DEFINITION OF FINANCIAL EXIGENCY Sample Clauses

DEFINITION OF FINANCIAL EXIGENCY. An imminent financial crisis which threatens the viable operation of the institution.
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DEFINITION OF FINANCIAL EXIGENCY. 34.1.1 Financial exigency is a substantial and recurring financial crisis that threatens the continued operations of OC.
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DEFINITION OF FINANCIAL EXIGENCY. For purposes of this Agreement, financial exigency exists when the Board of Directors formally declares a financial exigency and that the following conditions exist: that the institution faces an imminent financial crisis; that there is a current or projected absence of sufficient funds for the campus as a whole to maintain current programs and activities at a level sufficient to fulfill its educational mission and goals; and that the budget can only be balanced by extraordinary means, which includes the termination of existing and continuing academic and nonacademic appointments.
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Related to DEFINITION OF FINANCIAL EXIGENCY

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