Addendum #5

FINANCE COMMITTEE

BOARD OF TRUSTEES

NORTHERN MICHIGAN UNIVERSITY

Report of meeting held December 15, 2005

OPEN AGENDA

Mr. Riipi reviewed audits on the university’s computer asset management system, recreation memberships, vehicle donation program, and parking revenue.  The committee approved closing all four audits.

Mr. Riipi provided a summary of the four Request for Proposals for external audit services that the University received.  Based on the proposals and reference checks the Internal Auditor and the Finance staff recommended that Rehmann Robson be engaged as the external auditors for the 2005-2006 fiscal year audit.  The committee approved the recommendation.

The 2006-2007 State Operating Budget Request was presented to the committee by Mr. Leach.  A copy of the request is in the formals.  The committee recommends approval.

Mr. Leach reviewed with the committee the recommended revisions to the 2005-2006 General Fund Operating Budget.  A copy of recommendation is in the formals.  The committee recommends approval.

Mr. Leach shared with the committee a Budget to Actual report and a Key Indicators report.  The reports were for information and no action was required.

Dr. Roy updated the committee on the New Student Apartments, Meyland Hall and Ripley Heating Plant projects.  The updates were for information and no action was required.

CLOSED AGENDA

Mr. David Wetzel from Fund Evaluation Group updated the committee on the performance of our investments.  The report was for information.