FINANCE COMMITTEE

BOARD OF TRUSTEES

NORTHERN MICHIGAN UNIVERSITY

April 29, 2010

The meeting of the Finance Committee of the Board of Trustees was convened at 2:28 p.m., Thursday, April 29, 2010, 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

            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

            Mr. J. David Wetzel – Fund Evaluation Group

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 Closed Session was recessed at 3:07pm

OPEN AGENDA

The committee approved the December 10, 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. Gavin Leach reviewed with the committee the 2010-2011 budget recommendations.  They include:

· The Dining Services and Housing and Residence Life Rate Schedules

· The Auxiliary Operations Budget

· The Student Life Budget

· Continuing General Fund Base Budget

· Continuing Designated Fund Base Budget

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 budgets for the General Fund Base Budget and the Designated Fund Base Budget.   The committee recommends that the Board approve the Dining Services and Housing and Residence Life Rate Schedules, the Auxiliary Operations Budget, the Student Life Budget, and the General Fund and Designated Fund continuation budgets.  A copy of the recommendations is in the formals and on file with the Secretary of the Board of Trustees.

Mr. Leach and the Committee had a discussion regarding proposed MBA Tuition Rates beginning with the fall 2010 semester.  The Committee recommends to the Board that MBA Tuition be set at $540/credit.  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 reported to the committee the results of three ASNMU referendums that were voted on by the student body.  This report was for information only and no action was required.

Mr. Leach shared with the committee a report on the Fiscal Year 2010 General Fund Base Budget and the Key Indicators report.  The reports were for information and no action was required.

Mr. Leach provided the committee with an update on Facilities.  The report was for information and no action was required.

The committee was provided with a copy of the Finance and Administration Division Road Map Update.  The update was for information only and on action was required.

The meeting was recessed at 4:05 p.m.; it was announced that the Committee would reconvene at 8:40am on April 30 to continue the review of University investments.

CLOSED AGENDA

The closed session reconvened at 8:40am on April 30, 2010.  The committee met in informal session to continue discussions on University investments.

The meeting was adjourned at 8:50am.