Responsibilities of Faculty on Planning and Budget Committee
Faculty (and the administrator) on Planning and Budget Committee (PBC) are responsible for communication, planning and policy formation, and audit review as related to the College’s budget and financial conditions. As such, members of PBC will endeavor to accomplish the following:
- Communication – report to the faculty the broad outlines of the institutional budget and financial condition, and prompt the faculty when intervention or additional discussion is needed on particular issues of a financial nature.
- Planning and Policy Formation – function as an interface between the faculty and the administration on financial issues, and assist the administration, and indirectly the Board of Trustees, with formation and evaluation of financial policy and institutional budgets. The primary point of contact with the administration is the Vice President for Business and Finance. The primary means of interacting with the Board is through participation (as an observer) in meetings of the Audit and Finance Committee of the Board; PBC may occasionally also interface with the Investment Committee of the Board.
- Audit Review – function as part of a system of financial safeguards, designed to insure that expenditures and revenue are properly accounted for in ledger entries, and are fairly represented in presentations of the institutional budget and balance sheet. Primary responsibility for this task rests with the Business Office, the external auditors hired by the College, and the Audit and Finance Committee of the Board. The process established by the Board of Trustees for external audit of college finances requires the presence of a faculty observer at the audit review, but not participation in the audit itself. This observer is generally a member of the Planning and Budget Committee.
Composition of Planning and Budget Committee
Five (5) faculty, who have interest and/or expertise in budgetary matters, will be appointed for service on PBC by FEC. In addition, FEC recommends that the Strategic Planning Coordinator and the Vice-President for Business and Finance serve (ex officio) on PBC.