The ASSU Undergraduate Senate dipped into a $350,000 buffer fund in order to fund two upcoming concert events on campus: BlackFest and a spring concert sponsored by the Stanford Concert Executive Committee (SCEC).

The buffer fund results from the ASSU’s decision to cover a 10 percent refund rate by charging each student 10 percent more on the cost of student fees than will be distributed to qualifying student groups. This inflated cost prevents shortfalls when some students request refunds of their student fees. Students are able to request refunds up until the second week of the quarter.

Many senators expressed surprise about the existence of the fund, which they previously did not know existed. Senators did not offer an explanation as to why they were not aware of the fund before.

The ASSU maintains a commitment to cover a 10 percent refund rate by charging each student 10 percent more than will be distributed to qualifying student groups. Any unspent money from the ASSU general fees budget also goes to the buffer fund at the end of the year.

The Senate approved the concert funding measure in a special meeting during finals week before winter break, hurrying the process so that the groups could work on signing artists and continuing preparations.

A $40,000 loan was approved to the Stanford National Association for the Advancements of Colored People (NAACP), under the condition that 50 percent of the profits made from the event would go toward paying back the ASSU Senate first. Senator Ben Laufer ‘12 pointed out the NAACP currently has reserve funding upwards of $15,000. Senate Appropriations Chair Brianna Pang ‘13 said she finds the group’s reserves justified and should not be used given that the group’s annual operating budget is $35,000.

Pang, who was formerly a staff member of Stanford NAACP and served last year as the group’s frosh intern coordinator, sponsored the bill.

BlackFest hopes to use the money to help sign popular hip-hop artist J. Cole, who recently was nominated for Best New Artist at this year’s Grammy Awards.

Another bill also requested funding to hold a concert in Frost Amphitheater this year. A bill authored by Stephen Trusheim ‘13 requested $35,000 to support a concert organized by the Stanford Concert Executive Committee (SCEC), a newly formed group in conjunction with the Stanford Concert Network (SCN).

The bill gives Trusheim, who is a member of SCEC and also the executive chair of Student Groups and Events for the ASSU, and Emily Pollock ‘13, co-director of SCN, authority to spend the money how they see fit.

Senator Alon Elhanan ‘14 fought hard to tie this $35,000 grant specifically to subsidizing student costs, and was joined by Laufer in an effort to have specific language in the bill noting that this money would go toward subsidizing tickets.

ASSU Executive Michael Cruz ‘12 and Senator Nate Garcia ‘14 both argued that it does not matter where the money goes if it is used to support the concert. The final bill does not include any language about the money being allocated to student ticket subsidies. The bill does mention students would receive at least a 15 percent discount off of the face value of the tickets. The face value for tickets is still undetermined, making it difficult to predict how much a student ticket subsidy would cost the group or save students.

Many of the senators expressed frustration with Trusheim, who did not attend the meeting during finals week of autumn quarter to discuss the bill and answer questions. Senator Shawn Dye ‘14, a Stanford Concert Network (SCN) member, was also absent from the finals week meeting.

Trusheim and Dye must report to the Senate at least once a quarter to give an update on how the project develops and how the money is spent. Organizers of BlackFest must report at least once every two weeks.

The BlackFest bill states that ASSU Financial Manager Neveen Mahmoud ‘11 estimated that the $70,000 dollar withdrawal would not be a problem for the ASSU.

“Financially speaking, the proposal to withdraw roughly $70,000 does not seem like it will drastically negatively impact the buffer fund as is,” Mahmoud said.