Minutes of a Regular Meeting, June 22-23, 2004 - Digital Collections

REGENTS’ POLICY MANUALSECTION 4—FINANCE AND MANAGEMENT4.21—FINANCIAL EMERGENCY POLICYWhile it is assumed that the administration of the University has a continuing responsibility formaintaining a sound budget and that through responsible financial management and appropriateretrenchment policies, all approaches for averting a financial crisis will be utilized, it is possible that afinancial emergency might become inevitable. The following statement outlines the administrativepolicies and the procedures for such an eventuality.The Board of Regents has ultimate responsibility for the financial integrity of the University.Decisions resulting from these policies and procedures are subject to the approval of the Board ofRegents, which may take into consideration such factors as it deems appropriate.4.21.1—DEFINITIONThe University includes four budgetary agencies: Norman Campus; Law Center; the Health SciencesCenter, including the College of Medicine, Tulsa; and the Professional Practice Plan. A financialemergency is an imminent fiscal crisis that threatens any one of these agencies. A state of financialemergency will be declared whenever the Educational and General Part I budget allocation to the agencynecessitates reductions in faculty or staff or reductions in operational budgets that would seriously erodeprogram quality.The President will decide and declare when any agency of the University is in a state of financialemergency. Based upon information received, the President will submit a plan of action to the Board ofRegents for approval.Specific procedures pertaining to the Norman Campus and Norman Campus programs delivered inTulsa are included in the Norman Campus Faculty Handbook.(RM, 11-10-77, pp. 14718 24; 3-29-00, p. 26909; 1-27-04, p. 28924)THE UNIVERSITY OF OKLAHOMA 262