Resolution 2 Resolution to Liquidate the GPSA Long Term Investment Account

Passed October 27,2003

Whereas, in October 2001, the GPSA voted to transfer $100,000 from the GPSAFC Operating Account to the GPSA Operating Account; and

Whereas, this $100,000 was raised from the mandatory Activity Fee paid by all graduate and professional students and by-line funded to the GPSAFC for allocation to student groups; and

Whereas, in April 2002, the GPSA voted to invest this $100,000 from the GPSA Operating Account in Cornell’s Long Term Investment Pool, buying 2,225 shares whose value ($43.21546 per share as of 10/24/03) fluctuates monthly with the markets; and

Whereas, the interest from this Long Term Investment Account pays annually into the GPSA Operating Account, so that neither the principal nor the interest from this account benefits student groups funded by the GPSAFC; and

Whereas, the GPSAFC has funded an increased number of student groups since fall 2001, and these groups are spending in excess of GPSAFC income from the Activity Fee; and

Whereas, graduate and professional student groups have taken significant cuts in their GPSAFC funding this year, with some very active groups receiving 40% to 60% less in their budgets than last year; and

Whereas, most groups receiving reduced funding were told to apply for Special Project Requests during the year once they had made specific plans, yet less than $18,000 remains available for such allocations in academic year 2003–2004; and

Whereas, the GPSA values the vibrant and diverse social and cultural opportunities for graduate and professional students that the 183 GPSAFC funded groups provide;

Be it therefore resolved that the GPSA Investment Account (G94–2000) be liquidated forthwith, and the balance of funds transferred back to the GPSAFC Operating Account (G94–3606);

Be it further resolved that the GPSAFC not use more than $50,000 of the amount obtained from liquidation for special project requests and new budget applications during 2003–04.

Be it further resolved that the GPSA charges the Funding Policy Committee to recommend whether to invest some of this money;

Be it further resolved that the GPSA charges the Funding Policy Committee to recommend changes to the GPSAFC’s system of rules and procedures, to take effect in Fall 2004, in order to streamline the annual budgeting process and reduce the reliance on large account surpluses;

Be it further resolved that the GPSA thanks the staff of the Office of the Assemblies and Cornell Invested Funds for providing full information on this account in a timely fashion, and requests that they complete the transfer of funds as soon as possible so that student groups may be adequately funded for the rest of this academic year.

Respectfully Submitted,

Brian Holmes GPSA Finance Commission Chair