FINANCE COMMITTEE

BOARD OF TRUSTEES

NORTHERN MICHIGAN UNIVERSITY

Report of meeting held April 30, 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

            Dr. Garn Lewis – Board of Trustees Member

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

Ms. Martha Haynes, Vice President for Advancement

Dr. Lesley Larkin, Acting Provost and Vice President for Academic Affairs
Dr. Steve 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 2:32 p.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 2:45 p.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 Report with the Committee.  The Committee approved the report as written.

Mr. Leach reviewed with the committee the 2015-2016 budget recommendations.  They include:

· The Dining Services and Housing and Residence Life Rate Schedules

· The Auxiliary Operations Budget

· The Student Life Budget

The committee recommends that the Board approve the 2015-2016 Dining Services and Housing and Residence Life Rate Schedules, Auxiliary Operations Budget, and the Student Life Budget.  A copy of the recommendations is in the formals and on file with the Secretary of the Board of Trustees.

Since the University has not received its state appropriation and tuition and fees have not been set for next fiscal year, the administration is recommending continuing budgets for the General Fund Base Budget and the Designated Fund Base Budget.  The Committee recommends that the Board approve the General Fund and Designated Fund Continuation Budgets.  A copy of the recommendations is 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 Outlay.  The Committee recommends that the Board approve the capital and long-term maintenance projects with a total cost over $250,000.  A copy recommendation is in the formals and on file with the Secretary of the Board of Trustees.

Special Action Item:  The following West Hall improvements for Board of Trustees of Northern Michigan University approval:  West Hall major mechanical heating systems improvements - $960,000.

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 July 24 and September 19, 2015.  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 State of Michigan Board Resolution for participation in the Federal Surplus Assistance Program. The Committee recommends that the Board approve the program resolution.  A copy of the resolution is included in the formals and is on file with the Secretary of the Board of Trustees.

Mr. Leach provided the Committee with a Policy for Residency for Tuition Purposes. The Committee recommends that the Board approve the policy.  A copy of the policy is included in the formals and is on file with the Secretary of the Board of Trustees.

Mr. Leach shared with the committee a report on the DeVos Museum Collection Management policy.  The report was for information and no action was required.

The meeting was adjourned at 3:25 p.m.