NORTHERN MICHIGAN UNIVERSITY

BOARD OF TRUSTEES

Minutes of the Meeting of the Finance Committee

Tuesday, July 2, 2013

The meeting of the Finance Committee of the Board of Trustees of Northern Michigan University was convened at 4:10 p.m., Tuesday, July 2, 2013, in Room 602 Cohodas Hall by Mr. Stephen L. Gulis, Jr., Chair (via phone).  Also present at the meeting were:

            Mr. Stephen F, Adamini – Board of Trustees Member and Committee Member (first agenda item only)

            Mr. Steven M. Mitchell – Board of Trustees Member and Committee Member

Dr. L. Garnet Lewis – Board of Trustees Member and ex officio (via phone)

Mr. Richard M. Popp – Board of Trustees Member (via phone)

Mr. Gilbert L. Ziegler – Board of Trustees Member

Mr. Thomas H. Zurbuchen – Board of Trustees Member (via phone)

            Dr. H. Sook Wilkinson – Board of Trustees Member (via phone)

            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

Mr. Leach presented the Committee with an update on State appropriations and three tuition and fees scenarios.  With a 3-0 vote (Aye – Chair Gulis, Trustee Adamini, and Trustee Mitchell), the Committee is recommending that the Board approve the recommendation of the administration for Fiscal Year 2013 – 2014:

· To increase the Fiscal Year 2012-13 Board approved resident undergraduate tuition and fee rate by $164 per semester or from $4,354.72 to $4,518.72 per semester ($328 per year; from $8,709.44 to $9,037.44 per year)

· No increase in the Fiscal Year 2012-13 $225 One-time Student Athletic fee.

· To increase the Fiscal Year 2012-13 Board approved non-resident undergraduate tuition and fee rate by $254 per semester.

· To increase the Fiscal Year 2012-13 Board approved resident graduate tuition rate by $16.50 per credit hour.

· To increase the Fiscal Year 2012-13 Board approved nonresident graduate tuition rate by $23.50 per credit hour.

· To increase the Fiscal Year 2012-13 Board approved MBA graduate tuition rate by $24 per credit hour.

Mr. Leach provided the Committee with a report on a one-day liquor license application for a special event being held on campus on September 21, 2013.  The Committee is recommending that the Board approve the adoption of the resolution for the one-day special event liquor license.  A copy of the recommendation is included in the formals.  A copy of the resolution is on file with the Secretary of the Board of Trustees.

The recommendation to change the current $75 per semester program fee to include all Practical Nursing students in the reactivated program was discussed.  A copy of the recommendation is included in the formals and the Committee recommends approval.

Mr. Leach provided the Committee with two dates (September 5 or 6) in which the external auditors would like to meet via conference call to discuss the proposed Financial Statements for year ending June 30, 2013.   The Committee is available either day with a time to be determined.

The meeting was adjourned at 5:15 p.m.

Respectfully submitted,

Stephen L. Gulis, Jr., Chair