Finance Board Notice

This notice is part of the efforts being made to increase transparency of the Finance Board’s proceedings and to communicate better with student organizations.
April 2013 Hearing Summary (Amy Carrera, Finance Board chair)
The April 13  Hearing was the first of three hearings for fall 2013 requests. The board gave priority generally to on-campus programming events and a few conferences based on the type of organization, while food, T-shirts and capital items had the least priority. Organizations would notice in their decision letters that some items were not considered a priority. Please note that these decisions were made based on budget requests across the board, and how impactful these items would be to the ENTIRE student body. The board is aware that there may be dissatisfaction, but we do put a lot of time and thought into making these decisions to maximize impact on the IIT student body. Due to the growing number of student organizations, allocation per organization is shrinking.

At this hearing, requests from student organizations amounted to $763,000. At this hearing, the amount available for allocation was between $220,000–$260,000. This was because requests were for the fall 2013 semester (approximately 50% of $480,000 available for the entire semester, not including the current buffer of $30,000) and a majority of requests are proposed for now.
Statistics: Amount Available—$260,000 max.; Total Requests—$763,000; Total Allocated—$260,000; 34% approval rate per requested (up 17% points); 100% approval rate per available (up 49% points)

Allocation Breakdown: 2% Capital; 4% Competition; 5% Operating; 14% Conference;  75% Programming
The board thus made allocations in the amount of $260,000, representing a 34% allocation rate, based on requests ($763,000) and a 100% allocation rate based on the available funding cap at the hearing ($220,000-$260,000).

As you receive your decision letters, we advise student organizations to contact their advisors or the board at without hesitation, to address any concerns. 

Notice from OCL
Student Organizations: It’s time to get on HawkLink! You can do so by visiting this link (ttps://—log on with your IIT username and password). HawkLink is how you now register your student organization with the Office of Campus Life. This is also how you will ask for and receive Finance Board funding in the future. Starting this summer, incoming freshman and current students will be introduced to HawkLink as a means of finding student organizations to get involved with. Make sure that your profile is completely filled out to get the maximum number of incoming students interested in your organization. If you have any questions, please don’t hesitate to contact Ryan, Tricia or Alex in Campus Life.
Next Semester
The next hearing will take place in September for fall 2013 requests. We expect about $100,000 to be available at this hearing. Important dates and deadlines for fall 2013 are as follows:

August: Workshop is August 27 and 28

September: Advising begins September 2; budgets due online September 14;
hearing is September 21

October: Workshop is October 1 and2; advising begins September 30; budgets due online October 12; hearing is October 19

November: (for spring 2014 requests) Workshop is October 22 and 23; advising begins October 21; budgets due online November 2; hearing is November 11

Remember that each organization must attend a workshop once per academic year.
There will be a few new initiatives in our workshops, including a budget template and a treasurer certification element to the submission process. One of the two members attending a workshop for their organization must be the treasurer, and only those two persons will be allowed to submit a budget for that organization. We advise student organizations to read through our guidelines with their new executive boards and communicate concerns with the board so there is more understanding of the procedures and reasoning for decisions.