President Fergusson chaired the first meeting of the new Priorities and Planning Committee, a group comprised of the senior officers of the college and members of the two major faculty committees, the Faculty Policy and Conference Committee (FPCC) and the Faculty Appointments and Salaries Committee (FASC) and supplemented by members of the staff of the vice president for finance.  The committee’s charge was to meet at least monthly to review, line by line, all aspects of the college’s financial operations with the goal of defining and making plans to eliminate the structural deficit that had been revealed in the last audit of the college’s operations.

Within two years, the committee’s goals were accomplished, and it continued to meet as an oversight group.