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:: Financial Oversight Committee ::
RHA Financial Oversight Commission Policies The RHA Financial Oversight Commission was established to provide a voice a fiscal responsibility in the RHA Legislative Council, and to assist the RHA Treasurer in his or her duties. Each year this commission prepares the budget for the Residence Hall Association and the financial policies associated with the budget. The commission also reviews the financial aspects of every financial bill presented to the Legislative Council and makes recommendations for amendments and passage or failure based upon financial concerns.
FINANCIAL POLICIES The Financial Oversight Commission's chief concern when making a recommendation to the legislative branch on the validity of expenditures should be measured in terms of direct benefit to the residents. Other appropriate considerations include: · Number of residents affected. · Financial soundness and cost effectiveness of the bill. · Long-term effects of any proposed spending. · Past financial history of the event or presenting organization. · Whether or not the event is possible without RHA assistance. FOC shall not recommend funding for anything which can be had at a lower cost or for free through existing campus facilities. Residence Hall Association funds may not be used to reimburse any expenditure for an event in the past. Retroactive funding will be permitted if consideration of a bill is delayed through no fault of the presenting organization or resident. If an expenditure has been pre-paid for an event occurring in the future, this is not considered a retroactive expenditure. The Residence Hall Association will not fund any alcohol or tobacco related purchases. In addition, the Residence Hall Association will not fund a gift certificate to any store whose primary business is the sale of alcohol or tobacco. Six weeks after any financial bill is passed, the FOC Chair, at his or her discretion, may author a resolution to re-encumber any unspent funds. The Chair is required to contact any parties affected before submitting such a bill. RHA should not fund anything which may be obtained at the same quality but at a lower cost (or free) from any general-service division of the institute. The Financial Oversight Commission will adhere to the following policies when making recommendations to the Residence Hall Association Legislative Council. These policies only apply to the following accounts: Capitol Outlay (116), Programs (117), and Sponsorship (118). These policies are binding only to the FOC.
ACCOUNTS From the RHA FY 2004 Budget Descriptions: Capital Outlay: The Capital Outlay account is used to fund major, one-time purchases. Bills requesting money from this account that directly improve residence halls must be approved by the Residence Hall Improvements Committee (RHIC) and shall be presented to the RHA Legislative Council for final approval. People who wish to use funds from this account may approach the chair of RHIC or their respective Building Representative and request them to either author or find an author their bill. The President shall determine if it will be necessary for a bill to be approved by the RHIC committee prior to being by the Legislative Council. This account shall contain 25 percent of the total incoming revenue after allocating sponsorship. Programs: The funds in Programs are used for programs sponsored by the Residence Hall Association or Hall Councils for the direct benefit of the residence. Programs is budgeted with 75 percent of total unused activity fees after all accounts are allocated except Programs and Capital Outlay. In addition, 75 percent of total incoming revenue is transferred to the Programs account after allocating sponsorship. Sponsorship: Funds in this account are used to help sponsor programs which are geared towards residents but are not organized or administered by RHA or the Hall Councils. Examples of such programs include campus festivals, Thanksgiving dinners, Movies at the Fountain, Sports Orgy, and similar events. This account shall be allocated $5000 taken out of the incoming revenue. BILLS All financial bills shall be reviewed by the Financial Oversight Commission before their introduction into Old Business, unless specified by the Legislative council. All recommendations of the Financial Oversight Commission shall be reported by the Chair while the bill is being discussed. Budgets The Financial Oversight Commission will not consider a bill unless it contains an itemized, clear, up-to-date budget. An appropriate budget must include a list of expected expenses and revenue, as well as all sources of funding, including requested funding that may or may have been granted at the time the bill is considered. No miscellaneous expenses will be funded. Events Funding for RHA events will be drawn from the Programs account. Funding for Non-RHA events will be drawn from the Sponsorship account. The Residence Hall Association will not fund an event that does not target Georgia Tech residents. Campus events are expected to draw from a variety of on and off campus funding sources. Costs associated with regular Residence Hall Association events should request to be included in the budget for the following year. In the case where non-residents may be present at an event, resident admission cost must not exceed the non-resident student admission cost. Events shall not be funded in excess of the event venue capacity. Non-RHA Events These events must target and directly benefit residents in order to receive Residence Hall Association funding. Generally, FOC should avoid funding more than one social event per organization per semester. Organizations are expected to contribute reasonable portions of their budget (if one exists) to their own events. Organizations hosting an event are expected to utilize the most economical means available, taking into account stature and formality of the event. Prizes The Residence Hall Association will fund prizes if the event is targeted at Georgia Tech Residents. Prizes must adhere to following stipulations: · Absolutely no cash prizes. · No prizes valued at more than $100 dollars to any one individual. · Prize descriptions must be presented in the bill. T-shirts and other Apparel Non-Residence Hall Association apparel to be sold will not be funded. All apparel that is funded must bear a Residence Hall Association logo. Publicity Publicity for an event includes paid advertisements in publications, handouts, brochures, flyers, and media announcements. Residence Hall Association may be considered the primary source of funding for publicity-related expenses, although student organizations planning an event are encouraged to seek funding from other sources as well. Student Government Association often funds these types of matter. The Residence Hall Association will not fund more than $50 for publicity for non-RHA events. Conferences The Residence Hall Association may fund conferences and tournaments held at Georgia Tech or away. The conference must specifically target Georgia Tech residents. Conferences that are away from campus must provide transportation to and from the conference for residents. If any conference is for a particular student organization, the organization is expected to fund part of the conference. For those taking personal transportation, up to $0.35 per mile will be reimbursed per vehicle, provided that the maximum numbers of occupants are in each vehicle and travel expenses are presented in the bill. Capital Expenditures Capital expenditures that directly benefit Georgia Tech residents shall be considered by the Financial Oversight Committee in a bill form. Funds for capital expenditures that are defined as “Durable Goods that will last more than three years” may be drawn from the Capital Outlay account. Items that are purchased to improve a particular residence hall (i.e. pool tables, televisions, etc), shall remain in that residence hall and under the guidance of the hall council. Other items purchased by the Residence Hall Association are to be returned at the end of year to be placed in the fun shop. When considering funding for a capital expenditure, both the Financial Oversight Committee and the Legislative Council should consider the following criteria: · The overall cost · The number of residents that will benefit from such expenditure. · The useful life of the equipment to be purchased. Miscellaneous electronic parts will not be funded in excess of $50. Miscellaneous electronic parts are considered parts with a price less than $10.
AMENDMENT AND REVISION This policy may only be revised or amended once per semester. Amendment of these polices requires a three-fourths (3/4) vote of the seated members of the committee in order to amend. The Legislative Council may amend these policies with a two-thirds (2/3) vote. Last Updated: April 9, 2003 |
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