FINANCE COMMITTEE

BOARD OF TRUSTEES

NORTHERN MICHIGAN UNIVERSITY

Report of meeting held December 10, 2009

The meeting of the Finance Committee of the Board of Trustees was convened at 2:00 p.m., Thursday, December 10, 2009, in room 602 Cohodas Hall by Mr. Stephen F. Adamini, Chair.  Also present at the meeting were:

            Mr. Brian Cloyd – Board of Trustees Member and Committee Member (via conference call)

            Mr. Larry C. Inman – Board of Trustees Member and Committee Member

            Mr. Gilbert L. Ziegler – Board of Trustees Member and Committee Member

            Dr. Douglas B. Roberts – Chair of the Board of Trustees and ex officio

            Dr. Leslie E. Wong – President and ex officio

Mr. Jon G. LaSalle – Board of Trustees Member

            Ms. L. Garnet Lewis – Board of Trustees Member

            Dr. H. Sook Wilkinson – Board of Trustees Member

            Mr. R. Gavin Leach – Vice President for Finance and Administration and Treasurer of the Board of Trustees

            Ms. Sherri A. Towers – Budget Director

            Ms. Jill M. Compton – Internal Auditor

            Ms. Sandra Haavisto – Controller

            Mr. J. David Wetzel – Fund Evaluation Group (via conference call)

            Mr. Matthew Riipi – Audit Consulting Services

            Mr. Andrew Foster – Student Representative, Student Managed Investment Fund

CLOSED AGENDA

Mr. David Wetzel from Fund Evaluation Group updated the committee on the performance of our investments.  The report was for information and no action was required.

The meeting was opened to the public at 2:24 p.m.

OPEN AGENDA

The committee approved the September 24, 2009 Finance Committee minutes as written.

Ms. Jill Compton reviewed the Audit Issues Report with the committee.  The committee approved the report as written.

Mr. Riipi from Audit Consulting Services reviewed the audit of WNMU-TV and WNMU-FM Financial Statements for year ended June 30, 2009.  The committee approved the audit as written.

Mr. Leach discussed the Stimulus Funds to be received under the American Recovery and reinvestment Act of 2009.  Pursuant to House Bill No 441, Act No. 132, Section 436, the funds would be used to provide a tuition credit to resident undergraduate students to help mitigate the increase in tuition and fees.  The committee recommends the Board approve the tuition credit to resident undergraduates utilizing the Stimulus Funds.  A copy of the recommendation is included in the formals and is on file with Secretary of the Board of Trustees.

Mr. Leach discussed the budget with the committee.  This report was for information only and no action was required.

Mr. Leach also reviewed with the committee the Financial Indicators for December 2009.  This report was for information only.

Mr. Leach presented the final copy of the Facilities Five Year Master Plan.  As discussed at the September 2009 Finance Committee meeting, the Facilities Five Year Plan was modified to meet final State guidelines regarding sustainability.  The committee recommends that the Board approve the Five Year Facilities Master Plan.  A copy of the Plan is included in the formals and is on file with the Secretary of the Board of Trustees.

Mr. Leach presented to the committee a resolution regarding a proposed change-in-use of certain bond-financed facilities (University Center and Superior Dome) by converting bonds to private activity bonds.  The committee recommends that the Board approve the change-in-use of these bond-financed facilities.  A copy of the Resolution is included in the formals and is on file with the Secretary of The Board of Trustees.

Mr. Leach provided the committee with an update of the CHP project.  This report was for information only and no action was required.

Mr. Leach presented a resolution authorizing that the liquor license currently held at 1700 Presque Isle Avenue be transferred to the NMU Golf Course at 125 Chocolay Downs Drive.  The committee recommends that the Board approve the liquor license transfer.  A copy of the resolution is included in the formals and is on file with the Secretary of the Board of Trustees.

Mr. Andrew Foster, student representative, presented the committee with a short presentation on the Student Managed Investment Fund.  This presentation was for information only and no action was required.

Mr. Leach presented a recommendation that the Board authorize the Vice President for Finance and Administration to select a Plan Level Investment Consultant in connection with the Request for Proposal to provide advisory services for investments options that are offered to participants in NMU’s retirement plans.  The committee recommends that the Board approve the recommendation.  A copy of the recommendation is included in the formals and is on file with the Secretary of the Board of Trustees.

Mr. Leach provided the committee with an updated Contract Signing Authority listing.  The committee approved the listing as written.

Mr. Leach provided the committee with an update on the Finance and Administration Division Roadmap initiatives.  This was for information only and no action was required.

The meeting was adjourned at 3:01 p.m.