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Charter for Finance Committee

The Finance Committee (“Committee”) oversees the fiscal stability and long-term economic health of the University. The Committee will review and recommend policies to enhance quality and effectiveness of the finance functions of the University.

I. Scope

In carrying out its responsibilities, the Committee monitors the University’s financial operations, fundraising performance, debt level, capital priorities and investment performance; requires the maintenance of accurate and complete financial records; and maintains open lines of communication with the Board about the University’s financial condition.

II. Executive Liaison

The Vice President for Finance of the University or some other person(s) designated by the President of the University, with the concurrence of the Board Chair and the Committee Chair, shall be the executive liaison to the Committee and responsible for transmitting committee recommendations.

III. Responsibilities

In addition to the overall responsibilities of the Committee described above and in carrying out its responsibilities, the charge of the Committee shall include

  1. Reviewing and making recommendations to the Board on the following matters:

    1. University operating budget and financial plan;
    2. University capital budget and master facility plans;
    3. capital projects;
    4. tuition, fees and housing rates;
    5. state appropriation requests;
    6. pursuant to applicable Collected Rules and Regulations, contracts and reports;
    7. insurance brokers and self-insurance programs;
    8. pursuant to applicable Collected Rules and Regulations, real estate sales, purchases, leases, easements and right-of-way agreements;
    9. the issuance of debt;
    10. asset allocation guidelines and other policies related to the University’s investment management function; and
    11. additional matters customarily addressed by the finance committee of a governing board for an institution of higher education.
  2. Providing governance oversight to:
    1. long-range financial planning strategies;
    2. fundraising and development strategies;
    3. total indebtedness and debt capacity of the University;
    4. the investment portfolio performance; and
    5. the financial condition of the pension fund.
  3. Reviewing periodic reports including:
    1. quarterly and year-end financial reports that measure the University’s fiscal condition;
    2. annual purchasing reports on bids and equipment leases;
    3. quarterly debt-management reports;
    4. quarterly and year-end investment performance reports;
    5. semi-annual reports on development and fundraising activities; and
    6. other financial reports as requested by the Committee.

 

Approved by the Board of Curators: April 9, 2020

Reviewed 2020-05-12