Contingency Fund Report
We are preparing our annual report for this year’s Negotiated Salary Trial Program. As with previous years, we will need to gather data regarding your school’s contingency fund. Please report your current contingency fund balance and the total amount of contingency funds used, if any in 2020-2021, to Compensation Analyst, Jennifer Luong (firstname.lastname@example.org) by Friday, March 19th.
Contingency Fund Usage
Deans may request to spend some of their surplus contingency funds so long as the school retains a minimum of 25 percent against their total 2020-2021 liability or the highest paid liability of 2020-2021, whichever is greater. This serves as an opportunity for funds to go back to the school for growth in programs, professional development, research and graduate student support and awards. Deans interested in spending surplus contingency funds must submit a written memo request, addressed to me, via Jennifer Luong (email@example.com). The memo should include the following:
- Current balance of the school’s contingency fund
- Proposed amount to spend
- Purpose of the expense(s)
- Individuals at the school who were consulted for the expense(s)
The 10 percent contingency of the Negotiated Salary Component (NSC) will continue to be required from each participant each year.
Diane K. O’Dowd
Vice Provost for Academic Personnel