The ISU Men’s Ice Hockey Club is in the process of renegotiating its contract to pay back money the Government of the Student Body allocated the club in 2000.

Scott Hagen, ISU Men’s Ice Hockey Club president, said the GSB funds were given to the hockey club in 2000 after a generator that cooled the ice failed for three weeks at the old Ames Ice Arena, causing the club to lose revenue. About $40,000 was given to the club, and a repayment contract was signed to pay the money back over the next couple years.

A new facility, the Ames/ISU Ice Arena, 1505 Gateway Hills Park Drive, has since been built next to the old rink.

The contract is being renegotiated so the club and GSB can continue to work closely together, Hagen said. Hockey club members said they agree with the terms outlined in the new contract, Hagen said.

The GSB senate will vote on the new contract at Wednesday’s meeting.

Dan Becker, GSB treasurer, said the hockey club is different from other organizations because of its large budget, approximately $200,000 to $210,000 a year. Regular allocations to the hockey club are also still scheduled for debate by the GSB senate.

Becker said the allocations are contingent on what happens with the contract. GSB only allocates money for ice-time fees. If the contract is passed, Becker said the group will probably receive approximately $10,000 in funding. Last year the club received $14,000 in funding from GSB.

“They wanted $25,000, but we can’t afford to give increases like that,” Becker said.

Hagen said ice time costs about $27,000 a year, and the original proposal was to cover that fee.

Henry Alliger, GSB speaker of senate, said the new contract will stipulate that the club pay off its debt within the next two years, the time frame outlined in the original contract.

“[The contract] ensures accountability of the team,” Alliger said.

Hagen said the GSB debt will be paid off by the end of the year.

Warren Madden, vice president for business and finance said he has not seen the contract yet and has not approved it.

“They have been making fairly regular payments since they incurred the debt,” Alliger said.

Becker said the new contract would also help the club put money into a reserve fund, so if at any time the debt payment is not made money can be taken from the fund.

Becker said the official decision to renegotiate the hockey club contract came during the regular allocations process in late February.

Madden said ISU President Gregory Geoffroy decided about a month ago to put the hockey club under Madden’s supervision because of the club’s tendency to acquire debt year after year. The business and finance department has been working with the club for about three weeks.

“The goal is to have a successful hockey program that is financially responsible,” Madden said.

Hagen said he thinks that, with the help of Madden and the business and finance office, the budget problems will vanish.

“Their knowledge and experience is a lot better than ours,” he said of balancing a $200,000 budget.

Madden said he asked the group to develop a budget plan to pay off any debts the group has. He said the group seemed willing to do this.

“They can’t continue to operate in the hole,” he said.

The club is $30,000 to $40,000 in debt. The club held a call-a-thon last week, bringing in around $30,000 in pledges to help pay off the debt, Hagen said.

The GSB meeting will be at 7 p.m. in the Campanile Room of the Memorial Union.