Financial Advisory Committee

Purpose/responsibilities:
The Financial Advisory Committee (“FAC”) develops policies, guidelines, standards, and processes for clinical departments related to major financial decisions, especially, but not exclusively, in the areas of effort and productivity, compensation, funds flow model adjustments, performance review, and budgeting principles.

Authority:
The FAC is advisory to the dean.

Membership selection and composition:
The chairs of all clinical departments are ex officio voting members of the FAC. The Senior Associate Dean for Clinical Affairs is a non-voting member and chair of the FAC.

Meetings:
The FAC chair convenes committee meetings. Generally meetings are held once a month on an as-scheduled basis.

Subcommittees may be established to focus work on a specific area. Although a subcommittee may include non-FAC members, it must be chaired by a member. Subcommittees will report regularly to the full FAC and will develop policy and standards for review and approval by the entire FAC prior to presentation to the dean.

All subcommittee meetings are open to all FAC members. Otherwise, both FAC and subcommittee meetings are closed to non-members.

Quorum:
A quorum is constituted with a simple majority (greater than 50%) of voting members is present. A vote may be taken only when a quorum is present. FAC management decisions require a simple majority affirmative vote. New policies and standards require approval by a supermajority (two-thirds of FAC members) before they will move forward to the dean for review.

A department chair who will be absent from a meeting may send a proxy. The proxy may vote on behalf of the department chair provided that notice of the vote was distributed to all FAC members at least 72 hours (three full days) in advance.

The FAC chair has the prerogative for obtaining an electronic vote. When an electronic vote is requested, the requirement for a simple majority or a supermajority applies to all FAC members, not just those who vote.

Minutes:
Summaries from the meetings are distributed to committee members and retained in the office of the Senior Associate Dean for Clinical Affairs. Formal votes are recorded and noted in the meeting summary.