General Plan of Action
For the past three semesters, I’ve been fortunate to have the Finance Committee as my family in Ecosoc. At this point in time, I feel I am ready to offer my service and perform the responsibilities that come with being the Finance Chair and a member of the Executive Committee. I’ve learned throughout my stay here in Ecosoc that Finance plays a crucial role in the success of the organization. With this in mind, I became determined to devote a lot of passion and hard work in my endeavors in the committee. I believe that all my effort since I joined Finance has made positive impact on the committee. After our struggles last semester, I am also thrilled to see the improvement of Finance this semester and I would like to build on our recent success. If I will be fortunate to be the next Finance Chair, I will maximize my potentials and inspire the other members as well to work with passion and dedication so that the Finance Committee can contribute to the success of Ecosoc.
Continuity in Finance
- Have continuity in Finance. This not only includes convincing the current Finance members to stay in the committee but to also convince more people to join Finance. I and the other experienced members of Finance can orient the new members on their responsibilities and train them to perform the vital functions of Finance. If the new members enjoy the work done in Finance and decide to stay in the future, then there can be more continuity in the committee. With all the event planning and work involved, it’s important that the members are dedicated in performing their tasks and are really passionate about what Finance does.
- Let the members experience work in all the departments (ER, Marketing, Pub and Promo, Logistics). Each member will still have a “main department” but it’s important that all members get to learn from each department and let them grow as Finance members. It’s also important that the members have an understanding of what happens in each department especially if a specific department needs help.
Minor Fundraisers and Other Committees
- Make Bake Day Wednesday a weekly fundraiser. I believe it would be beneficial if this can be done regularly on a weekly basis so the committee can have more funds at hand either for its own expenses or for the other expenses of the organization. Also, more products can be offered and there can be a more systematic way of selling such as having a booth and having a small group spearhead Bake Day Wednesday.
- Make minor fundraisers more cost efficient. One thing I’ve noticed over my time in Finance is that some of the current fundraisers have a high start up cost and a lot of units need to be sold just to make a small profit.
- Have minor fundraisers during the early part of the semester so that more funds can be given to other committees. One of my main goals is to really lessen the fundraisers of other committees by giving them sufficient funds for their events and other activities. While there will be times that a committee might really need to have a fundraiser, Finance will still be the primary source of funds for these committees.
Coordination with other Committees
- Monthly checking on the finances of each committee to ensure that they have enough money for their events and to make sure they are using their funds efficiently. Also, the budget proposals of each committee will be reviewed thoroughly to ensure that they get a fair amount for all their activities and events.
- Provide assistance in the fund-raising activities for the major events of the other committees like NES, NYC, etc. This is because major events such as these really require a high budget. With the help of Finance, the committee in charge can also focus more on the planning of the event. As stated earlier, for the other events and activities of the various committees, Finance will try its best to provide sufficient funds forthem so they won’t have to do any fundraising by themselves.
Transparency in the funds of Ecosoc
- This includes releasing the current figure of our bank account where 8 committees get their funds (Taskforce has its separate bank account, CDC gets its funds from Taskforce and AD HOC raises its own funds for Ecosoc month). It’s important for the members to find out where the money of Ecosoc goes to and to also understand how the funds are distributed.
- Releasing the results of the fundraisers and events of the Finance Committee.
Ecosoc in general
- Collection of Accounts Receivable. I believe it’s important to have a positive approach in convincing people to pay their AR. As of the moment, almost all of the AR being collected this semester is from unpaid re-aff fees. It’s important that members know that paying their AR will really benefit the organization. This can be done by showing how the money received from AR collection could be used.
- Do not have any required Finance event for the members. I’ve observed that members are actually discouraged to attend fundraising events if they are required to buy a ticket. I think that members don’t want to feel merely as a source of funds.
- Innovate/ improve the existing events and activities of the Finance Committee. Continuity is a vital part of the success of Finance; however, constant improvement is very important and a pre-requisite to success. If elected, one thing I can promise is that I’ll try to implement changes that I believe will help Finance make better events and generate more funds.
- Consult the membership more, especially when deciding what type of major event to have. I think that it’s important not only to present Finance as a profit-generating committee, but also a committee that takes into account the concerns and opinions of the membership. Events and other fundraising activities cannot be fully successful if not supported by the membership.
Major Event: Foodgasm 2 (March 2013)
- By having the Foodgasm 2 less than a year after the first Foodgasm, I believe that it would be much easier to get sponsors and competing food businesses, especially since sponsors such as Knorr and some of the food businesses that participated in Foodgasm this year have already expressed interest in participating in the next edition. Also, pictures and details of this year’s can be sent to potential sponsors and food businesses. It’s important to find out if Foodgasm is a profitable event that can be done every semester.
- Hold Foodgasm in a bigger outdoor space (Mercato or other well-known food place). This year’s Foodgasm was in a relatively small indoor venue which resulted to logistics problems such a lack of air-conditioning and limited space.
- Limiting the costs of the event. (Venue sponsorship, Sponsors for Equipment, etc.)
- Let Foodgasm have more exposure in print media. Majority of the publicity of this year’s Foodgasm was done online. By publicizing Foodgasm more in magazines, newspapers and other forms of media, Foodgasm can reach a wider audience.
- More concrete publicity plan. Really let others know from the start what Foodgasm is.
- Better preparation before the event. Make sure all deadlines are generally followed and all the things that need to be done in the event are accomplished.
* Other major events will be planned depending on the success of Foodgasm 2.