Mandate:EUSF/EUGE Fee Solution
l
 | |
| About | |
|---|---|
| Board Member | Ameer Nizami |
| Support | March Chelala,BoG Member at Large, Kareem Halabi |
| Start Date | 2018/07/28 |
| Expected Completion Date | 2019-05-01 |
| Category | Finance |
Explore the possibilities of splitting the EUSF, decreasing or getting rid of the fee. Decreasing or removing the fee would only be feasible if an endowment fund were created to replace the yearly funding. Hence, exploring the possibility of setting up an endowment fund with the excess accumulated funds is also to be assessed.
Context
There has been a large accumulation of EUSF and EUGE funds over the years, the EUSF was meant as an emergency fund. It is not the most transparent fund when students wonder where their funds go.
Goals
Initial Deliverables
Goals first set when the mandate was created
Find a superior solution to simply using the EUSF to funding academic initiative and thus accumulating a surplus every year that is not properly being put to use.
Timeline
| Timeline | Date Completed |
|---|---|
| ' | Met with Nilou, Marc and Scheffel. Discussed next steps, which were to obtain historical data of how much funds were used every year |
Mandate=EUSF/EUGE Fee Solution Board member=Ameer Nizami Board member email=board.member5@mcgilleus.ca Team members=March Chelala,BoG Member at Large, Kareem Halabi Start date=2018/07/28 Expected completion date=2019-05-01 Completed date= Category=Finance Description=Explore the possibilities of splitting the EUSF, decreasing or getting rid of the fee. Decreasing or removing the fee would only be feasible if an endowment fund were created to replace the yearly funding. Hence, exploring the possibility of setting up an endowment fund with the excess accumulated funds is also to be assessed. Context=There has been a large accumulation of EUSF and EUGE funds over the years, the EUSF was meant as an emergency fund. It is not the most transparent fund when students wonder where their funds go. Deliverables=Find a superior solution to simply using the EUSF to funding academic initiative and thus accumulating a surplus every year that is not properly being put to use. Motion link=https://docs.google.com/document/d/1EGE48DreGph1yUCawdvClxPel5Uhd-O2W4frZ4K_mYo/edit?usp=sharing Additional info= task1= takeaway1= completed1=Met with Nilou, Marc and Scheffel. Discussed next steps, which were to obtain historical data of how much funds were used every year task2= takeaway2= completed2=Discussion on creating endowment fund for design teams instead, more feasible and less capital required task3= takeaway3=There is very little surplus carried over from the EUGE fund completed3=Obtained EUGE Account Printout task4= takeaway4=There is often a significant amount of funds leftover every year in the EUSF due to the variability of the projects. completed4=Obtained 2018 EUSF Account Data task5= takeaway5=EUSF will be reworked so that funds are shown directly to departments chairs during yearly budget creation period. This will hopefully ensure full utilization of funds. completed5=Created new detailed process of how EUSF allocations are done. task6= takeaway6= completed6= task7= takeaway7= completed7= task8= takeaway8= completed8= task9= takeaway9= completed9= task10= takeaway10= completed10= task11= takeaway11= completed11= task12= takeaway12= completed12= namespace=Mandate