 |
|
|
|
Declaration of a State of Bona Fide Financial Exigency or Severe Financial
Difficulty- Purpose
The fiscal integrity of the university is the ultimate responsibility of
the Board of Visitors. To that end, the administration, represented by
the president, has the obligation to ensure that the scope of the mission
of the university is adjusted to fit within its financial ability. - Definitions
Bona fide financial exigency means one or more circumstances which, if left
unattended, could result in the financial insolvency of the university.
Severe financial difficulty means one or more circumstances which, if left
unattended, could result in a budget shortfall of serious proportion, but
less than the financial insolvency of the university. - Recommendation of Financial Assessment
Upon the recommendation of the president that one or more circumstances exist
which if left unattended could threaten the financial integrity of the
university, the Board of Visitors shall assess the financial condition
of the university. - Financial Assessment
The Board of Visitors shall assess the financial condition of the university,
by a manner and means of its choice, to determine whether there exists
a condition of Bona Fide Financial Exigency, Severe Financial Difficulty,
or neither. The Board's findings shall be concluded by an appropriate
resolution. - Board Direction and Action
In the event the Board determines that neither a Bona Fide Financial Exigency
nor a condition of Severe Financial Difficulty exists, it shall refer the
matter back to the president for reconsideration and further recommendation.
In the event the Board determines that either a Bona Fide Financial Exigency
or a condition of Severe Financial Difficulty exists, it shall direct the president
to prepare an institutional plan to rectify the financial condition of the
institution. The president shall prepare an institutional plan as expeditiously
as circumstances allow, consistent with Board and university policy. Upon completion of the planning process, the president shall present the
plan to the rector, who shall promptly present the plan to the Board of Visitors
either at its next regularly scheduled meeting or at a special meeting, as
he/she shall deem appropriate under the circumstances. The Board of Visitors shall either accept, modify, or reject the president's
plan as it, in the exercise of its authority, deems to be in the best interests
of the university.
|
|
|
|
|
|
 |
|
|
