FINANCE COMMITTEE

BOARD OF TRUSTEES

NORTHERN MICHIGAN UNIVERSITY

Report of meeting held July 17, 2008

CLOSED AGENDA

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.

OPEN AGENDA

The committee approved the minutes from the May 2, 2008 Finance Committee meeting.

Ms. Jill Compton reviewed the Audit Issues Report with the committee.  The committee approved the report as written.

Ms. Compton reviewed the proposed 2008-2009 Audit Plan with the committee.  The committee approved the proposed Audit Plan.

Mr. Leach provided the committee with a few dates in which the external auditors would like to meet to discuss the proposed Financial Statements for year ending June 30, 2008.   The committee selected September 3, 2008 at the Lansing offices of Rehman Robson.

Mr. Leach provided the committee with a copy of the Professional Services Plan for fiscal year 2007-2008 financial audit to be performed by Rehman 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.  This 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 2007-2008 budget adjusted for resources available based on the final Board approved tuition and fee rates and any carry-over funds.  A final budget for fiscal year 2008-2009 will be presented for approval at the September 25, 2008 Board meeting.  A copy of the recommendations is 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.

Mr. Leach provided the committee with an update on the Long-term Maintenance for fiscal year 2009.  The report was for information and no action is required.

Mr. Leach provided the committee with Cost Containment and Staffing Measures.  The report was for information only and no action is required.

Mr. Leach also provided information to the committee on the Veteran’s Scholarship and the Finance and Administration Division Roadmap.  Both reports were for information and no action is required.