Board of Trustees discusses possible loan for a new golf facility, receives financial audit
CMU's Board of Trustees meet for a special formal session
Central Michigan University President Neil MacKinnon speaks during the Board of Trustees Meeting held at Bovee University Center on Thursday, Sept. 18, 2025. MacKinnon opened the meeting with his annual report. (CM Life | Cristin Coppess)
Central Michigan University’s Board of Trustees approved a resolution regarding a possible loan if additional funding is needed for the Women’s and Men’s Golf Training Facility.
The resolution allows President Neil MacKinnon to sign a promissory note with a donor, which is a written promise to pay a stated amount, if needed.
The donor offered a loan of up to $3.2 million for less than 9 years at 0% interest for this project, said CMU’s Vice President of Finance and Administrative Services, Mary Hill.
Hill said it was “a very generous donor, who has already given us a substantial gift towards building a new golf facility,” but did not name the person.
“That donor is very anxious for us to get started on that project,” Hill said. “At this point, the donor has signed a letter of intent that says that he will follow through on that if we need that.”
CMU is fundraising to start building the Women’s and Men’s Golf Training Facility this spring, with plans to open it in 2027. The goal is $8.9 million, and $5.7 million has already been raised, according to the university officials.
Financial audit of CMU
During the special formal session on Oct. 27, the board also received the audit report for the university's fiscal year ending June 30, 2025.
An accounting company, Rehmann Robson LLC, reviewed the university's financial statements, which include statements of net position, revenues and expenses and cash flows, said Michelle Fowler, the audit principal for CMU.
She said the university received the audit with “clean results.”
“There were not any material weaknesses or significant deficiencies in internal control that we needed to report as a result of the audit, and then also we did not have any audit adjustments or basically no errors that were then detected as a result of our procedure,” Fowler said.
Fowler said the final report should be issued shortly, and then the university will make the report public.
