Finance Chairman Tony Larson said former treasurer Patrick Frye didn't tell anyone he transferred money that should have been in Congress's checking account into an account for investment reserve funds.
Larson speculated that Frye, who graduated in May and is now a Harvard law student, put the money in the investment account so it could accrue interest.
But because Frye did not notify any of the officers about the $18,000 in the investment account and because Frye neglected to pay the Student Activity Fund Office $40,000 in operating costs last semester, Congress initially thought it was dealing with a significant shortage of funds this semester, Larson said.
"There are a lot of things that are the last treasurer's fault," he said.
But Frye said Larson's accusations are unfounded. When figuring the annual budget last year, Frye said, he set aside $40,000 to pay SAFO, and Larson should know the money's location. Frye also said his transfer to the investment account was a move he made often so money could be accessible while accruing interest.
Since discovering the funds in the investment account last week, Larson said the original bleak estimation of $11,500 in fall subsequent appropriations has about doubled. "There is no great crunch on funds," he said.
Subsequent appropriations, which Congress doles out in the fall and spring, are composed of reversions and leftovers from the annual February budget process.
He said the roughly doubled projection of about $23,000 in fall subsequent appropriations will increase even more when SAFO receives and knows the exact amount of fall student fee allotment.
But Larson said before all the $23,000-plus in fall subsequent appropriations is freely accessible, he must have Congress pass a bill that allows him and Student Body Treasurer Kativa Parker to access the funds.