FINANCE COMMITTEE

BOARD OF TRUSTEES

NORTHERN MICHIGAN UNIVERSITY

Report of meeting held July 19, 2007 

 

 

CLOSED AGENDA

There were no closed agenda items.

 

OPEN AGENDA

Mr. Leach provided the committee an update on the Internal Auditor search.  The application period ended on July 16, 2007 and the search committee is beginning the review process.  The report was for information and no action is required.

 

Mr. Leach provided the committee with a copy of the audit engagement letter for the fiscal year 2006-2007 financial audit to be performed by Rehman Robson.  The engagement letter outlines the auditorsí 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 engagement letter was for information and no action is required.

 

Mr. Leach presented the committee with an update on the General Fund budget.  The administration is recommending that it be authorized to operate the General Fund and Designated Fund budgets at a level that would be no greater than the 2006-2007 budget adjusted for resources available based on the final Board approved tuition and fee rates and any carry-over funds.  The recommendations are in the formals.  The committee recommends approval.

 

Mr. Leach shared with the committee an update on the Key Indicators for this past fiscal year.  The report was for information and no action is required.

 

Dr. Roy provided the committee with an update on the Combined Heat and Power Cogeneration project along with an analysis on third party financing.  The report was for information and no action is required.

 

Mr. James Thams, CAD/GIS Manager, presented to the committee an update on the campus master plan being developed with the firm of Johnson, Johnson, and Roy.   The presentation was for information and no action is required.

 

Dr. Roy updated the committee on the Dining Services and Bookstore study recommendations.  The presentation was for information and no action is required.