Treasury will vote Tuesday on whether to approve a statutory amendment to Student Union’s constitution that would put more oversight on how the vice president of finance can allocate long-term savings.

The amendment would specifically require the approval of the Executive Council on any long-term savings expenditures over $5,000. Senate passed the amendment 13-1-1 last Wednesday.

The long-term savings account consists of accumulated carryforward, or unspent money that the vice president of finance can allocate as he or she wishes. But if he or she seeks to use more than $1,000 of carryforward money, Treasury must approve the request.

If the carryforward money is not spent by the end of the year after it is allocated, it is deposited in the long-term savings account. Currently, SU’s vice president of finance can draw money from the long-term savings account without seeking the approval of Treasury.

The amendment, which was drafted by sophomore and Arts & Sciences Senator Curran Hennessey, originally required the approval of Treasury for any expenditures exceeding $5,000. This version of the amendment failed 9-6-0, and as discussion continued, the amendment was revised to require the approval of SU Exec.

“Although there was no official approval process, I always went through at least exec council and most of the time even Treasury when making a big decision through that account. But it was never a formalized process,” SU’s former Vice President of Finance and senior Ammar Karimjee said.

Karimjee said that Treasury only controls a portion of SU’s accounts and might not have the experience necessary to understand the vice president of finance’s expenditures.

“One of my original concerns about the amendment was that, in the nature of the role, you get exposed to a lot of things that are very hard to represent to the people, and often there’s an informed decision that needs to be made that works with a sum of money,” Karimjee said. “Based on what you’re exposed to as the vice president of finance, it’s much easier to be able to tell whether it is worth it or necessary than it would be to communicate to a large group of people.”

School of Engineering Senator and sophomore Vivek Biswas agreed, stating that the new process would create more openness about long-term saving expenditures.

“The common practice was to at least talk about allocations from that account with some members of their exec slate, but I guess this amendment and its modification kind of institutionalizes that discussion and forces it to go onto a record,” Biswas said. “When it goes to Executive Council, the speakers of both bodies will find out about it [and] conceivably tell the members of their body, which hasn’t happened in the past, so it’s an improvement in that sense.”

Hennessey could not be reached for comment.

With additional reporting by Sadie Smeck.