Group presents plan for $650,000 endowment
Sonia Rao | Wednesday, March 7, 2007
Plans for a Student Union endowment containing nearly $650,000 were presented to members of the Council of Representatives (COR) Tuesday night in LaFortune.
Student body president Lizzi Shappell said Student Senate drafted amendments that would allow for money from the carry forward account and revenues from The Shirt to be placed into an endowment used for student programming.
The carry forward account contains money leftover from various groups’ funds, and The Shirt Project revenues are split equally between the Student Union Budget and The Shirt Charity Fund. The charity fund is expected to contain $943,000 by the end of the term.
Under the policy changes, the carry forward account should never exceed $100,000. Any amount of money over this cap will be invested in the Student Union endowment, Shappell said, which will produce “a very, very conservative estimate of $20,000 in revenues that could be reallocated by FMB [Financial Management Board] each year “
In addition, the changes would place revenues from The Shirt exceeding $300,000 in the Student Union endowment. Shappell said she felt this amendment would not hurt The Shirt Charity Fund, which has almost $1 million in funds.
The Student Union endowment would contain no less than $650,000 at any time, so “we would only use the revenues generated from the endowment … which are compounded quarterly,” Shappell said.
The Financial Management Board will study the numbers to make sure they are reasonable, particularly concerning the amount of money generated by The Shirt.
“These numbers could change if FMB thinks it should,” Student Union Board manager Patrick Vassel said.
Student body vice president Bill Andrichik said the Senate’s Oversight committee would need to approve revised versions of the amendments and will meet the Monday after spring break to do so.
In other COR news:
u Junior Patrick Leimkuehler was approved as the successor to current Student Business Board manager Anna Sierra.
“Among 30 applicants, Patrick demonstrated to be the individual with the strongest aptitude to be the next Student Business Board administrator,” Sierra said in a note to COR members.