GSB waits to transfer account money to cover deficit

Dan+Rediske%2C+director+of+finance%2C+speaks+to+the+first+Government+of+the+Student+Body+meeting+on+Aug.+28+in+the+Gallery+Room+in+Memorial+Union.

Photo: Yanhua Huang/ Iowa State

Dan Rediske, director of finance, speaks to the first Government of the Student Body meeting on Aug. 28 in the Gallery Room in Memorial Union.

Lissandra Villa

When a deficit in the Government of the Student Body’s capital projects account was made public in August, GSB had to begin the process of figuring out how it would cover the balance it needed to bring the account back from the negative. 

The balance of the capital projects account currently could not be reported by GSB.

“Basically, we’re finishing up the fiscal year, and our accounts haven’t been finalized by the final reviews,” said Finance Director Dan Rediske, referring to GSB’s inability to report a final balance. As of last week, however, the capital projects account was reported to be less than by $102,286.50.

Last week, some members of GSB assumed the situation, which appears to be caused by a miscalculation of enrollment numbers in the allocation process of spring 2012, would be resolved immediately at the first Senate meeting of the year by transferring the balance of its investment account into the capital projects account.

The GSB Senate met for the first time on Wednesday evening at Memorial Union, but a transfer of the money, which would require a two-thirds vote approval from the senators, did not appear on the agenda.

“Now that Dan [Rediske] has worked more with the Campus Org Accounting Office to get more information about the situation … we understand that the numbers are still a little fluid at this point,” said Spencer Hughes, president of GSB. “So Dan has chosen to wait until we know what the numbers are before acting.”

Hughes added that waiting would not affect GSB operations.

The transfer of money from the reserve account to the capital projects account would relieve the debt in the capital projects account. Reclaimed money would further replenish the capital projects account.

“I was just as surprised as most of us,” said Khayree Fitten, inter-fraternity council senator. “We worked with the facts that we had, and so at first I felt a little guilty because I did push and author some of the more expensive expenditures that we had the last fiscal year.” 

The meeting included a visit from Anna Prisacari, the president of the Graduate and Professional Student Senate.