Addendum #4

FINANCE COMMITTEE

BOARD OF TRUSTEES

NORTHERN MICHIGAN UNIVERSITY

Report of meeting held December 16, 2011

The meeting of the Finance Committee of the Board of Trustees was convened at 8:31 a.m., Friday, December 16, 2011, in room 602 Cohodas Hall by Mr. Stephen F. Adamini, Chair.  Also present at the meeting were:

            Mr. Stephen L. Gulis, Jr. – Board of Trustees Member and Committee Member

            Mr. Gilbert L. Ziegler – Board of Trustees Member and Committee Member

Mr. Brian D. Cloyd – Board of Trustees Member and ex officio

Mr. Jon G. LaSalle – Board of Trustees Member

            Dr. L. Garnet Lewis – Board of Trustees Member

Mr. Richard M Popp – Board of Trustees Member

            Dr. H. Sook Wilkinson – Board of Trustees Member

            Dr. Leslie E. Wong – President and ex officio

            Mr. R. Gavin Leach – Vice President for Finance and Administration and

Treasurer of the Board of Trustees

            Ms. Jill M. Compton – Internal Auditor

            Mr. J. David Wetzel – Fund Evaluation Group

            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.  The report was for information and no action was required.

The meeting was opened to the public at 9:00 a.m.

OPEN AGENDA

Mr. Leach presented the Committee with a new Statement of Investment Policy for Operating Cash.  The Committee recommends to the Board that the Statement of Investment Policy be approved.  A copy of the policy is on file with the Secretary of the Board of Trustees.

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

Ms. Compton reviewed the Proposed Audit Plan for fiscal year 2011 – 2012.  The Committee approved the plan 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, 2011.  Mr. Sheltrow indicated that they are issuing a clean, unqualified opinion.   The Committee approved the audit as written.

Mr. Leach provided a report on an RFP for Audit Services for the university audit beginning July 1, 2012.  The report was for information only and no action is required.

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

Mr. Leach presented an update on the 2013-2014 State Budget Development.   The Committee recommends to the Board that the 2013-14 State Budget Development document be approved.  A copy is on file with the Secretary of the Board of Trustees.

Mr. Leach also reviewed with the Committee the Financial Indicators for December 2011.  This report was for information only.

Mr. Leach provided the Committee with a report on the resolution to adopt the Flex Spending Account and Health Care Reimbursement Plans.  The Committee recommends to the Board that the proposed resolution to adopt the Plans be approved.  A copy of the resolution is on file with the Secretary of the Board of Trustees.

Mr. Leach presented the final copy of the Facilities Five-Year Master Plan and Fiscal Year 2012 Capital Outlay Projects.  This report is 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 an update on the Superior Dome.  The report was for information and no action was required.

Mr. Leach provided the Committee with a report on the resolution authorizing the issuance and delivery of General Revenue Bonds, and providing for other matters relating thereto.  The Committee recommends to the Board that the resolution be approved.  A copy of the resolution is on file with the Secretary of the Board of Trustees.

Mr. Leach provided the Committee with an update on NMU’s bond rating.  The report was for information only.

Mr. Leach provided the Committee with a report on one-day liquor license applications for special events being held on campus between January and April 2012.  The Committee recommends that the Board approve the adoption of the resolution for the one-day special event liquor licenses.  A copy of the resolution is on file with the Secretary of the Board of Trustees.

Mr. Leach and Mr. Gischia provided the Committee with an update on Auxiliary Services.  The report was for information only.

Mr. Gulis provided the Committee with a report from the Alternative Funding Subcommittee meeting held on Monday, December 12, 2011.  The report was for information only.

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 10:10 a.m.