The undergraduate student government voted tonight to create an endowment with $100,000 of the leftover money from last year’s council by a vote of 9-1-2.
At its weekly meeting, the Undergraduate Students Association Council passed USAC President David Bocarsly’s proposal to use $100,000 of this year’s $308,000 estimated surplus – remaining funds from the previous council that are carried over – to start an endowment with the UCLA Foundation.
Under the new endowment plan, $150,000 of the surplus will be split up each year among the USAC programming funds – money that USAC offices and student groups can apply for – and the capital contingency fund, which provides money for student groups with offices in Kerckhoff Hall for supplies like computers.
A portion of the remaining funds will be spent on programs the council deems necessary at its own discretion, and the rest would be put into the endowment.
Anees Hasnain, USAC community service commissioner, voted against the proposal. USAC External Vice President Lana Habib El-Farra and Cultural Affairs Commissioner Taylor Mason abstained.
Several students said they did not want USAC to create the endowment during the public comment portion of the council’s meeting because they felt money could be spent in other ways. Others said they wanted students to be involved in the decision.
“What could we be spending this money on instead?” said Lawrence Turner, a fifth-year African American studies student and chair of the Afrikan Student Union. “I challenge you to think what else you could do with this money.”
The council spent several meetings discussing the proposal and held question-and-answer sessions for students before ultimately passing it.
Going forward, the council will look into changing its bylaws to include guidelines on how to handle the new endowment, Bocarsly said at the meeting.