Common use of Financial Exigency Clause in Contracts

Financial Exigency. 10.1 No Member shall be terminated, dismissed or otherwise penalized with respect to terms and conditions of employment and/or rights or privileges relating to employment for financial reasons except in accordance with this Article. 10.2 Members may be laid off in accordance with this Article if a state of financial exigency has been declared by the Board of Governors according to the procedures contained in this Article. A state of financial exigency is defined, for purposes of this Article, as a situation in which the Employer projects substantial and continuing financial deficits which threaten the continued operation of the University and which are projected by consistently applied generally accepted accounting principles to persist for at least three (3) years into the future. 10.3 If the President considers that projected deficits are sufficiently severe that a state of financial exigency may exist, the President shall give written notice of her/his opinion to the Board of Governors, the Senate and the Association. From the date on which such notice is given, no new appointments will be made within the University until either the Board of Governors decides not to declare a state of financial exigency or until the lay-offs contemplated under this Article have been completed. Notwithstanding the foregoing, the Parties agree that Tenure-track and Probationary appointments may be renewed during a period in which lay-offs are being implemented. 10.4 Within ten (10) days of giving notice that the President considers a state of financial exigency exists, the Board of Governors shall forward to the Association all documentation relevant to the proposed state of financial exigency. The Board of Governors shall provide documentation sufficient to permit the Association to evaluate, using consistently applied generally accepted accounting principles, whether the University faces substantial and continuing financial deficits which threaten the continued operation of the University. 10.5 Within fifteen (15) days of receiving the Notice specified in Article 10.3 above, the Board of Governors shall establish a Financial Commission (FC) which shall be a committee of the Board and which shall review the financial documentation provided to the Association pursuant to Article

Financial Exigency. 10.1 No Member shall be terminated, dismissed or otherwise penalized with respect to terms and conditions of employment and/or rights or privileges relating to employment for financial reasons except in accordance with this Article. 10.2 Members may be laid off in accordance with this Article if a state of financial exigency has been declared by the Board of Governors according to the procedures contained in this Article. A state of financial exigency is defined, for purposes of this Article, as a situation in which the Employer University projects substantial and continuing financial deficits which threaten the continued operation of the University and which are projected by consistently applied generally accepted accounting principles to persist for at least three (3) years into the future. 10.3 If the President considers that projected deficits are sufficiently severe that a state of financial exigency may exist, the President shall give written notice of her/his opinion to the Board of Governors, the Senate and the Association. From the date on which such notice is given, no new appointments will be made within the University until either the Board of Governors decides not to declare a state of financial exigency or until the lay-offs contemplated under this Article have been completed. Notwithstanding the foregoing, the Parties agree that Tenure-track and Probationary probationary appointments may be renewed during a period in which lay-offs are being implemented. 10.4 Within ten (10) days of giving notice that the President considers a state of financial exigency exists, the Board of Governors shall forward to the Association all documentation relevant to the proposed state of financial exigency. The Board of Governors shall provide documentation sufficient to permit the Association to evaluate, using consistently applied generally accepted accounting principles, whether the University faces substantial and continuing financial deficits which threaten the continued operation of the University. 10.5 Within fifteen (15) days of receiving the Notice specified in Article 10.3 above, the Board of Governors shall establish a Financial Commission (FC) which shall be a committee of the Board and which shall review the financial documentation provided to the Association pursuant to Article

Financial Exigency. 10.1 No Member shall be terminated, dismissed or otherwise penalized with respect to terms and conditions The Parties agree that the process of employment and/or rights or privileges relating to employment for financial reasons except in accordance with this Article. 10.2 Members may be laid off in accordance with this Article if long-range planning should obviate the possibility of a state of financial exigency has been declared by occurring. The Parties further agree that in the Board event of Governors according a financial exigency, in view of the ramifications to the procedures contained in this Articlecareers of academic staff members, an orderly and equitable way of dealing with the situation is essential. A state of financial exigency is defined, for purposes of this Article, as a situation in which the Employer projects substantial and continuing financial deficits which threaten the continued operation of the University and which are projected by consistently applied generally accepted accounting principles to persist for at least three (3) years into the future. 10.3 If the President considers that projected deficits are sufficiently severe that a state of financial exigency may exist, the President shall give written notice of her/his opinion to the Board of Governors, the Senate and the Association. From the date on which such notice is given, no new appointments will be made within the University until either the Board of Governors decides not to declare a state of financial exigency or until the lay-offs contemplated under this Article have been completed. Notwithstanding the foregoingFinally, the Parties agree that, in the event of a financial exigency, the process outlined in the Financial Exigency article of the FNUniv/URFA Academic Staff Agreement will be followed. As soon as the University perceives that Tenure-track and Probationary appointments may be renewed during a period in which lay-offs are being implemented. 10.4 Within ten (10) days of giving notice that the President considers a state of financial exigency exists, it will convey this information to the Faculty Association in writing, indicating the nature of the problem, its probable magnitude and impact on the careers of members of the academic staff. The Faculty Association, through its representatives, shall be fully consulted by the University officers concerned and shall be provided with detailed financial and budgetary information together with such long-range projections as may be prepared by the University in the course of its long range forecasting and planning process. The Faculty Association shall be entitled to receive, in writing, information concerning the nature of the financial exigency, the deficiency created by the financial exigency in monetary terms, the extent to which the financial exigency will be borne by reduction in the number of academic staff members and the portion to be borne by each faculty, or similar academic unit. In the event that an Exigency Review Committee is formed under the provisions of the FNUniv/URFA Academic Staff Agreement, a Sessional Academic Staff Member may be named by the Chair of the Faculty Association as a member of the Committee. A deficiency, expressed in monetary terms, shall be allocated to each department and similar academic unit and the President shall notify the Faculty Association accordingly of the recommendation which is to be made to the Board. The President's notification shall include specific proposals for meeting the deficiency, including proposals about any appointments to be terminated, with the reasons clearly given for such proposals. Such reasons shall be consistent with the long range plans for the University and to the greatest extent possible with the collegial consensus about how to respond to the exigency. Such reasons shall not be merely financial nor based in a mechanical way upon juniority or seniority. Individuals, units, departments have 30 days from the receipt of the President's notification to respond, before the decision to discontinue is finalized by the Board of Governors shall forward to upon the Association all documentation relevant to the proposed state of financial exigency. The Board of Governors shall provide documentation sufficient to permit the Association to evaluate, using consistently applied generally accepted accounting principles, whether the University faces substantial and continuing financial deficits which threaten the continued operation recommendation of the University. 10.5 Within President. In the event of a financial exigency which will result in vertical or horizontal cuts, Sessional Academic Staff Members shall be given the maximum amount of notice possible. Sessional Academic Staff Members who have taught a minimum of fifteen (15) three credit hour classes (or equivalent) during the previous five (5) years shall receive the balance of the current semester, plus 10% of the Sessional Academic Staff Member stipend for their current rank for each of the classes taught during the previous five(5) years. The Parties to this Agreement agree that when one party receives a formal request or proposal concerning an amendment to any one of the named Acts, that party will immediately inform the other party of the substance of the request or proposal. The Parties to this Agreement agree that if one of them proposes to submit a request concerning an amendment to any one of the named Acts, it will provide the other party with thirty (30) days' notice of its intention and the substance of the proposed request. The Parties to this Agreement agree that each will forward to the other party a copy of any formal proposal or response that it submits, or receives, concerning an amendment to the above named Acts, within seven (7) days of receiving making the Notice specified in Article 10.3 above, the Board of Governors shall establish a Financial Commission (FC) which shall be a committee of the Board and which shall review the financial documentation provided to the Association pursuant to Articlesubmission.

Financial Exigency. 10.1 No Member ‌ 17.1 Financial exigency is a situation where the institution experiences substantial and recurring losses which threaten the survival of the institution as a whole. For the purpose of this agreement a state of financial exigency shall be terminated, dismissed or otherwise penalized with respect a genuine financial crisis affecting the University as a whole as established by generally accepted accounting procedures involving: a) a deficit for more than two years which is projected to terms continue after economies have been introduced in all sectors of the University budget other than the budget for Faculty salaries; or b) a deficit which constitutes a problem sufficiently grave that the University’s continued academic functioning would be in danger unless the budget for salaries and conditions of employment and/or rights or privileges relating to employment for financial reasons except in accordance with this Articlebenefits were reduced. 10.2 17.2 Members may be laid off in accordance with this Article article only if a state of financial exigency has been declared by the Board of Governors according and confirmed pursuant to the procedures contained in this Article. A state of , and then only after reasonable efforts have been undertaken to alleviate the financial exigency is defined, for purposes of this Article, as a situation by economies in which the Employer projects substantial and continuing financial deficits which threaten the continued operation other segments of the University budget, and which are projected by consistently applied generally accepted accounting principles after reasonable means to persist for at least three (3) years into improve the futureinstitution’s revenues have been exhausted. 10.3 If 17.3 Lay-off pursuant to this Article is not dismissal for cause and shall not be recorded or reported as such. 17.4 In the event that the President considers that projected deficits are sufficiently severe that a state of financial exigency may exist, within the meaning of Article 17.1, the President shall give written notice of her/his opinion to the Board of Governors, the Senate HUCFA and the AssociationAcademic Council of such belief. From As of the date on of such notice, the procedures specified in this Article shall apply. As of the date of notice, there shall be an institution-wide hiring freeze with the exception of replacing existing roles deemed necessary for operational requirements. No new positions shall be created. 17.5 Within 10 days of giving notice as per Article 17.4 the Employer shall forward to HUCFA all relevant financial documentation upon which such notice is given, no new appointments will be made within the University until either the Board of Governors decides not to declare President’s concerns about a state of financial exigency or until were based. 17.6 Within 15 days of the lay-offs contemplated under this notice specified in Article have been completed. Notwithstanding the foregoing17.4, the Parties agree that Tenure-track parties shall establish a financial commission which shall review all materials it deems relevant to the possible state of financial exigency and Probationary appointments may be renewed during a period report in which lay-offs are being implemented. 10.4 Within ten (10) days of giving notice writing to the employer and HUCFA that the President considers commission determined either: a) a state of financial exigency exists, the Board of Governors shall forward to the Association all documentation relevant to the proposed or b) a state of financial exigency. exigency does not exist. 17.7 The Board of Governors shall provide documentation sufficient to permit the Association to evaluate, using consistently applied generally accepted accounting principles, whether the University faces substantial and continuing financial deficits which threaten the continued operation composition of the University. 10.5 Within fifteen (15) days of receiving the Notice specified in Article 10.3 above, the Board of Governors shall establish a Financial Commission (FC) which financial commission shall be a committee of as follows: a) two representatives selected by XXXXX, b) two representatives selected by the Board and which shall review the financial documentation provided to the Association pursuant to ArticleEmployer, and

Financial Exigency. 10.1 No Member shall be terminated, dismissed or otherwise penalized with respect to terms and conditions of employment and/or rights or privileges relating to employment for financial reasons except in accordance with this Article. 10.2 Members may be laid off in accordance with this Article if a state of financial exigency has been declared by the Board of Governors according to the procedures contained in this Article. A state of financial exigency is defined, for purposes of this Article, as a situation in which the Employer projects substantial and continuing financial deficits which threaten the continued operation of the University and which are projected by consistently applied generally accepted accounting principles to persist for at least three (3) years into the future. 10.3 If the President considers that projected deficits are sufficiently severe that a state of financial exigency may exist, the President shall give written notice of her/his their opinion to the Board of Governors, the Senate and the Association. From the date on which such notice is given, no new appointments will be made within the University until either the Board of Governors decides not to declare a state of financial exigency or until the lay-offs contemplated under this Article have been completed. Notwithstanding the foregoing, the Parties agree that Tenure-track and Probationary appointments may be renewed during a period in which lay-offs are being implemented. 10.4 Within ten (10) days of giving notice that the President considers a state of financial exigency exists, the Board of Governors shall forward to the Association all documentation relevant to the proposed state of financial exigency. The Board of Governors shall provide documentation sufficient to permit the Association to evaluate, using consistently applied generally accepted accounting principles, whether the University faces substantial and continuing financial deficits which threaten the continued operation of the University. 10.5 Within fifteen (15) days of receiving the Notice specified in Article 10.3 above, the Board of Governors shall establish a Financial Commission (FC) which shall be a committee of the Board and which shall review the financial documentation provided to the Association pursuant to Article

Financial Exigency. 10.1 No Member shall be terminated, dismissed or otherwise penalized with respect to terms and conditions of employment and/or rights or privileges relating to employment for financial reasons except in accordance with this Article. 10.2 Members may be laid off in accordance with this Article if a state of financial exigency has been declared by the Board of Governors according to the procedures contained in this Article. A state of financial exigency is defined, for purposes of this Article, as a situation in which the Employer University projects substantial and continuing financial deficits which threaten the continued operation of the University and which are projected by consistently applied generally accepted accounting principles to persist for at least three (3) years into the future. 10.3 If the President considers that projected deficits are sufficiently severe that a state of financial exigency may exist, the President shall give written notice of her/his opinion to the Board of Governors, the Senate and the Association. From the date on which such notice is given, no new appointments will be made within the University until either the Board of Governors decides not to declare a state of financial exigency or until the lay-offs contemplated under this Article have been completed. Notwithstanding the foregoing, the Parties agree that Tenure-track and Probationary probationary appointments may be renewed during a period in which lay-offs are being implemented. 10.4 Within ten (10) days of giving notice that the President considers a state of financial exigency exists, the Board of Governors shall forward to the Association all documentation relevant to the proposed state of financial exigency. The Board of Governors shall provide documentation sufficient to permit the Association to evaluate, ; using consistently applied generally accepted accounting principles, whether the University faces substantial and continuing financial deficits which threaten the continued operation of the University. 10.5 Within fifteen (15) days of receiving the Notice specified in Article 10.3 above, the Board of Governors shall establish a Financial Commission (FC) which shall be a committee of the Board and which shall review the financial documentation provided to the Association pursuant to ArticleArticle 10.