FINANCE COMMITTEE

BOARD OF TRUSTEES

NORTHERN MICHIGAN UNIVERSITY

Report of meeting held December 9, 2010

The meeting of the Finance Committee of the Board of Trustees was convened at 2:17 p.m., Thursday, December 9, 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

            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

            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. Arthur Gischia – Associate Vice President, Business and Auxiliary Services

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

            Mr. William Sheltrow, CPA – Anderson, Tackman & Company, p.l.c.

CLOSED AGENDA

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

The meeting was opened to the public at 2:48 p.m.

OPEN AGENDA

The committee approved the September 23, 2010 Finance Committee minutes as written.

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

Mr. Sheltrow from Anderson, Tackman & Company, p.l.c. reviewed the audit of WNMU-TV and WNMU-FM Financial Statements for year ended June 30, 2010.  Mr. Sheltrow indicated that they are issuing a clean, unqualified opinion.  The committee approved the audit as written.

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

Mr. Leach also reviewed with the committee the Financial Indicators for December 2010.  This report was for information only.

Mr. Leach presented the final copy of the Facilities Five-Year Master Plan and Fiscal Year 2012 Capital Outlay Projects.  The committee recommends that the Board approve the Five Year Facilities Master Plan and Capital Outlay Projects.  A copy 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 on facilities projects.  The report was for information and no action was required.

Mr. Leach provided the committee with an update of the Co-Generation Project.  The committee recommends approval of the Validation Phase for Steam Optimization and Plant Expansion with Biomass.  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 provided the committee with an update on Long-term Financing of Potential Facilities Projects.  This report was for information only and no action was required.

The recommendation to implement a Golf Class course fee of $35 was discussed.  The recommendation is in the formals and the committee recommends approval.

Mr. Leach provided the committee with an update on the Way-Finding signage.  The report was for information only and no action was required.

Mr. Leach presented the committee with the Merit, Inc. Assurance Agreement.  The Committee recommends to the Board that Agreement be approved.  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 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 3:32 p.m.