More complex projects involving a significant amount of capital investment are the exception and will require additional work, planning time, coordination, and oversight. The school/college should present its pro-forma to the committee and defer to the Review Committee for required next steps. Next steps may include hiring a specialized contractor, architect or design consultant or additional work to assist in budget refinement.

Initial Pro-Forma approval The AVP of Academic Finance submits all pro- forma's along with a consolidated pro - form document to the Budget office for assessment and sign-off. After Budget Office review the AVP of Academic Finance meets with the Provost to review pro-formas for academic standing. As a result of this review, Provost provides approval for the pro- forma to move forward to the Review Committee.

Pro-Forma Review Committee A standing committee, comprised of EM, Finance and Planning, OSA, Financial Aid, Administration and chaired by the Provost's Office, will evaluate program proposals and pro-formas from a holistic standpoint. The existing Financial Aid Review Committee (FARC) should be utilized as the Committee. Specific meetings would be devoted to pro- formas in the Fall (October/November). Meetings would focus on a set of materials provided in advance to the Committee. The submitting program would also be invited to attend and answer questions about the program. Committee will provide a recommendation whether or not to approve this program to move forward.

Since pro-formas are multi-year, the Review committee will evaluate the 5 years of revenue, operating expense and capital expense. Capital needs would be revised and re- submitted each year through the Capital Approval Process based on the changing needs of the program. It is important that the committee have a multi-year outlook on the pro- forma, since the operating and capital expenses may be necessary in future years to serve the growth in the students. An approval of the pro-forma implies that the financial projections for the next five years of the program are reasonable.

The Committee should treat pro-formas that require major investment from the University as off-cycle projects and advise the program on an individual basis as to the process it should take to complete the pro-forma. These projects are few and far between, but require additional planning time, coordination, and oversight. The Committee may also request additional analysis from the program, including but not limited to: cash/GAAP impact analysis and a 'true cost' analysis of the program (which would be in addition to the 'incremental' analysis that is the current practice of pro -forma development. Depending on the pro-forma, the Committee may require pro-forma updates when milestones are reached or capital budgets refined during the planning process or on a regular basis until the program is implemented.

Final Pro-Forma Approval: Once a program receives Pro- Forma approval from the Review Committee the P rovost's Office must confirm with the Budget Office so that the financials are finalized within the Annual Budget calendar cycle. The approval, in addition to specifying and confirming the

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