Whereas, the Student Assembly Charter Appendix B, Section 2, Subsection F: Funding Clawbacks states:
“In the event that a Byline-funded organization enters a new academic year with a rollover balance exceeding either twice the amount of its most recent annual allocation or five hundred thousand dollars ($500,000), whichever is less, any surplus funds in excess of that threshold shall be immediately transferred to the Student Assembly Reserve Accounts”;
Whereas, the Student Activities Funding Commission (SAFC) is a byline-funded organization of the Student Assembly subject to the provisions of the Student Assembly Charter;
Whereas, as of S.A. Resolution 10 passed on October 31, 2019, SAFC is explicitly “required to update the Student Assembly on the remaining rollover surplus amount”;
Whereas, SAFC has entered the current academic year with a rollover balance exceeding five hundred thousand dollars ($500,000) and any surplus funds held by SAFC in excess of this amount must be transferred to the Student Assembly Reserve Accounts;
Be it therefore resolved, that the Student Assembly directs the transfer of all SAFC funds in excess of five hundred thousand dollars ($500,000) from the SAFC byline account to the Student Assembly Reserve Accounts, in accordance with the Student Assembly Charter Appendix B, Section 2, Subsection F;
Respectfully Submitted,
Christian Tarala
Deputy VP for Finance
Nolan School Representative, Student Assembly
Zora deRham
President, Student Assembly
Hayden Watkins
Vice President for Finance, Student Assembly
