Addendum #3

FINANCE COMMITTEE

BOARD OF TRUSTEES

NORTHERN MICHIGAN UNIVERSITY

Report of meeting held April 30, 2009

CLOSED AGENDA

Mr. David Wetzel from Fund Evaluation Group updated the committee on the performance of our investments.  The report was for information only.

OPEN AGENDA

Ms. Jill Compton reviewed the Audit Issues Report with the committee.  The committee recommends approval of the report as written.

Mr. Gavin Leach reviewed with the committee the 2009-2010 budget recommendations.  They include:

· The Auxiliary Operations Budget

· The Student Life Budget

· The Dining Services and Housing and Residence Life Rate Schedules

A copy of the recommendations is in the formals.  The committee recommends approval.

Since the University has not received its state appropriation and tuition and fees have not been set for next fiscal year, the administration is recommending continuing budget recommendations for the General Fund Base Budget and the Designated Fund Base Budget.  The recommendations are in the formals.  The committee recommends approval.

Mr. Leach shared with the committee a report on the Fiscal Year 2009 General Fund Base Budget and the Key Indicators report.  The reports were for information and no action was required.

Mr. Leach reviewed with the committee a list of projects to be added to the Bond Series 2008 Project List.  A copy of the recommendation is in the formals.  The committee recommends approval.

The recommendation for a Cosmetology course fee of $15 was discussed.  The recommendation is in the formals and the committee recommends approval.

The recommendation to raise the Bowling course fee from $75 to $80 was discussed.  The recommendation is in the formals and the committee recommends approval.

The recommendation to extend the Reduction in Force Plan (RIF) for 2009-2011 was discussed.  A copy of the recommendation is in the formals and the committee recommends approval.

The recommendation to implement an Identity Theft Prevention Program ") in compliance with the "Red Flag" rules issued by the Federal Trade Commission pursuant to FACTA was discussed.  A copy of the recommendation is in the formals and the committee recommends approval.

Mr. Leach reviewed with the committee that we had legal counsel draft a Line of Credit resolution.  He discussed that the university does not need to move forward with it at this time, but if state conditions worsen by July and potential exists for delayed or cancelled state appropriation payments, we would be forwarding the resolution to the committee to allow the administration to access a line of credit.  The report was for information and no action is required at this time.

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