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Kritesh
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MCA2017 There's no need for parallelism here, because there is only one verb in the sentence core:

The board . . . has formed a committee.

The rest of the verbs are in modifiers of their own and aren't structurally parallel to anything else. "Worried" isn't even a verb at all. It's a past participle that modifies "board" and also isn't parallel to anything else.

In simplified terms, our full sentence looks like this:

The board (worried about X and Y) has formed a committee (to determine cuts).
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Kritesh
The university’s board of trustees, being worried over declining student enrollments and their failing to secure additional funding from the state, has formed a committee to determine what cuts need to be made to staff and programs.

A. being worried over declining student enrollments and their failing
B. worrying over declining student enrollments and also the failure
C. worried about declining student enrollments and the failure
D. in that they are worried about the decline in student enrollments and the failure
E. because of its worry concerning the decline of student enrollments and, as well as concerning the failure

We can eliminate A,B,D - between C and E - C is more concise and conveys the implied idea logically and grammatically. E may not be grammatically incorrect but it is too long and C accomplishes what "E' does with fewer words.

E
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