BOARD OF TRUSTEES
NORTHERN MICHIGAN UNIVERSITY
Report of meeting held April 29, 2004
Mr. Bill Hummel, Fund Evaluation Group, Interim President Roy, and Mr. Leach presented the committee with the University’s investment performance for the period ending March 31, 2004. The report was for information and no action was taken.
Mr. Riipi presented three internal audits to the committee. The audits covered the 2004-2005 Proposed Audit Plan, 2003/2004 Purchasing Audit, and the 2003/2004 Audit of the Financial Statements for WNMU-TV and WNMU-FM. The committee recommends approval.
Mr. Riipi also presented four external audits performed by Makela, Toutant, Hill, and Nardi. The audits were for Michigan Economic Development Corporation grants (American Eagle – 2nd Year – Grant #02-852; Industrial Remanufacturing Service – Grant #02-858; Taystee Bread – Grant #02-764; and Tilden Mine – Grant #02-585). The grant regulations require each grant be audited. The committee recommends approval.
Mr. Leach presented to the committee the Audit Scope for Year Ending June 30, 2004 from the firm Andrews, Hooper, and Pavlik, p.l.c.. The letter was for information only and no action was taken.
Mr. Leach presented the following budgets to the committee:
· 2004-2005 Dining Services and Housing and Residence Life Rate Schedule
· 2004-2005 Auxiliary Operations Budget
· 2004-2005 Student Life Budget
· 2004-2005 Designated Fund Budget
The above budgets are included in the formals. The committee recommends approval.
Mr. Leach updated the committee on the status of the General Fund Base Budget and the three 2004-2005 tuition and fee alternatives. Based on the current uncertain status of the 2004-2005 State of Michigan Higher Education Budget, Mr. Leach recommended that the University continue operating at a budget level no greater than the 2003-2004 budget until the new General Fund Budget is approved, except that increases required by existing or newly negotiated union contracts, Fiscal Year 2004-2005 BAC reductions, and Fiscal Year 2004-2005 President’s Council reductions be implemented. The committee recommends approval.
Mr. Leach also presented the 2004-2005 Reduction in Force Plan. The plan is included in the formals. The committee recommends approval.
Dr. Roy discussed the lease of the Industrial Piping Building to Northern Initiatives. This was for information only and no action was taken.
Mr. Leach presented the committee with the Financial
Indicator update. This was for information only and no action was taken.