The trustees of Michigan State University and their successors in office are created by the people of Michigan through the Constitution as a body corporate known as the Board of Trustees of Michigan State University, with the power of general supervision over the institution, control, and direction of all expenditures from the institution's funds, and the responsibility to elect a president of the University. The board shall consist of eight members elected for eight-year terms as provided by law. Members shall hold office until their successors have been elected as provided by law. The governor shall fill board vacancies by appointment.
Members of the board shall serve without compensation, but shall receive the actual and necessary expenses incurred by them in the performance of the duties of their office. Expenses will be reviewed periodically by the board chair and the chair of the Budget and Finance Committee. The Secretary and Chief of Staff to the Board of Trustees (“secretary”) shall keep a record of all expenses reimbursed to each trustee as may be required by law.
The fiscal year of the University shall begin on July 1 and end on June 30 of each calendar year, or such other date as may be fixed from time to time by the board.