Common use of Redundancy Due to Financial Exigency Clause in Contracts

Redundancy Due to Financial Exigency. (i) Where the Board of Governors anticipates a state of financial exigency, it must, by October 1st, give formal notice to the Senate and Faculty Association of its intention to declare a state of financial exigency and redundancy by November 1st of the same year. (ii) Immediately following notice as in 21:03 (a) (i), a committee will meet to determine whether or not a bona fide state of financial exigency exists. The Committee will consist of the following: Two Board members, the President, the Vice-President Academic and Research, the Vice-President Finance and Administration (non-voting), the Xxxx (non-voting), two representatives of the Senate and two representatives of the Faculty Association. (iii) The Committee will have complete access to all relevant financial information, including all assets, reserves, restricted funds, etc., both operating and capital, and will receive the full cooperation of the Finance Committee of the Board. Use of sabbaticals, leaves or voluntary early retirement must be investigated as possible means of avoiding redundancies. (iv) The Committee will report to the Board and to the Senate its findings concerning the existence of a bona fide financial exigency prior to November 1st. (v) Where there is a demonstrable evidence of a bona fide financial exigency the Board may, with the concurrence of the Senate, declare such by November 1st in a given year, for the purpose of effecting a redundancy or redundancies for the following academic year. The Board will clearly indicate the gross dollar amount of reduction required by the exigency. The President and the Finance Committee of the Board will translate this into the number and levels of faculty redundancies this represents. (vi) All reasonable sources of income must be investigated, and all reasonable means of cost cutting must have been employed in other areas of the University’s operation, e.g., physical plant, support and auxiliary services, administration, library, etc., before the Committee will certify a bona fide financial exigency to exist. Redundancy due to financial exigency is to be regarded as a measure of last resort.

Redundancy Due to Financial Exigency. (i) Where the Board of Governors anticipates a state of financial exigency, it must, by October 1st, 1st give formal notice to the Senate and Faculty Association of its intention to declare a state of financial exigency and redundancy by November 1st of the same year. (ii) Immediately following notice as in 21:03 (a) (i), a committee will meet to determine whether or not a bona fide state of financial exigency exists. The Committee will consist of the following: Two Board members, the President, the Vice-President Academic and ResearchXxxx, the Vice-President Finance and Director of Administration (non-voting), the Xxxx (non-voting), two representatives of the Senate and two representatives of the Faculty Association. (iii) The Committee will have complete access to all relevant financial information, including all assets, reserves, restricted funds, etc., both operating and capital, and will receive the full cooperation of the Finance Committee of the Board. Use of sabbaticals, leaves or voluntary early retirement must be investigated as possible means of avoiding redundancies. (iv) The Committee will report to the Board and to the Senate its findings concerning the existence of a bona fide financial exigency exigency, prior to November 1st. (v) Where there is a demonstrable evidence of a bona fide financial exigency the Board may, with the concurrence of the Senate, Senate declare such by November 1st in a given year, for the purpose of effecting a redundancy or redundancies for the following academic year. The Board will clearly indicate the gross dollar amount of reduction required by the exigency. The President and the Finance Committee of the Board will translate this into the number and levels of faculty redundancies this represents. (vi) All reasonable sources of income must be investigated, and all reasonable means of cost cutting must have been employed in other areas of the University’s operation, e.g., physical plant, support and auxiliary services, administration, library, etc., before the Committee will certify a bona fide financial exigency to exist. Redundancy due to financial exigency is to be regarded as a measure of last resort.

Redundancy Due to Financial Exigency. (i) Where the Board of Governors anticipates a state of financial exigency, it must, by October 1st, give formal notice to the Senate and Faculty Association of its intention to declare a state of financial exigency and redundancy by November 1st of the same year. (ii) Immediately following notice as in 21:03 (a) (i), a committee will meet to determine whether or not a bona fide state of financial exigency exists. The Committee will consist of the following: Two Board members, the President, the Vice-President Academic and ResearchXxxx, the Vice-President Finance and Director of Administration (non-voting), the Xxxx (non-voting), two representatives of the Senate and two representatives of the Faculty Association. (iii) The Committee will have complete access to all relevant financial information, including all assets, reserves, restricted funds, etc., both operating and capital, and will receive the full cooperation of the Finance Committee of the Board. Use of sabbaticals, leaves or voluntary early retirement must be investigated as possible means of avoiding redundancies. (iv) The Committee will report to the Board and to the Senate its findings concerning the existence of a bona fide financial exigency prior to November 1st. (v) Where there is a demonstrable evidence of a bona fide financial exigency the Board may, with the concurrence of the Senate, declare such by November 1st in a given year, for the purpose of effecting a redundancy or redundancies for the following academic year. The Board will clearly indicate the gross dollar amount of reduction required by the exigency. The President and the Finance Committee of the Board will translate this into the number and levels of faculty redundancies this represents. (vi) All reasonable sources of income must be investigated, and all reasonable means of cost cutting must have been employed in other areas of the University’s operation, e.g., physical plant, support and auxiliary services, administration, library, etc., before the Committee will certify a bona fide financial exigency to exist. Redundancy due to financial exigency is to be regarded as a measure of last resort.