Spring Break
ASG works to aid orgs facing debt
Austin Fast
Issue date: 4/18/08 Section: Front Page
Associated Student Government (ASG) approved a plan at Tuesday's student senate meeting to help student organizations work their way out of debt beginning in the 2008-09 academic year.
About 20 student organizations at Miami have accumulated more than $90,000 in debt over the past several years.
Student body president Jens Sutmöller promised at his state of the student body address in January that a plan to erase this debt would be in place by the end of the semester. According to Sutmöller, the debt relief plan is not intended to bail organizations out, but to assist them in raising themselves out of debt.
The way out, according to ASG treasurer Brendan Buholzer, is to encourage fundraising within student organizations. Those funds raised will then be matched by a payment from ASG.
"This is intended to be a lot more personal as opposed to funding committee where 90 organizations come in and we go through them in five minutes," Buholzer said. "We want to sit down with them and develop a fundraising plan and help them understand why they went into debt."
Buholzer authored the policy changes and explained that a newly created subcommittee of the funding committee will use a tiered system to determine the amount ASG pays out to student organizations whose accounts are in the red.
To encourage student groups to fundraise as much money as possible, organizations that raise more money are eligible to receive higher proportions of debt relief funding from ASG.
In the first tier of the program, student groups that fundraise up to $500 will receive a 100 percent match in funds from ASG. For example, if Group A raises $450, ASG will contribute $450 in debt relief.
The program's second tier is for organizations that raise between $500 and $2,100. ASG will match the first $500 and then contribute 120 percent of whatever amount the group fundraises above $500.
Any organization that raises more than $2,100 falls into the third tier, which offers an even higher rate of return. ASG will match the first $500, give 120 percent of the amount between $500 and $2,100, and then match any fundraising amounts above $2,100 at a rate of 130 percent.
About 20 student organizations at Miami have accumulated more than $90,000 in debt over the past several years.
Student body president Jens Sutmöller promised at his state of the student body address in January that a plan to erase this debt would be in place by the end of the semester. According to Sutmöller, the debt relief plan is not intended to bail organizations out, but to assist them in raising themselves out of debt.
The way out, according to ASG treasurer Brendan Buholzer, is to encourage fundraising within student organizations. Those funds raised will then be matched by a payment from ASG.
"This is intended to be a lot more personal as opposed to funding committee where 90 organizations come in and we go through them in five minutes," Buholzer said. "We want to sit down with them and develop a fundraising plan and help them understand why they went into debt."
Buholzer authored the policy changes and explained that a newly created subcommittee of the funding committee will use a tiered system to determine the amount ASG pays out to student organizations whose accounts are in the red.
To encourage student groups to fundraise as much money as possible, organizations that raise more money are eligible to receive higher proportions of debt relief funding from ASG.
In the first tier of the program, student groups that fundraise up to $500 will receive a 100 percent match in funds from ASG. For example, if Group A raises $450, ASG will contribute $450 in debt relief.
The program's second tier is for organizations that raise between $500 and $2,100. ASG will match the first $500 and then contribute 120 percent of whatever amount the group fundraises above $500.
Any organization that raises more than $2,100 falls into the third tier, which offers an even higher rate of return. ASG will match the first $500, give 120 percent of the amount between $500 and $2,100, and then match any fundraising amounts above $2,100 at a rate of 130 percent.
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