GSB votes to lease Varsity Theatre for $365,000

[d4nim4l]

I hate that most people have the attitude of, "well we have the money. we have to use it on something."

Agree here but see above. If they have shown some fiscal restraint the last year or two compared to latter part of my time there then this is actually a worthwhile investment.

How about instead of using it, we roll it over to next year? Then next years student fees will be lower. What a great idea!!!!

Apples/Oranges argument here. While GSB gets their money from student fees they have no direct impact in "cutting" them. In regards to the money rolling over each year, all yearly accounts dump in to the Capital Projects Account at year end if there are any leftover funds. I am too lazy to dig through the by-laws I posted a few pages ago to see what happens if Capital Projects exceeds the $250,000 limit but I imagine anything over that is put in the Investment Account, which earns interest to put on GSB sponsored events.

A fees reduction is not as simple as tax cut.

 

[ornryactor]

I cannot speak to how the current GSB members are spending the money in the account but when I left GSB a lot of senators saw the large number in the account and nearly rubber stamped every request that came through. If the current members are not doing that then I can see this as a possible worthwhile investment and it sure as hell beats spending money on every request each week. Which, believe it or not, adds up really quick.

Maybe ornryactor, or some GSB representative, can shed light on how much is in Capital Projects currently. If it is anything like it was when I left they are nowhere near the $250,000 ceiling and this theater could eat more of the account than they originally intended.

While I don't know down-to-the-penny numbers, I believe that the Capital Projects and Investment accounts currently have a little over $700,000 combined. The original Varsity proposal projected costs over $500,000 but that has been significantly dialed back with some major breaks on facility and equipment costs, as well as the removal of city taxes.

As for your other concern, this Senate certainly does not rubber-stamp everything handed to them. By and large, they are a pretty sharp group of people that take their job seriously most of the time. I've been far more impressed with this year's Senators than in the past 4 years. They give everything a fair, critical view. In fact, the Varsity bill passed because senators who were originally staunchly against it went into debate with an open mind and heard information that gave them reason to believe passing the bill was in the best interests of their constituents.

 

[d4nim4l]

I'm not on GSB; I just interact with them frequently, and have been involved in the Varsity Theater project. While I don't know down-to-the-penny numbers, I believe that the Capital Projects and Investment accounts currently have a little over $700,000 combined. The original Varsity proposal projected costs over $500,000 but that has been significantly dialed back with some major breaks on facility and equipment costs, as well as the removal of city taxes.

Is the Investment Account impacted at all by this? Again, too lazy to really read through the by-laws but I know the intent when it was passed was to leave the Investment Account alone and just accrue the interest.

Not so much GSB's intent as a mandate by the University.

 

[d4nim4l]

As for your other concern, this Senate certainly does not rubber-stamp everything handed to them. By and large, they are a pretty sharp group of people that take their job seriously most of the time. I've been far more impressed with this year's Senators than in the past 4 years. They give everything a fair, critical view. In fact, the Varsity bill passed because senators who were originally staunchly against it went into debate with an open mind and heard information that gave them reason to believe passing the bill was in the best interests of their constituents.

Well thank God for that. When I got involved in all of this we had a very eclectic group of people who were outstanding at debate. Because of it we had some very good years on GSB.

At the end of my run, which sounds like your beginnings at ISU, we essentially had a lot of tweeners on Senate that were too scared to say much. Thus, rubber stamping.

 

[MoreCowbell]

Apples/Oranges argument here. While GSB gets their money from student fees they have no direct impact in "cutting" them. In regards to the money rolling over each year, all yearly accounts dump in to the Capital Projects Account at year end if there are any leftover funds. I am too lazy to dig through the by-laws I posted a few pages ago to see what happens if Capital Projects exceeds the $250,000 limit but I imagine anything over that is put in the Investment Account, which earns interest to put on GSB sponsored events.

A fees reduction is not as simple as tax cut.

Thanks. I was curious if the University/GSB could even do a reduction in fees as simply as that.

Not everyone is going to like this idea, as obviously seen here. I realize I also have no dog in the fight as I'm not a current student. I think the organization behind this project really needs to do some educating so students understand where the money is coming from and what that account is traditionally used for.

 

[d4nim4l]

Thanks. I was curious if the University/GSB could even do a reduction in fees as simply as that.

Not everyone is going to like this idea, as obviously seen here. I realize I also have no dog in the fight as I'm not a current student. I think the organization behind this project really needs to do some educating so students understand where the money is coming from and what that account is traditionally used for.

During my time on GSB I had joked about doing a "Student Fees Reduction", which essentially would amount to a tax cut and a refund to students of some of their fees.

Essentially tighten the belt, deny a lot of funding, run Capital Projects above its limit and then distribute that to the students.

But, it was a joke, like I said. The University would never allow such a thing to happen.

 

[ornryactor]

Is the Investment Account impacted at all by this? Again, too lazy to really read through the by-laws but I know the intent when it was passed was to leave the Investment Account alone and just accrue the interest.

Not so much GSB's intent as a mandate by the University.

I'm not 100% clear on this. The current Finance Director is one of the two guys that's headed this project up, so most of the task force left the financial nitty-gritty to those who knew how to do it, and concentrated on contributing in other ways. I want to say that the Investment Account wasn't intended to remain in place forever; it was a way of dealing with an inordinately large and sudden influx of cash from the sale of GSB's vehicle fleet. I think it's supposed to be going away in the near future, which is why some of the money in it would go to Capital Projects to cover startup costs for Cyclone Cinema. You'd have to talk to the Finance Committee for details about that account, though.

Thanks. I was curious if the University/GSB could even do a reduction in fees as simply as that.

Not everyone is going to like this idea, as obviously seen here. I realize I also have no dog in the fight as I'm not a current student. I think the organization behind this project really needs to do some educating so students understand where the money is coming from and what that account is traditionally used for.

To be honest, we've done our best. The problem is that the financial background is very complex. It can't be accurately summed up in a few sentences, and students don't care enough to listen to the full explanation- believe me, we've tried both approaches many times. Fortunately, that's the beauty and the purpose of the representative government! Constituencies elect representatives and place in them the trust that they will accurately reflect the values and communicate the wishes of that demographic. They learn and understand so that we don't have to.

 

[jpete24]

During my time on GSB I had joked about doing a "Student Fees Reduction", which essentially would amount to a tax cut and a refund to students of some of their fees.

Essentially tighten the belt, deny a lot of funding, run Capital Projects above its limit and then distribute that to the students.

But, it was a joke, like I said. The University would never allow such a thing to happen.

Doesn't every GSB president run on the campaign that they will try to reduce tuition? Pretty much the most empty promises ever.

 

[HighOnCy]

I dont care if this money wont raise tutition or surcharge fees...the fact that money was appropriated to a movie theater in some special capital fund in the first place is ridiculous.

$365,000 could be used for so much more.

If you honestly believe that a movie theater is more important than keeping class sizes smaller....you are way out of touch. Especially in times of need for ISU, are we really gonna spend our funds on MOVIE THEATERS!?!

 

[MoreCowbell]

To be honest, we've done our best. The problem is that the financial background is very complex. It can't be accurately summed up in a few sentences, and students don't care enough to listen to the full explanation- believe me, we've tried both approaches many times. Fortunately, that's the beauty and the purpose of the representative government! Constituencies elect representatives and place in them the trust that they will accurately reflect the values and communicate the wishes of that demographic. They learn and understand so that we don't have to.

I will honestly say I had no idea how much student fees were when I was in school, or what they were used for. And I probably didn't care at the time, either. I also think I didn't take full advantage of all the opportunities made available to me as a student. Probably less than 20% of the students do, actually.

 

[d4nim4l]

Doesn't every GSB president run on the campaign that they will try to reduce tuition? Pretty much the most empty promises ever.

You would be amazed about how empty that promise is not. While it is an outright lie to say they will reduce it, because it will simply never go back down, there has been a lot of work done in previous years to stop the bleeding and keep the subsequent increases to a minimum.

The state's budget crisis is a whole other deal now that is frankly out of the hands of the university presidents themselves.

 

[d4nim4l]

I dont care if this money wont raise tutition or surcharge fees...the fact that money was appropriated to a movie theater in some special capital fund in the first place is ridiculous.

$365,000 could be used for so much more.

If you honestly believe that a movie theater is more important than keeping class sizes smaller....you are way out of touch. Especially in times of need for ISU, are we really gonna spend our funds on MOVIE THEATERS!?!

Apples to Oranges again.

A large chunk of this money has accumulated over years and was not just handed to GSB and told "have fun".