{"id":5623,"date":"2021-02-18T16:12:45","date_gmt":"2021-02-18T22:12:45","guid":{"rendered":"https:\/\/wp.stolaf.edu\/finance\/budget-advisory-committee\/meeting-minutes-2\/"},"modified":"2026-07-09T11:13:31","modified_gmt":"2026-07-09T16:13:31","slug":"charter","status":"publish","type":"page","link":"https:\/\/wp.stolaf.edu\/finance\/budget-advisory-committee\/charter\/","title":{"rendered":"Charter"},"content":{"rendered":"<div data-modular-content-collection>\n<h3 class=\"wp-block-heading has-text-align-center\">Budget Advisory Committee Charter<\/h3>\n\n\n\n<h4 class=\"wp-block-heading\">Purpose&nbsp;<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"font-weight: 400;\">The Budget Advisory Committee (BAC) acts as an advisory body to the Vice President\/CFO and the President\u2019s Leadership Team and facilitates collaborative discussion and communication among the College\u2019s faculty, staff, and student constituencies regarding long-term financial planning.&nbsp; The BAC reviews annual and long-term College budget projections and undertakes studies of the College\u2019s resource use.&nbsp; It makes recommendations and provides input to key decision makers.<\/span><\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Responsibilities<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><span style=\"font-weight: 400;\">Advise on the development of budget policies, processes, and calendars to ensure timely governance review and input&nbsp;<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">Facilitate communication to enhance understanding of College resources&nbsp;<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">Provide suggestions to enhance efficiencies, generate revenues and\/or reduce costs<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">Research issues necessary to inform the budget development process and recommend funding priorities&nbsp;<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">Review and recommend the overall College budget<\/span><\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">Budget Planning Principles<\/h4>\n\n\n\n<h5 class=\"wp-block-heading\">The Budget Advisory Committee will:<\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Make evidence-based resource allocation recommendations guided by the College\u2019s mission, vision, and strategic priorities<\/li>\n\n\n\n<li>Engage in open dialogue, civility and dignity for community members, and respect for diverse perspectives leading to transparent and understandable decisions<\/li>\n\n\n\n<li>Promote responsible, prudent, and sustainable stewardship of College resources, including human and physical resources<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">Meetings and Communication<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"font-weight: 400;\">The Committee meets several times each semester as budget information is prepared for consideration by the President\u2019s Leadership Team and presentation to the Board of Regents.&nbsp; The Board of Regents:&nbsp;<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><span style=\"font-weight: 400;\">Approves the college\u2019s comprehensive fee (tuition, room, and board) for the next fiscal year at its October meeting<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">Receives budget updates at its February meeting<\/span><\/li>\n\n\n\n<li>Approves the final budgets at its May board meeting<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"font-weight: 400;\">The Committee may also meet at other times as necessary throughout the year to inform the budget development work or other financial planning considerations.&nbsp;&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"font-weight: 400;\">A three-person team that includes a BAC faculty member, a BAC staff member, and the VP\/CFO will collaborate to set meeting agendas, identify supporting information to be presented at meetings, and determine the content of documents that communicate with the St. Olaf community.<\/span><\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Membership<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Faculty Representatives \u2013 three (3)<br \/><em>&nbsp; &nbsp; &nbsp; Selected via the Faculty Governance election process; staggered three-year terms<\/em><\/li>\n\n\n\n<li>Staff Representatives \u2013 three (3)<br \/><em>&nbsp; &nbsp; &nbsp; Elected by popular vote; at least one (1) each from exempt and non-exempt classifications; staggered three-year terms<\/em><\/li>\n\n\n\n<li>Student Representative \u2013 one (1) <em>Selected by Student Government Association<\/em><\/li>\n\n\n\n<li>Vice President and Chief Financial Officer, Chair<\/li>\n\n\n\n<li>Provost,<em> ex officio<\/em><\/li>\n\n\n\n<li>Vice President Human Resources, <em>ex officio<\/em><\/li>\n\n\n\n<li>Vice President Enrollment and College Relations, <em>ex officio<\/em><\/li>\n\n\n\n<li>The Assistant VP for Budgets\/Auxiliaries and the Dean of Admissions and Financial Aid staff the committee<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><!-- begin-migrated-from-panel-builder --><!-- end-migrated-from-panel-builder --><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Budget Advisory Committee Charter Purpose&nbsp; The Budget Advisory Committee (BAC) acts as an advisory body to the Vice President\/CFO and the President\u2019s Leadership Team and facilitates collaborative discussion and communication [&hellip;]<\/p>\n","protected":false},"author":4870,"featured_media":0,"parent":5540,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":"","_members_access_role":[],"_members_access_error":""},"class_list":["post-5623","page","type-page","status-publish","hentry"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/wp.stolaf.edu\/finance\/wp-json\/wp\/v2\/pages\/5623","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wp.stolaf.edu\/finance\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/wp.stolaf.edu\/finance\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/wp.stolaf.edu\/finance\/wp-json\/wp\/v2\/users\/4870"}],"replies":[{"embeddable":true,"href":"https:\/\/wp.stolaf.edu\/finance\/wp-json\/wp\/v2\/comments?post=5623"}],"version-history":[{"count":17,"href":"https:\/\/wp.stolaf.edu\/finance\/wp-json\/wp\/v2\/pages\/5623\/revisions"}],"predecessor-version":[{"id":7290,"href":"https:\/\/wp.stolaf.edu\/finance\/wp-json\/wp\/v2\/pages\/5623\/revisions\/7290"}],"up":[{"embeddable":true,"href":"https:\/\/wp.stolaf.edu\/finance\/wp-json\/wp\/v2\/pages\/5540"}],"wp:attachment":[{"href":"https:\/\/wp.stolaf.edu\/finance\/wp-json\/wp\/v2\/media?parent=5623"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}