The following budget cuts will applied at the end of the academic year for the following year’s annual budget based on carryover debt from the previous academic year ending in June:
Debt Level, Budget Cut
<$100 | 0%
$101 – $500 | 10%
$501 – $1000 | 15%
$1001 – $1500 | 20%
$1501 – $2000 | 25%
>$2000 | Funds frozen; present debt repayment plan to SAC Exec; subject to de-recognition if repayment plan is not approved by SAC Exec
The following administrative penalties will applied during the academic year as debt is accumulated:
- All student organizations with carryover debt from the previous year will be unable to apply for contingency (unless a repayment plan is in place).
- All student organizations in debt that become de-recognized will not be able to apply for re-recognition until they have repaid their debt.
- Student organizations may avoid penalties if they can show proof of incoming revenue to be deposited that will cover debt.
- If the budget cut penalty amount exceeds the amount of actual debt, the amount of actual debt will be used instead.