NORTHERN MICHIGAN UNIVERSITY
BOARD OF TRUSTEES
Minutes of the Meeting of the Finance Committee
Thursday, September 29, 2011
The meeting of the Finance Committee of the Board of Trustees of Northern Michigan University was convened at 3:08 p.m., Thursday, September 29, 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
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. Arthur J. Gischia – Associate Vice President for Auxiliary/Business Services
Ms. Kathy Richards – Associate Vice President for Engineering and Planning/Facilities
Ms. Sandra Haavisto – Controller
Ms. Sherri A. Towers – Budget Director
Mr. J. David Wetzel – Fund Evaluation Group
CLOSED AGENDA
Mr. David Wetzel from Fund Evaluation Group provided the committee with an Operating Cash Pool project report and an update on the performance of our investments. The report was for information and no action is required.
The meeting was opened to the public at 3:50 p.m.
OPEN AGENDA
The committee approved the July 13, 2011 and September 9, 2011 Finance Committee minutes.
Ms. Jill Compton reviewed the Audit Issues Report with the committee. The committee approved the report as written.
In your Board material is a copy of the University’s Financial Statements for year ended June 30, 2011. The committee recommends final acceptance and distribution of the Financial Statements. A copy of the recommendation is on file with the Secretary of the Board of Trustees.
Mr. Leach presented to the committee the 2011-2012 General Fund Operating Budget and the 2011-2012 Designated Fund Budget recommendations. The recommendations are included in the formals. The committee recommends the budgets be approved as presented.
Mr. Leach also reviewed with the committee the Financial Indicators for September 2011. This report was for information only.
Mr. Leach provided the committee with an update on the Jamrich Hall Project. The committee recommends that the administration be authorized to continue with the design process with the contractors on the Jamrich Hall Project. 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 Classroom Utilization and the Dome and Biomass Cogeneration Projects. The report was for information only and no action was required.
Mr. Leach provided the committee with an update on facilities projects. The report was for information and no action was required.
Mr. Leach reviewed the Fiscal Year 2012 Long-Term Maintenance Update with the committee. This was for information only and no action is required.
Mr. Leach presented a draft of the Five-Year Facilities Master Plan and the 2012-2013 Capital Outlay Project Request. These will be sent to the State by the November 4, 2011 deadline. If any changes are made to the Master Plan, they will be brought to the committee at the December 2011 meeting. The committee recommends approval of the Five-Year Facilities Master Plan and 2012-13 Capital Outlay Project Request. A copy of the recommendation is on file with the Secretary of the Board of Trustees.
Mr. Leach provided the committee with the Finance and Administration Division’s Road Map to 2015 update as of September 2011. The report was for information and no action was required.
The meeting was adjourned at 4:31 p.m.
Respectfully submitted,
Stephen F. Adamini, Chair