The terms and conditions of every appointment to the faculty shall be stated in writing, and a copy of the appointment document is given to the faculty member. Any modifications of an appointment and any special understandings are also stated in writing, and a copy is promptly given to the faculty member. Each faculty member will be informed in writing by May 15 whether or not the appointment will be continued for the next academic year. Adjustments reflecting promotions, stipends, etc., will be communicated at the same time and will take effect August 1. Salary adjustments will be determined at the October Board of Trustees meeting, will be communicated by November 15, and will take effect January 1.