The fiscal committee shall consist of twenty-six members.

1. Nine faculty members.
   
   1. Eight faculty, at least one of whom is a department chair, and at least two of whom are members of the senate, selected by the faculty council.
   2. One faculty appointed by the president.
2. Six students. The term of service is two years.
   
   1. One graduate student.
   2. One professional student.
   3. Four undergraduate students at least two of whom are members of the senate.
3. Three staff members. The term of service is three years.
   
   1. Two staff members with extensive fiscal and budgetary experience and expertise, one selected by the faculty council in consultation with the university staff advisory committee, and one selected by the executive deans in consultation with the senior fiscal officers.
   2. One staff member appointed by the president.
4. Eight administrators.
   
   1. Two central administration officials appointed by the president. These members are non-voting.
   2. The four executive deans.
   3. The executive vice president and provost, or designee. This member is non-voting.
   4. The senior vice president and chief financial officer, or designee. This member is non-voting.

The committee shall have full access to all fiscal documentation necessary to perform the following functions:

1. Review, on a continuing basis, the fiscal policies and resources of the university;
2. Advise the president on the alternatives and strategies for the long-term and short-term allocation of university resources consistent with maintaining the missions of the university;
3. Analyze resources and budgets from an overall university-wide perspective;
4. Analyze resources and budgets in detail for centrally supported vice presidential units;
5. Advise the president, in the event of an imminent financial crisis, whether a determination of financial exigency is warranted; and
6. Report annually to the faculty council and the senate on the budgetary and fiscal condition of the university.

1. The committee shall annually elect a chair from its faculty membership.
2. As a standing committee of the senate, this committee is also governed by the provisions of rules 3335-5-46 and 3335-5-48 of the Administrative Code.

(Board approval dates: 5/1/1986, 2/5/1988, 2/4/1993, 11/4/1994, 5/3/1996, 7/12/2002, 6/7/2005, 6/2/2006, 6/22/2012, 6/6/2014, 6/3/2016, 5/31/2019)