Story by James Jolly
Extracurricular activities are part of what defines Drake University.
These activities cost money to plan, supply and host, and not all funding comes from fundraising.
Because of this, many of these extracurricular activities are funded, at least in part, by the Drake Student Senate and different methods Senate has at their disposal.
Senate has several tools to fund activities, including the student development fund and the Quasi-Endowment Fund.
The first is an annual budget for yearly funded organizations, including Senate itself.
The latter is a reserve account that is primarily filled with leftover funds from previous years.
The Quasi-Endowment Fund takes the form of stock investments in an interest-accruing account.
The Quasi-Endowment Fund serves a variety of purposes, and is a valuable resource for the Senate.
It has funded proposed projects Senate is unable to fund with its primary accounts.
In the past, it has been used to finance trial and start-up activities like Free Movie Friday and campus improvement projects, including the installation of water refill stations.
Senate recently proposed use of the account on D-Shoppe renovations, improved food selections in Olmsted and possibly the construction of a new mezzanine.
The Campus Advancement Committee created these proposals and is responsible for bringing them to the attention of Senate
The debate over the use of the fund, while not heated, is never-ending.
There has been plenty of debate over the application of the Quasi-Endowment Fund in times past.
When Free Movie Friday was proposed, its effectiveness and price were in question, but the funding was allocated regardless.
Because the account is comprised of excess funds, it has no original or designated purpose.
The Quasi-Endowment Fund was determined to be too large by Senate, and a committee was formed to come up with possible solutions.
The Quasi-Endowment Ad Hoc Committee was made to make proposals for the expenditure of the fund.
The committee, and the Senate have recently reached a conclusion for the expenditure of the fund.
It will be spent on a project to renovate the D-Shoppe into a centralized student service area. In addition, the area immediately surrounding the D-Shoppe in Olmsted will be renovated into a multi-purpose collaborative space for students.
The committee will remain active.
It’s responsible for recommending possible use for the fund and monitoring its usage. The fund itself will remain an indispensable resource for Drake.