Executive Board and Union Senate members have finalized an amendment to the Student Union Charter, after a year of financial evaluation. The amendment, which focuses on financial rules and policies for the Student Union and chartered and recognized organizations, is expected to be on the Union ballot during the second round of elections.The restructuring of financial procedures is a result of a clause in the Union Charter that mandates a financial review and the creation of an amendment based upon the findings.

Union Advocate Josh Sugarman '05 said the amendment is "a lot of housekeeping" and "a step in the right direction."

The amendment details financial procedures, especially regarding the implementation of a financial liaison system for chartered and recognized clubs.

Article V., Section 1 explains the formation of the Finance Board, stating that the board will "allocate the Finance Board Allocations Fund to Chartered Organizations" and "oversee and supervise the financial affairs of all such Chartered Organizations."

Such a board would create financial training sessions for an appointed financial liaison member of each chartered or recognized club. The club representatives would learn how to submit check requests, appeal requests and become familiar with constitutional rules of finance.

Union Communications Director Marci Surkes '03 called the possibility of a Finance Board "great."

"This amendment will certainly allow for clubs to manage their money better, and that's going to be highly beneficial for everyone," Surkes said.

Union Treasurer Joshua Brandfon '05 said the amendment will "get our rules out there to the community so that they can better understand our policies."

The Finance Board, according to Brandfon, is actually the change of the name of the Allocation Board to the Finance Board. Aside from the creation of various responsibilities for the Finance Board, the amendment will assist the Union in maintaining financial records. A computer software system called QuickBooks will help accomplish this maintenance.

Another significant aspect of the amendment is the consideration of rollover funds.

"We have had a $122,000 rollover fund. Nobody ever thought about what would happen if money would go unspent. Nobody planned that club activities sometimes fall through, that the clubs return the check to the Allocations Board or Student Union. Those surpluses ended up in our bank account, and we constitutionally didn't have instructions for what to do," Surkes said.

But now, the Union government will know what to do. "The Allocations Board will get to reuse unallocated and unspent Allocation Board funds," Brandfon said.

"There won't be an accumulation of money like we saw this year," Brandfon said

And, according to Brandfon, the name of the Allocations Board is going to change to the Finance Board.

The amendment will "better define the role of the Student Activities Fee," Brandfon said.

In Section 4 of Article VII, the allocation of the Student Activities Fee to Union funds is explained. The Student Activities Fee will be distributed as follows: Union Government Fund, 9.37 percent; Secured Major Media Fund, 25.26 percent; Secured Organizations Fund, 27.40 percent and Finance Board Allocations Fund, 37.97 percent.

Distribution of funds to secured major media and secured organizations is detailed as well.

Brandfon added the Union is "working with administration to assure them that we've gotten things back under control."

"We had to do a lot to gain their trust back, and we've done that for the most part," Brandfon said.

"The amendments are very much geared toward the administration," Sugarman said. "But they're definitely necessary."

Although Sugarman advocates the amendment, he believes that the amendment doesn't provide financial reform for students.

"Clubs and individuals are not going to be seeing a big change," he said.

Yet, students will most likely be the determiners of the amendment's implementation.

Union Government will decide whether approximately 400 student signatures or 10 Senate member signatures will finalize the amendment.

Surkes also said that the 10 senate signatures are being looked upon as a "fallback mechanism" because the student signatures will aid the community in understanding the amendment.

"The aim is to gain 400 student signatures, because by doing that we educate people in the process," Surkes said. "Students shouldn't be voting blindly.