According to the constitution, Senate has power to veto the slate of funds only if FAC has violated its procedures as outlined in the constitution and the Organizational Activities Fund General Guidelines. It's just to make sure that they followed their procedure and rules in doing so. The last time the slate was not passed by Senate was in 1997, when the application for an investment club came into question. There was also no way to check and make sure they were using the money properly. FAC is composed of nine members and one affiliate member.
Applications currently are available for students interested in joining.