BOARD OF TRUSTEES
NORTHERN MICHIGAN UNIVERSITY
April 28, 2011
The meeting of the Finance Committee of the
Board of Trustees was convened at
2:37 p.m., Thursday, April 28, 2011, in room 602 Cohodas Hall by Mr. Brian Cloyd, Acting Chair. Also present at the meeting were:
Mr. Gilbert L. Ziegler Board of Trustees Member and Committee Member
Mr. Stephen L. Gulis, Jr. Board of Trustees Member and Committee Member
Dr. Leslie E. Wong President and ex officio
Mr. Jon G. LaSalle Board of Trustees Member
Ms. L. Garnet Lewis Board of Trustees Member
Mr. Richard M. Popp Board of Trustees Member
Dr. H. Sook Wilkinson Board of Trustees Member
Mr. R. Gavin Leach Vice President for Finance and Administration and Treasurer of the Board of Trustees
Ms. Sherri A. Towers Budget Director
Ms. Jill M. Compton Internal Auditor
Mr. Arthur Gischia Associate Vice President, Business/Auxiliary Services
Mr. Carl Holm Director, Housing and Residence Life
Mr. J. David Wetzel Fund Evaluation Group
Trustee absent was:
Mr. Stephen F. Adamini
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.
The committee discussed the Investment Policy for Current Operating Fund. The committee agreed that Mr. Leach should move forward with the operating cash investment review.
The meeting was opened to the public at 3:11 p.m.
The committee approved the December 9, 2010 Finance Committee minutes as written.
Ms. Jill Compton reviewed the Audit Issues Report with the committee. The committee approved the report as written.
Mr. Leach provided the committee with a copy of the Professional Services Plan and Engagement Letter for the fiscal year 2010-2011 financial audit to be performed by Rehmann Robson. The Professional Services Plan outlines the auditors responsibilities in the financial statement audit and includes their responsibilities for testing and reporting on compliance with laws and regulations and internal controls over financial reporting. The committee approved the plan as written.
Mr. Leach, Mr. Gischia, and Mr. Holm reviewed with the committee the 2011-2012 budget recommendations. They include:
· The Dining Services and Housing and Residence Life Rate Schedules
· The Auxiliary Operations Budget
· The Student Life Budget
The committee recommends that the Board approve the Dining Services and Housing and Residence Life Rate Schedules, the Auxiliary Operations Budget, and the Student Life Budget. A copy of the recommendations is in the formals and on file with the Secretary of the Board of Trustees.
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 budgets for the General Fund Base Budget and the Designated Fund Base Budget. The committee recommends that the Board approve the General Fund and Designated Fund continuation budgets. A copy of the recommendations is in the formals and on file with the Secretary of the Board of Trustees.
Mr. Leach shared with the committee a report on the Fiscal Year 2011 General Fund Base Budget and the Key Indicators report. The reports were for information and no action was required.
Mr. Leach provided the committee with an update on Facilities and Capital Outlay. The reports were for information and no action was required.
Mr. Leach provided the committee with an updated Contract Signing Authority listing. The committee approved the listing as written.
The committee was provided with a copy of the Finance and Administration Division Road Map Update. The update was for information only and on action was required.
Ms. Candace Sequin, student representative, presented the committee with a short presentation on the Student Recreation Pass. This presentation was for information only and no action was required.
The meeting was adjourned at 4:17 p.m.