BOARD OF TRUSTEES
NORTHERN MICHIGAN UNIVERSITY
Report of meeting held September 9, 2010
The video conference meeting of the Finance Committee of the Board of Trustees was convened at 11:00 a.m., Thursday, September 10, 2009, in room 602 Cohodas Hall by Mr. Stephen F. Adamini, Chair. Also present at the meeting were:
Mr. Brian Cloyd Board of Trustees Member and Committee Member (via conference call)
Mr. Gilbert L. Ziegler Board of Trustees Member and Committee Member (via video conference Rehmann Robson Grand Rapids offices)
Dr. Leslie E. Wong President and ex officio
Mr. R. Gavin Leach Vice President for Finance and Administration and Treasurer of the Board of Trustees
Ms. Sherri Towers Budget Director
Ms. Jill M. Compton Internal Auditor
Ms. Sandra Haavisto Controller
Mr. Jamie Beauchamp Assistant Controller
Ms. Cindy Pohlman Senior Financial Analyst
Mr. Stephen Peacock Principal, Rehmann Robson
Ms. Stacie Kwaisar Principal, Rehmann (via video conference Rehmann Robson Grand Rapids offices)
Mr. Stephan Peacock and Ms. Stacie Kwaisar, with Rehmann Robson, Certified Public Accountants, our external auditors, presented the findings of the audit and reviewed the draft of the 2008-2009 financial statements. The auditors indicated there was one final adjustment of $27,879 for Annual Leave Liability that could be made at the discretion of the committee. Mr. Adamini asked for that adjustment to be posted and reflected in the financial statements. They informed the committee that they will be issuing a clean opinion and that the audit went very well.
The committee then met with Mr. Peacock and Ms. Kwaisar without the NMU staff present.
The committee authorized the administration to proceed with the printing of the universitys Financial Statements (with the above referenced adjustment) to present to the Board of Trustees at the September meeting.
The meeting was adjourned at 12:01pm.