Report of meeting held December 11, 2014



The meeting of the Finance Committee of the Board of Trustees of Northern Michigan University was convened at 3:13 p.m., Thursday, December 11, 2014, in the Marquette-Nicolet Rooms, University Center, by Mr. Gilbert L. Ziegler, Chair.  Also present at the meeting were:


            Mr. Stephen F. Adamini – Board of Trustees Member and Committee Member

            Mr. Scott L. Holman – Board of Trustees Member and Committee Member

            Dr. L. Garnet Lewis – Board of Trustees Member

Mr. Mr. Richard M. Popp – Board of Trustees Member and ex officio

            Dr. H. Sook Wilkinson – Board of Trustees Member

            Mr. Thomas H. Zurbuchen – Board of Trustees Member

            Dr. Fritz J. Erickson – 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

            Ms. Sandra Haavisto – Controller

            Mr. Dave Wetzel – Fund Evaluation Group

Mr. William Sheltrow – Anderson, Tackman & Company, P.L.C.


The Committee was provided with the following informational updates:


·       Performance and structure of the University’s investments

·       University budget and Financial Indicators for December 2014

·       Final copy of the Facilities Five-Year Master Plan

·       Facilities projects


The Committee accepted the following reports as written:


·       Audit Issues Report

·       Proposed Audit Plan for fiscal year 2014 – 2015

·       Audit of WNMU-TV and WNMU-FM Financial Statements for year ended June 30, 2014.  Anderson, Tackman & Company, P.L.C. is issuing a clean, unqualified opinion.


The Committee recommended that the Board approve the following, which are included in the Board Formals:


·       Authorize the administration the authority to charge a differential rate that is at or below existing published rates for these courses.

·       One-day liquor license application for special events being held on campus on April 10 and May 21, 2015


The meeting was adjourned at 4:00 p.m.