The Finance Board decides how much money to allocate to the different student groups applying for funding, as well as what items to fund. Because student group needs differ from group to group and from semester to semester, decisions must be made on a case-by-case basis. The following are some of the guidelines the 1999-2000 Finance Board developed to structure its decisions.
Scope and Size of Requests: By the UA Constitution, the Board can only fund only ASA-recognized undergraduate student groups or collections thereof. Also, the Board islimited in its funds: last term, the Board received requests exceeding available funds by over $150,000. This constraint influences all decisions.
Depth of Request: When a group asks Finboard to fund an event, buy capital expenses, or contribute to operations, we look at how many people the money will help and how "deeply" it will affect them. With events, we try to find the balance between giving access to a certain experience to as many people as possible, and making sure that it's a quality experience. Also, because we realize that student groups can be very different from each other, we measure whether something is worthwhile to fund based on whether it helps that student group accomplish its goals.
On Campus/Off Campus Events: In the past, the Board has found these things worthwhile: events that take place on campus, that bring cool things to campus, and that are open to everyone at MIT. Also funded are events that represent MIT off-campus (like off-campus performances and competitions). The Board provides as much support as possible given the constraint on resources, and also to give similar amounts of money to groups that do similar things. (For example, if two singing groups have similar schedules one semester, they will receive comparable funding.)
Understanding a request: We need to understand your request to make a good allocation. Groups that know what they want to accomplish, inquire into how much it will cost, and show on their budget forms and defenses that they have planned well will be given more trust/more freedom with their request. Groups that have questions about how to plan can also demonstrate responsibility by contacting their Finboard liaisons. There are actually training sessions for student group treasurers, so that we make sure you have a chance to get to know Finboard officers and ask questions about the funding process.
History of group: Finally, student groups that earn a reputation for always spending their Finboard allocation will be considered more favorably than those who receive money and don't use it; at the very least, a group needs to include an explanation in its budget defense if it didn't use its money from the term before. This is because when the Board makes an allocation to a certain group, no other group can use it. It's simply not fair for one group to sit on money another group could have put to good use. (And if a group needs more money, it can always go to an Appeals session.)
Food at an Event: There is no blanket ban on funding food, but in the past it has been low priority. The Board will fund food at an event, provided that the event is open and well publicized (posters, emails, etc.) to the entire MIT community. Food essential to an event - "make your own sundae," a pie-eating contest, or a cultural dinner - will more likely get funding than food for a speaker event, a dance, or weekly meetings.
Transportation to Off-Campus Performances and Competitions: As stated above, the Board supports off-campus performances and competitions because they represent MIT. Limited resources mean that paying for plane tickets, for example, is usually not withing the Board's budget. Van rentals, some car rentals, and subway passes tend to be funded.
Prizes at Competitions: Funding prizes take low priority because the Board does not want a prize to be the driving force behind events it funds. Legally, the Board cannot fund cash prizes, but will fund small gifts (a gift certificate to Tosci's, for instance) whenever possible.
Community Giving: The Board may fund transportation for philanthropic activities but will not pay for direct donations, because doesn't want MIT funds to go directly to outside groups. The Finance Board would fund, however, an initiative in which MIT students interact directly with the community, using their time and money creatively to help solve a social problem.
Retreats: Because of limited resources, funding retreats is the exception rather than the rule. Because retreats are closed by definition and yet they don't represent MIT in the outside world (like performances and competitions do), the impact a retreat has on the MIT community must be very well articulated if it is to receive funding.
Capital: Capital purchases made by the Board belong to the UA and must be tagged with property stickers from MIT or otherwise tracked by the groups. Group credibility (has the group been around for a while, or will it disappear when the seniors graduate? Does the group have a safe place to store capital goods?), lifetime of the product, and its usage, are factors in the decision to buy capital.
Funding Fundraisers: The Board does not fund fundraisers (where Finboard funds are used to make a profit). Subsidizing costs is different (if you're charging admission to an event to help offset the cost of putting it on, we will also fund that event). Groups seeking an investment for a fundraiser should request a loan from the UA Council.
Funding Past Spending and Debts:The Finance Board does not give money to pay off student group debts. Again, a group in debt may approach the UA.
Speaker Expenses: The Board understands that providing housing, transportation, and a thank-you gift to invited speakers is important. Resources are limited but the Board will provide as much funding as possible. The same legal constraints preventing the Board from funding cash prizes apply to cash honoraria.
We do not fund t-shirts. Period. .
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