Existing Text of ARTICLE IX--FISCAL:
SECTION 1. DUES. The Corporation dues shall be payable on registration day of each term at the rate given in the schedule below (effective school year 2012-13): Fall: $30.00 Winter: $30.00 Spring: $30.00 Total: $90.00 Dues for each term shall be non-refundable after add day of said term. Of the dues, 10% each term shall be for a subscription to The California Tech.
SECTION 2. BUDGET. Upon entering office, the new Board of Directors shall adopt a budget to govern all Corporation expenditures for the following fiscal year.
SECTION 3. AUDIT. All the books of account of the Corporation including those of the Big T and The California Tech shall be submitted by the Treasurer to a certified public accountant at the end of each fiscal year for auditing. The fiscal year shall begin on October 1st and end on September 30th. The audit shall cover the entire fiscal year concerned, including all checks and bank statements, purchase orders, bills, and receipts.
SECTION 4. CHECKS. The President and Treasurer shall have the power to sign the checks of the Corporation.
SECTION 5. BIG T ASSESSMENT. Each Corporation member will be assessed fifty-seven dollars ($57) for the Big T, payable on the days of registration at the rate of nineteen dollars ($19) per term. A member withdrawing before the end of third term may either receive a refund for installments paid, or complete the payments and receive an annual. Before the end of third term, a member who does not wish to receive a copy may, upon written request to the Business Manager of the Big T, receive a refund of any installments paid toward that year's book.
Amendment 1 (Changes to Section 1 and 4):
Proposed Text
“ SECTION 1. DUES. Caltech will disburse the Corporations award from the Caltech Student Activity Fee per direction of the annual MOU between the Corporation and Caltech as described in SECTION 4. The amount disbursed, as ASCIT’s budget, will be the cost of dues times the number of registered students. The Corporation dues shall be payable on registration day of each term at the rate given in the schedule below: Fall: $30.00 Winter: $30.00 Spring: $30.00 Total: $90.00 Dues for each term shall be non-refundable after add day of said term. Of the dues, 10% each term shall be for a subscription to The California Tech. “
…
“ SECTION 4. MEMORANDUM OF UNDERSTANDING (MOU). At the start of each academic year, the Corporation and Caltech will enter a MOU regarding certain accounting and business services. This MOU will outline the business relationship between the two entities. The President will have the power to sign the MOU, after review and approval from the simple majority of BoD and the simple majority of Revcomm. This review meeting must occur no more than a week after receiving the MOU. “
Explanation:
Amendment One (Section 1 and 4) - MOU Changes: These changes outline the current process for which money is disbursed and collected for ASCIT dues. Every year, students pay a Student Activities Fee. ASCIT Dues are collected from the Student Activities Fee and dispersed at a fixed amount as defined by the ASCIT Bylaws. This amendment is not changing the amount of dues collected but rather providing more transparency as to how funds are currently processed. Working with Revcomm to review the MOU will ensure there are no inconsistencies with the Bylaws.
Amendment 2 (Changes to Section 1, specifically value of dues):
Proposed Text:
“ … Fall: $33.00 Winter: $33.00 Spring: $33.00 Total: $99.00 … “
(edit values of 30 to 33 and 90 to 99)
Amendment Two (Due Changes): We are proposing this amendment to increase the amount of dues being collected from $30 - $33. Over COVID, Caltech started giving us a larger portion from the fixed student fees and we want the bylaws to reflect this. This amendment will support the increased costs that come with putting on events during Covid. For example, this will support required event Covid insurance costs for the upcoming ASCIT Formal. This is also to support the increased number of events we’ve been holding such as the Halloween Holiday Event, Skating Event, and Winter Carnival.
Amendment 3 (Changes to Section 3, 5 and 6):
“ SECTION 3. BIG T ASSESSMENT. Each Corporation member will be assessed fifty-seven dollars ($57) for the Big T, payable on the days of registration at the rate of nineteen dollars ($19) per term. A member withdrawing before the end of third term may either receive a refund for installments paid, or complete the payments and receive an annual. Before the end of third term, a member who does not wish to receive a copy may, upon written request to the Business Manager of the Big T, receive a refund of any installments paid toward that year's book. “
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“ SECTION 5: TAXES: Caltech shall prepare the Corporation’s annual IRS form 990 and any related forms based on information recorded in the Oracle financial system. The Corporation will provide Caltech any other necessary information to facilitate the timely completion of such tax returns. The fiscal year shall begin on October 1st and end on September 30th of the following year. Only the President and Treasurer will have the power to sign tax documents.
SECTION 6: ACCOUNTING MATTERS: The President and the Treasurer shall have online access to the Oracle financial system and Data Warehouse so that the Corporation may view their financial accounts. “
Amendment Three - Logistic Changes: These changes are to reflect the current process of managing ASCIT finances. ASCIT no longer writes checks or does audits, thus we deleted those sections and added amendments outlining the process of taxes and accounting.