FINANCE COMMITTEE

BOARD OF TRUSTEES

NORTHERN MICHIGAN UNIVERSITY

Report of meeting held September 3, 2014

The conference call meeting of the Finance Committee of the Board of Trustees was convened at 9:03 a.m., Wednesday, September 3, 2014, in Room 602 Cohodas Hall by Mr. Gilbert L. Ziegler, Chair (via phone).  Also present at the meeting were:

            Mr. Stephen F. Adamini – Board of Trustees Member and Committee Member (via phone)

            Mr. Scott L. Holman – Board of Trustees Member and Committee Member (via phone)

            Dr. Fritz J. Erickson – President and ex officio

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

            Mr. R. Gavin Leach – Vice President for Finance and Administration and Treasurer of the Board of Trustees

            Ms. Sherri Towers – Budget Director

            Ms. Sandra Haavisto – Controller

            Mr. Jamie Beauchamp – Assistant Controller

            Mr. Stephen Peacock – Principal, Rehmann Robson

            Ms. Stacie Kwaisar – Principal, Rehmann Robson (via phone)

OPEN AGENDA

Mr. Stephen Peacock and Ms. Stacie Kwaisar, with Rehmann Robson, Certified Public Accountants, our external auditors, presented the findings of the audit and reviewed the draft of the 2013-2014 financial statements.  They informed the committee that they will be issuing a clean, unqualified opinion and that the audit went very well.

Mr. Peacock and Ms. Kwaisar also reviewed the draft of the SAS 115 letter with the Committee.

Mr. Peacock, Ms. Kwaisar, and staff responded to questions and concerns from the Committee.

The Committee authorized the administration to proceed with the printing of the university’s Financial Statements to present to the Board of Trustees at the September 25, 2014 meeting.

The committee then met with Mr. Peacock and Ms. Kwaisar without the NMU staff present.

The meeting was adjourned at 9:48 a.m.

Respectfully submitted,

Gilbert L. Ziegler, Chair