Financial Update - LSS Oct 2009

By   Published on: Wednesday October 21, 2009

1. Funding Policy

On Monday, October 19th, the LSS Board approved the 2009-2010 Funding Policy. The policy is available here . It will govern how and on what basis LSS funding is to be allocated.

2. Conference Funding

All of the first term conference funding has been allocated. In second term, there will be more funding available. Look forward to an email early next term. To increase the likelihood that yourfunding request is approved, please keep your receipts.

3. Society Funding

Society Funding will be available in term two. An application form will be made available early in January. Applications will be due shortly thereafter. The Budget Committee will review applications and allot funding accordingly. To ensure your society, please keep in mind the following:

1. Have a budget

2. Maintain financial records

3. Consider the Principles for Assessing Value:

a. Community

i. Collaboration with other societies

ii. Contribution to Weldon as whole

iii. Embodiment of the Weldon Tradition demonstrated by commitment to the community and social justice

b. Value

i. Demonstrated ability to use funds wisely

ii. Demonstrated ability to raise own funds

c. Accountability

i. Provide budget

ii. Provide well-thought out plans for funds

iii. If requested, provide financial records

d. Longevity

i. Societies with long-standing traditions should be favored

ii. New societies should justify why they have been created, particularly when they have similar aims of an existing society

4. ‘Special Request’ Funding

Special request funding has been created to allow the Board to respond to needs for urgent funds or for deserving requests that are not met by individual or society funding. Please keep in mind that societies and individuals are invited to be apply and to be innovative and bold in their proposals.

Societies might apply for the following reasons:

1. They need the money urgently and cannot wait until January

2. They need a loan to pay for inputs for a fund raising venture

3. They are doing something exceptional this year that need additional funding

Purposes for which funding may be allottedare:

a. Personal development

b. Contributing to the Weldon community

c. Contributing to communities beyond Weldon

d. Any other purpose the Board deems a suitable use of funds

Any student or society may apply by contacting the VP Finance (jade.buchanan@gmail.com).

5. The Budget

On Monday, October 19th, the LSS Board approved the 2009-2010 Budget. It is available here . The most significant changes from last year are (1) the increase in conference funding, (2) the creation of ‘special request’ funding (see below for explanation), (3) the move of society funding to ‘special request’ funding, and (4) the increase in spending on coffee for exam time.

If you have any questions, concerns or comments please feel free to attend your LSS Board meetings, which are open to the public, on Mondays at 7pm in Room 205.I am available by email at jade.buchanan@gmail.com or in the LSS office on Fridays from 10am-12pm.