NORTHERN MICHIGAN UNIVERSITY

BOARD OF TRUSTEES

Minutes of the Meeting of the Finance Committee

Thursday, September 20, 2012

The meeting of the Finance Committee of the Board of Trustees of Northern Michigan University was convened at 2:00 p.m., Thursday, September 20, 2012, 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. Richard M. Popp – 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. H. Sook Wilkinson – Board of Trustees Member

            Dr. David S. Haynes – 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 update on the performance and structure of the University’s investments.  The report was for information and no action is required.

The meeting was opened to the public at 2:35 p.m.

OPEN AGENDA

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

Mr. Leach presented the University’s Financial Statements for year ended June 30, 2012.  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 the 2012-2013 General Fund Operating Budget and the 2012-2013 Designated Fund Budget recommendations.  The recommendations are included in the formals.  The Committee recommends the budgets be approved as presented.

Mr. Leach also reviewed the Financial Indicators for September 2012.  This report was for information only.

Mr. Leach provided the Committee with an update on the New Academic Building and the Biomass Cogeneration Project.  The reports were for information 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.

Ms. Richards reviewed the Fiscal Year 2013 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.  This will be sent to the State by the November 2, 2012 deadline.  If any changes are made to the Master Plan, they will be brought to the Committee at the December 2012 meeting.  The Committee recommends approval of the Five-Year Facilities Master Plan.  A copy of the recommendation is on file with the Secretary of the Board of Trustees.

Mr. Gulis provided the Committee with an update on the Contract Assigning Authority process.  Further updates will be provided at the December 2012 Committee meeting.  The report was for information and no action was required.

Mr. Leach provided the Committee with an update on staffing in the Finance and Administration Division.  The report was for information and no action was required.

The meeting was adjourned at 3:32 p.m.

Respectfully submitted,

Stephen F. Adamini, Chair