PAC Handbook - Finances
Debt Policy (for all PAC groups)
Carryover will be calculated in the April of the preceding academic year. The following policies will be in place for the entire year depending on the carryover figure calculated in April:
- Every group in debt will be required to contribute 40% of ticket revenues to reduce the debt
- Any debt in excess of $2000 will have to contribute an additional 10% for each additional $500 of debt (round to closest $500 interval) (i.e. 60% for $3000 in debt)
- Any debt in excess of $5000 will be subject to the following: Allocation of space to minimal cost facilities (ex. Houston Hall ï¿½ Bodek Lounge, Hall of Flags, Auditorium) OR must collaborate with another group 100% of revenues contributed to debt reduction
These policies will be enforced on the honor system; however, 13 groups will be chosen at random for members of SAC Exec and PAC Exec to attend each show and count ticket sales. There will be harsh consequences for groups who fail to adhere to these policies.
***Please be aware that the policies will be in place for an entire year. If a group pays down all its debt in December, they will still have to follow the policy for whatever their debt was in April***
Facilities Cost (for all PAC groups)
All performing arts groups will be required to pay a flat fee of $250, regardless of space allocation, to subsidize facilities costs. The fee will come out of the group's non-SAC revenues, NOT SAC grant.
SAC Recognized Groups
- All SAC recognized organizations have a SAC executive board liaison.
- Your treasurer must attend PAC treasurer meetings - check the PAC web site or the Platt digital signs for dates and times.
- You may pay most invoices through your SAC account, but be aware that requesting a check for payment of an invoice can take three to five weeks time. Some invoices can be paid with a procard and that should be discussed and arranged with Danielle (your OSA financial advisor.)
- Any overspending in the categories given to you by SAC will put you in debt. You cannot move allocated money without making a request to SAC.
- Any PAC organization carrying a SAC deficit of $5000 or more at the end of the academic year (to be determined by the Director of the Platt Student Performing Arts House and the Associate Director of Student Affairs) will only be allowed one solo show or two collaborative shows for the next academic year.
For more information regarding your SAC Budget, visit http://sacfunded.net/.
Non-SAC Recognized Groups
Non-SAC recognized groups should consult with the Director of the Platt Student Performing Arts House on managing finances.