This year the ASUO Student Senate arguably has more responsibility on its hands than ever before.
Student government always has money to allocate; this year it has more than $10 million. But what sets this year apart more than anything is the extra $1 million it has in surplus funds (“A $1 million dollar question: What should the ASUO do with its extra funds?” ODE Oct. 24). The ASUO plans on spending this extra $1 million – which is likely larger than any other ASUO surplus in history – this year.
So the group has a choice. It can go down in history as the senate that created something to benefit all students for generations to come, or as the group that squandered the money on something useless.
It’s a lot of pressure.
Fortunately, though, the group has started out on the right foot. This week the senate will announce plans for a campus outreach program to invite students to offer suggestions about what they think the ASUO should do with the money.
And that’s exactly what the senate should be doing. The extra money came from students’ pockets, so those people who paid into the fund should have the opportunity to offer their suggestions.
But what to do with the money is a dilemma. Avenues such as donating it or offering a refund are not legally feasible because the money has become state money and cannot be donated. Moreover, student money has been spilling over into the surplus for years, so offering a refund wouldn’t be possible because many students who paid the fee no longer attend the University.
Ideas such as a decorative bike rack or a statue have been suggested, but both would be useless and a waste of money. Thankfully it seems the Senate is equally disinclined to spend the money in this manner.
But one idea that was brought up at the most recent senate meeting and seems to have almost unanimous support from the senators, is creating an endowment with the money and spending the interest accrued each year. Hypothetically, if the senate invests $500,000 of the surplus and receives 6 percent interest each year, $30,000 would be generated and available as a student scholarship or investment in a student program. As Senate President Sara Hamilton put it, it’s like an “eternal gift.” The money garnered from interest could possibly be spent on six, $5,000 scholarships. It could go toward building renovations or to the establishment of new student groups or programs.
Currently the senate, administrators and the University’s legal counsel are deliberating the legality of creating such an endowment, and we strongly encourage them to find a way to make it possible.
The Senate has an opportunity to do something great this year, and if the endowment is made legally possible, we encourage student senators to follow through on the endowment and create something that will benefit students for years to come. We encourage the University community to join us in our full support of the idea of an endowment.