To: Board of Regents Date:January 23, 2015

From: President Raymond M. Burse

Subject: Financial Exigency Policy

Reason for Consideration: Approval Enclosures: Yes

Background: In August 2014, the Interim President requested the Faculty Senate to review and evaluate the University’s Financial Exigency Policy, because as drafted, it was and is unwieldy. He further informed the Senate that given the conflicting timelines and the elongated process as drafted, the policy would not help the University in a financial crisis. He asked for a revised policy by November 1, 2014. The Faculty Senate response to the Interim Vice President for Academic Affairs (attached) was that the Senate did “…not recommend making any changes to the financial exigency policy at this time…”.

Recommendation: The President recommends to the Board the attached Financial Exigency Policy for adoption and approval to be effective immediately.