Michigan Technological University
1400 Townsend Drive
Houghton, Michigan
Interim Financial Statements
for the six months ended
December 31, 2014 and 2013
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 $5.4 million. The increase is due to a $7.1 million
increase in cash, a $1.9 million decrease in accounts and pledges receivable, and a
$200,000 increase in prepaid expenses.
Noncurrent assets:
Noncurrent assets decreased by $2.1 million. That decrease can primarily be explained
by a $5.6 million increase in investments, a $600,000 increase in beneficial interest in
charitable remainder trusts, and an $8.3 million decrease in capital assets.
Current liabilities:
Current liabilities increased by around $2.6 million, with the increases attributed to a $2.2
million increase in unearned revenue and a $400,000 increase in accounts payable and
other accrued liabilities.
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 decreased by $3.3 million when compared to the same sixmonth period last fiscal year.
1
Income Statement Variances
Student tuition and fees:
Tuition increased by $2.4 million.
Grants and contracts:
Total research revenues decreased by $661,000.
Auxiliary revenues:
Total auxiliary revenues increased by about $712,000.
Salaries and wages:
Total salaries and wages expense increased by $2.0 million.
Fringe benefits:
Fringe benefits expense increased by $2.6 million.
Supplies and services:
Supplies and services expense decreased by $1.2 million.
Scholarships and fellowships:
Scholarships and fellowship expense increased by $791,000.
Gift income:
Gift income was up $6.0 million when compared to the prior year.
Investment return:
Investment income decreased by $8.8 million.
The Bottom Line:
The University had a net decrease in net position of $6.3 million the first six months of
fiscal year 2015 compared to a decrease in net position of $3.0 million in the first three
months of fiscal year 2014.
2
Schedule of Net Position by Fund
December 31, 2014 and 2013
Current Funds
General
Auxiliary
Activities
Designated
Combined Total
Expendable Total Current
Restricted
Funds
Student Loan
Retirement
Insurance
Plant
Michigan Tech
Fund
Agency
FY 2015
FY 2014
Assets
Current assets
Cash and cash equivalents
$
Accounts receivable, net
Pledges receivable, net
Inventories
Deposits
Prepaid expenses
$
$
4,233,867
$
19,420,612
$
12,342,375
385,620
$ 1,246,511
-
28,488
6,763
-
61,073,967
63,866,338
-
-
-
3,110,414
3,110,414
2,275,207
2,371,904
-
-
-
-
2,371,904
2,463,685
-
331,327
-
-
-
-
331,327
220,000
-
1,365,650
-
-
-
-
1,365,650
1,107,908
(20,974,811) $ 18,001,164
$ 16,564,435
54,374,758
38,164
449,166
(8,330,274) $ 5,750,797
205,235
5,971,393
-
-
-
-
-
179,531
-
2,192,373
-
-
-
-
-
331,327
1,352,125
13,525
-
-
$ 11,011,311
$
61,038,716
2,543,303
$
-
-
-
-
-
149,867
149,867
105,956
11,722,190
76,118,908
2,543,303
414,108
1,253,274
7,494,148
87,823,741
82,381,469
-
-
-
11,855,395
-
-
-
11,855,395
11,963,461
-
-
-
-
-
-
2,734,315
2,734,315
2,874,545
-
14,869,271
-
14,869,271
-
-
-
114,295,852
129,165,123
123,559,429
-
-
-
-
-
-
-
-
5,512,875
5,512,875
4,854,847
-
-
-
-
-
-
9,784,397
-
212,786
9,997,183
9,926,091
-
-
-
-
-
-
-
242,147,034
-
-
242,147,034
250,397,075
Other assets
-
-
-
-
-
-
-
978,544
-
969,711
1,948,255
1,940,810
Total noncurrent assets
-
-
-
14,869,271
-
14,869,271
11,855,395
252,909,975
-
123,725,539
403,360,180
405,516,258
34,931,603
$ 18,052,853
$ 19,205,974
$
7,075,559
$ 11,722,190
$ 90,988,179
$ 14,398,698
$ 253,324,083
$ 1,253,274
$ 131,219,687
$ 491,183,921
$ 487,897,727
$
$
1,273,406
$
$
$
$
$
$
$
$
-
-
-
34,931,603
18,052,853
19,205,974
Student loans receivable, net
-
-
-
Pledges receivable, net
-
-
-
Investments
-
-
Beneficial interest in charitable remainder trusts
-
Land held for investment
-
Capital assets, net of depreciation
Other assets
Total current assets
(7,793,712)
Noncurrent assets
Total assets
$
Liabilities
Current liabilities
Current portion of L/T liabilities
$
Accounts payable
Other accrued liabilities
-
$
-
-
-
1,273,406
-
2,902,606
-
-
4,176,012
4,643,403
77,705
34,894
667,523
1,005,349
86,761
1,872,232
-
-
8,511
348,773
2,229,516
1,850,286
5,570,686
264,326
486,405
3,618,666
551,035
10,491,118
-
1,458
1,244,763
-
11,737,339
11,183,939
-
-
-
-
-
-
-
-
164,766
164,766
257,122
Unearned revenue
53,140,840
-
10,850,000
-
2,657,052
66,647,892
-
356,250
-
-
67,004,142
64,790,324
Total current liabilities
58,789,231
299,220
12,003,928
5,897,421
3,294,848
80,284,648
-
3,260,314
1,253,274
513,539
85,311,775
82,725,074
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
-
-
-
-
-
-
-
-
Funds held for others
634,850
-
-
-
-
634,850
-
-
-
-
634,850
609,450
Total noncurrent liabilities
634,850
-
-
543,581
-
1,178,431
-
76,845,171
-
5,125,193
83,148,795
86,895,323
59,424,081
299,220
12,003,928
6,441,002
3,294,848
81,463,079
-
80,105,485
1,253,274
5,638,732
168,460,570
169,620,397
Current portion of annuity obligations
Noncurrent liabilities
Total liabilities
-
284,627
943,286
5,125,193
5,125,193
4,816,665
Net position
545,993
908,695
4,574,946
(7,596,239)
-
2,577,805
(11,553,577)
17,207,640
7,889,018
(274,138)
3,852,396
17,121,339
14,282,889
174,617,871
-
123,003,150
329,025,249
321,282,554
(24,492,478)
17,753,633
7,202,046
634,557
8,427,342
9,525,100
14,398,698
173,218,598
-
125,580,955
322,723,351
318,277,330
$ 18,052,853
$ 19,205,974
7,075,559
$ 11,722,190
$ 90,988,179
$ 14,398,698
$ 253,324,083
$ 1,253,274
$ 131,219,687
$ 491,183,921
$ 487,897,727
Total liabilities and net position
$
34,931,603
$
3
115,809
(1,399,273)
(3,005,224)
(12,938,901)
Net position, beginning of period
Total net position
(686,972)
(6,301,898)
Net increase (decrease) in net position
Schedule of Revenues, Expenses and Changes in Net Position by Fund by Object
For the Six Months Ended December 31, 2014 and 2013
Combined Totals
Current Funds
Revenues
Operating revenues
Student tuition and fees
Federal grants and contracts
Designated
General
$ 58,561,813
50
$
Auxiliary
Activities
Retirement & Expendable
Insurance
Restricted
-
$ 1,133,388
-
-
$
-
Total Current
Funds
Student Loan
-
$ 59,695,201
$
12,115,556
12,115,606
$
-
Michigan Tech
Fund
Plant
$
-
$
-
Eliminations
$
FY 2015
$
-
-
FY 2014
59,695,201
12,115,606
$
57,295,797
14,589,406
State and local grants and contracts
-
-
-
-
1,638,157
1,638,157
-
-
-
-
1,638,157
1,429,376
Nongovernmental grants and contracts
-
-
-
-
7,361,144
7,361,144
-
-
-
-
7,361,144
5,757,575
(5,139,294)
Indirect cost recoveries
Educational activities
5,139,294
-
-
-
136,359
1,652,314
419,449
51,086
-
-
12,776,405
-
-
5,372,734
5,133,861
44,157
16,055,273
101,193,851
828
89,626
-
22,937
101,307,242
98,857,116
4,348,901
1,019,398
4,313,332
28,429,927
-
-
-
-
28,429,927
27,723,891
23,945
54,419
1,597,583
22,809,472
-
-
-
-
22,809,472
21,886,239
361,109
351,481
-
1,974,092
5,118,910
-
-
-
-
5,118,910
4,831,069
874,308
365,610
743,871
-
496,006
2,479,795
-
-
-
-
2,479,795
2,372,576
13,715,177
1,036,176
1,414,291
1,360,344
1,887,870
19,413,858
-
-
-
-
19,413,858
16,853,744
6,578,167
5,258,052
6,759,936
703,126
5,510,494
24,809,775
29,237
3,241,759
8,486,184
(11,783,655)
24,783,300
25,989,068
20,058,982
210,310
380,859
-
5,663,058
26,313,209
-
-
1,295,544
(1,295,544)
26,313,209
25,521,644
1,424,766
99,881
1,367,128
-
20,367
2,912,142
-
-
-
-
2,912,142
2,821,976
-
-
-
-
-
-
-
6,600,000
-
-
6,600,000
6,600,400
81,706,410
10,590,177
15,390,412
3,137,287
21,462,802
132,287,088
29,237
9,841,759
9,781,728
(13,079,199)
138,860,613
134,600,607
(17,866,138)
(8,854,176)
4,127,736
(3,093,130)
(5,407,529)
(31,093,237)
(28,409)
(9,752,133)
(9,781,728)
13,102,136
(37,553,371)
(35,743,491)
-
-
5,576,850
444,205
-
-
(5,576,850)
(444,205)
15,748,046
3,000,250
Salaries & wages - faculty
20,874,736
258,789
2,432,228
Depreciation
Total operating expenses
Operating income (loss)
Transfers
Mandatory transfers in
Mandatory transfers out
(1,766,987)
(305,492)
-
1,709,828
-
(5,059,840)
-
3,867,022
(517,010)
1,223,363
-
-
29,643,258
20,398,892
-
-
(29,643,258)
(20,398,892)
-
-
-
-
-
-
2,961,677
3,060,938
-
-
-
-
-
15,917,114
14,802,966
28,419,895
-
3,448,504
2,660,119
(4,518,220)
-
4,518,220
-
-
2,700,000
2,700,000
-
261,677
-
-
-
-
-
-
-
-
15,917,114
-
-
-
151,950
-
4,622,344
8,816,771
-
-
6,945,276
-
553,321
12
553,333
144,218
-
(1,370,936)
Total transfers
Nonoperating revenues (expenses)
(11,223,391)
5,563,206
(4,966,658)
Federal Pell grants
-
-
Other Federal grants
-
-
15,917,114
-
-
233,514
3,808,963
-
-
Gift income
(409,513)
(29,588,103)
(7,043,417)
Investment income (loss)
1,709,828
2,391,980
4,654,607
(5,516,989)
State appropriations, operating
-
(1,032,176)
11,385,687
(15,992,271)
6,535,867
(6,929)
(2,577,848)
Non mandatory transfers out
Non mandatory transfers in
11,961,028
76,676
Salaries & wages - non-faculty
Utilities
2,690,073
12,950
19,518,148
Student financial support
-
2,347,995
-
1,736,001
Fringe benefits
-
22,937
-
63,840,272
Supplies and services
-
-
5,359,784
5,265,582
Salaries & wages - undergrad students
-
-
12,699,729
12,699,729
Salaries & wages - graduate students
-
828
-
83,687
Total operating revenues
Expenses
Operating expenses
-
2,324,230
14,688
2,756
Student residence fees
Departmental activities
-
65,022
3,451,754
(3,250)
(55,155)
(936,767)
(8,816,771)
-
6,945,276
3,670,514
-
(673,385)
8,165,840
-
(936,767)
(1,123,447)
Interest expense
-
-
-
-
-
-
-
Loss on disposal of capital assets
-
-
-
-
-
-
-
-
-
(22,937)
16,150,628
3,808,963
151,950
553,321
7,322,356
27,987,218
144,218
(675,090)
5,574,340
(8,839,708)
24,190,978
28,492,107
(686,972)
908,695
4,574,946
(7,624,239)
115,809
(5,909,003)
(4,207,388)
4,262,428
(13,362,393)
(7,251,384)
Net nonoperating revenues
Income (loss) before other revenues
(12,938,901)
517,993
(22,937)
(84,704)
Other revenues
(52,024)
Capital appropriations
-
-
-
-
-
-
-
-
-
-
-
Capital grants and gifts
-
28,000
-
-
-
28,000
-
247,302
128,373
-
403,675
951,283
Gifts for permanent endowment purposes
-
-
-
-
-
-
-
-
6,609,115
-
6,609,115
3,255,775
Other nonoperating revenues
-
-
-
-
-
-
-
-
47,705
-
47,705
91,127
Fund additions
-
-
-
-
-
-
-
4,262,428
-
(4,262,428)
-
-
-
28,000
-
-
-
28,000
-
4,509,730
6,785,193
(4,262,428)
7,060,495
4,246,161
908,695
4,574,946
2,577,805
-
123,003,150
$ 125,580,955
-
Total other revenues
Net increase (decrease) in net position
Net position, beginning of period
Net position, end of period
(12,938,901)
545,993
(11,553,577)
17,207,640
$ (24,492,478) $ 17,753,633
(686,972)
7,889,018
$ 7,202,046
$
(274,138)
3,852,396
634,557 $ 8,427,342
4
(7,596,239)
17,121,339
$ 9,525,100
115,809
14,282,889
$ 14,398,698
(1,399,273)
174,617,871
$ 173,218,598
$
(6,301,898)
329,025,249
$ 322,723,351
(3,005,224)
321,282,554
$ 318,277,330
Schedule of Revenues, Expenses and Changes in Net Position by Fund by Function
For the Six Months Ended December 31, 2014 and 2013
Current Funds
General
Designated
Combined Totals
Retirement
Insurance
Auxiliary
Activities
Expendable
Restricted
Total Current
Funds
Student Loan
$
$
$
Michigan Tech
Fund
Plant
Eliminations
FY 2015
FY 2014
Revenues
Operating revenues
Student tuition and fees
Federal grants and contracts
$ 58,561,813
50
$
-
$
-
1,133,388
$
-
-
12,115,556
59,695,201
12,115,606
-
$
-
$
-
$
-
-
$
59,695,201
12,115,606
$
57,295,797
14,589,406
State and local grants and contracts
-
-
-
-
1,638,157
1,638,157
-
-
-
-
1,638,157
1,429,376
Nongovernmental grants and contracts
-
-
-
-
7,361,144
7,361,144
-
-
-
-
7,361,144
5,757,575
(5,139,294)
Indirect cost recoveries
Educational activities
Student residence fees
Departmental activities
Total operating revenues
5,139,294
-
-
-
136,359
1,652,314
419,449
51,086
-
-
12,699,729
2,756.00
83,687.00
5,265,582.00
63,840,272
1,736,001
19,518,148
-
-
-
-
-
-
-
65,022
2,324,230
828
-
-
22,937
2,347,995
2,690,073
11,961,028
(6,929.00)
44,157
-
12,699,729
-
76,676
-
-
12,776,405
14,688.00
5,359,784
-
12,950
-
-
5,372,734
5,133,861
16,055,273
101,193,851
828
89,626
-
22,937
101,307,242
98,857,116
Expenses
Operating expenses
Instruction
Research
Public service
Academic support
32,571,221
1,482,139
-
-
68,810
34,122,170
-
-
-
(285,124)
33,837,046
31,414,620
7,726,107
5,166,089
-
-
13,049,783
25,941,979
-
-
-
(1,102,070)
24,839,909
26,511,405
414,955
292,876
-
-
3,696,087
4,403,918
-
-
-
7,906,001
383,420
-
-
25,973
8,315,394
-
-
-
(20,610)
4,403,918
4,411,497
8,294,784
7,801,423
Student services
3,486,963
785,950
2,075,698
-
86,693
6,435,304
-
-
-
(25,170)
6,410,134
6,113,275
Institutional support
7,620,686
1,892,901
-
2,932,043
24,287
12,469,917
-
67,863
8,486,184
(7,531,349)
13,492,615
11,134,445
(2,819,332)
6,605,257
7,168,560
1,295,544
(1,295,544)
21,062,236
20,603,102
Operations and maintenance of plant
5,458,647
586,802
-
205,244
-
6,250,693
-
3,173,896
16,521,830
-
-
-
4,511,169
21,032,999
29,237
-
Departmental activities
-
-
-
-
-
-
-
-
-
7,539,850
7,539,850
7,689,218
Student residence
-
-
13,314,714
-
-
13,314,714
-
-
-
(7,539,850)
5,774,864
5,152,662
Student financial support
Depreciation
Total operating expenses
Operating income (loss)
-
-
-
-
-
-
-
6,600,000
-
6,600,000
6,600,400
81,706,410
10,590,177
15,390,412
3,137,287
21,462,802
132,287,088
29,237
9,841,759
9,781,728
(13,079,199)
138,860,613
134,600,607
(17,866,138)
(8,854,176)
(3,093,130)
(5,407,529)
(31,093,237)
(28,409)
(9,752,133)
(9,781,728)
13,102,136
(37,553,371)
(35,743,491)
4,127,736
-
Transfers
Mandatory transfers in
Mandatory transfers out
Non mandatory transfers in
(1,766,987)
6,535,867
-
-
(305,492)
-
(2,577,848)
11,385,687
4,654,607
Non mandatory transfers out
(15,992,271)
(5,516,989)
(7,043,417)
Total transfers
(11,223,391)
5,563,206
(4,966,658)
3,451,754
1,709,828
(409,513)
1,709,828
-
(5,059,840)
-
3,867,022
(517,010)
2,391,980
28,419,895
-
(1,032,176)
(29,588,103)
-
3,448,504
2,660,119
(4,518,220)
-
4,518,220
(3,250)
1,223,363
(55,155)
-
-
5,576,850
4,444,205
-
-
(5,576,850)
(4,444,205)
-
-
29,643,258
20,398,892
-
-
(29,643,258)
(20,398,892)
-
-
-
3,060,938
Nonoperating revenues (expenses)
Federal Pell grants
-
-
-
-
2,700,000
2,700,000
-
261,677
-
-
2,961,677
Other Federal grants
-
-
-
-
-
-
-
-
-
-
-
-
15,917,114
-
-
-
-
15,917,114
-
-
-
-
15,917,114
14,802,966
-
6,945,276
3,670,514
State appropriations, operating
Gift income
233,514
3,808,963
151,950
-
4,622,344
8,816,771
-
Investment income (loss)
-
-
-
553,321
12
553,333
144,218
Interest expense
-
-
-
-
-
-
-
Loss on disposal of capital assets
Net nonoperating revenues
Income (loss) before other revenues
(936,767)
-
-
-
-
-
-
-
16,150,628
3,808,963
151,950
553,321
7,322,356
27,987,218
144,218
(675,090)
(686,972)
908,695
4,574,946
(7,624,239)
115,809
(5,909,003)
(12,938,901)
517,993
6,945,276
(8,816,771)
(1,370,936)
-
-
-
(673,385)
8,165,840
-
(936,767)
(1,123,447)
-
(22,937)
5,574,340
(8,839,708)
24,190,978
(22,937)
28,492,107
(84,704)
(4,207,388)
4,262,428
(13,362,393)
(7,251,384)
Other revenues
Capital appropriations
-
-
-
-
-
-
-
-
-
-
-
Capital grants and gifts
-
28,000
-
-
-
28,000
-
247,302
128,373
-
403,675
951,283
Gifts for permanent endow ment purposes
-
-
-
-
-
-
-
-
6,609,115
-
6,609,115
3,255,775
Other nonoperating revenues
-
-
-
-
-
-
-
-
47,705
-
47,705
91,127
Fund additions
-
-
-
-
-
-
-
4,262,428
-
(4,262,428)
-
-
-
28,000
-
-
-
28,000
-
4,509,730
6,785,193
(4,262,428)
7,060,495
4,246,161
Total other revenues
Net increase (decrease) in net position
Net position, beginning of period
Net position, end of period
(12,938,901)
545,993
(11,553,577)
17,207,640
$ (24,492,478) $ 17,753,633
(686,972)
$
7,889,018
7,202,046
908,695
$
(274,138)
634,557 $
4,574,946
(7,596,239)
3,852,396
8,427,342
17,121,339
9,525,100
5
$
115,809
14,282,889
$ 14,398,698
(1,399,273)
174,617,871
$ 173,218,598
2,577,805
-
123,003,150
$ 125,580,955
-
$
(6,301,898)
329,025,249
$ 322,723,351
(52,024)
(3,005,224)
321,282,554
$ 318,277,330
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:
UNRESTRICTED BY FUND GROUPS:
GENERAL FUND
DESIGNATED FUND
AUXILIARY FUND
RETIREMENT FUND
PLANT FUND (Unrestricted funds)
BANK FUND
TOTAL UNRESTRICTED
DESIGNATED/RESTRICTED BY FUND GROUPS:
RETIREMENT FUND
EXPENDABLE RESTRICTED FUND
STUDENT LOAN FUND
PLANT FUND
AGENCY FUND
TOTAL RESTRICTED
TOTAL CASH & EQUIVALENTS
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
12/31/14
06/30/14
06/30/13
06/30/12
($20,974,811)
18,001,164
16,564,435
(8,418,873)
(3,073,818)
2,098,097
($14,831,705)
17,078,072
6,640,403
(8,247,883)
(2,029,061)
(1,390,174)
($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)
88,600
5,750,797
2,543,303
3,459,437
1,246,511
13,088,648
$15,186,745
305
1,514,940
2,421,744
4,209,451
1,718,666
9,865,106
$8,474,932
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
$156,089
4,523,759
10,418,298
15,098,145
$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
88,600
88,600
$15,186,745
305
305
$8,474,932
1,935
1,935
$3,642,285
2,072,704
852,156
2,924,860
$8,387,277
7
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
6/30/12
6/30/14
6/30/13
2,783,217 $
-
7,904,330 $
-
7,741,657 $
-
7,406,109
-
3,635,300
1,802,911
5,438,211
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
51,532,624
159,129
1,245,417
(84,630)
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)
12/31/2014
TOTAL ACCOUNTS RECEIVABLE $ 61,073,968 $ 15,661,802 $ 18,415,374 $ 19,228,194
RESEARCH BILLED - AGING OF ACCOUNTS RECEIVABLE:
(IN DOLLARS)
12/31/2014
CURRENT ACCOUNTS
$
1,983,618 $
0 TO 30 DAYS PAST DUE
1,171,495
31 TO 60 DAYS PAST DUE
157,635
61 TO 90 DAYS PAST DUE
124,745
OVER 90 DAYS PAST DUE
198,351
TOTAL RESEARCH BILLED
$
3,635,844 $
RESEARCH BILLED - AGING OF ACCOUNTS RECEIVABLE:
(IN PERCENTAGE)
12/31/2014
CURRENT ACCOUNTS
55%
0 TO 30 DAYS PAST DUE
32%
31 TO 60 DAYS PAST DUE
4%
61 TO 90 DAYS PAST DUE
3%
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
December 31, 2014
Company
Alion Science and Technology Corporation
Arch Wood Protection
Argonne National Laboratory
Ariens Company
Artemis Inc.
Battelle
Bell Lumber and Pole Co
Bendix Commercial Vehicle Systems LLC
BorgWarner Inc
Bowdoin College
Cambridge Systematics, Inc.
Carnegie Institute of Washington
Chrysler Corporation
Copper Country Community Arts Council
Corning Inc
John Deere World Headquarters
Detroit Materials Inc
Eaton Corporation
Electric Power Research Institute
Elkhart County Highway Dept
Exo Terra Resource
Falken Tire
Ford Motor Company
Gas Technology Institute
General Motors
General Motors Corporation
Gowlings LaFleur Henderson LLP
Hankook Tire
Internet 2
J F Drake State Technical College
Kestrel Corporation
Koppers Performance Chemicals
Leidos Inc
Leidos, Inc.
LimnoTech Inc
Lonza Inc
Louisiana-Pacific Corporation
Massachusetts Institute of Technology
Matrix Research Inc
Michigan Dept of Environmental Quality
Michigan Department of Natural Resources
Michigan Dept of Labor & Economic Growth
Mississippi State University
Michigan Dept of Transportation
Morton Salt Company
Nano Innovations, LLC
National Center for Defense Manufacturing and Machining
National Fish and Wildlife Foundation
Nexteer Automotive Group Limited
Nissan Technical Center North America
Nostrum Energy
Nucor Steel Marion Inc
Current
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
2,264.42
29,703.35
270,759.00
38,250.00
13,851.44
4,071.16
256,823.50
20,000.00
46,830.00
18,985.00
7,637.71
29,350.00
34,583.75
4,068.76
63,761.43
14,432.00
9,433.57
5,000.00
2,553.08
18,206.60
10,030.00
2,340.00
2,817.55
35,582.39
2,339.81
3,897.40
87,618.45
60,740.00
39,825.00
2,260.75
6,000.00
19,856.00
30,000.00
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
0 to 30 Days
Past Due
22,136.74
6,250.00
132,384.00
28,587.40
4,000.00
2,616.55
10,564.00
820.00
15,572.00
5,128.00
20,428.11
13,865.75
14,150.35
6,190.00
5,105.01
1,978.56
2,106.59
18,750.00
79,078.00
50,585.67
27,822.51
53,541.44
47,720.89
14,695.00
-
9
31 - 60 Days
Past Due
$
$
$
$
$
$
$
$
$
$
$ 19,417.03
$
$
$
$
$
$
$
$
$
1,984.00
$
$
$
$
$
$ 28,000.04
$
$
$
$
$
$
5,100.00
$
$
$
$
$
$
$
$
2,403.15
$
$ 36,450.72
$
$
$
$
$
$
$
$
$
$
-
61 - 90 Days
Past Due
$
$
$
$
$
$
$
$
$
$
$
3,803.57
$
$
$
$
10,000.00
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
11,215.80
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
23,092.00
$
$
$
-
Over 90 Days
Past Due
$
$
$
$
$
27,500.00
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
-
Account Balance
$
22,136.74
$
6,250.00
$
2,264.42
$
132,384.00
$
27,500.00
$
58,290.75
$
4,000.00
$
270,759.00
$
38,250.00
$
13,851.44
$
25,837.15
$
4,071.16
$
267,387.50
$
820.00
$
30,000.00
$
46,830.00
$
15,572.00
$
18,985.00
$
7,637.71
$
1,984.00
$
5,128.00
$
29,350.00
$
34,583.75
$
4,068.76
$
20,428.11
$
28,000.04
$
63,761.43
$
14,432.00
$
13,865.75
$
11,215.80
$
23,583.92
$
16,290.00
$
7,658.09
$
20,185.16
$
2,106.59
$
28,780.00
$
81,418.00
$
2,817.55
$
86,168.06
$
32,565.47
$
3,897.40
$
36,450.72
$
53,541.44
$
135,339.34
$
60,740.00
$
39,825.00
$
2,260.75
$
6,000.00
$
23,092.00
$
19,856.00
$
14,695.00
$
30,000.00
Accounts Receivable Aging Report
Billed Research
December 31, 2014
Company
Office Of Naval Research
Office of Naval Research
Ohio State Univ Research Foundation
Ohio State University
Ozaukee Washington Land Trust, Inc.
Pacific Northwest National Lab
Pennsylvania State University
Photonica Inc
Physio-Control Inc
Qtek LLC
Regents of the University of Michigan
Sandia National Laboratories
SAPA AS Extrusions North America
Siemens Medical Solutions USA Inc
Southern Illinois University - Carbondale
Thermoanalytics Inc
3M Company
Titan Tire Corporation
Toyota Motor Corporation
UChicago Argonne LLC
University of Illinois at Urbana-Champaign
University of Maryland
University of Michigan
University of New Hampshire
University of Notre Dame
University of Toledo
University of Wisconsin-Madison
UOP LLC
Upstate Freshwater Institute
URV USA LLC
US Dept of Agriculture
USDA, Agricultural Research Service
US Bureau of Land Management
US NASA
Federal Highway Administration
Wade Trim
Waupaca Foundry, Inc.
Yokohama Tire Corp
Total Grants & Contracts Receivable
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
Current
69,616.90
506,490.59
1,020.95
10,477.37
1,862.94
5,750.30
226.68
17,242.26
21,500.00
4,546.45
7,228.78
7,445.00
4,855.14
24,704.93
3,786.23
345.24
3,486.50
978.00
10,586.93
5,699.03
28,119.39
5,000.00
48,776.00
1,983,617.73
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
0 to 30 Days
Past Due
400,685.42
2,220.99
23,421.00
14,953.00
14,638.29
12,026.00
13,030.00
6,024.26
12,266.00
4,651.17
1,650.00
51,852.28
30,000.00
1,171,494.98
10
31 - 60 Days
Past Due
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
9,919.32
$
$
$
$
$
$
$
4,647.00
$
$
$
$
$
$
$ 49,714.29
$
$
$
$ 157,635.55
61 - 90 Days
Past Due
$
$
$
$
$
$
$
$
$
$
$
8,000.00
$
30.00
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
18,603.65
$
$
$
$
$
$
$
50,000.00
$
$
$
124,745.02
Over 90 Days
Past Due
$
$
65,833.93
$
$
$
$
$
$
13,556.17
$
$
$
$
$
30.25
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
70,000.00
$
$
$
$
$
21,430.23
$
$
$
$
198,350.58
Account Balance
$
69,616.90
$
973,009.94
$
1,020.95
$
10,477.37
$
1,862.94
$
5,750.30
$
2,447.67
$
13,556.17
$
23,421.00
14,953.00
$
$
8,000.00
$
17,242.26
$
60.25
$
21,500.00
4,546.45
$
$
7,228.78
$
22,083.29
$
12,026.00
$
13,030.00
$
6,024.26
$
4,855.14
$
46,890.25
$
3,786.23
$
345.24
$
3,486.50
$
4,651.17
$
978.00
$
4,647.00
$
18,603.65
$
70,000.00
$
12,236.93
$
5,699.03
$
28,119.39
$
5,000.00
$
122,996.80
$
50,000.00
$
30,000.00
$
48,776.00
$
3,635,843.86
12/31/14
06/30/14
06/30/13
1,382,103 $
270,077
179,531
121,612
146,671
271,910
2,371,904 $
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 $
06/30/12
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
20,000
311,327
20,000
211,327
$
331,327 $
231,327 $
119,996 $
20,000
$
13,525
1,352,125
1,365,650
4,068,881 $
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
11,022,276 $
863,119
11,885,395 $
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
JUL 1, 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
$
9,507,943
5,926,170
400,752
2,585,851
18,420,716
1,572,426
5,017,454
360,060,873
39,459,724
510,518
406,620,995
1,610,307
1,610,307
1,572,426
5,017,454
360,060,873
41,070,032
510,518
408,231,303
424,062,668
2,589,350
426,652,018
(177,977,318)
$
- $
979,043
979,043
Ending Balance
DEC 31, 2014
246,085,350
12
(6,527,667)
$
(3,938,317) $
(184,504,985)
242,147,033
12/31/14
06/30/14
06/30/13
06/30/12
CURRENT LIABILITIES:
Accounts payable
VOUCHERS
MISCELLANEOUS
SALES TAX & MISC
BENEFITS PAYABLE
ACCRUAL
TOTAL
$
407,727 $
449,144
22,226
951,645
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
$
1,880,742 $
4,594,905 $
4,744,349 $
4,602,384
$
$
3,892,965 $
197,477
2,157,131
(178)
1,147,850
4,342,094
11,737,339 $
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
$
67,004,141 $
3,250,484 $
2,939,265 $
2,990,127
$
2,902,606 $
2,902,606
810,000
21,901
441,505
4,176,012 $
84,798,234 $
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
12/31/14
06/30/14
- $
543,581
543,581 $
- $
543,581
543,581 $
06/30/13
06/30/12
NONCURRENT LIABILITIES:
Insurance and benefit reserves
MISC - LONG TERM PORTION
OTHER POST EMPLOYMENT BENEFITS
TOTAL
$
$
14
166,596 $
942,704
1,109,300 $
166,596
942,704
1,109,300
NOTES AND BONDS PAYABLE
LONG TERM PORTION OF BONDS PAYABLE:
December 31, 2014
2004 ISSUE
$
-
June 30, 2014
$
-
June 30, 2013
$
-
June 30, 2012
$
785,000
2006 ISSUE
-
75,000
145,000
2,675,000
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
$
76,215,000
15
$
78,425,000
$
79,085,000