Financial exigency is defined as an urgent demand for immediate action by the School to relieve a financial emergency. Financial exigency may result from various actions or events, such as a decline in enrollment or a reduction in governmental or private funds for scholarships, grants, etc. The term “financial exigency” is not to be construed that the School is likely to default on any obligations or that any creditors should be notified of the action.
- Mandatory Notification
Financial information supporting a declaration of financial exigency is to be presented by the President on behalf of the President’s Council to the Board of Trustees. The Board of Trustees shall have the sole authority, upon consideration of compelling evidence supporting the recommendation, to declare that a financial exigency exists. The declaration of a financial exigency shall be effective for the remainder of the fiscal year. Should the need arise to extend the declaration to a succeeding fiscal year, the Board of Trustees shall consider the evidence supporting the recommendation and shall have the authority to extend the declaration based on the evidence presented.
- Emergency Measures – Administration and Board of Trustees
During the fiscal year in which the financial exigency has been declared, the School Administration and the Board of Trustees shall implement emergency measures to reduce institutional operating costs. Recommendations from study groups, committees, and administrative personnel shall be reviewed by the President, the President’s Council, and the Board of Trustees.
- Termination of Services or School Closure Due to Financial Exigency
Termination of services or closure of the School due to financial exigency shall be implemented only upon specific action of the Board of Trustees.
- Use of School Assets Due to Financial Exigency
In a situation where it becomes necessary to discontinue the operation of the School, all assets of the School will be utilized to assure that all currently enrolled students are able to complete their program of study, graduate, and be eligible to sit for the CRNA certification examination.