{"id":323,"date":"2016-11-30T15:32:53","date_gmt":"2016-11-30T15:32:53","guid":{"rendered":"http:\/\/www.eastcentral.edu\/board-policies\/?page_id=323"},"modified":"2025-01-13T21:33:38","modified_gmt":"2025-01-13T21:33:38","slug":"financial-exigency-policy","status":"publish","type":"page","link":"https:\/\/www.eastcentral.edu\/board-policies\/finance-and-administration\/financial-exigency-policy\/","title":{"rendered":"4.2 Financial Exigency"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><em>(Adopted 6-4-1979; Implemented 2-9-1981; Revised 8-28-2003)<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The President will regularly review the financial status of the College to determine if conditions exist that are sufficient to warrant a declaration of financial exigency.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Procedures<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>4.2.1&nbsp;&nbsp;&nbsp; <\/strong>Financial exigency exists when an imminent financial crisis threatens the survival of the institution as a whole and cannot be alleviated by less than drastic means, such as the realignment of College expenditures, immediate reduction in hourly and contract employees, and\/or emergency use of restricted reserves from the fund balance of the College.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>4.2.2<\/strong>&nbsp;&nbsp;&nbsp; Any sudden<em>, <\/em>severe, and unexpected change in financial conditions will be reported by the President to the Board of Trustees, faculty, and staff within five (5) days of the discovery of such conditions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>4.2.3<\/strong>&nbsp;&nbsp;&nbsp; Following the determination by the Board of Trustees that a financial exigency does exist, the President of the College, as Chief Executive Officer, will develop a retrenchment plan for approval and enactment by the Board of Trustees.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>4.2.4<\/strong>&nbsp;&nbsp;&nbsp; The plan for retrenchment will be developed in accordance with the following guidelines:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>The total College operation, including all departments and offices, will be considered in making recommendations for retrenchment.<\/li>\n\n\n\n<li>In all cases of termination of faculty on tenured contracts because of financial exigency, the positions of the faculty concerned will not be filled within a two (2)-year period by replacement nor will temporary positions be created to effect replacement of those faculty positions unless the released faculty have been offered reinstatement and a reasonable time in which to accept or decline the offer.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"<p>(Adopted 6-4-1979; Implemented 2-9-1981; Revised 8-28-2003) The President will regularly review the financial status of the College to determine if conditions exist that are sufficient to warrant a declaration of financial exigency. Procedures 4.2.1&nbsp;&nbsp;&nbsp; Financial exigency exists when an imminent financial crisis threatens the survival of the institution as a whole and cannot be alleviated [&hellip;]<\/p>\n","protected":false},"author":39,"featured_media":0,"parent":23,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-323","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>4.2 Financial Exigency - Board Policies<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.eastcentral.edu\/board-policies\/finance-and-administration\/financial-exigency-policy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"4.2 Financial Exigency - Board Policies\" \/>\n<meta property=\"og:description\" content=\"(Adopted 6-4-1979; Implemented 2-9-1981; Revised 8-28-2003) The President will regularly review the financial status of the College to determine if conditions exist that are sufficient to warrant a declaration of financial exigency. 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