Michigan Technological University
1400 Townsend Drive
Houghton, Michigan
Interim Financial Statements
for the nine months ended
March 31, 2015 and 2014
General Information
The following pages are the most recent quarterly financial statements representing the
financial activity of the University along with selected supplemental information which
gives greater detail of certain consolidated statement information. University
management presents this information as a fair and reliable reflection of the financial
position and the results of operations as of the date of these statements.
These statements are unaudited and may contain immaterial discrepancies that will be
corrected prior to the issuance of the University’s Annual Financial Report. The University
has adopted GASB 61 (blending the University and the Michigan Tech Fund (MTF)
financial statements). The MTF’s information has been included in the first three
financial schedules, but not in the supplemental schedules.
Financial Highlights
Balance Sheet Variances
Current assets:
Current assets increased by around $3.9 million. The increase is due to a $2.2 million
increase in cash, a $1.3 million increase in accounts and pledges receivable, and a
$400,000 increase in prepaid expenses and deposits.
Noncurrent assets:
Noncurrent assets increased by $250,000. That increase can primarily be explained by
a $7.5 million increase in investments, a $700,000 increase in beneficial interest in
charitable remainder trusts, a $450,000 decrease in receivables, and a $7.5 million
decrease in capital assets.
Current liabilities:
Current liabilities increased by around $2.8 million, with the increase attributed to a $2.8
million increase in unearned revenue.
Noncurrent liabilities:
Noncurrent liabilities decreased by $3.7 million due to payments having been made on
bonds payable and long-term leases.
Net position:
Overall, net position has increased by $5.1 million when compared to the same ninemonth period last fiscal year.
1
Income Statement Variances
Student tuition and fees:
Tuition increased by $4.1 million.
Grants and contracts:
Total research revenues decreased by $1.3 million.
Auxiliary revenues:
Total auxiliary revenues increased by about $1 million.
Salaries and wages:
Total salaries and wages expense increased by $3.0 million.
Fringe benefits:
Fringe benefits expense increased by $2.4 million.
Supplies and services:
Supplies and services expense decreased by $400,000.
Scholarships and fellowships:
Scholarships and fellowship expense increased by $1.3 million.
Gift income:
Gift income was up $8.0 million when compared to the prior year.
Investment return:
Investment income decreased by $9.5 million.
The Bottom Line:
The University had an increase in net position of $15.8 million the first nine months of
fiscal year 2015 compared to an increase in net position of $18.4 million in the first nine
months of fiscal year 2014.
2
Schedule of Net Position by Fund
March 31, 2015 and 2014
Current Funds
General
Auxiliary
Activities
Designated
Combined Total
Expendable Total Current
Restricted
Student Loan
Funds
Retirement
Insurance
Plant
Michigan Tech
Fund
Agency
FY 2015
FY 2014
Assets
Current assets
Cash and cash equivalents
$
Accounts receivable, net
(3,822,628) $ 17,862,959
7,369,146
Pledges receivable, net
Inventories
Deposits
Prepaid expenses
Other assets
Total current assets
$ 11,954,822
246,522
$
648,179
(8,341,530) $ 6,094,533
218,496
$ 23,748,156
5,037,698
-
-
-
-
-
176,753
-
1,451,744
-
-
$
2,188,083
13,520,041
-
1,628,497
-
$
189,061
$ 1,068,390
1,900
8,224
-
-
-
2,782,878
2,782,878
1,982,724
-
-
-
1,628,497
1,616,470
$
2,940,467
$
30,134,157
$
13,530,165
27,975,425
12,973,159
-
-
-
490,613
-
490,613
-
-
-
-
490,613
181,327
676,063
13,525
-
-
-
689,588
-
-
-
-
689,588
560,718
-
-
-
4,399,334
18,123,006
14,054,745
(7,632,421)
-
-
-
-
-
130,226
130,226
145,399
11,132,231
40,076,895
2,188,083
190,961
1,076,614
5,853,571
49,386,124
45,435,222
12,308,115
Noncurrent assets
Student loans receivable, net
-
-
-
-
-
-
12,251,816
-
-
-
12,251,816
Pledges receivable, net
-
-
-
-
-
-
-
-
-
2,436,463
2,436,463
2,802,000
Investments
-
-
-
15,206,300
-
15,206,300
-
-
-
118,712,068
133,918,368
126,453,007
Beneficial interest in charitable remainder trusts
-
-
-
-
-
-
-
-
-
5,512,875
5,512,875
4,854,991
Land held for investment
-
-
-
-
-
-
-
9,784,397
-
212,786
9,997,183
9,875,101
247,720,728
Capital assets, net of depreciation
-
-
-
-
-
-
-
240,143,337
-
-
240,143,337
Other assets
-
-
-
-
-
-
-
978,544
-
957,309
1,935,853
1,930,122
Total noncurrent assets
-
-
-
15,206,300
-
15,206,300
12,251,816
250,906,278
-
127,831,501
406,195,895
405,944,064
4,399,334
$ 18,123,006
$ 14,054,745
$
7,573,879
$ 11,132,231
$ 55,283,195
$ 14,439,899
$ 251,097,239
$ 1,076,614
$ 133,685,072
$ 455,582,019
$ 451,379,286
$
$
$
1,273,406
$
$
$
$
$
$
$
$
Total assets
$
Liabilities
Current liabilities
Current portion of L/T liabilities
$
Accounts payable
Other accrued liabilities
Current portion of annuity obligations
Unearned revenue
Total current liabilities
-
-
-
-
1,273,406
441,789
90,834
438,345
1,434,942
169,118
2,575,028
8,666,762
399,880
644,235
3,260,412
865,451
-
-
-
-
-
588
-
-
-
9,109,139
490,714
1,082,580
5,968,760
-
2,902,606
-
-
4,631
12,562
13,836,740
-
1,458
-
-
-
5,158,701
5,159,289
-
6,193,270
22,844,463
-
-
4,176,012
4,643,403
259,638
2,851,859
3,412,187
1,064,052
-
14,902,250
13,768,243
-
80,789
80,789
149,493
356,250
-
-
5,515,539
2,764,180
3,264,945
1,076,614
340,427
27,526,449
24,737,506
Noncurrent liabilities
Insurance and benefit reserves
-
-
-
543,581
-
543,581
-
-
-
-
543,581
770,036
Notes and bonds payable
-
-
-
-
-
-
-
76,560,544
-
-
76,560,544
79,755,886
-
Capital lease obligations
-
-
-
-
-
-
-
284,627
Annuity and pooled income obligations
-
-
-
-
-
-
-
-
-
284,627
943,286
5,125,193
5,125,193
4,757,976
Funds held for others
705,900
-
-
-
-
705,900
-
-
-
-
705,900
683,950
Total noncurrent liabilities
705,900
-
-
543,581
-
1,249,481
-
76,845,171
-
5,125,193
83,219,845
86,911,134
9,815,039
490,714
1,082,580
6,512,341
6,193,270
24,093,944
-
80,110,116
1,076,614
5,465,620
110,746,294
111,648,640
1,335,676
Total liabilities
Net position
Net increase (decrease) in net position
6,137,872
Net position, beginning of period
Total net position
Total liabilities and net position
$
424,652
5,083,147
(11,553,577)
17,207,640
7,889,018
(5,415,705)
17,632,292
12,972,165
$ 18,123,006
$ 14,054,745
4,399,334
1,086,565
14,067,912
157,010
-
5,216,302
15,810,476
18,448,092
3,852,396
17,121,339
14,282,889
174,617,871
-
123,003,150
329,025,249
321,282,554
1,061,538
4,938,961
31,189,251
14,439,899
170,987,123
-
128,219,452
344,835,725
339,730,646
7,573,879
$ 11,132,231
$ 55,283,195
$ 14,439,899
$ 251,097,239
$ 1,076,614
$ 133,685,072
$ 455,582,019
$ 451,379,286
(274,138)
$
3
(3,630,748)
Schedule of Revenues, Expenses and Changes in Net Position by Fund by Object
For the Nine Months Ended March 31, 2015 and 2014
Current Funds
Revenues
Operating revenues
Student tuition and fees
General
Designated
-
$ 113,832,342
$ 113,832,342
$ 109,686,319
17,803,695
-
-
-
-
17,803,695
21,262,150
State and local grants and contracts
-
-
-
-
2,473,481
2,473,481
-
-
-
-
2,473,481
2,069,512
Nongovernmental grants and contracts
-
5,000
-
-
11,218,288
11,223,288
-
-
-
-
11,223,288
9,475,122
(7,676,643)
-
-
-
692,509
51,086
-
$
-
-
-
-
-
-
-
-
947
37
-
22,937
3,788,100
4,251,158
22,906,379
-
24,029,437
114,485
8,010,786
120,609,590
2,811,885
33,876,325
42,734
Salaries & wages - non-faculty
23,670,800
4,303,762
6,470,336
1,649,123
6,582,232
42,676,253
-
Salaries & wages - faculty
33,961,405
296,892
37,644
85,420
2,011,796
36,393,157
-
Salaries & wages - graduate students
3,796,879
454,111
502,763
-
2,883,787
7,637,540
-
Salaries & wages - undergrad students
1,220,135
473,337
1,064,573
-
636,959
3,395,004
-
Total operating revenues
Expenses
Operating expenses
$
3,764,179
-
(8,352)
-
95,611
4,255
Departmental activities
$
FY 2014
17,796,325
2,692,400
-
FY 2015
-
232,573
$
Eliminations
-
7,676,643
$
Plant
$ 1,143,593
Student residence fees
-
Michigan Tech
Fund
-
Educational activities
$
Total Current
Funds
Student Loan
-
Indirect cost recoveries
$
Combined Totals
Retirement & Expendable
Insurance
Restricted
7,370
Federal grants and contracts
$ 112,688,749
Auxiliary
Activities
-
24,029,437
-
98,378
-
-
24,127,815
21,744
8,142,918
-
19,425
-
-
8,162,343
7,885,993
23,928,806
181,269,340
947
117,840
-
22,937
181,411,064
177,536,633
-
-
-
42,676,253
41,696,393
-
-
-
36,393,157
34,872,723
-
-
-
7,637,540
7,236,867
-
-
-
3,395,004
3,244,268
Fringe benefits
21,188,504
1,475,159
2,098,305
451,330
2,780,976
27,994,274
-
-
-
27,994,274
25,621,527
Supplies and services
11,134,245
7,828,294
9,794,442
831,611
8,552,267
38,140,859
60,013
3,417,916
11,207,603
(12,753,732)
40,072,659
40,431,389
Student financial support
34,533,728
429,545
400,554
-
10,740,099
46,103,926
-
-
1,986,617
(1,986,617)
46,103,926
44,799,402
2,699,146
187,698
2,382,240
-
35,560
5,304,644
-
-
-
-
5,304,644
5,324,430
-
-
-
-
-
-
-
9,900,000
-
-
9,900,000
9,901,200
132,204,842
15,448,798
22,750,857
3,017,484
34,223,676
207,645,657
60,013
13,317,916
13,194,220
(14,740,349)
219,477,457
213,128,199
(11,595,252)
(12,636,913)
11,125,468
(2,974,750)
(10,294,870)
(26,376,317)
(59,066)
(13,200,076)
(13,194,220)
14,763,286
(38,066,393)
(35,591,566)
-
2,155,604
5,456,024
-
-
7,611,628
6,479,136
-
-
(7,611,628)
(6,479,136)
-
-
33,576,450
28,180,231
-
-
(33,576,450)
(28,180,231)
-
-
-
6,022,615
Utilities
Depreciation
Total operating expenses
Operating income (loss)
Transfers
Mandatory transfers in
Mandatory transfers out
Non mandatory transfers in
(1,883,718)
(335,794)
(3,793,569)
6,611,205
14,257,200
4,688,563
Non mandatory transfers out
(18,491,245)
(6,301,463)
(7,093,744)
Total transfers
Nonoperating revenues (expenses)
(13,763,758)
7,619,943
(6,198,750)
3,518,365
(776,725)
2,155,604
-
(6,789,806)
-
(821,822)
2,885,106
31,960,439
-
(1,622,074)
(33,519,776)
-
3,507,115
2,641,911
(6,193,539)
-
6,193,539
(11,250)
1,616,011
(56,674)
-
Federal Pell grants
-
-
-
-
5,400,000
5,400,000
-
261,677
-
-
5,661,677
Other Federal grants
-
-
-
-
-
-
-
-
-
-
-
-
31,224,812
-
-
-
-
31,224,812
-
-
-
-
31,224,812
29,294,232
State appropriations, operating
272,070
5,413,622
156,429
-
3,339,497
9,181,618
-
-
9,038,810
Investment income (loss)
Gift income
-
-
-
803,311
27
803,338
216,076
-
1,194,130
Interest expense
-
-
-
-
-
-
-
Loss on disposal of capital assets
-
-
-
-
-
-
-
-
-
(22,937)
31,496,882
5,413,622
156,429
803,311
8,739,524
46,609,768
216,076
(2,530,105)
10,232,940
(9,204,555)
45,324,124
49,335,995
6,137,872
396,652
5,083,147
1,335,676
1,086,565
14,039,912
157,010
(9,536,642)
(2,961,280)
5,558,731
7,257,731
13,744,429
Net nonoperating revenues
Income (loss) before other revenues
(2,791,782)
(9,181,618)
-
9,038,810
5,531,878
-
2,213,544
11,703,852
-
(2,791,782)
(3,017,635)
(22,937)
(198,947)
Other revenues
Capital appropriations
-
-
-
-
-
-
-
-
-
-
-
Capital grants and gifts
-
28,000
-
-
-
28,000
-
314,297
233,275
-
575,572
1,247,138
(52,024)
Gifts for permanent endowment purposes
-
-
-
-
-
-
-
-
7,857,551
-
7,857,551
3,372,178
Other nonoperating revenues
-
-
-
-
-
-
-
32,866
86,756
-
119,622
136,371
Fund additions
-
-
-
-
-
-
-
5,558,731
-
(5,558,731)
-
-
-
28,000
-
-
-
28,000
-
5,905,894
8,177,582
(5,558,731)
8,552,745
4,703,663
6,137,872
424,652
5,083,147
1,335,676
1,086,565
14,067,912
157,010
(11,553,577)
17,207,640
$ (5,415,705) $ 17,632,292
7,889,018
$ 12,972,165
(274,138)
3,852,396
$ 1,061,538 $ 4,938,961
17,121,339
$ 31,189,251
14,282,889
$ 14,439,899
Total other revenues
Net increase (decrease) in net position
Net position, beginning of period
Net position, end of period
4
(3,630,748)
174,617,871
$ 170,987,123
5,216,302
-
15,810,476
18,448,092
123,003,150
$ 128,219,452
-
329,025,249
$ 344,835,725
321,282,554
$ 339,730,646
$
Schedule of Revenues, Expenses and Changes in Net Position by Fund by Function
For the Nine Months Ended March 31, 2015 and 2014
Current Funds
General
Auxiliary
Activities
Designated
Combined Totals
Retirement
Insurance
Expendable
Restricted
Total Current
Student Loan
Funds
$
Michigan Tech
Fund
Plant
Eliminations
FY 2015
FY 2014
Revenues
Operating revenues
Student tuition and fees
-
$ 113,832,342
-
$ 113,832,342
$ 109,686,319
7,370
-
-
-
17,796,325
17,803,695
-
-
-
-
17,803,695
21,262,150
State and local grants and contracts
-
-
-
-
2,473,481
2,473,481
-
-
-
-
2,473,481
2,069,512
Nongovernmental grants and contracts
-
5,000
-
-
11,218,288
11,223,288
-
-
-
-
11,223,288
9,475,122
(7,676,643)
Federal grants and contracts
Indirect cost recoveries
Educational activities
Student residence fees
Departmental activities
Total operating revenues
$ 112,688,749
$
-
$
1,143,593
$
-
7,676,643
-
-
-
232,573
2,692,400
692,509
51,086
-
-
24,029,437
4,255.00
114,485.00
8,010,786.00
120,609,590
2,811,885
33,876,325
42,734
-
$
-
$
-
$
-
-
-
-
-
-
-
95,611
3,764,179
947
37
-
22,937
3,788,100
4,251,158
22,906,379
(8,352.00)
$
-
24,029,437
-
98,378
-
-
24,127,815
21,744.00
8,142,918
-
19,425
-
-
8,162,343
7,885,993
23,928,806
181,269,340
947
117,840
-
22,937
181,411,064
177,536,633
Expenses
Operating expenses
Instruction
48,313,699
2,291,499
-
-
124,648
50,729,846
-
-
-
(453,624)
50,276,222
49,094,699
Research
12,949,155
7,036,100
-
-
20,114,168
40,099,423
-
-
-
(1,675,625)
38,423,798
39,564,386
Public service
Academic support
Student services
Institutional support
Operations and maintenance of plant
638,218
644,428
-
-
5,260,504
6,543,150
-
-
-
(6,812)
6,536,338
6,720,363
13,329,714
635,641
-
-
26,962
13,992,317
-
-
-
(33,489)
13,958,828
12,231,890
5,125,127
1,115,416
3,212,965
-
138,190
9,591,698
-
-
-
(25,170)
9,566,528
9,101,343
11,680,193
2,882,935
-
2,783,600
28,137
17,374,865
-
50,399
11,207,603
(7,457,277)
21,175,590
18,230,611
(3,101,735)
10,016,192
10,460,150
1,986,617
(1,986,617)
40,086,069
38,990,701
8,673,747
842,779
-
233,884
-
9,750,410
-
3,367,517
31,494,989
-
-
-
8,531,067
40,026,056
60,013
-
Departmental activities
-
-
-
-
-
-
-
-
-
11,091,858
11,091,858
10,926,413
Student residence
-
-
19,537,892
-
-
19,537,892
-
-
-
(11,091,858)
8,446,034
7,906,443
Depreciation
-
-
-
-
-
-
-
9,900,000
-
-
9,900,000
9,901,200
132,204,842
15,448,798
22,750,857
3,017,484
34,223,676
207,645,657
60,013
13,317,916
13,194,220
(14,740,349)
219,477,457
213,128,199
(11,595,252)
(12,636,913)
11,125,468
(2,974,750)
(10,294,870)
(26,376,317)
(59,066)
(13,200,076)
(13,194,220)
14,763,286
(38,066,393)
(35,591,566)
-
-
2,155,604
5,456,024
-
-
7,611,628
6,479,136
-
-
(7,611,628)
(6,479,136)
-
-
33,576,450
28,180,231
-
-
(33,576,450)
(28,180,231)
Student financial support
Total operating expenses
Operating income (loss)
Transfers
Mandatory transfers in
Mandatory transfers out
Non mandatory transfers in
(1,883,718)
(335,794)
(3,793,569)
6,611,205
14,257,200
4,688,563
Non mandatory transfers out
(18,491,245)
(6,301,463)
(7,093,744)
Total transfers
(13,763,758)
7,619,943
(6,198,750)
Federal Pell grants
-
-
Other Federal grants
-
-
31,224,812
3,518,365
(776,725)
2,155,604
-
(6,789,806)
-
(821,822)
2,885,106
31,960,439
-
(1,622,074)
(33,519,776)
-
3,507,115
2,641,911
(6,193,539)
-
6,193,539
-
-
-
-
-
-
5,400,000
5,400,000
-
261,677
-
-
5,661,677
6,022,615
-
-
-
-
-
-
-
-
-
-
-
-
-
-
31,224,812
-
-
-
-
31,224,812
29,294,232
272,070
5,413,622
156,429
-
3,339,497
9,181,618
-
-
9,038,810
-
-
-
803,311
27
803,338
216,076
(11,250)
1,616,011
(56,674)
Nonoperating revenues (expenses)
State appropriations, operating
Gift income
Investment income (loss)
(9,181,618)
1,194,130
9,038,810
5,531,878
-
2,213,544
11,703,852
-
(2,791,782)
(3,017,635)
Interest expense
-
-
-
-
-
-
-
Loss on disposal of capital assets
-
-
-
-
-
-
-
-
-
(22,937)
31,496,882
5,413,622
156,429
803,311
8,739,524
46,609,768
216,076
(2,530,105)
10,232,940
(9,204,555)
45,324,124
49,335,995
6,137,872
396,652
5,083,147
1,335,676
1,086,565
14,039,912
157,010
(9,536,642)
(2,961,280)
5,558,731
7,257,731
13,744,429
Net nonoperating revenues
Income (loss) before other revenues
(2,791,782)
-
(22,937)
(198,947)
Other revenues
Capital appropriations
-
-
-
-
-
-
-
-
-
-
-
Capital grants and gifts
-
28,000
-
-
-
28,000
-
314,297
233,275
-
575,572
1,247,138
Gifts for permanent endowment purposes
-
-
-
-
-
-
-
-
7,857,551
-
7,857,551
3,372,178
Other nonoperating revenues
-
-
-
-
-
-
-
32,866
86,756
-
119,622
136,371
Fund additions
-
-
-
-
-
-
-
5,558,731
-
(5,558,731)
-
-
-
28,000
-
-
-
28,000
-
5,905,894
8,177,582
(5,558,731)
8,552,745
4,703,663
6,137,872
424,652
5,083,147
1,335,676
1,086,565
14,067,912
157,010
(11,553,577)
17,207,640
$ (5,415,705) $ 17,632,292
7,889,018
$ 12,972,165
(274,138)
$ 1,061,538 $
3,852,396
4,938,961
17,121,339
$ 31,189,251
14,282,889
$ 14,439,899
Total other revenues
Net increase (decrease) in net position
Net position, beginning of period
Net position, end of period
5
(3,630,748)
174,617,871
$ 170,987,123
(52,024)
5,216,302
-
15,810,476
18,448,092
123,003,150
$ 128,219,452
-
329,025,249
$ 344,835,725
321,282,554
$ 339,730,646
$
SUPPLEMENTAL SCHEDULES
University Only
Does not include Michigan Tech Fund
Cash and Cash Equivalents
Accounts and Notes Receivable
Accounts Receivable Aging Report
Other Current Assets and Student Loans
Property, Plant and Equipment
Current Liabilities
Noncurrent Liabilities
Notes and Bonds Payable
6
CASH AND CASH EQUIVALENTS:
3/31/2015
6/30/2014
6/30/2013
6/30/2012
($16,374,483)
15,862,811
8,331,308
(7,451,945)
(3,396,967)
(3,029,276)
($15,965,306)
15,671,323
8,209,420
(5,206,349)
(3,199,375)
(490,287)
UNRESTRICTED BY FUND GROUPS:
GENERAL FUND
DESIGNATED FUND
AUXILIARY FUND
RETIREMENT FUND
PLANT FUND (Unrestricted funds)
BANK FUND
TOTAL UNRESTRICTED
(3,822,628)
17,862,959
11,954,822
(8,343,089)
(2,705,410)
14,946,654
DESIGNATED/RESTRICTED BY FUND GROUPS:
RETIREMENT FUND
EXPENDABLE RESTRICTED FUND
STUDENT LOAN FUND
PLANT FUND
AGENCY FUND
TOTAL RESTRICTED
TOTAL CASH & EQUIVALENTS
1,560
6,094,533
2,188,083
2,894,471
1,068,390
12,247,037
27,193,691 $
305
1,514,940
2,421,744
4,209,451
1,718,666
9,865,106
8,474,932 $
$279,482
27,007,682
(95,033)
27,192,131
$115,205
6,034,182
2,325,241
8,474,628
$137,835
1,968,926
3,029
1,530,560
3,640,350
$115,843
1,990,453
3,014
3,353,107
5,462,417
1,560
1,560
27,193,691 $
305
305
8,474,932 $
1,935
1,935
3,642,285 $
2,072,704
852,156
2,924,860
8,387,277
$
BY GENERAL LEDGER ACCOUNT:
Commingled cash and equivalents:
PETTY CASH
FIFTH/THIRD BANK
RANGE BANK-CALUMET & LL
RIVER VALLEY BANK
SUPERIOR NATIONAL BANK
Comingled cash total
Designated/Restricted cash and equivalents:
R&I FUND - FIDELITY CASH
2009 BOND ISSUE FUNDS
2009 BOND INVESTMENTS
2012 BOND ISSUE FUNDS
TOTAL
$
7
(14,831,705)
17,078,072
6,640,403
(8,247,883)
(2,029,061)
(1,390,174)
1,935
(2,224,180)
1,963,876
5,509,796
1,420,134
6,671,561
3,642,285 $
2,072,704
(1,610,331)
1,772,075
5,285,941
1,357,176
8,877,565
8,387,277
3/31/2015
ACCOUNTS AND NOTES RECEIVABLE:
ALL ACCOUNTS RECEIVABLE:
STATE OF MICHIGAN-APPROPRIATIONS
STATE OF MICHIGAN-OTHER
RESEARCH:
$
BILLED
UNBILLED (mostly current month)
STUDENT RELATED
VENDOR RELATED
MISCELLANEOUS
ALLOWANCE FOR DOUBTFUL A/C'S
6/30/14
6/30/13
5,566,434 $
-
7,904,330 $
-
7,741,657 $
-
7,406,109
-
2,404,412
2,290,420
4,694,832
1,883,423
3,357,303
5,240,726
2,830,959
4,554,513
7,385,472
2,795,383
4,989,356
7,784,739
1,704,536
420,172
1,227,387
(83,197)
983,586
299,268
1,335,597
(101,705)
1,598,402
336,238
1,454,442
(100,837)
446,651
325,872
3,330,451
(65,628)
6/30/12
TOTAL ACCOUNTS RECEIVABLE $ 13,530,164 $ 15,661,802 $ 18,415,374 $ 19,228,194
RESEARCH BILLED - AGING OF ACCOUNTS RECEIVABLE:
(IN DOLLARS)
3/31/2015
CURRENT ACCOUNTS
1,470,896
0 TO 30 DAYS PAST DUE
520,832
31 TO 60 DAYS PAST DUE
227,353
61 TO 90 DAYS PAST DUE
30,735
OVER 90 DAYS PAST DUE
154,596
TOTAL RESEARCH BILLED
$
2,404,412 $
RESEARCH BILLED - AGING OF ACCOUNTS RECEIVABLE:
(IN PERCENTAGE)
3/31/2015
CURRENT ACCOUNTS
61%
0 TO 30 DAYS PAST DUE
22%
31 TO 60 DAYS PAST DUE
10%
61 TO 90 DAYS PAST DUE
1%
OVER 90 DAYS PAST DUE
6%
8
06/30/14
1,244,044
140,742
206,224
153,677
138,736
06/30/13
2,072,175
253,698
301,556
19,138
184,392
06/30/12
1,637,014
290,254
487,652
22,247
358,216
1,883,423 $
2,830,959 $
2,795,383
06/30/14
66%
8%
11%
8%
7%
06/30/13
72%
9%
11%
1%
7%
06/30/12
59%
10%
17%
1%
13%
Accounts Receivable Aging Report
Billed Research
March 31, 2015
Company
Alion Science and Technology Corporation
American Foundry Society Inc
AM General Corporation
Amsted Rail
Artemis Inc.
Baker Hughes Wireline
BC Centre for Disease Control
Bowdoin College
Cambridge Systematics, Inc.
Carnegie Institute of Washington
Cummins Emission Solutions
Detroit Materials Inc
Eaton Corporation
Electric Power Research Institute
Engineered Arresting Systems Corporation
Ford Motor Company
Gas Technology Institute
General Motors
Gowlings LaFleur Henderson LLP
Great Lakes Sound & Vibration Inc
Hankook Tire
Helios Remote Sensing Systems
Hitachi American Ltd
Internet 2
Kestrel Corporation
Koppers Performance Chemicals
Kumho Tire Company
Leidos Inc
Leidos, Inc.
LimnoTech Inc
Massachusetts Institute of Technology
Matrix Research Inc
Michelin North America
Michigan Department of Environmental Quality
Michigan Dept of Environmental Quality
Michigan Dept of Transportation
National Center for Defense Manufacturing and Machining
New York Institute of Technology
Nissan Technical Center North America
Nostrum Energy
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
Current
22,136.74
2,900.00
650.00
4,000.00
25,884.00
6,772.21
2,850.43
13,102.20
20,000.00
8,137.50
20,428.10
1,365.42
770.00
17,803.00
23,000.00
104,400.00
4,448.40
1,250.00
16,420.00
6,185.34
26,148.57
944.49
3,770.47
7,824.16
54,642.00
10,904.47
127,734.10
23,949.99
4,409.32
1,400.00
46,089.00
0 to 30 Days
Past Due
$
$
$
$ 45,000.00
$
$
$
$
$ 4,772.91
$
$
$
$ 18,985.00
$
$
$
$
$
$ 2,437.89
$
$
$
$
$ 40,944.22
$
$
$
$ 4,123.34
$ 49,773.66
$
$
$
$
$ 52,560.00
$
$ 5,013.67
$
$
$
$ 77,090.00
9
31 - 60 Days
Past Due
$ 22,136.74
$
$
$
$
$
$
$
$
$
$ 25,000.00
$ 14,000.00
$
$
$
$
$
$
$
$
$
$
$
$
$ 9,618.52
$
$
$
$
$
$
$
$
$
$
0.07
$ 47,406.63
$
$
$
$
-
61 - 90 Days
Past Due
$
$
$
$
$
$
$
$
$
$
$
$ 7,786.00
$
$
$
$ 6,757.75
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
Over 90 Days
Past Due
$
$
$
$
$ 12,500.00
$
$
$
$ 22,033.58
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
-
Account Balance
$
44,273.48
$
2,900.00
$
650.00
$
45,000.00
$
12,500.00
$
4,000.00
$
25,884.00
$
6,772.21
$
26,806.49
$
2,850.43
$
25,000.00
$
21,786.00
$
18,985.00
$
13,102.20
$
20,000.00
$
6,757.75
$
8,137.50
$
20,428.10
$
3,803.31
$
770.00
$
17,803.00
$
23,000.00
$
104,400.00
$
40,944.22
$
14,066.92
$
1,250.00
$
16,420.00
$
10,308.68
$
75,922.23
$
944.49
$
3,770.47
$
7,824.16
$
54,642.00
$
52,560.00
$
10,904.54
$
180,154.40
$
23,949.99
$
4,409.32
$
1,400.00
$
123,179.00
Accounts Receivable Aging Report
Billed Research
March 31, 2015
Company
Office of Naval Research
Ohio State Univ Research Foundation
Ohio State University
Pacific Northwest National Lab
Pennsylvania State University
Photonica Inc
Regents of the University of Minnesota
Southern Illinois University - Carbondale
Systems & Technology Research LLC
Tenneco Inc
3M Company
Toyota Motor Corporation
University of Chicago
University of Denver
University of Illinois - Chicago
University of Illinois at Urbana-Champaign
University of Maryland
University of New Hampshire
University of Notre Dame
University of Toledo
University of Wisconsin-Madison
Upland Nanotech LLC
Upstate Freshwater Institute
URV USA LLC
US Bureau of Land Management
US Dept of Commerce
Federal Highway Administration
Waupaca Foundry, Inc.
Xcel Energy Inc
Yokohama Tire Corp
Total Grants & Contracts Receivable
Current
$ 552,419.84
$
2,663.09
$
1,705.48
$
4,091.12
$
$
$
370.39
$
1,315.54
$
3,273.40
$
50,000.00
$
14,890.87
$
$
$
40,000.00
$
12,260.02
$
40,153.14
$
13,418.80
$
5,674.59
$
6,272.46
$
4,447.12
$
3,101.04
$
$
2,408.48
$
$
21,901.36
$
258.40
$
17,778.81
$
30,000.00
$
$
32,172.00
$ 1,470,895.86
0 to 30 Days 31 - 60 Days 61 - 90 Days Over 90 Days
Past Due
Past Due
Past Due
Past Due
Account Balance
$ 125,088.89
$
$
$
$
38.67
$
$
$
$
$
$
$
$ 12,657.75
$
$
$ 10,037.66
$ 17,276.96
$ 1,182.14
$
$
$ 1,849.73
$ 6,000.00
$
$
$
$
$
$
$ 46,000.00
$
$ 520,832.49
10
$ 96,845.19
$
345.47
$
$
$ 1,137.65
$
$
$
731.94
$
$
$
$
$
$
$
$ 10,131.00
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$ 227,353.21
$ 2,689.54
$
$
$
$
$
$
$ 4,546.45
$
$
$
$
15.00
$
$
$
$ 4,855.14
$ 4,084.67
$
$
$
$
$
$
$
$
$
$
$
$
$
$ 30,734.55
$ 15,045.92
$
$
$
$
$ 13,556.17
$
$
$
$
$
$
30.00
$
$
$
$
$
$
$
$
$
$
$
$ 70,000.00
$
$
$ 21,430.23
$
$
$
$ 154,595.90
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
792,089.38
3,008.56
1,705.48
4,091.12
1,176.32
13,556.17
370.39
6,593.93
3,273.40
50,000.00
14,890.87
45.00
12,657.75
40,000.00
12,260.02
65,176.94
34,780.43
6,856.73
6,272.46
4,447.12
4,950.77
6,000.00
2,408.48
70,000.00
21,901.36
258.40
39,209.04
30,000.00
46,000.00
32,172.00
2,404,412.01
3/31/2015
6/30/2014
6/30/2013
6/30/2012
OTHER CURRENT ASSETS AND STUDENT LOANS:
OTHER CURRENT ASSETS
INVENTORIES:
BOOKSTORE
UNIVERSITY IMAGES
CENTRAL HEATING OIL
IT TELCOM
CENTRAL STORES
CHEMISTRY STORES
OTHER (UNDER $70K)
TOTAL INVENTORIES
$
$
DEPOSITS:
WORKER'S COMP
BC/BS OF MICH ADVANCE
TOTAL DEPOSITS
DEFERRED EXPENSES:
MAIL SERVICE OPERATIONS
MTRI RENT
LIBRARY PERIODICALS
INFORMATION TECHNOLOGY
PLANT FUND BUILDING MATERIALS
TOTAL DEFERRED EXPENSES
TOTAL CURRENT OTHER ASSETS
STUDENT LOANS:
FEDERAL PERKINS LOANS, net
TECHAID LOANS
TOTAL STUDENT LOANS
663,892 $
255,032
176,753
121,612
146,671
264,537
1,628,497 $
574,270 $
226,308
181,200
121,612
146,671
240,682
1,490,743 $
639,878 $
212,416
190,059
137,222
140,977
221,958
1,542,510 $
20,000
470,613
20,000
211,327
$
490,613 $
231,327 $
119,996 $
20,000
$
13,525
676,063
689,588
2,808,698 $
26,472
13,525
39,997
1,762,067 $
32,616
13,524
96,109
142,249
1,804,755 $
28,955
13,524
304,917
347,396
1,799,818
11,438,348 $
813,468
12,251,816 $
10,956,117 $
909,109
11,865,226 $
11,122,847 $
1,018,508
12,141,355 $
11,114,050
1,093,163
12,207,213
$
$
11
20,000
99,996
544,506
196,802
201,792
164,678
131,483
193,161
1,432,422
20,000
-
PROPERTY, PLANT and EQUIPMENT
Nondepreciable capital assets
LAND
MINERAL MUSEUM EXHIBITS
TIMBER
CONSTRUCTION IN PROGRESS
Beginning Balance
JUNE 30, 2014
$
Depreciable capital assets
LAND IMPROVEMENTS
INFRASTRUCTURE
BUILDINGS
EQUIPMENT
LIBRARY BOOKS
SUBTOTAL
Total cost of capital assets
Less Accumulated Depreciation
CAPITAL ASSETS, net
$
9,507,943
5,926,170
400,752
1,606,808
17,441,672
Additions,
net of Disposals
Ending Balance
MARCH 31, 2015
- $
(1,293,837)
(1,293,837)
9,507,943
5,926,170
400,752
312,970
16,147,835
1,572,426
5,017,454
360,060,873
39,459,724
510,518
406,620,995
266,194
2,358,451
2,474,290
5,098,935
1,572,426
5,283,648
362,419,324
41,934,014
510,518
411,719,930
424,062,668
3,805,097
427,867,765
(177,977,318)
(9,747,111)
(187,724,428)
246,085,350
12
(5,942,013) $
240,143,337
3/31/2015
6/30/2014
6/30/2013
6/30/2012
CURRENT LIABILITIES:
Accounts payable
VOUCHERS
MISCELLANEOUS
SALES TAX & MISC
BENEFITS PAYABLE
ACCRUAL
TOTAL
$
1,245,397 $
38,566
11,212
1,247,045
50,000
2,696,609 $
110,540
631,740
1,156,016
2,707,069 $
11,106
7,265
576,588
1,442,321
2,354,745
18,370
9,896
574,005
1,645,368
$
2,592,220 $
4,594,905 $
4,744,349 $
4,602,384
$
$
5,805,967 $
143,302
3,589,766
(193)
1,021,315
4,342,094
14,902,251 $
2,125,172 $
574,995
2,035,074
(707)
822,745
4,342,094
9,899,373 $
1,793,331 $
453,443
2,151,988
(856)
701,193
4,089,735
9,188,834 $
1,710,686
451,590
1,561,619
(25)
677,682
4,049,533
8,451,085
$
5,515,539 $
3,250,484 $
2,939,265 $
2,990,127
$
2,902,606 $
2,902,606
810,000
21,901
441,505
4,176,012 $
27,186,022 $
2,844,399 $
2,844,399
810,000
21,901
441,505
4,117,805 $
21,862,567 $
2,802,764 $
2,802,764
1,480,000
61,793
268,846
4,613,403 $
21,485,851 $
2,240,000
2,240,000
207,911
1,750,000
503,314
251,000
4,952,225
20,995,821
Other accrued liabilities
ACCRUED PAYROLL & TAXES
DEDUCTIONS PAYABLE
DEFERRED PAYROLL LIABILITY
BENEFITS PAYABLE
DEPOSITS PAYABLE & MISC
VACATION ACCRUAL
TOTAL
Deferred Revenue
Current portion of long term liabilities
BONDS PAYABLE - UNDER 1 YR
OTHER CAPITAL LEASES
NOTE PAYABLE
SUBTOTAL
HEALTH & LIABILITY - CURRENT (& ESP)
HEALTH & LIABILITY - IBNR
HEALTH & LIABILITY - RSVP
HEALTH & LIABILITY - W/C & MUSIC
TOTAL
TOTAL CURRENT LIABILITIES
$
$
13
03/31/15
06/30/14
06/30/13
06/30/12
NONCURRENT LIABILITIES:
Insurance and benefit reserves
MISC - LONG TERM PORTION
ESP LONG TERM PORTION
OTHER POST EMPLOYMENT BENEFITS
TOTAL
$
$
- $
543,581
543,581 $
14
- $
543,581
543,581 $
166,596 $
942,704
1,109,300 $
166,596
942,704
1,109,300
NOTES AND BONDS PAYABLE
LONG TERM PORTION OF BONDS PAYABLE:
March 31, 2015
June 30, 2014
June 30, 2013
June 30, 2012
2003 ISSUE
-
-
-
-
2004 ISSUE
-
-
-
2006 ISSUE
-
75,000
145,000
2,675,000
785,000
2008 ISSUE
5,090,000
5,215,000
5,340,000
15,435,000
2009 ISSUE
16,005,000
16,400,000
16,785,000
17,160,000
2010 ISSUE
8,555,000
8,900,000
9,570,000
10,230,000
2012 ISSUE
30,135,000
31,320,000
32,475,000
32,800,000
2013 ISSUE
13,530,000
14,305,000
14,110,000
TOTAL
$
73,315,000
$
15
76,215,000
$
78,425,000
-
$
79,085,000