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It is made with Elmer's glue and borax. Here is a link to an article to make it for kids.
http://www.pbs.org/parents/crafts-for-kids/gak-attack/
My kids loved playing with it.

You're not supposed to use those ingredients anymore because they are dangerous.

If that is what you think then you shouldn't make it. Millions have done so in the past. The borax is a laundry product used to clean baby diapers next to sensitive skin. It is not a food product to be ingested. You can use salt instead of the borax as it is sodium too. From your post sounds like Finnly would eat it when told not to. He wouldn't eat much cause doesn't taste good.
I use borax in my laundry, every load.

research was done this past year to show that the mix caused it to absorb through the skin when played with. when borax is used as a laundry soap it is washed and RINSED out then the clothing is dried before applied to skin. in the slime it remains moist and remains in the slime not rinsed out and absorbable... big difference in how the borax is being used.

I didn't see any mentions of borax through the skin. I remember the DMSO fad for awhile. Was just looking up a better recipe but had better idea. Forget it and give them pinecones to play with. Now where did I see that at?

Hailey was telling me about it. She keeps up with that stuff because the info goes through the school system.

I've always wondered what the danger is with borax in slime's etc.. now that mystery is solved :) you saved me some googling time!