Retrenchment Due to Financial Exigency. a. A condition of financial exigency shall be declared by the Board of Trustees at such time as the University faces an imminent financial crisis which threatens the survival of the institution as a whole and which cannot be alleviated by less drastic means. Such a declaration shall be made by the Board of Trustees upon recommendation of the University President. The recommendation of the President shall be made following consultation with the Faculty Senate Executive Council and the Union President, such consultation to be held jointly or separately in the sole discretion of the President. The President’s recommendation must include submission to the Board of Trustees of documentation of the financial position of the University, a request for the declaration and reasons therefore, and a plan to address the financial condition of the University. The President shall notify the Union President immediately subsequent to making a recommendation of such declaration to the Board of Trustees. The further provisions of this Article shall apply in the event the Board of Trustees accepts the recommendation of the University President and declares a condition of financial exigency that requires (1) closure of the institution; or (2) termination of faculty appointments, whether as a result of unit or academic program elimination or individualized staffing reductions.
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