FINANCE COMMITTEE

BOARD OF TRUSTEES

NORTHERN MICHIGAN UNIVERSITY

Report of meeting held December 11, 2008

CLOSED AGENDA

Mr. David Wetzel from Fund Evaluation Group updated the committee on the performance of our investments as of September 30, 2008.  The report was for information and no action is required.

OPEN AGENDA

The committee approved the September 25, 2008 Finance Committee minutes as written.

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

Mr. Riipi from Audit Consulting Services reviewed the audit of WNMU-TV and WNMU-FM Financial Statements for year ended June 30, 2008.  The committee approved the audit as written.

Mr. Leach provided an update on the State Budget.  The report was for information and no action is required.

Mr. Leach reviewed with the committee the Financial Indicators for December 2008.  This report was for information only and no action is required.

Mr. Leach provided the committee with information regarding the condition of the Superior Dome Turf.  The report was for information and no action is required.

Mr. Leach provided the committee with a copy of the Facilities Five Year Master Plan and an overview of the final document that was submitted to the State on December 5, 2008.  This plan was approved at the September 25, 2008 Board of Trustees meeting.  This was for information only and no action is required.

Mr. Leach presented to the committee a Board Resolution regarding the TIAA-CREF 403(b) Plan Documents.  The resolution is required to comply with federal regulations that go into effect January 1, 2009.  A copy of the resolution is included in the Board formals.  The committee recommends approval of the resolution.

Mr. Leach provided the committee with an updated Contract Signing Authority listing.  The committee approved the listing as written.

Ms. Felecia Flack and Mr. Tony Bertucci provided the committee with a presentation on the new business intelligence software.  The report was for information only and no action is required.

Mr. Leach provided the committee with an update on the Finance and Administration Division Roadmap initiatives.  This was for information only and no action is required.