Addendum #5
FINANCE COMMITTEE
BOARD OF TRUSTEES
NORTHERN MICHIGAN UNIVERSITY
Report of meeting held August 8, 2003
CLOSED AGENDA
Mr. Leach and Dr. Roy presented the committee with the University’s investment performance for the periods ending March 31, 2003 and June 30, 2003. The reports were for information and no action was taken.
OPEN AGENDA
Mr. Riipi and Mr. Leach presented proposed changes to the audit closure process for tracking implementation of audit recommendations. The process was changed to include sending a copy of the audit follow-up memo to the President and Vice Presidents and that the auditee confirm to Mr. Riipi and to the President and their Vice President when the changes are implemented, or a timeline if not already completed. The committee recommends approval.
Mr. Jeff Fineis and Mr. Duane Reyhl with Andrews Hooper & Pavlik, our external auditors, reviewed a draft of the 2002-2003 financial statements. They informed the committee that they will be issuing a clean opinion and that the audit went very well. In addition it was noted that NMU student intern, Josh Sherko assisted our external auditors and our Controller’s Office in preparing the statements and performing the audit and that the student did an excellent job. The committee authorized the administration to proceed with the printing of the University’s financial statements and they will be presented to the Board of Trustees at the October meeting.
Mr. Leach presented to the committee the 2003-2004 General Fund Designated and Carry-Over Budget recommendation that is included in the formals. The committee recommends approval.
Mr. Leach presented to the committee the 2003-2004 Designated Fund Budget recommendation that is included in the formals. The committee recommends approval.
Mr. Leach presented the committee with a recommendation to name the Willard M. Whitman School acquired from the Marquette Area Public Schools to “Willard M. Whitman Hall.” The recommendation is included in the formals. The committee recommends approval.