MEETING START TIME: 6:30 PM

 

ATTENDANCE:

Committee: Taylor, Feeney, Lachance, Vutech,

Absent: Pelisson, Palmer

Non-Committee: Leach, Howard

 

COMMITTEE DISCUSSION:

 

• Topic 1: Delegation
  • One big change is that every member of committee will be assigned roughly thirteen groups. Members will now be the primary contact of individual student organizations (previously, this duty belonged to the chair, and said chair would receive large volumes of emails). Each member should expect at least two large tasks. Duties will include general communication with organizations, as well as helping organizations whenever they come forward with requests. Members are expected to create a half/full page detailed report of what happened (fundraising, etc.). Will be included in transition materials.
• Topic 2: Crew Club Dock
  • Work on the Dock will be done today. Detail report will be done by Feeney (should include answers to questions that are asked). There are multiple ways that funding for the dock could be done: loans, donor/fundraising campaign, sponsorship, contingency grants, switching budgets (5 Cent Cigar) (we do not need to pick a single funding way).
  • Crew Club currently spending $52,000. Finance committee is curious as to how much of the dock’s cost that they can handle themselves with the money that they already are allocated. Where is the money that they are receiving from dues going?
  • It is a very real possibility to fund the Dock for the Crew Team. We have the funds. $20,000 can come from contingency grants, $15,000 will come out of bank account (to be placed in the General Contingency Grants Account).
    • Loans should likely be used because we want to give groups a sense of financial responsibility (this is from a philosophical point of view).
  • Crew Club enters 7:10 PM:
    • Treasurer and President of CSIC and Rowing club.
    • Has two docks, one is thirty years old and needs replacement. The dock is put together through very unprofessional means, because it is corroded. Replacements have been made through the years, but the dock is very far gone at this point. Two types of docks are in thought, the bubble and the easy dock/connect-a-dock.
    • Bubble dock is quoted for: $18,252 (no ramp price within this)
    • E/Z Dock is quoted for: $20,323, and with the ramp it is $24,158.58
    • General public is allowed because it sits upon a town park. Coach is trying to get the park expanded. Person lives within the boathouse in order to patrol the area.
      • A high school team also used the dock currently.
    • In terms of funds, the team would like to come up with a gaming night, like a dodge ball (likely) tournament. They also have an idea for a 5k fundraiser (unlikely).
      • Other fundraisers that they have done include raffles, and shoveling.
    • They have a great many costs due to replacing parts on the boats, paying their coach’s salary, paying for the boats that they currently have, replacing oars, and paying for gasoline.
    • They are asking for $24,158.58
      • We usually ask for 15% for a transaction of this size. They would need to provide approximately $4,000 under these guidelines.
    • They have an emergency budget listed under foundation. The foundation has about $34,000, and this includes the budget to pay for the salary of the coach. This account is separate from the Senate budget. Foundation account is through the state.
      • The Finance Committee is requesting statements from this foundation, and any other external accounts that the crew club maintains.
    • Finance Committee proposes a loan of $5,000 to be paid over a period of 10 years.
    • Club would like the entire cost in a contingency grant. They would like it as quickly as possible. However, they claim that if they need to put forth money, they would find a way to do so.
      • Ideally, they would not like to take out the loan, they would prefer to pay up front, maybe take money from fundraising or from the foundation, or from CSIC.
        • CSIC has its own budget that is disbursed to all of the teams (26 dollars for every student that enrolls in URI). There is potential to get the full amount that we are requesting from CSIC, however they do not know as of this time.
        • Another possibility to come up with money would be for the Crew Club to pull out of certain races – however, they do not want to take out any races to make up the money due to the fact that they are winning so often at races. They accrue the greatest amount of national titles in terms of club sports.
        • Total fundraising is between 10 and 15 thousand per year. Work-athons (crew club members going out and committing community service time in return for funding for the team) are done almost every day of the week.

MEETING ADJOURNMENT TIME: 8:39 PM