6.4 Limitations of Authority

The authority of the Vice President of Finance and Administration and the Treasurer of the Board of Trustees shall be limited within the above overall responsibilities as follows:

1. Spending more than one million ($1,000,000) in any fiscal year the net realized investment income of the restricted, designated, auxiliary, plant, and agency funds, which requires the approval of the Board of Trustees, except for reserves for future debt service in the plant fund that are a direct offset to interest expense paid on the related bonds.

2. Spending more than one million ($1,000,000) in any fiscal year the unrestricted income earned by the principal of the endowment fund, which requires the approval of the Board of Trustees.

3. Borrowing from the principal of the endowment fund, which requires the approval of the Board of Trustees.

4. The establishment of tuition and room and board rates, which requires the approval of the Board of Trustees.

5. All fees and charges, other than those set by the Board of Trustees resolution, are to be initiated by the unit involved, approved by the appropriate authorized individual, and submitted to the Vice President of Finance and Administration for review and approval prior to final administrative approval.

6. The establishment of interest rates to be charged on all student loans, which requires the approval of the Board of Trustees.

7. The determination of the class of investment for endowment gifts, which requires the approval of the Board of Trustees.

8. Purchase and sale of land and construction of buildings, which requires the approval of the Board of Trustees. Notwithstanding the foregoing, the Vice President of Finance and Administration and the Treasurer of the Board of Trustees are authorized to dispose of securities and real and personal property previously received by the Board as gifts. Further, the Vice President of Finance and Administration and Treasurer to the Board of Trustees are authorized to dispose or acquire real property for less than $1.5 million and provided such proposed sale or acquisition is reviewed in advance with the Board of Trustees Finance and Audit Committee.

9. Adoption, amendment, ratification of prior amendments or restatement of any retirement plan pursuant to Internal Revenue Code Sections 401(a), 403(b) or 457 in the following circumstances:

a. To comply with changes in the law affecting the plan,

b. To effect a new plan or benefit or other changes approved by the Board, or

c. Where the change will not materially increase the cost of benefits under the plan or its maintenance or administration and is determined by the Treasurer to be prudent and in the best interest of the University.

10. Appoint members to the Retirement Plan Investment Committee, receive and review its recommendations with the Senior Leadership Team and to make final investment decision as the fiduciary of the retirement plans. The Treasurer shall make an annual report of the retirement plans' investments to the Board of Trustees.