All faculty salaries must be approved by the Dean of the School and the Provost before the salary is communicated to the faculty member. Additionally, salaries above a threshold set by the Board of Trustees must be approved by the Compensation Committee of the Board of Trustees. Salary changes, including certain types of supplementary compensation and salary during a leave of absence, require the same authorization and review process. Salary increases for a new academic year are effective on September 1st. Such increases are not automatic and shall be based on performance, applicable compensation policies and budgetary considerations.