The Committee on Business and Finance shall be composed of a chairman from the Executive
Committee, the President of the University, the Chief Financial Officer of the University, and
five (5) other members of the Board of Regents appointed by the Chairman of the Board of
Regents. Any member of this Committee may be removed by the Board of Regents or by the
Executive Committee by affirmative vote of a majority of the entire Board of Regents or
Executive Committee, as the case may be, whenever in its judgment the best interests of the
Corporation will be served thereby.
Powers and Duties
1. The Business and Finance Committee, in cooperation with the President, shall have general
supervisory authority over the finances of the Corporation, including all income from any
source and expenditures. It shall review, evaluate and make recommendations with respect
to all business functions of the institution, including, but not limited to, budget, business
records and systems, financial aid and auxiliary enterprises.
2. All financial recommendations shall be recommended through the Committee on Business
3. This committee shall require an annual audit of the financial affairs of the Corporation,
including student financial aid programs, by an independent certified public accounting
firm selected by the Board of Regents. The audit and report shall be reviewed at the first
regular session of the Board of Regents after the audit is completed.
4. The committee shall approve the annual budget at the regular spring meeting as proposed
by the President before it is forwarded to the Board of Regents for approval.
5. The provisions of Bylaw 4.02 relating to vacancies, meetings, quorum, voting, procedure
and acting without meeting is applicable to the Committee on Business and Finance.
Policy Revised: Fall 2014