The creation of the Foundation Hiring Committee for Associated Students of Madison was overwhelmingly approved at Wednesday's student council meeting.
\The foundation hiring committee is going to be created so that we can nominate a board of directors. What that will lead to is being able to create a fundraising segment for ASM,"" ASM Vice Chair Dylan Rath said.
At this point, all money that is fundraised through ASM goes into a state account. According to Nate Romano of ASM's Student Judiciary, fundraising through an outside foundation would avoid certain tax liabilities.
""The sky is the limit. There are not as many limitations as to what ASM can do with the fundraised money as there is with segregated fees,"" Romano said.
Fundraised money could go toward textbook rental programs, diversity programs and voter turnout campaigns, as well as many other student programs.
""The ASM Foundation is a non-profit corporation that ...essentially allows us to obtain monies and use them in different ways that we're allowed to,"" ASM Chair Eric Varney said.
Varney said ASM representatives met with Interim Dean of Students Lori Berquam and Special Assistant to the Chancellor Casey Nagy. Varney said Berquam and Nagy approved of the proposal to establish a separate bank account for the ASM Foundation but expressed concern about moving staff.
The proposed foundation would employ two ASM staff members, Jen Weaver and Anjali Bhasin, now university employees, who would become employees of the non-profit. Varney assured Student Council that the employees status would not change at this time.
""Before we ever decide to do anything with employees, it's obviously going to be at the Student Council's approval,"" Varney said.
ASM and its members cannot be directly connected with the foundation. The board of directors will consist of five students and five alumni. Students in ASM will not be able to hold a position on the board of directors.
""We need to get something set up so we can start finding students and alumni,"" Romano said.
Alumni will likely be chosen based on their background and association with ASM.
""Passing this resolution essentially says that we're going to appoint a bunch of people to oversee a bank account that's going to help out ASM,"" Varney said.
