Faculty Compensation Committee (FCC) shall review with the Administration the structure of faculty salary, benefits and workload within the University. The FCC shall meet with the Administration at least once per quarter (prior to September 1, December 1, March 1 and June 1) in order to help determine the amount and allocation of monies for faculty salaries and benefits, subject to the approval of the Board of Trustees. The FCC shall report to the Faculty Council and obtain its approval before reaching a final agreement with the Administration. Nothing in this paragraph shall modify the power of the Board of Trustees in consultation with the President to establish the University Budget. The Faculty Compensation Committee shall consist of the current Faculty Council President (ex officio), the two most recent past presidents of the Faculty Council, one elected representative from the Faculty Council, and four members elected from the faculty at large. All elected members serve one year terms. There are no term limits for members of the FCC. (For example, an outgoing Faculty Council member is eligible to be elected at large.) The Chair of the Faculty Compensation Committee shall be elected from within by the seven voting FCC members. FCC members must have been granted tenure by the start of the year in which they are to serve. The four at-large members of the Faculty Compensation Committee shall be elected by the faculty during the usual spring elections. The Faculty Council shall elect its representative at the first meeting (May). If an elected member of the FCC is unable serve, a new vote shall be held immediately. If a past president of the Faculty Council is unable to serve, the Faculty Council President shall appoint a former Faculty Council President to serve on the FCC for a one year term. The Faculty Council President shall do his/her best to ensure that the interests of each school are judiciously represented by the FCC.