GB 165, General Trust Revision Act
The Government Operations Committee reported the bill to Senate, GO-35
Online Text
(as of 4-16-2004, engrossed for signature)
GOVERNMENT BILL 165
A BILL TO BE ENTITLED
An act To Revise ProCedures For Managing unencumbered Funds
BE IT ENACTED, by the North Carolina State University Student Senate that:
Section 1. Chapter 5 of the Student Body Statutes shall be amended by striking:
§5-1.13. Unexpended Funds
Reappropriation.
At the end of each fiscal year twenty percent (20%) of the net unexpended funds shall be automatically budgeted to the following fiscal year's student organization appropriations, equally divided between semesters. The “net unexpended funds” shall be defined as the total unexpended funds minus the total funds spent from the trust fund in past fiscal year, but shall never be considered negative
§5-1.14. General Trust;
composition.
The General Trust
shall be composed of:
(a) monies from the Student Body Funds not expended during any fiscal year,
minus the Unexpended Funds Reappropriation; and
(b) monies required to remain as an ending fund balance by the University
Office of Finance and Business.
§5-1.15. Expenditures from the
General Trust.
No funds shall be
disbursed from the General Trust by the Comptroller without approval by (i) a
two-thirds (2/3) majority of the Senate or (ii) the unanimous consent of all of
the Executive Officers, at times that the Senate cannot be convened. Any
request shall detail the amount and purpose of the expenditure.
and inserting:
§5-1.13. General Trust.
Any monies in the Student Body Funds beyond those required to meet the commitments of the Student Government Budget shall be considered unencumbered and part of the General Trust. The General Trust shall be inclusive of any University mandated reserve balance. The General Trust shall be considered depleted when containing less than double the minimum reserve.
§5-1.14. General Trust Management.
By the end of September, the Comptroller shall determine the present balance of the General Trust as well as the quantity of money left unexpended from the previous fiscal year, and report such to the Senate. Should the General Trust be considered depleted, the Comptroller shall allocate such funds from the unexpended balance required to exit depleted status. The remaining funds shall be considered the “net unexpended funds”.
§5-1.15. Unexpended Funds Budgeting.
Appropriations Bills allocating the net unexpended funds into the current Student Government Budget shall be in order for adoption after the report of the Comptroller, provided that:
(a) between 50% and 100% of the net unexpended funds are appropriated; and
(b) at least 25% of the net unexpended funds are appropriated to Student Organization Appropriations.
Such bills shall require a simple majority for adoption. Any net unexpended funds not so budgeted by the close of a fiscal year shall be transferred into the General Trust.
§5-1.16. Expenditures from the General Trust.
No funds shall be disbursed from the General Trust by the Comptroller without approval by (i) a two-thirds (2/3) majority of the Senate or (ii) the unanimous consent of all of the Executive Officers, for urgent expenses at times that the Senate cannot be convened. Whenever practical, the Executive Officers shall request written comments from all Senators prior to approving an expenditure.
Section 2. This act shall be effective upon its enrollment.
I hereby certify that this bill was read twice and adopted in the North Carolina State University Student Senate, this 16th day of April 2004.
______________________________________________
Erich M. Fabricius
Student Senate President
I hereby signify my approval of this bill as adopted by the North Carolina State University Student Senate, this _______ day of ____________, 2004.
______________________________________________
Tony Caravano
Student Body President