Responsibilities of Faculty on Planning, Budget and Compensation Committee
Faculty (and the administrator) on Planning ,Budget and Compensation Committee (PBCC) are responsible for communication, planning and policy formation, and audit review as related to the College’s budget and financial conditions, and faculty salary and benefit oversight. As such, members of PBCC 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, Budget and Compensation Committee.
- Faculty Benefits and Pay Review – appoint a subcommittee to analyze and communicate faculty compensation and benefits in general and specifically to monitor the implementation of the faculty salary proposals passed in Spring 2022. PBCC will also appoint faculty representatives from PBCC to act as liaisons to serve on the college Benefits Review Group.
- Retirement Oversight – monitor issues related to faculty retirement, appointing a PBCC member to serve as faculty representative to the College Retirement Oversight Committee.
Composition of Planning, Budget and Compensation Committee
A minimum of seven (7) faculty, who have interest and/or expertise in budgetary matters, will be appointed for service on PBCC by FEC. In addition, FEC recommends that the Vice-President for Business and Finance serve (ex officio) on PBCC.
(PBCC charge revised 9/16/22)