Common use of Severe Financial Crisis Clause in Contracts

Severe Financial Crisis. 15.2.1 Whenever the President has reason to believe that a severe financial crisis may occur, the President shall notify the Academic Senate and the UFE president of the nature of the expected emergency and supply supporting documentation. Within fifteen (15) working days of receiving notice of a severe financial crisis from the President, the UFE will submit any recommendations for managing the crisis in a report to the president and the Board of Trustees. The Board of Trustees shall be responsible for declaring any state of University-wide severe financial crisis. Unless continued by a subsequent Board declaration, a declaration of a severe financial crisis will last no longer than one (1) fiscal biennium. 15.2.2 On or before such declaration by the Board of Trustees, the President shall develop a plan for meeting the emergency. The final responsibility for institutional action shall rest with the President. 15.2.3 Support of instructional efforts will receive highest priority when a severe financial crisis requires reduction of the funding of University programs.

Severe Financial Crisis. 15.2.1 14.2.1 Whenever the President has reason to believe that a severe financial crisis may occur, the President he/she shall notify the Academic Senate and the UFE president of the nature of the expected emergency and supply supporting documentation. Within fifteen (15) working days of receiving notice of a severe financial crisis from the President, the UFE will submit any recommendations for managing the crisis in a report to the president and the Board of Trustees. The Board of Trustees shall be responsible for declaring any state of University-wide severe financial crisis. Unless continued by a subsequent Board declaration, a declaration of a severe financial crisis will last no longer than one (1) fiscal biennium. 15.2.2 14.2.2 On or before such declaration by the Board of Trustees, the President shall develop a plan for meeting the emergency. The final responsibility for institutional action shall rest with the President. 15.2.3 14.2.3 Support of instructional efforts will receive highest priority when a severe financial crisis requires reduction of the funding of University programs.