Addendum #5

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    3:19 p.m., Thursday, September 23, 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. 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

            Ms. Kathy Richards – Associate Vice President for Engineering and Planning

            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 meeting was opened to the public at 3:49 p.m.

OPEN AGENDA

The committee approved the July 8, 2010 and September 9, 2010 Finance Committee minutes.

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

Ms. Compton reviewed the Proposed Audit Plan.  The committee approved the plan as written.

In your Board material is a copy of the University’s Financial Report for year ended June 30, 2010.  The committee recommends final acceptance and distribution of the Financial Report.  A copy of the recommendation is on file with the Secretary of the Board of Trustees.

Mr. Leach presented an update on the 2011-2012 State Operating Budget Request.   The committee recommends approval of the 2011-2012 State Operating Budget Request.

Mr. Leach presented to the committee the 2010-2011 General Fund Operating Budget and the 2010-2011 Designated Fund Budget recommendations. The recommendations are included in the formals.  The committee recommends the budgets be approved as presented.

Mr. Leach reviewed with the committee a resolution to refinance the ’97-’98 bonds.  The committee recommended approval of the resolution.  A copy of the resolution is on file with the Secretary of the Board of Trustees.

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

Mr. Leach discussed the 2011-2012 Capital Outlay Project Request and the Five-Year Facilities Master Plan.  These will be sent to the State by the December 3, 2010 deadline.   A final copy will be presented for approval at the December 2010 meeting.  Should the Board request any changes at the December meeting, amended documents will be submitted to the State.

Mr. Leach reviewed the Student Recreation Pass referendum that was presented to the student body by ASNMU during the winter 2010 semester.  The report was for information only and no action was required.

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 the committee with an update on facilities projects.  The report was for information and no action was required.

Mr. Leach provided the committee with the Finance and Administration Division’s Road Map to 2015 update as of September 2010.  The report was for information and no action was required.

The meeting was adjourned at 4:31 p.m.