Resource Management
1. Create a single student organization funding board. SOLE and DSL Finance should work with the ASA, UA, and GSC to create one funding board that allows for increased efficiency and streamlines the processes for funding requests in alignment with MIT’s policies and procedures, regardless of the group’s mix of undergraduate and graduate student members.
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The new funding board to allocate funds derived from the New Fund sources ($1,385,460), Large Event Fund ($100,000), and ARCADE ($50,000).
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The Student Organization Funding Board and student governments must submit proposed operating budgets annually to SOLE and DSL Finance to verify compliance with MIT’s policies and procedures and to ensure appropriate stewardship of MIT resources. All other student organizations should submit annual funding requests to the Student Organization Funding Board.
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The funding board should be composed of at least nine student representatives as well as non-voting SOLE and DSL Finance staff who will serve as advisors. The board should have graduate and undergraduate students, equal representation from ASA, UA, GSC, and include at least three elected representatives from student organizations.
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The funding board should establish equitable distribution guidelines, including an explanation for how the funds will be used to benefit the MIT student community.
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As part of their application to the funding board, each ASA-recognized student organization should report spending patterns, revenue sources, and fund reserves.
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Club sports, FSILGs, and residence hall student governments can seek funding for events and programs open to all students, and they must include a report of their spending patterns, revenue sources, and fund reserves with their applications.
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Allocations from the funding board must prioritize benefitting currently enrolled MIT students.
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All organizations and events funded by the new funding board must be open to all currently enrolled MIT students without restriction or priority to certain populations.
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Allocations from the funding board must be used in the same academic year they were allocated. An ASA-recognized student organization may carry forward funding that is derived from other sources, which may include but is not limited to fundraising, donations, or DLC sponsorship.
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To inform the allocation process, DSL Finance and SOLE will provide the funding board with an annual analysis of student organization, residence hall, club sport, and FSILG spending patterns and reserve account balances. This information should help determine each group’s annual reserve limit.
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With DSL Finance and SOLE approval, student governing boards should be able to carry forward a portion of their end-of-year unspent balance for designated, appropriate use in the coming academic year.
