The Financial Management Board typically has two allocation meetings: the Spring Allocation Meeting, and the Winter Spending review.
Each of organization represented within the Financial Management Board is expected to put together a budget proposal. These budget proposals contain the events each organization hopes to plan for their upcoming term and the accurately predicted expenditures to be made by the organization. Therefore, these proposals are to be created by the incoming members of the Financial Management Board.
These first drafts of these proposals are to be submitted to the Student Union Treasurer’s office or email (email@example.com) on a date agreed upon by the Financial Management Board. The Student Union Treasurer and Assistant Student Union Treasurers will review each submission and then meet with each member of the Financial Management Board individually. At this point, the Student Union Treasurer and/or Assistant Student Union Treasurers will review mistakes, misunderstandings, miscalculations, implausibility of totals or event details, and any other items that require attention before a final submission of the proposal is made.
Each member of the Financial Management Board submits a final draft of their proposal to the Student Union Treasurer on the date decided upon by the board. The Student Union Treasurer then compiles the budget proposals into an allocation book to be distributed to the outgoing members of the Financial Management Board on the Tuesday before the Spring Allocation Meeting.
The official date of the Spring Allocation meeting is ultimately decided by the Student Union Treasurer. Each organization must make a brief presentation of their budget proposal. A schedule of events will be distributed before the allocation meeting.
The Spending Review is a formal review of the spring allocations. This review must take place before February 1st of each year. In preparation of this review, it is the responsibility of each member of the Financial Management Board to demonstrate their responsible usage of the funds allocated to them. If funds are being used irresponsibly, it is within the power of the Financial Management Board to withdraw and re-allocate funds from an organization if deemed appropriate.
The Spending Review is also an opportunity for an organization to be allocated more funding. The source of these funds is the student activity fees not accounted for in the spring allocation.
The Freshman Class Council is typically not required to do a proposal for the spending review, however the Student Union Treasurer may request the Freshman Class Council to put together a Spending Review proposal if he or she deems it to be necessary.