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At the conclusion of the selection process, the chairperson of the selection committee shall prepare a "Recommendation of Award" memorandum, explaining in detail the process by which the recommendation was reached and the basis for the recommendation. The"Recommendation of Award" memorandum shall be submitted to the Vice President for Finance and Administration/CFO, who will review the memorandum and determine whether to recommend the award to the chief executive officer for approval. Approval of the award shall be made by the chief executive officer or his/her designee.