Council Debates How To Spend New Funds

The Undergraduate Council will have 75 percent more money next year-with the term bill increasing from $20 to $35-and now they have to figure out how to spend it.

Last night, the council's Ad-Hoc Committee on the Budget, consisting of the council's standing committee heads and other members, convened to discuss where to put the more than $220,000 it will take in next year-up from around $120,000 in previous years.

In addition, last night, Council President Paul A. Gusmorino `02 discussed plans to further increase council finances by shifting its money into a new type of bank account.

As it stands, the council's University-controlled account bears no revenue from interest, but Gusmorino met this week with administrators to discuss switching over to a type of account that does-and he said that outlook is good.

"I expect the change by next fall," Gusmorino said.

For the University to allow one of its organizations to hold an interest-bearing account, administrators mandate a minimum investment of $50,000.

Gusmorino speculated that the difficulty of holding that amount for an extended period of time might be the reason that council has not looked into setting up such an account in the past.

While the council takes in more than $50,000 at the beginning of the year, its funds are quickly spent on student-group grants and other annual allocations.

"With careful planning, the council can save the $50,000 necessary to begin gaining interest," Gusmorino said. "If we can hold that money in the bank for just half a year, at a 5 percent interest rate, that's an extra $1,250 in revenue."

BF: Must Be the Money

At the Ad-Hoc Committee meeting, each standing committee presented a budget that was then debated and informally voted upon by the Ad-Hoc Committee's members at large.

After some debate over how much more money College student groups can use, the Ad-Hoc Committee tentatively voted to allow the Finance Committee a budget of just under $130,000-up from less than $100,000 in previous years.

FiCom Chair Trisha S. Dasgupta `03 said providing student groups with funds is "the most direct and tangible way in which students' term bill contributions benefit campus life."

The Student Affairs Committee asked for and received $3,000 for awards and other minor projects.

The Campus Life Committee (CLC)-responsible for last weekend's Springfest-will tentatively receive slightly over $50,000. Previous budgets have fallen around $30,000.

The most contentious debate of the meeting surrounded the Harvard Concert Commission-a group under CLC's jurisdiction.

Gusmorino and Council Vice-President Sujean S. Lee `03, among others, wanted to issue the commission a block grant of $15,000 at the outset of the year to allow the commission the "convenience and security" necessary to organize a concert.

This figure was predicated on the idea that the commission would throw three events next year.

Ultimately, members of the Ad-Hoc Committee voted to allocate funds on a concert-by-concert basis, though a number of council members questioned the plausibility of having three concerts next year and expressed concern over losing accountability for council money.

Gusmorino said the meeting was a success.

"This is good because it's important that we start planning on a year-long basis," he said.

-Staff writer Alexander B. Ginsberg can be reached at ginsberg@fas.harvard.edu.