Article I – Budget

Article I – Budget

Section A – Fiscal Periods

1. The fiscal period for the Fall semester shall begin on the 12th day of classes of the Fall semester and shall extend to the 11th day of classes of the Spring semester.
2. The fiscal period for the Spring semester shall begin on the 12th day of classes of the Spring semester and shall be extended to the last day of the second week before the end of the Spring semester classes.
3. The fiscal period for the summer shall begin on the first day of classes of the last week in the Spring semester and shall extend to the 12th day of classes of the Fall semester.
   

Section B – Automatic Allocations

1. LSM shall automatically receive 20% of the total amount of funds allocated to the Student Government. Upon presenting a semester budget in Senate session by the third session of the semester they shall receive an additional 5%.
2. YAC shall automatically receive 20% of the total amount of funds allocated to the Student Government. Upon presenting a semester budget in Senate session by the third session of the semester they shall receive an additional 5%.
3. The Executive Branch shall automatically receive 5% of the total amount of funds allocated to Student Government.
   

Section C – Automatic Carryover

1. No funds shall be automatically allocated for use during Christmas break.
2. The Executive Branch shall allocate at least $500 of its budget for use during the summer fiscal period.
3. The Senate shall allocate at least $1300 of its budget for use during the summer fiscal period, as well as for use by the Vice President for Senate training and start-up costs.
4. LSM shall allocate at least $1000 of its budget for use during the summer fiscal period.
5. YAC shall allocate at least $2000 of its budget for use during the summer fiscal period.
   

Section D – Stipends

1. All officer compensation shall be in the form of a participatory merit stipend; the percentage of the stipend received shall equal the percentage of the term served.
2. The Executive Officers shall receive the following amounts per semester:
   • President: $2,000;
   • Vice President: $1,500;
3. The Senate General Compensation Funds shall be determined by the Senate Bylaw Article IV Section A.
4. LSM General Compensation Funds shall be determined by the LSM Bylaw Article II Section A.
5. YAC General Compensation Funds shall be determined by the YAC Bylaw Article II Section A.
6. Officer compensation shall not exceed 40% of the funds allocated to Student Government. Officer compensation shall be scaled proportionally if it surpasses this percentage.
   

Section E – Allocation Bills

1. The Senate must pass a general allocation bill by the second session after the Student Government receives funds from the University in excess of $5000.
2. Neither YAC nor LSM may be allowed to spend any funds in the excess of $2500 on any given event without the explicit approval of Student Senate, with the exception of Hootenanny and any donation to spring break missions. Approval shall only be granted by means of passing a bill stating the amount of money to be spent as well as how the funds will be used.