FINANCE COMMITTEE

BOARD OF TRUSTEES

Northern Michigan University

Agenda for meeting of August 11, 2006

1. Review and approval of previous minutes for May 2006*   (CAR)

Closed Agenda

2. Investment Performance – Mr. Dave Wetzel, Fund Evaluation Group

· Review of Investment Management performance*

Ø Recommendation that Committee discuss the disposition of Rice, Hall, James

Ø Recommendation to terminate J.L. Kaplan and Associates (Evergreen)

Ø Potential candidates for Kaplan replacement:

§ Clover Capital Management, Inc.

§ Cramer Rosenthal McGlynn, LLC

§ First Pacific Advisors, Inc.

Ø Review merits of including bank loans in portfolio – future meeting agenda

Ø Active versus Passive Management – future meeting agenda

Open Agenda

3. Investments – Dr. Michael J. Roy, Vice President for Finance and Administration

· Endowment Policy Revision*  (CAR)

· College of Business Student Management Investment Fund*  (CAR)

4. Budgets – Mr. Gavin Leach, Associate Vice President for Finance and Planning

· 2006-2007 General Fund Operating Budget*  (CAR)

· 2006-2007 Designated Fund Budget*  (CAR)

5. Capital Outlay – Dr. Michael J. Roy, Vice President for Finance and Administration

· Combined Heat and Power Cogeneration*  (CAR)

6. Other

· General Revenue Bonds, Series 2001 – Liquidity Facility Replacement*

            -     Ms. Sandra Haavisto, Controller – Northern Michigan University

7. Audits

· Draft of 2005-2006 Audited Financial Statements and Management Letter*  (CAR)

-     Ms. Sandra Haavisto, Controller – Northern Michigan University

-     Ms. Stacie Kevaiser, Principal – Rehmann Robson

-     Mr. Stephan Peacock, Principal – Rehmann Robson

· Discussion regarding Rehmann Robson with Board of Trustees members only

*Back-up information attached

(CAR) = Committee Action Required