Hello, I'm looking for a few opinions on how I should react to situation I'm in.

I'm part of a university charity society where we use entrepreneurial methods to solve social issues (set up businesses to help vulnerable people). I manage one of the two projects the organisation runs.

Our society is funded by a number of sponsor businesses. To receive this funding we must send off paperwork before a certain date. Emma, the girl in charge of this has missed this deadline and so my project will not receive funding for this year.

This is not the end of the world as we still have funding left over from last year, but this is all less than ideal and I am not happy about it.

Alice, the president of the society has informed me of this prior to the next committee meeting. Alice told me that she will be making Emma inform me of her mistake in front of the committee.

Whilst Emma is my peer not my subordinate, I am the only dominant figure in the committee (everyone is either an effeminate male or female) so Alice is looking to make an example of her.

So RP'ers, how would you approach this situation? I personally have no problems with being the attack dog in this case but I am unsure how hard I should be on Emma whilst keeping it professional. Alice has asked for a 5/10 but not to go over 7/10. Thoughts?

TLDR: Fellow committee member fucked up and now my project gets no funding. President would like me to make an example of her. How should I react?