FINANCE COMMITTEE

BOARD OF TRUSTEES

NORTHERN MICHIGAN UNIVERSITY

Report of meeting held September 24, 2009

The meeting of the Finance Committee of the Board of Trustees was convened at 3:10 p.m., Thursday, September 24, 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

            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)

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 is required.

The meeting was opened to the public at 3:24 p.m.

OPEN AGENDA

The committee approved the July 16 and September 10, 2009 Finance Committee minutes.

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

In your Board material is a copy of the University’s Financial Report for year ended June 30, 2009.  The committee recommends final acceptance and distribution of the Financial Report; a recommendation is in the formals.

Mr. Leach presented an update on the 2010-2011 State Operating Budget Request.   The State Operating Budget Request may be modified to meet final State guidelines when they are received.  A final copy will be presented for approval at the December 2009 meeting.

Mr. Leach presented to the committee the 2009-2010 General Fund Operating Budget and the 2009-2010 Designated Fund Budget recommendations. The recommendations are included in the formals.  The committee recommends the budgets be approved as presented based on the anticipation of the State appropriation being the amount that is anticipated.  Should the appropriation be different than what is anticipated, revised budgets will be presented to the Board at the December 2009 meeting.

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

Mr. Leach discussed the Facilities Five Year Master Plan.  The Five Year Plan may be modified to meet final State guidelines when they are received.  A final copy will be presented for approval at the December 2009 meeting.

Mr. Leach also discussed the 2010-2011 Capital Outlay Project Request.  The committee recommends to the Board the approval of the Capital Outlay Project Request for 2010-2011.  This is a special action item and is not included in the formal recommendations; therefore it requires a motion at this time and a vote by the full Board.

Mr. Leach reviewed the Fiscal Year 2010 Long-Term Maintenance Update with the committee.  This was for information only and no action is required.

Mr. Leach provided a presentation on the WiMax initiative at NMU.  This was for information only and no action is required.

The meeting was adjourned at 4:06 p.m.