There was some discussion to use the fund for programmatic enhancements. A copy of the Student Service Enhancement Program is included in today s handouts. But Reggie feels that the SSEP is a departure from SFAC s initial intentions about the contingency fund. The Contingency Reserve will provide SFAC the cushion it may need in case of an emergency or unforeseen fiscal need related to deferred maintenance or capital improvement project. Reggie said that although the Committee preferred programmatic enhancements to deferred maintenance, a facilities contingency fund would protect our ability to recommend funds for programming.
Executives can deal with programmatic enhancements in the context of strategic planning.
Capital goes beyond bricks and mortar, it can also apply to information technology infrastructure. SFAC intended the fund to help in emergencies beyond an organization s ability to cope. The fund would have no upper limit. More work needs to be done on what would constitute an emergency and what would happen with emergencies that would occur at times that SFAC is not in session. Bob and Vanessa volunteered to help Reggie draft some guidelines for next meeting.