FINANCE COMMITTEE

BOARD OF TRUSTEES

NORTHERN MICHIGAN UNIVERSITY

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.