Each President is hereby directed to reevaluate policies for meeting any possible conditions of financial exigency. Included in this policy shall be provisions for securing appropriate input from representatives of academic and non-academic personnel. Representatives of these personnel shall serve only in an advisory capacity to the President. Such policy statements, after being approved by the Board, may be included in the respective institutional faculty and/or staff handbooks. Regardless of the input or counsel received by the President from institutional personnel, it shall be the sole responsibility of the President of each institution under the governance of the Board to make the final decision regarding recommendations to the Board concerning any financial exigency. The Board shall finally decide the specific actions required concerning any existing or anticipated financial exigency.