{"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":"2024-08-16T12:28:09","modified_gmt":"2024-08-16T17:28:09","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><p style=\"text-align: center;\"><b><br \/>\nBUDGET ADVISORY COMMITTEE<br \/>\nCOMMITTEE CHARTER<\/b><\/p>\n<p><b>PURPOSE\u00a0<\/b><\/p>\n<p><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.\u00a0 The BAC reviews annual and long-term College budget projections and undertakes studies of the College\u2019s resource use.\u00a0 It makes recommendations and provides input to key decision makers.<\/span><\/p>\n<p><b>RESPONSIBILITIES<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Advise on the development of budget policies, processes, and calendars to ensure timely governance review and input\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Facilitate communication to enhance understanding of College resources\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Provide suggestions to enhance efficiencies, generate revenues and\/or reduce costs<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Research issues necessary to inform the budget development process and recommend funding priorities\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Review and recommend the overall College budget<\/span><\/li>\n<\/ul>\n<p><b>BUDGET PLANNING PRINCIPLES<\/b><\/p>\n<p>The Budget Advisory Committee will:<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Make evidence-based resource allocation recommendations guided by the College\u2019s mission, vision, and strategic priorities<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Engage in open dialogue, civility and dignity for community members, and respect for diverse perspectives leading to transparent and understandable decisions<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Promote responsible, prudent, and sustainable stewardship of College resources, including human and physical resources<\/li>\n<\/ul>\n<p><b>MEETINGS and COMMUNICATION<\/b><br \/>\n<b><\/b><\/p>\n<p><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.\u00a0 The Board of Regents:\u00a0<\/span><\/p>\n<ul>\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<li><span style=\"font-weight: 400;\">Receives budget updates at its February meeting<\/span><\/li>\n<li>Approves the final budgets at its May board meeting<\/li>\n<\/ul>\n<p><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.\u00a0\u00a0<\/span><\/p>\n<p><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<p><b>MEMBERSHIP<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Faculty Representatives \u2013 three (3)<br \/>\n<em>\u00a0 \u00a0 \u00a0 Selected via the Faculty Governance election process; staggered three-year terms<\/em><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Staff Representatives \u2013 three (3)<br \/>\n<em>\u00a0 \u00a0 \u00a0 Elected by popular vote; at least one (1) each from exempt and non-exempt classifications;<br \/>\nstaggered three-year terms<\/em><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Student Representative \u2013 one (1) <em>Selected by Student Government Association<\/em><\/li>\n<li aria-level=\"1\">Vice President and Chief Financial Officer, Chair<\/li>\n<li aria-level=\"1\">Provost,<em> ex officio<\/em><\/li>\n<li aria-level=\"1\">Vice President Human Resources, <em>ex officio<\/em><\/li>\n<li aria-level=\"1\">Vice President Enrollment and College Relations, <em>ex officio<\/em><\/li>\n<li aria-level=\"1\">The Assistant VP for Budgets\/Auxiliaries and the Dean of Admissions and Financial Aid staff the committee<\/li>\n<\/ul>\n<p><i>\u00a0<\/i><\/p>\n<p><!-- begin-migrated-from-panel-builder --><!-- end-migrated-from-panel-builder --><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>BUDGET ADVISORY COMMITTEE COMMITTEE CHARTER PURPOSE\u00a0 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 [&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":""},"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":11,"href":"https:\/\/wp.stolaf.edu\/finance\/wp-json\/wp\/v2\/pages\/5623\/revisions"}],"predecessor-version":[{"id":6750,"href":"https:\/\/wp.stolaf.edu\/finance\/wp-json\/wp\/v2\/pages\/5623\/revisions\/6750"}],"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}]}}