money, it can apply for emergency money from a contingency fund, Tobin explained.
Also approved last night was a bill allocating office space to CIOs. The bill, which was set to be introduced last semester, was held until last night to investigate discrepancies concerning the voting record on the original draft. Two groups were given different allocation space after appealing to the Council.
Council also approved committee chairs for the current academic year. Currently it has 11 committees, all but two of which have two co-chairs.
"Student Council is very fortunate to have an extremely qualified, enthusiastic and enterprising group of committee chairs this year," Victoria Ingenito, director of University relations for Council said.
A separate bill approved Student Council Appropriations Co-Chairs Tyler Boles and Jeremy Wickman at last night's meeting.
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