UA Financial Board
Mission
"The purpose of this committee shall be to recommend allocations for student group funding to the UA Principal Officers and Council in a fair, beneficial, and responsible manner." -Finboard Bylaws, Article II
The Financial Board (Finboard) allocates funding to student groups in order to support their events. The overall mission and goal of Finboard is to objectively and fairly support all student groups within the limits of the budget and the Finboard Funding Policies.
Current Cycle: FALL
Application opens: September 21st, 2024
Application closes: September 30th, 2024
Application decision by October 14th, 2024
Appeals open: October 17th, 2024
Appeals close: October 21st, 2024
Funding Cycle Dates
Winter: Jan 1 - March 31
Spring: April 1 - June 30
Summer: July 1 - Sept 30
Fall: Oct 1- Dec 31
Finboard Travel Grants
As a part of the UA’s ongoing initiative to support the MIT undergraduate community, Finboard is pleased to offer MIT undergraduates the opportunity to apply for the UA Travel Grant. This grant is oriented towards funding individual students up to $1,000 to attend professional or academic conferences that will enhance students’ undergraduate experience beyond MIT’s campus. The goals of the grant is to fund as many individual experiences as possible, so groups are ineligible for Travel Grants, and conferences already being attended by MIT groups will not be prioritized. Please initially fill out the UA Travel Grant Application and then submit it via the UA Travel Grant Application Form. If the form is closed, the Finboard is no longer offering Travel Grants that semester. You can find the Travel Grant FAQ here! If you have any questions, please use ua-travel-grant-officer@mit.edu.
UA TRAVEL GRANTS ARE OPEN FOR THE 2024-2025 SCHOOL YEAR.
How To Apply for Finboard Funding
Finboard funds ASA recognized student groups composed of a majority of undergraduate students. If a student group is eligible to apply for Finboard Funding, they can apply for funding at this link and using the Budget Defense Template when the funding applications are open. There are four funding cycles per year - Summer, Fall, Winter, and Spring.
The funding application opens for each cycle according to the calendar below. Eligible student groups can apply, using the Finboard Funding Policies as a guideline. Please consult the Example Finboard Funding Application as a reference. Applications are then reviewed by Finboard, and funds are allocated and sent to SAO for approval. Once approved, the allocations are released to the student groups. If a student group wishes to appeal the results, they may do so once the Appeals application opens. Finboard then reviews those Appeals and sends those allocations to SAO and once approved, the Appeals are released to student groups. At that point, all funding is final.
Student groups can use the Roles Database to see their Funding Accounts (F/S, for Fall and Spring, respectively) and Main Accounts by clicking on the corresponding links. Finboard will update these spreadsheets on a semesterly-basis.
Before each allocation cycle, there will be office hours for student clubs, so be alert for an email about that as funding cycle application dates approach!
Frequently Asked Questions
How Finboard Funding Works
Once a student group has been allocated funds, that group may then "use" those funds. When a group is allocated funds, there is no physical transfer of funds into the student group's Funding Account. Rather, the student group may process reimbursements against their Funding Account up to the amount allocated, and only for line items specifically applied for an approved during the Finboard Funding Application process. Student groups may only utilize funds for the cycle for which they applied for; funds do not "carry over" to the next cycle. The reimbursements must be processed in a timely manner, and RFPs must be submitted by 15 days after the end of the cycle for which the funds were allocated. Note: if a student group is involved in the Pilot Program, then the funds will actually be transferred into the group's Pilot Account (for the Spring or Fall).
Past Cycles
Contact Us
If you have any questions, please do not hesitate to email us at finboard@mit.edu or email your liaison (listed below) directly.
Finboard Members for 2024-2025
Alvin Chen (2027) Co-Chair notalvin@mit.edu
Jacob Mazumdar (2027) Co-Chair jdm348@mit.edu