Undergraduate Finance Board - Code of Operations

SECTION I – INTRODUCTION
SECTION II – OFFICERS AND REPRESENTATIVES
SECTION III – ELECTIONS
SECTION IV – MEETINGS
SECTION V – SPRING BUDGETING
SECTION VI – SUPPLEMENTAL FUNDING
SECTION VII – LINE ITEM TRANSFERS
SECTION VIII – LOANS
SECTION IX – SOCIAL FUNDS
SECTION X – AUTHORITY OVER STUDENT ACTIVITIES FUNDS
SECTION XI – APPEALS
SECTION XI – AMENDMENTS

Section I – Introduction

1.1 The mission of the Undergraduate Finance Board (UFB), as outlined in Article I, Section 2 of the UFB Constitution, is to support financially to the greatest extent possible given limited resources every eligible student group to meet its goals based on its needs.

1.2 In accordance with Article VI of the Constitution, UFB shall function under the policies and procedures outlined in this Code of Operations.

1.3 The purpose of this Code is to provide student groups with a comprehensive explanation of the rules governing allocations made by the Undergraduate Finance Board, as well as to outline the responsibilities of both student groups and Board members. This Code shall remain up-to-date with all current and relevant policies, and shall be amendable by UFB alone.

2.1 The contents of this document shall supercede those of any previous Code of Operations and of any previous policies approved by UFB.

3.1 All regulations listed herein shall be considered subordinate to any provisions stipulated in the UFB Constitution, which takes precedence over any other UFB document. Any conflict between this Code of Operations and the UFB Constitution shall be grounds for amendment of the Code, and a supermajority vote (henceforth defined as two-thirds) of UFB will be required to strike the inconsistent portion from the Code.

Section II – Officers and Representatives

1.1 The officers of the Undergraduate Finance Board shall be, in order of succession: Chair; Vice-Chair; and Secretary-Representative. There shall also be 8 additional Representatives. All officers and representatives shall be intimately familiar with the guidelines and policies set forth in this Code of Operations.

2.1 The Chair shall preside over all meetings of the Undergraduate Finance Board. He or she shall set the yearly agenda, and will be responsible for the implementation of any and all policy changes. The Chair will also serve as UFB’s representative to the Student Activities Office and to the Administration, as well as to the student body at large. The Chair shall be the signatory for all UFB expenses.  Any expense that exceeds $500.00 shall require, in addition to the signature of the Chair, approval by a majority of voting members.

2.2 The Vice-Chair shall preside over meetings in the Chair’s absence. He or she will aid the Chair in any administrative affairs that may arise, and will keep accurate records of the amount allocated supplementally by UFB over the course of the academic year. The Vice Chair may not be responsible for the representation of any specific Category III groups.

2.3 The Secretary shall be internally elected by a simple majority vote. In addition to his or her Representative duties, the Secretary will be responsible for documenting attendance, enforcing the attendance rule stipulated in Section IV.3.1 of this Code, collecting and compiling minutes for every meeting, and ensuring that all minutes are disseminated to the student body. The Secretary may also assist the Chair and Vice-Chair in various administrative and operational tasks as needed.

3.1 Representatives of the Undergraduate Finance Board will be assigned specific groups for which to advocate. They will be responsible for regularly meeting with, fairly and accurately representing, and remaining familiar with the general affairs of each of their groups. Representatives shall balance their role as advocate for their groups with their responsibility to the student body as a member of UFB.

Section III – Elections

1.1 Elections to the Undergraduate Finance Board shall be held in accordance with UCS policies and procedures, as outlined in Section III of the UCS Constitution.

Section IV – Meetings

1.1 In order to best serve the needs of the student body, meetings of the Undergraduate Finance Board shall take place on Tuesdays and Thursdays at 8 PM, and will be held in Faunce 201, unless otherwise specified. The first meeting of each semester will take place no later than the week following the first week of classes.

1.2 At the beginning of each academic year, the Chair will set and make available to the student body a schedule of all meetings. It is the Chair’s responsibility to ensure that any cancellation of a UFB meeting is properly publicized to the student body at least one week in advance, if possible.

1.3 At the discretion of the Chair, special meetings may be called over the course of the semester. Such meetings must be properly publicized to the student body in a timely manner, if possible.

2.1 A quorum of seven voting members of the Undergraduate Finance Board must be present at every presentation. Members who are not present for the entirety of a presentation or are members of the proposing group shall not count towards quorum or as voting members. Such members shall automatically abstain from voting. Such automatic abstentions shall not count either for or against the establishment of a supermajority. If quorum is not met, no official UFB business can take place.

2.2 Decisions of the Undergraduate Finance Board shall be made by a supermajority of voting members present. It is the Chair’s responsibility to facilitate decision-making in an orderly fashion. If, in extreme circumstances, a decision cannot be reached after extensive deliberation, and at his or her discretion, the Chair can cast the deciding vote as stipulated in Section V.2.B of the UFB Constitution.

2.3 The Undergraduate Finance Board will consider the following factors in every decision made: current budget allocation; financial history and past use of funds; a group’s management and structural integrity; quality of presentation; amount available to allocate; and both the magnitude of the benefit of the cost as well as the number of people who will benefit. All decisions will be made in accordance with the basic mission of UFB.

3.1 All members of the Undergraduate Finance Board are expected to attend every meeting during the tenure of their terms. In special circumstances, and after having been notified by the respective representative, the Secretary may designate an excused absence. Accumulation of three unexcused absences over the course of a single semester shall be grounds for dismissal from UFB. In addition, any two instances of tardiness or early departure shall constitute one absence.

Section V – Spring Budgeting

1.1 The Undergraduate Finance Board shall allocate the Student Activities Fund for the following year in the Spring of the current year. This allocation shall include the following expenses: fall and spring semester budgets for all Category III groups; social funds for all Category II and III groups; costs of all relevant contracts; a sum of money earmarked for the cultural weeks and months previously designated by the SAO; and all other expenses for which UFB is responsible.

2.1 A group’s budget should contain a detailed summary of all expected expenses for the following year, divided into line items.
  A. Budgets should primarily be comprised of annual expenses, such as established annual events or activities.
  B. For new and one-time expenses, see Section VI — Supplemental Funding.
  C. Representatives should be cognizant of all aspects of their groups’ presentations and should be able to answer any questions which may arise during deliberations.  In addition, a group may provide their representative with additional information, such as event support quotations or previous years’ contracts, in order to best inform discussion.

2.2 A group may request seed money for events (such as lectures or conferences) which may  occur early in the semester, and which will necessitate access to funding. Such a request will be evaluated based on the demonstrated need of the group for such funding, as well as a demonstrated inability to secure funding in a timely manner during the semester.

2.3 Groups are required to fully disclose the amount they hold in non-UFB allocated accounts. Such accounts must be held in the SAO. UFB will use this information to allocate money in the best and most efficient way possible. Groups will not be penalized for accumulating funds in such accounts; UFB encourages fundraising, and only under extreme circumstances will raised funds have an impact on a group’s final allocation.

2.4 Groups do not need to request money for the following items: Police and Security; Fire Marshall; and Media Services. These three costs are automatically covered by UFB as long as the proper forms are filed in the SAO. Except for events that take place in the first week of either semester, Media Services requests must be placed at least seven days in advance of the event.  Supplemental funds shall not be allocated to cover negligent Media Services requests.

3.1 UFB reserves the right to set specific standards each year for various budgeting costs. These standards shall be decided at the start of the budgeting process, and will be communicated to student groups through their representatives. Under certain circumstances, and with demonstrated need, a group may ask for more than the standard, given proper explanation.

3.2 Copying – Each group with basic copying costs will receive $30.00 for such costs per semester. Examples of increased need include, but are not limited to the following: copying of petitions, if central to the mission of the group; high volume of events that need to be publicized; and copying of materials necessary for certain established events.

3.3 Supplies – Each group with supply needs will receive $20.00 for such costs per semester. Examples of increased need include, but are not limited to the following: supplies needed in order to maintain a locale; and specialized supplies that may be integral to the mission of the group.

3.4 Conferences – UFB will try, to the best of its ability, to fund transportation, housing, and entry costs for some group members to attend a conference each semester. Factors that will determine the extent to which UFB is able to allocate funds include the location of the event, the mode of transportation, the financial contribution of each member, and the magnitude of impact the conference will have on both the group and the student body at large. If costs are unknown during the spring budgeting process, the group will be asked to present the event as a supplemental funding request the following year, when more precise numbers are known.

3.5 Food – UFB does not provide funding for food. In special circumstances, and if such funding is central to the mission of the group and to the integrity of the event, UFB will entertain requests. Any request must be cleared by a group’s representative prior to presentation at a meeting, or inclusion in a budget.

3.6 UFB reserves the right to adapt its budgeting standards through a simple majority vote to best serve the student body.  UFB shall adequately communicate such changes to all Category III student groups.

4.1 Preliminary notice regarding budgeting shall be made by representatives before Spring Break. Detailed budgeting instructions shall be sent out to all Category III groups no later than two weeks prior to the first day of budgeting. Representatives are required to meet with each of their assigned groups prior to the first day of budgeting in order to go over budgets and ensure that all is in order before the final budget is submitted to the entire Undergraduate Finance Board.

4.2 All budgets are due by the midnight before the first day of budgeting. Groups who submit a budget after the deadline but prior to the last day of budgeting will be subject to a 10% penalty of their approved budget. In addition to financial penalty, in some cases a group’s budget will be subject to increased scrutiny. Groups who fail to submit a budget before the last day of budgeting will not receive a budget for the following academic year.

4.3 With prior notification and at the discretion of their representative, a group may receive an extension until another point during the budgeting process, as long as the budget is submitted before the last day of budgeting. In extreme circumstances, with prior notification and at the discretion of their representative, a group may be excused from submitting a budget during the spring budgeting process, in which case they will be asked to present in the following Fall. Groups with unexcused late submissions will not receive a budget for the following academic year. Budgets may be submitted to UFB no later than October 1st; any budget request made after that final deadline will not be considered.

5.1 Groups are required to use student activities monies for the reasons requested during the budgeting process. Under special circumstances, a group may request a line item transfer, as outlined in Section VII. Groups who fail to responsibly utilize student activities monies may be subject to the actions outlined in Section X.

Section VI – Supplemental Funding

1.1 During the academic year and at its regular meetings, UFB will accept supplemental funding requests for costs not included in a group’s yearly budget. UFB encourages collaboration in event planning among administrative offices, academic departments, and other student groups, and will take into account the extent of a group’s attempts at outside fundraising when making an allocation.

1.2 Supplemental funding shall be the appropriate means of allocating funds for the following items: new annual events, expenses included in a budget but deemed too imprecise during Spring Budgeting, new newsletters, costs that have arisen since Spring Budgeting, one-time expenses, and anything else not specified in Section V – Spring Budgeting.

2.1 The written portion of supplemental funding request shall minimally include the following information: the name of the group; the names and emails of the person(s) presenting; a brief description of the costs of the event, activity, or purchase; and a line-item breakdown of the costs, including the total cost for each line item and a sum total of all costs. The oral portion of a supplemental funding request shall consist of a brief explanation of the proposal, followed by a series of questions from UFB.

2.2 In order to better inform deliberation, a group may provide extra information, such as quotes, detailed descriptions of events or speakers, expense breakdowns of previous relevant events, and attempts to seek co-sponsorship.

3.1 At least one financial signatory must be present at every supplemental funding request presentation. It is the group’s responsibility to keep signatory information updated in the SAO.

4.1 A group must make every effort to contact their representative prior to a meeting to inform him or her about the intended presentation. This correspondence will allow a representative to discuss the plausibility of a request with the signatory, as well as to inform UFB of the agenda for a given meeting. UFB reserves the right to ask a group to re-present at a later date if said group has not made contact with their designated representative.

Section VII – Line Item Transfers

1.1 While funding is to be used for the reasons for which it was requested, UFB understands that those needs may change over the course of the academic year. Under special circumstances, a group may request a line-item transfer. It is important to note that UFB views such transfers in the same light as a supplemental funding request.

2.1 Any single transfer within a group’s budget of $200.00 or less may be done at the discretion of a group’s representative. Representatives are responsible for approving or denying such requests in a timely manner. If a representative is unsure as to the merits of a transfer, he or she can refer the matter to UFB.

2.2 Transfers that aggregate to more than $200.00 into or out of a single line item at one time are not to be performed at the discretion of a representative; rather, they must be presented to UFB. Expectations of such a presentation are the same as those that exist for a supplemental funding request.

2.3 All transfers between groups, regardless of size, must be presented to UFB. A signatory from both groups involved in the transfer must attend the meeting in order for such a transaction to take place.

Section VIII – Loans

1.1 Since UFB does not encourage groups to profit monetarily from grant allocations, Category III groups are encouraged to seek a loan from UFB’s Contingency Fund for any event at which they expect to turn a profit. This generally includes events that will require paid entrance, as well as group-sponsored conferences that charge a registration or entry fee.

2.1 The process by which a group requests a loan is similar to that of a supplemental funding request. The group must provide a breakdown of all costs in line item format, as well as a description of the event or expense. In addition to this information, the group must provide a detailed explanation as to how they will raise funds to repay the cost of the loan, and the time frame in which they intend to do so. Before presenting, groups are expected to have in place a cogent plan to pay back the loan; if they do not, UFB will not fund the loan. As with a supplemental funding request, a signatory must be present at the presentation of the loan request.

2.2 The entire balance of the loan is due no later than the last day of reading period of the  semester during which the loan was granted.

2.3 The penalty for defaulting on a loan is the immediate freezing of the group’s budget for subsequent semesters until the balance is repaid in full. There are no exceptions to this rule.

3.1 On rare occasions, UFB may entertain a loan request from a Category I or II group, provided that such a group seeks co-sponsorship through a Category III group. However, the sponsoring group should be aware that they will be held accountable if the non-Category III group defaults on the loan, and that their budget will be frozen until the non-Category III group repays the loan in full. If such an agreement is amenable to the Category III group, both groups should move forward with the loan process by contacting the designated representative for that Category III group.

Section IX - Social Funds

1.1 As stipulated in Section XIV.3.1 part (b) of the UCS Consitution, all groups who have achieved Category II or III status by the start of the semester shall be eligible for a social fund of $90.00 for that and each subsequent semester, as long as such status is maintained.

1.2 This funding, unlike all other line items, may be used for food, as well as other basic expenses consistent with a social gathering.

2.1 Social funds, unlike all other line items, are not subject to line item transfers; that is, no monies may be transferred into or out of the social fund line item.

Section X – Authority over Student Activities Funds

1.1 Student groups are expected to spend allocated funds on the expenses for which they were requested, and UFB has the right to hold groups accountable for responsible spending. Misuse of Student Activities monies shall be grounds for financial penalty.

2.1 UFB shall have the authority to freeze the account of any Category III student organization. Such a decision shall be reached by a supermajority vote of UFB.  In the event that the Chair is unable to convene UFB in reasonable time to consider the need to freeze an account, the Chair may submit a written request to the Director of Student Activities.  However, a freeze implemented by such a method shall be lifted in one week unless subsequently approved by UFB, unless otherwise resolved by the Chair within that week.

2.2 UFB shall have the authority to recall previously allocated funding from any student organization. Such a decision shall be reached by a unanimous vote of UFB.

3.1 UFB shall conduct periodic reviews of all accounts for any group receiving funding from UFB, and reserves the right to review any account, including all relevant expenditures, at any time.

4.1 All groups with raised funds accounts must keep such accounts with the SAO, and must accurately report the balance of such accounts when prompted by UFB, as stipulated in Section V.2.3 of this Code. Failure to adhere to these procedures may result in a financial penalty, to be determined by UFB and affirmed by a supermajority vote.

5.1 All monies left in a student group’s account at the end of each semester shall be returned to the UFB Contingency Fund. Accounts will not be subject to rollover of funds between semesters or academic years. This excludes all raised funds.

Section XI - Appeals

1.1 Any student organization that wishes to appeal a decision made by UFB shall adhere to the guidelines set forth in Article IX of the UFB Constitution.

Section XII - Amendments

1.1 As stipulated in Article VI of the UFB Constitution, UFB alone shall amend these by-laws by an affirmative vote of two-thirds of its voting membership. Amendments to the yearly standards for Spring Budgeting require only a simple majority vote, as stipulated in Section V.3.6.

1.2 Any substantive amendment to the UFB Code of Operations shall be publicized to the student body via the Undergraduate Council of Students, at the next UCS meeting at which such a presentation is possible. Such an amendment will also be noted on both the UFB and SAO websites, and will be e-mailed to all Category III groups within one month of implementation.