FINANCE COMMITTEE

BOARD OF TRUSTEES

NORTHERN MICHIGAN UNIVERSITY

Report of meeting held September 25, 2008

CLOSED AGENDA

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

OPEN AGENDA

The committee approved the July 17 and September 4, 2008 Finance Committee minutes.

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

Ms. Compton reviewed the CPB Audit bidding-out process with the committee.  The report was for information and not action is required.

In your Board material is a copy of the University’s Financial Report for year ended June 30, 2008.  The Committee recommends approval of the printing and distribution of the financial report; a recommendation is in the formals.

Mr. Leach presented an update on the 2009-2010 State Operating Budget Request.   The committee recommends approval of the State Operating Budget Request.

Mr. Leach presented to the committee the 2008-2009 General Fund Operating Budget and the 2008-2009 Designated Fund Budget recommendations. The recommendations are included in the formals.  The committee recommends approval.

Mr. Leach also reviewed with the committee the Financial Indicators for September 2008.  This report was for information only.

Mr. Leach discussed the Facilities Five Year Master Plan and presented the 2009-2010 Capital Outlay Project Request.  Copies of the capital outlay request are included in the Board materials.  The Finance Committee recommends approval of the Five Year Plan and Capital Outlay Project Request.

Mr. Leach provided the committee with an update of the Mixed Use Development project.  This was for information and no action is required.

Mr. Leach provided the committee with an update of the Cohodas Lobby renovation.  This was for information and no action is required.

Mr. Leach provided the committee with recommend changes to the Cohodas Trust.  A copy of the change is included in the Board materials.  The committee recommends approval.

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.