The Committee on Finance reviews and approves the budget and five-year financial plan of the university’s income and expenses each fiscal year. Throughout the year, the committee reviews the income earned and expenditures incurred by the university to determine whether operating results are in accordance with the approved budget. The committee is also responsible for reviewing the financial feasibility of all major expenditures for technology and equipment investments, plant expansion, new construction, and replacement or renovation of existing facilities, and for recommending appropriate actions to the Board or the Executive Committee. In addition, it reviews the president’s proposals with regard to the establishment of tuition levels and other matters that may affect the university’s budgets of income and expenditures, including the pension plans and other personnel benefits plans.
Currently, the Committee on Finance has two subcommittees, the Capital Subcommittee and the Debt Subcommittee.