a. The college association shall have responsibility for the supervision and review over college student activity fee supported budgets. All budgets of college student activity fees, except where earmarked by the board to be allocated by another body, should be developed by a college association budget committee and recommended to the college association for review by the college association prior to expenditure. The college association shall review all college student activity fee, including student government fee allocations and expenditures for conformance with the expenditure categories defined in Section 16.2. of this article and the college association shall disapprove any allocation or expenditure it finds does not so conform, or is inappropriate, improper, or inequitable.
b. A college association shall be considered approved for purposes of this article if it consists of thirteen (13) regular, voting members and up to six (6) alternates, its governing documents are approved by the college president and the below requirements are met. Notwithstanding the foregoing, a college association that is not separately-incorporated may have a governing board of thirteen (13) members consisting of the individuals listed in 1(i) through 1(iv) below, plus one additional administrative member and one additional faculty member, and is not required to have the audit committee referenced in 3 below:
1. The governing board of the college association is composed of:
(i) The college president or his/her designee as chair.
(ii) Two administrative members and one administrative alternate, appointed by the college president.
(iii) Two faculty members and up to two faculty alternates appointed by the college president from a panel whose size is twice the number of seats (including the alternates) to be filled and the panel is elected by the appropriate college faculty governance body.
(iv) Six student members and up to three student alternates comprised of the student government president(s) and other elected students with the student seats allocated on a basis which will provide representation to each government, where more than one exists, as nearly as practicable in proportion to the student activity fees provided by the students from the respective constituencies.
(v) Two independent directors appointed by the college president. An independent director shall be a former employee of the college or the association, a college alum, a community member, or any other individual, who, pursuant to Section 102 of the Not-for-Profit Corporations Law: (A) has not been within three years of his or her appointment to the governing board of the association, an employee of the association, CUNY or the Research Foundation of CUNY; and (B) does not have a relative who is, or has been within three years of the individual's appointment to the governing board, a key employee of the association, CUNY or the Research Foundation of CUNY; and (C) has not received, and does not have a relative who has received, in any of the three fiscal years prior to the individual's appointment to the governing board, more than $10,000 in direct compensation from the association, CUNY or the Research Foundation of CUNY (other than reimbursement for expenses reasonably incurred as a director or reasonable compensation for service as a director as permitted by the Not-for-Profit Corporations Law); and (D) is not a current employee of or does not have a substantial financial interest in, and does not have relative who is a current officer of or has a substantial financial interest in, any entity that has made payments to, or received payments from, the association, CUNY or the Research Foundation of CUNY for property or services in an amount which, in any of the three fiscal years prior to the individual's appointment to the governing board, exceeds the lesser of $25,000 or 2% of such entity's consolidated gross revenues. For purposes of this definition, "payment" does not include charitable contributions.
(vi) The alternates may attend meetings of the governing board, and each shall be entitled to vote on such matters that come before the governing board to the extent that the alternate is substituting for an absent member of the same constituency.
2. The college association structure provides a budget committee composed of members of the governing board, at least a majority of whom are students selected in accordance with section 16.5.(b) (1)(iv) of these bylaws. The budget committee shall be empowered to receive and review student activity fee budget requests and to develop a budget subject to the review of the college association. The college association may choose to not approve the budget or portions of the budget if in their opinion such items are inappropriate, improper, or inequitable. The budget shall be returned to the budget committee with the specific concerns of the college association noted for further deliberation by the budget committee and subsequent resubmittal to the college association. If the budget is not approved within thirty (30) days those portions of the budget voted upon and approved by the college association board will be allocated. The remainder shall be held until the college association and the budget committee agree.
3. Every separately-incorporated college association shall have an audit committee consisting of the two independent directors and one student member elected by the governing board who meets the criteria for independence set forth in 16.5.(b)(1)(v)(A) through (D). The audit committee shall oversee the accounting and financial reporting processes of the association and the audit of the association's financial statements and shall have such other duties as set forth in Section 712-a of the Not-for-Profit Corporations Law.
4. The governing documents of the college association have been reviewed by the board's general counsel and approved by the board.