Addendum #4

FINANCE COMMITTEE

BOARD OF TRUSTEES

NORTHERN MICHIGAN UNIVERSITY

Minutes of meeting held September 22, 2016

Committee Members Present:

Mr. Scott L. Holman, Chair

Mr. Robert E. Mahaney

Ms. Tami M. Seavoy

Others Present:

Dr. H. Sook Wilkinson, ex officio

Mr. Richard M. Popp, Board of Trustees Member - via Zoom Video Conference

Dr. L. Garnet Lewis, 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. Sandy Haavisto, Controller

Ms. Kathy Richards, Associate Vice President, Engineering and Planning/Facilities

Mr. Jim Thams, Director, Facilities and Campus Planning

The meeting of the Finance Committee of the Board of Trustees was convened at 1:30 p.m.  Although most of the members of the Board of Trustees were present at the meeting, only the committee members participated in the meeting.

Open Agenda

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

Mr. Leach and Ms. Haavisto provided the Committee with an update on the 2015-2016 Financial Statements. The report was for information only and no action was required.

Mr. Leach provided the Committee with an update on Key Indicators and 2016-2017 budgets that included the 2016-2017 general fund operating budget and 2016-2017 designated fund operating budget. The Committee recommends approval of the general fund and designated fund budgets.   A copy of the recommendations are in the formals and on file with the Secretary of the Board of Trustees.

Ms. Kathy Richards and Mr. Jim Thams presented an update on current and future facilities projects.  The presentation was for information only and no action was required.

Mr. Leach reviewed the Capital Projects over $250,000 and 2017 Long-Term Maintenance List with the Committee.  The Committee recommends that the Board approve Capital Projects over $250,000 and 2017 Long-Term Maintenance List.  Copies of the recommendations are 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 31, 2016 deadline.  If any changes are made, they will be brought to the Committee at the December 2016 meeting.  The Committee recommends approval of the Five-Year Facilities Master Plan and Capital Project Request.  A copy of the recommendation is in the formals and on file with the Secretary of the Board of Trustees.

The meeting was adjourned at 2:32 p.m.

Respectfully submitted,

Scott Holman, Chair