FINANCE COMMITTEE

BOARD OF TRUSTEES

NORTHERN MICHIGAN UNIVERSITY

Report of meeting held December 13, 2007

OPEN AGENDA

The committee reviewed the minutes from the September 27, 2007 Finance Committee meeting.  The committee approved the minutes.

CLOSED AGENDA

Mr. Leach updated the committee on our investment performance as of September 30, 2007 and the FEG Advisors Program. This report was for information only.

OPEN AGENDA

Ms. Compton reviewed the new process for reviewing internal audits.  The committee approved the new process.

Ms. Compton reviewed the remaining outstanding audits recommended for closure.  The committee approved closing all eighteen audits.

Ms. Compton also reviewed the Audit Issues Report with the committee.  The report was for information only and no action is required at this time.

Mr. Leach presented to the committee the 2007-2008 Revised General Fund Operating Budget recommendation. A copy of the recommendations is included in the Board formals.  The committee recommends approval.

Mr. Leach presented the 2008-2009 State Operating Budget Request.  A copy of the recommendation is included in the Board formals.  The committee recommends approval.

Mr. Leach also reviewed with the committee the Financial Indicators for December 2007.  This report was for information only.

Mr. Leach presented to the committee a Bond Resolution for Hunt Hall.  A copy of the resolution is included in the Board formals.  The Finance Committee recommends approval of the bond resolution.

Mr. Leach provided the committee with an update on the Combined Heat and Power Cogeneration Project.  This was for information only and no action is required at this time.

Dr. Roy, Ms. Flack, and Mr. Thams provided the committee with a report on the Space Utilization project.  The report was for information only.