[media-credit name=’DEREK MONTGOMERY/Herald photo’ align=’alignnone’ width=’648′][/media-credit]For the first time since the organization’s founding, the Associated Students of Madison has a surplus of funding in need of distribution.

An ASM referendum altering the allocation of segregated-fee reserves from student tuition has left a projected $1.2 million surplus for potential distribution to University of Wisconsin students and organizations.

To allocate the reserve funds, ASM has called for any one or group of students with an idea beneficial to UW to submit applications for funding by this Friday. Thus far, they have only received three applications.

ASM met Wednesday to decide what criteria must be met for funding and how reserve funds available to students should be publicized.

At the meeting, ASM chair Janell Wise said failure to notify students of the available reserve funds was partially due to short notice as well as ASM obligations to other deadlines.

Applicants can be anyone with an idea that would benefit students or impact life on campus. The idea must have student input, Wise said.

While anybody with a practical and rational idea can apply for reserve-fee funding, applicants must prepare a budget proposal to present their idea as both critical and beneficial to the campus community.

“It’s got to be a damn good reason why we would be giving this money and how it’s going to benefit the campus,” Wise said. “It’s not going to be like everybody who gave us a proposal is going to get funds because the money is there.”

In previous years, segregated-fee reserves were absorbed by UW administration, which sequentially subtracted the amount from tuition for the next academic year’s segregated fees.

However, ASM passed a referendum last year creating a reserve board consisting of ASM members to reallocate segregated-fee reserves to benefit students and campus life. The referendum was proposed by ASM after suspicions arose that UW administration was not allocating the full amount of reserves back to students.

“This is the first year we’ve really done this — this is one-time funding for projects that may provide a useful service or benefit to students that is not on campus already,” ASM finance chair Barbara Kiernoziak said. “Although we have some ideas, we’re looking for the student body to help us out.”

In addition to providing funding for independent projects and organizations on campus, ASM’s ability to allocate funding as it pleases presents a unique situation in which the organization and UW students have control over future segregated fees.

“This is really monumental because this is the first time the students have actually been able to set what the reserve is going to be and set how much money will be used out of their fees next year,” Wise said.

To apply for reserve funding, students may visit the ASM web site at www.asm.wisc.edu. Applications are due by Friday.