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.


Finboard Ongoing Initiatives

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. Detailed information about the Travel Grant can be found here. Please first fill out the UA Travel Grant Application and then submit it via the UA Travel Grant Application Form.

In addition, the UA is pleased to be leading the Pilot Program to allow student groups to both more easily keep track of their Funding Account Balances and spend Finboard-allocated funds over an extended time-frame. More information about the Pilot Program can be found here

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 finboard.mit.edu when the funding applications are open. There are four funding cycles per year - Summer, Fall, Winter, and Spring. A breakdown of the periods of these four cycles is as follows: 

Winter Cycle: January 1 - March 31

Spring Cycle: April 1 - June 30

Summer Cycle: July 1 - September 30

Fall Cycle: October 1 - December 31 

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 referenceApplications 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 Pilot Accounts (F/S, for Fall and Spring, respectively), Funding Accounts (if not involved in the Pilot Program), and Main Accounts by clicking on the corresponding links. Finboard will update these spreadsheets on a semesterly-basis.

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). 


Winter Cycle: January 1 - March 31

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JanuaryCalendar.png
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Spring Cycle: April 1 - June 30

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Past Cycles

 *note: Appeals data not available for Fall 2014 - Summer 2015 cycles

*note: Appeals data not available for Fall 2014 - Summer 2015 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 2018-2019

Liaison (kerberos) - role

Bamlak Gessessew (bamlak) - Finboard Chair

Julia Pei (juliapei) - Vice Chair

Brittany L Sacks (bsacks) - Liaison

Eva W Anderson (evaa) - Liaison

Hanna A Tuomi (htuomi) - Audit Team

Kailey A Allen (kaileya) - Liaison

Kathleen K Schwind (ks007) - Liaison

Mideum Park (mideump) - Liaison

Olutimilehin O Omotunde (omotunde) - Audit Team

Pranit Nanda (pranit) - Liaison

Tam B Nguyen (tamnbm) - Audit Team

Zachary D Schmitz (zschmitz) - Liaison

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