Principles, Policies, & Procedures

Finance Board Principles, Policies, & Procedures (FB3P)

The most updated version is the November 2019 Edition available here.

Finance Board - Principles, Policies, & Procedures - OFFICIAL DOCUMENT (November 13, 2019).pdf

Frequently used funding rules

[R1] AUTOMATIC GBM FUNDING. General Body Meetings (GBMs) WILL BE PRE-FUNDED​ at $300 per semester for each Student Organization at the beginning of each semester.

    • (A) Any additional requests for GBM funding WILL BE DENIED​.

tl;dr: Your organization is automatically given $300 per semester for GBMs, including food and other meeting necessities.

[R16] AUTOMATIC OPERATIONS FUNDING. Marketing materials and operational expenses (“Operations”) WILL BE PRE-FUNDED​ at $120 per semester for each Student Organization at the beginning of each semester.

    • (A) THIS RULE MAY BE WAIVED IF AT LEAST ONE​ of the following is sufficiently justified that being at the ultimate discretion of Finance Board:
      • (I) The funding has wider appeal or positive impact to the Student Body,
      • (II) OR ​the funding would bring substantial benefit to the members of the Student Organization and/or the Student Body.

tl;dr: Your organization is automatically given $300 per semester for GBMs, including food and other meeting necessities.

[R4] MAXIMUM FUNDING PER EVENT. Events WILL BE FUNDED AT A MAXIMUM​ of $200 per event including food AND operational expenses.

    • (A) THIS RULE IS WAIVED IF AT LEAST ONE​ of the following is sufficiently justified:
      • (I) The event has wider appeal to the Student Body,
      • (II) OR ​the event brings substantial benefit to the members of the Student Organization and/or the Student Body. (For example, this includes inviting speakers, conducting workshops, or hosting a similar event such as these.)


tl;dr: For any event that is not considered a GBM, we will fund up to $200/event for food and other operational expenses. If your event has a wider appeal to the student body or your event has, for example, speakers or workshops, we may allow an increased amount.

[R7] TICKED EVENTS. If the cost of an event substantially varies depending on the number of attendees (“Variable Cost Event”), the event SHALL BE TICKETED​. Each attendee SHALL BE CHARGED A FEE​ ahead of time to attend the event.

  • (A) To avoid confusion, this rule typically applies to events where the vendor charges a fee per person.
  • (B) Tickets SHALL BE​ sold through the Office of Campus Life (OCL) and any applicable websites that they designate for official university use.
  • (C) Any outside persons including IIT Alumni that wish to attend a “Variable Cost Event” SHALL BE TICKETED.
  • (D) IIT Alumni are otherwise welcome to attend any events that are not considered to be a “Variable Cost Event”.
  • (E) Tickets SHALL BE sold at the following prices per ticket:
    • (I) If the vendor cost per person is between $10.00 and $24.99, inclusively, the price per ticket SHALL BE $5.
    • (II) If the vendor cost per person is between $25.00 and $39.99, inclusively, the price per ticket SHALL BE $10.
    • (III) If the vendor cost per person is greater than or equal to $40.00, the price per ticket SHALL BE $10.00 or greater and decided at the discretion of the Board on a case-by-case basis.

tl;dr: Events and programming where you are paying only a flat-fee regardless of the number of people will generally not be ticketed. Any event where the vendor cost is per person, then the event must be ticketed. The ticket rates are as follows:

  • Cost per person between $10 to $24.99

Preface

One of the biggest challenges for Finance Board will always be establishing standards and policies that ensure internal consistency and external transparency. The aim of this document is to define a standard set of questions and entailing policies based on those decisions. This allows student organizations--and ideally anyone not only Presidents and Treasurers of those organizations--to be able to understand the full policies of Finance Board.

Until now, we’ve had the Guidelines which has only poorly defined requirements and standards--and most organizations fail to effectively apply those guidelines. Not only that, but without a standard “checklist”, there is a lack of consistency between each advisor since they are relying on their recall and judgement in the moment--which is grossly unideal and inconsistent.

While it will always continue to be a challenge to account for all of the different cases of each proposal we review on a case-by-case basis, the framework presented in this document should provide enough structure but enough flexibility for most budgets. We can call this standardization effort successful when an implementation of this framework is greatly more efficient and transparent than the current vague notion of “supporting documentation”. This document shall continue to be a living document as new debate arises concerning corner-cases and the introduction of new policies. We can only improve as much as we can learn.

  • Josh Bowden (Finance Board Chair of 2019-2020)