Common use of Financial Exigency Committee Clause in Contracts

Financial Exigency Committee. 34.3.1 Within fifteen (15) working days of the notice specified in section 34.2.1, OC shall establish a Financial Exigency Committee. 34.3.2 The Financial Exigency Committee shall consist of five (5) members as follows: a) the Vice President Education, as Chair, b) one member from within OC appointed by the Association, c) one member from the OC region, but outside the OC community, appointed by the Association, d) one member from within OC appointed by OC, e) one member from the OC region, but outside the OC community, appointed by OC. 34.3.3 OC shall be responsible for all fees and expenses incurred in the Committee’s investigation. 34.3.4 The Financial Exigency Committee shall invite and consider submissions on OC’s financial condition. It shall consider: a) whether OC’s financial position constitutes a genuine financial crisis that involves a deficit that is projected by generally accepted accounting principles to continue for at least two years, and whether the continued survival of OC requires that the budgetary allocation for salaries and benefits is reduced; b) whether the reduction of the number of employees is a reasonable way to effect a cost saving given the primacy of academic goals and the mission of OC; c) whether other means of achieving savings and obtaining additional revenue have been explored; d) whether all other means of reducing the complement of employees including voluntary early retirement, voluntary resignation, voluntary layoff and voluntary transfer to reduced workload status have been considered; and e) any other matters that it considers relevant to the proposed financial exigency.

Financial Exigency Committee. 34.3.1 29.3.1 Within fifteen (15) working days of the notice specified in section 34.2.129.2.1, OC shall establish a Financial Exigency Committee. 34.3.2 29.3.2 The Financial Exigency Committee shall consist of five (5) members as follows: a) the Vice President Education, as Chair, b) one member from within OC appointed by the Association, c) one member from the OC region, but outside the OC community, appointed by the Association, d) one member from within OC appointed by OC, e) one member from the OC region, but outside the OC community, appointed by OC. 34.3.3 29.3.3 OC shall be responsible for all fees and expenses incurred in the Committee’s investigation. 34.3.4 29.3.4 The Financial Exigency Committee shall invite and consider submissions on OC’s financial condition. It shall consider: a) whether OC’s financial position constitutes a genuine financial crisis that involves a deficit that is projected by generally accepted accounting principles to continue for at least two years, and whether the continued survival of OC requires that the budgetary allocation for salaries and benefits is reduced; b) whether the reduction of the number of employees is a reasonable way to effect a cost saving given the primacy of academic goals and the mission of OC; c) whether other means of achieving savings and obtaining additional revenue have been explored; d) whether all other means of reducing the complement of employees including voluntary early retirement, voluntary resignation, voluntary layoff and voluntary transfer to reduced workload status have been considered; and e) any other matters that it considers relevant to the proposed financial exigency.

Financial Exigency Committee. 34.3.1 37.3.1 Within fifteen (15) working days of the notice specified in section 34.2.137.2.1, OC OUC shall establish a Financial Exigency Committee. 34.3.2 37.3.2 The Financial Exigency Committee shall consist of five (5) members as follows: a) the Vice President EducationAcademic, as Chair, b) one member from within OC OUC appointed by the Association, c) one member from the OC OUC region, but outside the OC OUC community, appointed by the Association, d) one member from within OC OUC appointed by OCOUC, e) one member from the OC OUC region, but outside the OC OUC community, appointed by OCOUC. 34.3.3 OC 37.3.3 OUC shall be responsible for all fees and expenses incurred in the Committee’s investigation. 34.3.4 37.3.4 The Financial Exigency Committee shall invite and consider submissions on OCOUC’s financial condition. It shall consider: a) whether OCOUC’s financial position constitutes a genuine financial crisis that involves a deficit that is projected by generally accepted accounting principles to continue for at least two years, and whether the continued survival of OC OUC requires that the budgetary allocation for salaries and benefits is reduced; b) whether the reduction of the number of employees is a reasonable way to effect a cost saving given the primacy of academic goals and the mission of OCOUC; c) whether other means of achieving savings and obtaining additional revenue have been explored; d) whether all other means of reducing the complement of if employees including voluntary early retirement, voluntary resignation, voluntary layoff and voluntary transfer to reduced workload status have been considered; and e) any other matters that it considers relevant to the proposed financial exigency.