Financial exigency is a serious institutional crisis presenting a critical, urgent need for the University to reorder its current fund monetary expenditures when it is unable otherwise to meet projected annual monetary expenditures with sufficient revenue. If the President believes that financial exigency exists, after consultation with the Faculty Budget Committee, the Faculty Council, and Dean’s Cabinet, the President shall recommend a declaration of financial exigency to the Board of Trustees. Upon recommendation of the President, the Board of Trustees shall decide whether the financial crisis meets the criteria and whether a financial exigency should be declared.

Subsequently, the faculty shall be represented in administrative processes relating to program reorganization, or curtailment or termination of instructional programs, because of financial exigency, through the Graduate and Undergraduate Policies and Evaluation Committees and the Faculty Status Committee. Faculty shall not, however, necessarily be represented in individual personnel decisions; the President and the Board of Trustees shall have final authority in all matters related to financial exigency.