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Funding
Funding Cycles
For the 2014-15 academic year, clubs can submit requests for funding during the following funding cycles:
In order to apply for funding, clubs must submit an allocation request estimating how much they will need for that funding cycle. The allocation request should be broken down into 3 categories:
Regular and Nationals funding will be allocated to the CSC funding accounts of each group. Instructor salaries will be reimbursed to the team's main account upon submission of proof of payment.
Please note that all CSC accounts will be cleared at the end of each academic year.
Funding Cycle Deadlines
Allocation requests must be submitted on the 15th of the month before the start of a funding cycle (ie an allocation request must be submitted to CSC on August 15th in order to receive funding for the September funding cycle).
Rules for Spending Money
Allowable Expenses
Clubs may only spend CSC funds on expenses that fall into the categories listed in the next section. In particular, clubs may not pay for food or items that become athletes' personal property (e.g., mouth guards, groin protectors.)
Adherence to a Budget
MIT requires that clubs be fiscally responsible, as demonstrated by adherence to a budget. As noted above, clubs must submit a budget at the beginning of each funding cycle projecting how much they plan on spending, and a budget at the end of the funding cycle showing how much was actually spent. Major discrepancies (e.g., budgeting $1000 for travel, and then spending all the travel money on equipment) require prior approval by the CSC; the club needs to explain how unforeseen circumstances led to the need to diverge from the budget. Clubs are audited by the CSC annually, and the club sports program is also subject to auditing by the Institute. Clubs that misspend money are required to pay the money back, and clubs that misspend money deliberately or repeatedly may be subject to loss of funding or possible club shutdown.
Allowed Expenses
Funding Cycles
For the 2014-15 academic year, clubs can submit requests for funding during the following funding cycles:
- September 2015-August 2015 (deadline August 15, 2014). Template will be online soon.
- Nationals (deadline January 15, 2015). Template will be online soon.
In order to apply for funding, clubs must submit an allocation request estimating how much they will need for that funding cycle. The allocation request should be broken down into 3 categories:
- Regular Funding: For regional tournaments and regular season expenses
- Nationals Funding: To help send club members to a National Championship
- Instructor Salaries: More information regarding instructor payment can be found on the instructor payment page
Regular and Nationals funding will be allocated to the CSC funding accounts of each group. Instructor salaries will be reimbursed to the team's main account upon submission of proof of payment.
Please note that all CSC accounts will be cleared at the end of each academic year.
Funding Cycle Deadlines
Allocation requests must be submitted on the 15th of the month before the start of a funding cycle (ie an allocation request must be submitted to CSC on August 15th in order to receive funding for the September funding cycle).
Rules for Spending Money
Allowable Expenses
Clubs may only spend CSC funds on expenses that fall into the categories listed in the next section. In particular, clubs may not pay for food or items that become athletes' personal property (e.g., mouth guards, groin protectors.)
Adherence to a Budget
MIT requires that clubs be fiscally responsible, as demonstrated by adherence to a budget. As noted above, clubs must submit a budget at the beginning of each funding cycle projecting how much they plan on spending, and a budget at the end of the funding cycle showing how much was actually spent. Major discrepancies (e.g., budgeting $1000 for travel, and then spending all the travel money on equipment) require prior approval by the CSC; the club needs to explain how unforeseen circumstances led to the need to diverge from the budget. Clubs are audited by the CSC annually, and the club sports program is also subject to auditing by the Institute. Clubs that misspend money are required to pay the money back, and clubs that misspend money deliberately or repeatedly may be subject to loss of funding or possible club shutdown.
Allowed Expenses
Expense
League Fees Officials/Referees Tournaments Northeast Transportation Short Term Capital Expenses Long Term Capital Expenses Postering |
G/L Code
421586 420298 420140 420080 421827 421818 420840 |
Notes
to pay the league fees for the club or the individuals within the club. In the case of leagues that have individual fees, priority is given to the student members of the club. needed for competitions or other scheduled team events. These funds may also be used to cover trainer expenses in competitions. to pay for tournament entry fees. to pay for ground transportation expenses within the northeast, such as gas, tolls, car/van/bus rental. Air travel is not allowed. to pay for items necessary to the club's function that are expected to last for one year or less. Examples are balls, boards for breaking, ultimate discs. to pay for items expected to last the club multiple years. All such items must remain the property of the club, which must make adequate provisions for long term storage of these items. to pay for posters and flyers to advertise your club around campus. |
UNACCEPTABLE ITEMS - The following are examples of items that cannot be purchased with CSC funds:
1. Food or beverages
2. Social events
3. Items that will become the property of a club member and not the club
4. Hotel stays for club members
5. Air travel
6. Gifts
7. Personal Uniforms
1. Food or beverages
2. Social events
3. Items that will become the property of a club member and not the club
4. Hotel stays for club members
5. Air travel
6. Gifts
7. Personal Uniforms