Special Finance Committee Meeting Highlights Key University Fiscal Decisions

The University Board of Regents (BOR) gathered for a Special Finance Committee Meeting at 10:00 am on January 26, 2024, hosted in the Office of the University President Conference Room. Dr. Rodolfo L. Ducut, the Vice President for Finance and Administration, sponsored the conference, which aimed to address critical financial matters and decisions vital to the institution’s fiscal well-being.

The first major decision considered was the Closure of Dormant Accounts within the university’s financial structure. This strategic move is anticipated to streamline resources and enhance overall fiscal efficiency by identifying and closing inactive accounts. The committee also turned its attention to the Amended Guidelines on the Praise System, approving revised criteria for recognizing and rewarding exceptional contributions by faculty and staff members. The updated guidelines seek to foster a culture of appreciation and motivation within the university community.

A significant highlight was the approval of the Promotional Appointment of Personnel to Full Professor Ranks. Moreover, the board went on to confirm the Memorandum of Agreement (MOA) for Instructional Materials as a Consignment Agreement and Income Generation Project. This collaborative effort is expected to enhance the availability of quality educational resources while generating additional income for the university.

In addition to these key matters for approval, the committee also addressed several other important areas. The Annual Procurement Plan (APP) for 2024 was thoroughly reviewed, emphasizing the strategic importance of procurement planning to ensure the university’s smooth operation and high standards of academic and administrative services.

The establishment and management of a Special Trust Fund (STF) were also discussed, reflecting the university’s commitment to earmarking funds for specific projects and initiatives aligned with its long-term goals and development plans.

The meeting concluded with the confirmation of the contracts for the Newly Hired Contract of Service (COS) Personnel, underscoring the university’s dedication to attracting and retaining talents to contribute to its academic and administrative functions.

The outcomes of this Special Finance Committee Meeting are expected to shape the financial trajectory of the university and contribute significantly to its continued pursuit of academic excellence and administrative efficiency.