NORTHERN MICHIGAN UNIVERSITY

BOARD OF TRUSTEES

Minutes of the Meeting of the Finance Committee

Thursday, September 25, 2014

The meeting of the Finance Committee of the Board of Trustees of Northern Michigan University was convened at 1:00 p.m., Thursday, September 25, 2014, in the Ontario Room, 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

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

            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

            Ms. Jill M. Compton – Internal Auditor

Ms. Kathy Richards – Associate Vice President for Facilities/Engineering/Planning

            Mr. James Thams – Associate Director, Engineering/Planning/Grounds

CLOSED AGENDA

Mr. Gavin Leach 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 1:05 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, 2014 and the auditor’s SAS letter.  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 Committee with information regarding Middle College.  The Committee recommends that the Board authorize the administration the authority to enter into partnership agreements with high schools and community colleges and charge a differential rate that is at or below existing published rates.  A copy of the recommendation is included in the formals and on file with the Secretary of the Board of Trustees. 

Mr. Leach provided the Committee with a budget update.  The report was for information only and no action is required.

Mr. Leach also reviewed the Financial Indicators for September 2014.  This report was for information only.

Mr. Leach provided the Committee with an update on facilities projects.  The report was for information and no action was required.

Mr. Leach reviewed the Fiscal Year 2015 Long-Term Maintenance Update with the Committee.  The Committee recommends that the Board approve the Fiscal Year 2015 Long-Term Maintenance Projects.  A copy of the recommendation is in the formals and on file with the Secretary of the Board of Trustees.

Mr. Leach presented a draft of the Five-Year Facilities Master Plan and Capital Project Request.  This will be sent to the State by the October 30, 2014 deadline.  If any changes are made, they will be brought to the Committee at the December 2014 meeting.  The Committee recommends approval of the Five-Year Facilities Master Plan and Capital Project Request.  A copy of the recommendation is on file with the Secretary of the Board of Trustees.

Mr. Leach reported that the University will extend the contract with Anderson, Tackman & Company, p.l.c. for one more year because of the short timeframe.  This firm performs the audit of WNMU-TV and WNMU-FM Financial Statements

The meeting was adjourned at 1:35 p.m.

Respectfully submitted,

Gilbert L. Ziegler, Chair