FINANCE COMMITTEE

BOARD OF TRUSTEES

NORTHERN MICHIGAN UNIVERSITY

Report of meeting held July 23, 2015

Committee Members Present:

            Mr. Scott L. Holman, Chair

Mr. Robert E. Mahaney

            Ms. Tami M. Seavoy 

            Dr. H. Sook Wilkinson

Others Present:

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

Mr. Steven M. Mitchell – Board of Trustees Member

Dr. 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

Dr. Steven P. VandenAvond, Vice President for Extended Learning and Community Engagement

            Ms. Sandy Haavisto – Controller

            Ms. Jill M. Compton – Internal Auditor

The meeting of the Finance Committee of the Board of Trustees was convened at 10:27 a.m. 

CLOSED AGENDA

Mr. 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 10:45 a.m.

OPEN AGENDA

Ms. Jill Compton reviewed the Audit Issues Report with the Committee.  The Committee approved the report as written.

Ms. Sandy Haavisto reviewed the External Audit Proposal from Anderson, Tackman & Company, PLC with the Committee.  The Committee approved the proposal as written.

Mr. Leach reviewed with the committee the 2015-2016 General Fund and Designated Fund proposed 2015-2016 budgets.  The committee recommends that the Board approve the 2015-2016 General Fund and Designated Fund 2015-2016 budgets.   A copy of the recommendations are in the formals and on file with the Secretary of the Board of Trustees.

Mr. Leach shared with the committee a report on the Key Indicators.  The report was for information and no action was required.

Mr. Leach provided the committee with an update on Facilities Projects and Capital Update.  The Committee recommends that the Board approve the capital and long-term maintenance projects with a total cost over $250,000.  A copy of the recommendation is in the formals and on file with the Secretary of the Board of Trustees.

Mr. Steve VandenAvond provided the Committee with a recommendation for a Distance Education Fee for undergraduate courses.  The Committee recommends to move this item to be considered by the full Board of Trustees.

Special Action Item: A Distance Education Fee for Board of Trustees of Northern Michigan University approval: A fee of up to $50 per credit hour for all online undergraduate courses, beginning winter 2016 semester.

Mr. Leach provided the Committee with a recommendation to purchase an NMR spectrometer for use by the Chemistry Department. The Committee recommends that the Board approve the recommendation.  A copy is included in the formals and is on file with the Secretary of the Board of Trustees.

Mr. Leach provided the Committee with a report on one-day liquor license applications for special events being held on campus.  The Committee is recommending that the Board approve the adoption of the resolution for the one-day liquor licenses for events to be held on campus on September 17, 2015, October 4, 2015, November 15, 2015, February 14, 2016 and April 20, 2016.  A copy of the recommendation is included in the formals and is on file with the Secretary of the Board of Trustees.

Mr. Leach provided the Committee with a recommendation for a reorganization of NMU Concessions. The Committee recommends that the Board approve the recommendation.  A copy is included in the formals and is on file with the Secretary of the Board of Trustees.

The meeting was adjourned at 11:32 a.m.