Addendum #3

FINANCE COMMITTEE

BOARD OF TRUSTEES

NORTHERN MICHIGAN UNIVERSITY

Report of meeting held September 9, 2011

The video conference meeting of the Finance Committee of the Board of Trustees was convened at 11:02 a.m., Friday, September 9, 2012, 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
                        (via conference call)

            Mr. Gilbert L. Ziegler – Board of Trustees Member and Committee Member
                        (via conference call)

            Mr. Stephen L. Gulis, Jr. – Board of Trustees Member and Committee Member
                        (at Rehmann Robson Lansing office)

            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 (at Rehmann Robson Lansing office)

            Ms. Sherri Towers – Budget Director

            Ms. Jill M. Compton – Internal Auditor

            Ms. Sandra Haavisto – Controller (at Rehmann Robson Lansing office)

            Mr. Jamie Beauchamp – Assistant Controller

            Mr. Stephen Peacock – Principal, Rehmann Robson Lansing office

            Ms. Stacie Kwaisar – Principal, Rehmann Robson Saginaw office

OPEN AGENDA

Mr. Stephan Peacock and Ms. Stacie Kwaisar, with Rehmann Robson, Certified Public Accountants, our external auditors, presented the findings of the audit and reviewed the draft of the 2010-2011 financial statements.  The auditors indicated that the A133 portion of the auditing will be concluded next week and another report for that single audit will be issued at that time.  They informed the committee that they will be issuing a clean, unqualified opinion and that the audit went very well. 

The committee authorized the administration to proceed with the printing of the university’s Financial Statements to present to the Board of Trustees at the September 29, 2011 meeting.

The committee then met with Mr. Peacock and Ms. Kwaisar without the NMU staff present.

The meeting was adjourned at 12:00pm.

Respectfully submitted,

Stephen F. Adamini, Chair