Step 1: Examine the subject–verb agreement in the sentence. The word faculty is a collective noun. When it is treated as a single unit, it correctly takes a singular verb. Therefore, the construction “faculty has approved” is grammatically correct.
Step 2: Check the sequence of tenses. The phrase “over the next four years” refers to a future time period. Using a future reference after a present perfect verb is grammatically acceptable when the sentence expresses the present result of a decision that affects the future. Hence, the tense usage here is correct.
Step 3: Since subject–verb agreement and tense usage are both correct and no grammatical rule is violated, all parts of the sentence are accurate. Therefore, the correct answer is No error.