FINANCE COMMITTEE

BOARD OF TRUSTEES

NORTHERN MICHIGAN UNIVERSITY

Report of meeting held May 2, 2008

CLOSED AGENDA

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

OPEN AGENDA

Ms. Jill Compton reviewed the Audit Issues Report with the committee.  The committee recommends approval of the report as written.

Mr. Matthew Riipi from Audit Consulting Services reviewed the WNMU-TV and WNMU-FM Financial Statements for Year-Ended June 30, 2007.  The committee recommends approval.

Mr. Gavin Leach reviewed with the committee the 2008-2009 budget recommendations.  They include:

· The Auxiliary Operations Budget

· The Student Life Budget and Dining Services and Housing and Residence Life Rate Schedule

A copy of the recommendations are in the formals.  The committee recommends approval.

Since the University has not received its state appropriation and tuition and fees have not been set for next fiscal year, the administration is recommending continuing budget recommendations for the General Fund Base Budget and the Designated Fund Base Budget.  The recommendations are in the formals. The committee recommends approval.

Mr. Leach shared with the committee an initial General Fund Budget projection for the 2008-2009 fiscal year and the Key Indicators report.  The reports were for information and no action is required.

Mr. Leach provided a final copy of the Campus Master Plan and an update on the current Facilities Projects.  The reports were for information and no action is required.

The recommendation to raise the Bowling Fee from $70 to $75 was discussed.  The recommendation is in the formals and the committee supports its approval.

The recommendation to extend the Reduction In Force Plan (RIF) for 2008-2009 was discussed.  A copy of the recommendation is in the formals and the committee recommends approval. (backup)

Mr. Leach reviewed the Finance and Administration Division reorganizations with the committee.  The report was for information and no action is required.