Minutes from the WGA Executive Council Meeting
Bunmi Obiora, WG'07
Issue date: 10/16/06 Section: Insider
The WGA Executive Council met on Wednesday 11th October 2006 with 29 members in attendance. The main focus of the meeting was the WGA's allocation fund, as two clubs presented proposals for funding and the Council discussed criteria for use in assessing subsequent requests.
The first request was from the Wharton Inside Guide. A number of operational glitches last year left the club with a budgetary deficit and a cash flow crunch. The editors, Denise Leonhard and Ken Lee requested a $2,000 WGA allocation (up from $1,200 last year), and an additional $2,687 to help pay off creditors.
The editors also highlighted the various steps they are taking to increase advertising revenue, reduce costs, and prevent a recurrence of the operational problems. Following deliberations, approval was made for an allocation of $1,000 and a loan of $3,687 to help relieve the cash flow crunch until advertising revenues are received.
The Wharton International Volunteer Program (WIVP) requested $14,500 to help subsidize its volunteer projects for the year. Pratish Halady and Anusha Seetharaman presented the club budget for the year and noted that the increased costs of holding their major fundraiser - the Winter Ball - and reduced WGA funding (down $9,000) this year will result in insufficient funds for projects.
They emphasized that they had explored various ways to reduce costs and raise additional funds, approaching corporate entities as well as other Wharton clubs for sponsorships. As the amount requested is a significant portion of the allocation fund, the council suggested a number of additional funding options and the Deputy Vice Presidents for Community Services were requested to work with the club to explore these options prior to the next meeting.
The Executive Council then discussed formalizing the procedure for clubs wishing to apply for the allocation fund as well as standardized guidelines to help in the decision making process. Once these discussions are concluded, the procedure and guidelines will be circulated to all club leaders.
The next meeting will hold on November 1st 2006. This is also the first date the Executive Council will begin considering applications for club status. Individuals interested in forming clubs should speak with the responsible Divisional Vice Presidents to obtain more information on the procedure.
The first request was from the Wharton Inside Guide. A number of operational glitches last year left the club with a budgetary deficit and a cash flow crunch. The editors, Denise Leonhard and Ken Lee requested a $2,000 WGA allocation (up from $1,200 last year), and an additional $2,687 to help pay off creditors.
The editors also highlighted the various steps they are taking to increase advertising revenue, reduce costs, and prevent a recurrence of the operational problems. Following deliberations, approval was made for an allocation of $1,000 and a loan of $3,687 to help relieve the cash flow crunch until advertising revenues are received.
The Wharton International Volunteer Program (WIVP) requested $14,500 to help subsidize its volunteer projects for the year. Pratish Halady and Anusha Seetharaman presented the club budget for the year and noted that the increased costs of holding their major fundraiser - the Winter Ball - and reduced WGA funding (down $9,000) this year will result in insufficient funds for projects.
They emphasized that they had explored various ways to reduce costs and raise additional funds, approaching corporate entities as well as other Wharton clubs for sponsorships. As the amount requested is a significant portion of the allocation fund, the council suggested a number of additional funding options and the Deputy Vice Presidents for Community Services were requested to work with the club to explore these options prior to the next meeting.
The Executive Council then discussed formalizing the procedure for clubs wishing to apply for the allocation fund as well as standardized guidelines to help in the decision making process. Once these discussions are concluded, the procedure and guidelines will be circulated to all club leaders.
The next meeting will hold on November 1st 2006. This is also the first date the Executive Council will begin considering applications for club status. Individuals interested in forming clubs should speak with the responsible Divisional Vice Presidents to obtain more information on the procedure.
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