Addendum #6
FINANCE COMMITTEE
BOARD OF TRUSTEES
NORTHERN
Report of meeting held October 5, 2006
CLOSED AGENDA
Mr. David Wetzel from Fund Evaluation Group updated the committee on our investment performance as of August 31, 2006. He also presented information on Active versus Passive investing. The report was for information and no action is necessary at this time.
OPEN AGENDA
Mr. Riipi reviewed internal audits on hockey raffle, Art and Design Cooperative, tuition and grading, payroll, and the University Charter Schools Program. The committee approved closing all six audits.
Mr. Riipi reviewed the MEDC Grant Audit for the Louisiana-Pacific Corporation grant. The committee approved closing the audit.
In your Board material is a copy of the University’s Financial Report for 2005-06. The Committee recommends approval of the financial report; a recommendation is in the formals.
Mr. Leach presented the 2007-2008 State Operating Budget Request. The committee recommends approval. A copy is in the formals.
Mr. Leach also reviewed with the committee the Financial Indicators for October 2006.
Dr. Roy presented to the committee the Facilities Five Year Master Plan and 2007-2008 Capital Outlay Project Request. Copies of the plan and capital outlay request are included in your Board materials. The Finance Committee recommends approval of the recommendation included in the formals.
Dr. Roy reviewed with the committee the Guidelines for Deferred Maintenance Fund Expenditures and the planned projects for fiscal year 2006-2007. The committee approved the Guidelines and the project list.
The committee reviewed the recommended Student Managed Investment Fund Policy. A copy of the policy is in your Board materials. The committee recommends approval of the Student Managed Investment Fund Policy. The recommendation is not included in the formals, so this requires a separate vote.