Finance Board Updates

 
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The Finance Board strives to be the best resource for the diverse and incredible student organizations at Northeastern University, whether that is accomplished by reallocating funding for events, advising student organizations on budget related questions, or seeking ways to create the most value out of the Student Activity Fee fund. While reallocating funding and advising student organizations occurs naturally for the Finance Board, seeking ways to create the most value out of the Student Activity Fee is definitely a challenging process that requires determination. Nonetheless, thanks to the help of the Center for Student Involvement and the Student Activities Business Office, the Finance Board was able to accomplish a noteworthy initiative early in the fall 2017 semester. The initiative in question: replacing Smith Print/Webster with Puritan Capital as Northeastern’s publication vendor.

This initiative was important because the Finance Board saw a trend of increasing publication costs with Smith Print/Webster, which has been the preferred publication vendor for Northeastern University. Although this was not a cause for alarm, the Finance Board believed there were other publication vendors that could offer the same quality service and product for a reduced cost. The Finance Board also wanted to provide the hard working student organizations with a liaison who was much more responsive and understanding of the student’s needs. Therefore, the Finance Board collaborated with the Center for Student Involvement to seek out a distinguished publication vendor that could meet all our Student Body’s needs. This process required contacting not only publication vendors, but also student organizations so that everyone was aware of this new development. In order to transition from Smith Print/Webster to Puritan Capital, the Board communicated with a representative from Puritan Capital over the course of two weeks to finalize all the details, expectations, and most importantly quotes for the Fall 2017 publication budget requests. Once Puritan Capital provided the Finance Board with their estimated quotes, the members of the Board realized that over $3,000 would be saved by working with Puritan Capital for the fall 2017 Publication budget pool. When the Finance Board is able to save money from the SAF fund, it allows for greater funding flexibility for upcoming budget requests from student organizations. Thus, after careful consideration, the Finance Board and the Center for Student Involvement both agreed and approved Puritan Capital as the new publication vendor. The impact of this initiative was definitely long term oriented, which will create the most value for the SAF fund.

Current Comptroller and Finance Board Chair, James Baek, notes, “On behalf of the Finance Board, I can confidently say that this initiative will have a lasting impact on not only the SAF fund, but also the student organizations that work relentlessly to make Northeastern University a more creative, colorful, and collaborative environment. The Finance Board’s goal has always been to reallocate the SAF in the most efficient and effective manner to as many student organizations as possible. We understand that our success is directly correlated to the success of the student organizations that we fund. Therefore, accomplishing this initiative has been pivotal in reinforcing our goal. I believe this is just the beginning to what the Finance Board can accomplish over time.”