Addendum #3




Report of meeting held May5, 2006



Mr. David Wetzel from Fund Evaluation Group updated the committee on the performance of our investments.  The report was for information.


Dr. Roy presented the concept of a Student-Managed Investment Fund.  As part of the Fund, students would manage a small portion of Northernís endowment fund.  The committee supports the concept and has asked Dean Sanyal and Dr. Roy to develop a plan for implementing the Fund.  The plan will be presented at the August Board of Trustees meeting.



Mr. Riipi presented the proposed audit plan for the coming fiscal year.  The committee approved the plan.


He also reviewed audits of room and board, WNMU-TV and FM, and mail services.   The committee approved closing all three audits.


Dr. Roy presented the 2006-2007 Auxiliary Operations Budget.  A copy is in the formals.  The committee recommends approval.


Mr. Carl Holm presented the 2006-2007 Student Life Budget and the Dining Services and Housing and Residence Life Rate Schedule.  Copies of the recommended budget and rates are in the formals.  The committee recommends approval.


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 budget recommendations for the General Fund Base Budget and the Designated Fund Base Budget.  The recommendations are in the formals. The committee recommends approval.


Mr. Leach shared with the committee a General Fund Budget update for the current fiscal year and a Key Indicators report.  The reports were for information and no action is required.


Dr. Roy reported on the progress of the Universityís Solid Fuel Boiler Project. The report was for information.


He also presented the recommended 2006 Summer Maintenance Projects.  A copy is in the formals.  The committee recommends approval.


The recommendation to raise the Student Athletic Fee from $150 to $175 was discussed. This is the second part of a three part plan to raise the fee to $200.  The recommendation is in the formals and the committee supports its approval.


The committee was updated on the Series 2006 Bond Issues by Ms. Sandra Haavisto.  The report was for information.


Dr. Roy informed the committee that the Circuit Court approved the closure of the one block of Schaffer Street that is part of the Universityís new Woodlawn Apartment project.