Michigan Technological University
1400 Townsend Drive
Houghton, Michigan
Interim Financial Statements
for the three months ended
September 30, 2014 and 2013
Prepared and Submitted
by
Michigan Tech Financial Services & Operations
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 decreased by around $1.1 million. The decrease is due mostly to a $1.7
million decrease in accounts and pledges receivable, and a $600,000 increase in
prepaid expenses.
Noncurrent assets:
Noncurrent assets decreased by $1.0 million. That decrease can primarily be explained
by a $7.2 million increase in investments, a $500,000 increase in beneficial interest in
charitable remainder trusts, a $1.0 million decrease in student loans and pledges
receivable, and a $7.7 million decrease in capital assets.
Current liabilities:
Current liabilities increased by around $1.0 million, with the increases attributed to
accounts payable and other accrued liabilities.
Noncurrent liabilities:
Noncurrent liabilities are comparable to prior year with a small decrease of $670,000.
Net position:
Overall, net position has decreased by $2.4 million when compared to the same 3month period last fiscal year.
Income Statement Variances
Student tuition and fees:
Tuition increased by $2.2 million .
Grants and contracts:
Total research revenues decreased by $1.0 million.
1
Auxiliary revenues:
Total auxiliary revenues increased by about $400,000.
Salaries and wages:
Total salaries and wages expense increased by $1.1million.
Fringe benefits:
Fringe benefits expense increased by $1.2 million.
Supplies and services:
Supplies and services expense increased by $2.4 million.
Scholarships and fellowships:
Scholarships and fellowship expense increased by $620,000.
Gift income:
Gift income was down $332,000 when compared to the prior year.
Investment return:
Investment income decreased by $6.2 million.
The Bottom Line:
The University had an increase in net position of $9.9 million the first three months of
fiscal year 2015 compared to an increase in net position of $20.1 million in the first three
months of fiscal year 2014.
2
Schedule of Net Position by Fund
September 30, 2014 and 2013
Current Funds
General
Designated
Combined Total
Retirement
Insurance
Auxiliary
Activities
Expendable Total Current
Restricted
Funds
Student Loan
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
Other assets
Total current assets
(3,227,931) $ 18,399,235
$ 15,947,023
$
(11,401,366) $ 2,099,116
5,220,220
49,692
382,935
196,965
5,129,217
-
-
-
-
-
181,004
-
1,717,844
-
-
$ 21,816,077
$
10,979,029
1,898,848
2,026,716
$
120,572
$
25,007
$
3,149,821
$
27,138,193
$
27,206,929
-
3,933
6,813
-
10,989,775
-
-
-
1,609,964
1,609,964
12,029,781
2,313,046
-
-
-
-
1,898,848
1,858,399
169,994
-
-
-
281,327
-
281,327
-
-
-
-
281,327
602,125
13,525
-
-
-
615,650
-
-
-
-
615,650
13,525
-
-
-
-
-
-
-
-
-
100,749
100,749
140,510
2,775,418
18,462,452
18,047,802
7,228,333
35,590,931
2,026,716
124,505
31,820
4,860,534
42,634,506
43,732,184
12,426,400
(10,923,074)
Noncurrent assets
Student loans receivable, net
-
-
-
-
-
-
12,318,036
-
-
-
12,318,036
Pledges receivable, net
-
-
-
-
-
-
-
-
-
2,290,573
2,290,573
3,264,640
Investments
-
-
-
14,352,506
-
14,352,506
-
-
-
113,108,334
127,460,840
120,263,621
Beneficial interest in charitable remainder trusts
-
-
-
-
-
-
-
-
-
5,349,710
5,349,710
4,854,847
Land held for investment
-
-
-
-
-
-
-
9,784,397
-
243,800
10,028,197
9,926,091
252,142,608
Capital assets, net of depreciation
-
-
-
-
-
-
-
244,388,209
-
-
244,388,209
Other assets
-
-
-
-
-
-
-
978,544
-
973,059
1,951,603
1,940,810
Total noncurrent assets
-
-
-
14,352,506
-
14,352,506
12,318,036
255,151,150
-
121,965,476
403,787,168
404,819,017
2,775,418
$ 18,462,452
$ 18,047,802
$
3,429,432
$ 7,228,333
$ 49,943,437
$ 14,344,752
$ 255,275,655
$
31,820
$ 126,826,010
$ 446,421,674
$ 448,551,201
$
$
$
1,273,406
$
$
$
$
$
$
$
$
Total assets
$
Liabilities
Current liabilities
Current portion of L/T liabilities
$
Accounts payable
-
-
-
-
1,273,406
-
2,844,399
-
-
4,117,805
4,643,403
255,217
94,667
750,800
1,295,125
121,791
2,517,600
-
11,804
8,255
224,907
2,762,566
2,547,233
5,641,776
403,961
733,910
3,311,021
741,872
10,832,540
-
1,457
23,565
-
10,857,562
9,869,771
-
-
-
-
-
-
-
-
260,256
260,256
257,122
118,598
-
-
-
2,657,055
2,775,653
-
356,250
-
-
3,131,903
2,841,951
6,015,591
498,628
1,484,710
5,879,552
3,520,718
17,399,199
-
3,213,910
31,820
485,163
21,130,092
20,159,480
Insurance and benefit reserves
-
-
-
543,581
-
543,581
-
-
-
-
543,581
770,036
Notes and bonds payable
-
-
-
-
-
-
-
79,298,215
-
-
79,298,215
79,755,886
-
Other accrued liabilities
Current portion of annuity obligations
Unearned revenue
Total current liabilities
Noncurrent liabilities
Capital lease obligations
-
-
-
-
-
-
-
612,050
Annuity and pooled income obligations
-
-
-
-
-
-
-
-
-
612,050
943,286
5,115,881
5,115,881
4,798,794
Funds held for others
698,649
-
-
-
-
698,649
-
-
-
-
698,649
671,150
Total noncurrent liabilities
698,649
-
-
543,581
-
1,242,230
-
79,910,265
-
5,115,881
86,268,376
86,939,152
6,714,240
498,628
1,484,710
6,423,133
3,520,718
18,641,429
-
83,124,175
31,820
5,601,044
107,398,468
107,098,632
Total liabilities
Net position
Net increase (decrease) in net position
7,614,755
Net position, beginning of period
Total net position
Total liabilities and net position
$
756,184
8,674,074
(2,719,563)
14,180,669
61,863
9,997,957
20,170,015
(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
(3,938,822)
17,963,824
16,563,092
(2,993,701)
3,707,615
31,302,008
14,344,752
172,151,480
-
121,224,966
339,023,206
341,452,569
$ 18,462,452
$ 18,047,802
$ 7,228,333
$ 49,943,437
$ 14,344,752
$ 255,275,655
31,820
$ 126,826,010
$ 446,421,674
$ 448,551,201
2,775,418
$
3,429,432
(144,781)
3
(2,466,391)
-
$
(1,778,184)
Schedule of Revenues, Expenses and Changes in Net Position by Fund by Object
For the Three Months Ended September 30, 2014 and 2013
Current Funds
General
Auxiliary
Activities
Designated
Combined Totals
Retirement & Expendable
Insurance
Restricted
Total Current
Funds
Student Loan
$
Michigan Tech
Fund
Plant
Eliminations
FY 2015
FY 2014
Revenues
Operating revenues
-
$ 58,908,489
Federal grants and contracts
Student tuition and fees
-
-
-
-
5,644,187
5,644,187
-
-
-
-
5,644,187
State and local grants and contracts
-
-
-
-
806,226
806,226
-
-
-
-
806,226
707,178
Nongovernmental grants and contracts
-
-
-
-
3,750,572
3,750,572
-
-
-
-
3,750,572
3,394,953
(2,522,950)
Indirect cost recoveries
Educational activities
Student residence fees
$ 58,319,229
$
-
$
589,260
$
-
2,522,950
-
-
-
94,429
976,831
197,594
5,000
$
-
$
-
$
-
$
-
$
58,908,489
$
56,720,903
7,123,021
-
-
-
-
-
-
-
12,706
1,286,560
623
-
-
-
1,287,183
1,597,098
11,829,712
-
-
12,459,719
-
-
12,459,719
-
41,576
-
-
12,501,295
1,632
30,826
3,188,784
-
690
3,221,932
-
6,475
-
-
3,228,407
3,185,768
60,938,240
1,007,657
16,435,357
5,000
7,691,431
86,077,685
623
48,051
-
-
86,126,359
84,558,633
Salaries & w ages - non-faculty
7,757,385
1,566,462
2,187,246
601,386
2,008,481
14,120,960
-
-
-
-
14,120,960
13,565,281
Salaries & w ages - faculty
7,527,300
221,358
9,732
13,353
1,173,197
8,944,940
-
-
-
-
8,944,940
8,499,381
901,554
233,635
165,007
-
1,000,547
2,300,743
-
-
-
-
2,300,743
2,214,545
1,276,788
Departmental activities
Total operating revenues
Expenses
Operating expenses
Salaries & w ages - graduate students
392,649
248,868
381,591
-
298,085
1,321,193
-
-
-
-
1,321,193
Fringe benefits
Salaries & w ages - undergrad students
5,440,334
534,987
678,817
1,544,481
932,023
9,130,642
-
-
-
-
9,130,642
7,922,750
Supplies and services
3,565,338
2,362,636
3,658,658
510,355
2,466,519
12,563,506
10,531
5,479,067
2,508,768
15,289,946
12,893,626
22,711,407
Student financial support
Utilities
Depreciation
Total operating expenses
Operating income (loss)
(5,271,926)
18,679,173
32,689
212,169
-
4,406,909
23,330,940
-
-
-
-
23,330,940
449,910
32,147
482,530
-
1,276
965,863
-
-
-
-
965,863
1,038,602
-
-
-
-
-
-
-
3,300,000
-
-
3,300,000
3,300,400
44,713,643
5,232,782
7,775,750
2,669,575
12,287,037
72,678,787
10,531
8,779,067
2,508,768
(5,271,926)
78,705,227
73,422,780
16,224,597
(4,225,125)
8,659,607
(2,664,575)
(4,595,606)
13,398,898
(9,908)
(8,731,016)
(2,508,768)
5,271,926
7,421,132
11,135,853
Transfers
Mandatory transfers in
Mandatory transfers out
Non mandatory transfers in
(1,310,773)
679,195
(185,167)
7,142,954
(2,577,848)
3,006,629
-
868,681
-
(144,905)
-
Non mandatory transfers out
(8,133,172)
(3,616,642)
(556,114)
(3,250)
Total transfers
Nonoperating revenues (expenses)
(8,764,750)
3,341,145
(127,333)
(3,250)
1,448,883
868,681
-
3,867,022
(4,218,693)
-
(517,010)
-
-
4,735,703
535,497
-
-
(4,735,703)
(535,497)
12,277,661
-
517,899
-
-
12,795,560
11,271,897
(12,784,405)
-
(11,155)
-
-
(12,795,560)
(11,271,897)
1,697,432
(3,856,756)
-
3,856,756
-
-
-
-
(475,227)
Federal Pell grants
-
-
-
-
2,600,000
2,600,000
-
261,677
-
-
2,861,677
2,760,938
Other Federal grants
-
-
-
-
-
-
-
-
-
-
-
-
State appropriations, operating
-
-
-
-
-
-
-
-
-
-
-
-
154,908
1,612,164
141,800
-
153,387
2,062,259
-
-
1,669,090
1,669,090
1,130,722
-
(1,689,797)
Gift income
Investment income (loss)
-
-
-
Interest expense
-
-
-
Loss on disposal of capital assets
Net nonoperating revenues
Income (loss) before other revenues
(51,738)
6
-
-
-
-
154,908
1,612,164
141,800
(51,738)
7,614,755
728,184
8,674,074
(2,719,563)
-
-
(51,732)
-
71,771
-
(1,084,438)
-
-
-
-
2,753,393
4,610,527
71,771
(822,761)
(20,707)
14,152,669
61,863
(5,697,021)
(2,529,475)
(144,781)
-
(2,062,259)
-
-
(1,669,758)
4,624,996
-
(1,084,438)
(1,123,447)
-
-
(55,370)
(2,062,259)
1,776,571
7,337,839
3,209,667
9,197,703
18,473,692
Other revenues
Capital appropriations
-
-
-
-
-
-
-
-
-
-
-
-
Capital grants and gifts
-
28,000
-
-
-
28,000
-
20,963
-
-
48,963
59,075
Gifts for permanent endow ment purposes
-
-
-
-
-
-
-
-
718,424
-
718,424
1,578,695
Other nonoperating revenues
-
-
-
-
-
-
-
-
32,867
-
32,867
58,554
Fund additions
-
-
-
-
-
-
-
3,209,667
-
(3,209,667)
-
-
-
28,000
-
-
-
28,000
-
3,230,630
751,291
(3,209,667)
800,254
1,696,324
7,614,755
756,184
8,674,074
(11,553,577)
17,207,640
$ (3,938,822) $ 17,963,824
7,889,018
$ 16,563,092
Total other revenues
Net increase (decrease) in net position
Net position, beginning of period
Net position, end of period
(2,719,563)
(144,781)
(274,138)
3,852,396
$ (2,993,701) $ 3,707,615
4
14,180,669
61,863
17,121,339
$ 31,302,008
14,282,889
$ 14,344,752
(2,466,391)
174,617,871
$ 172,151,480
(1,778,184)
123,003,150
$ 121,224,966
$
-
9,997,957
20,170,015
-
329,025,249
$ 339,023,206
321,282,554
$ 341,452,569
Schedule of Revenues, Expenses and Changes in Net Position by Fund by Function
For the Three Months Ended September 30, 2014 and 2013
Current Funds
General
Auxiliary
Activities
Designated
Combined Totals
Retirement
Insurance
Expendable
Restricted
Total Current
Funds
Student Loan
$
$
$
Michigan Tech
Fund
Plant
Eliminations
FY 2015
FY 2014
Revenues
Operating revenues
Student tuition and fees
$ 58,319,229
$
-
$
589,260
$
-
-
58,908,489
-
$
-
$
-
$
-
$
58,908,489
$
56,720,903
Federal grants and contracts
-
-
-
-
5,644,187
5,644,187
-
-
-
-
5,644,187
State and local grants and contracts
-
-
-
-
806,226
806,226
-
-
-
-
806,226
707,178
Nongovernmental grants and contracts
-
-
-
-
3,750,572
3,750,572
-
-
-
-
3,750,572
3,394,953
(2,522,950)
Indirect cost recoveries
Educational activities
Student residence fees
Departmental activities
Total operating revenues
2,522,950
-
-
-
94,429
976,831
197,594
5,000
-
-
12,459,719
1,632.00
30,826.00
3,188,784.00
60,938,240
1,007,657
16,435,357
-
-
-
-
-
-
-
12,706
1,286,560
623
-
-
-
1,287,183
1,597,098
11,829,712
5,000
7,123,021
-
12,459,719
-
41,576
-
-
12,501,295
690.00
3,221,932
-
6,475
-
-
3,228,407
3,185,768
7,691,431
86,077,685
623
48,051
-
-
86,126,359
84,558,633
Expenses
Operating expenses
Instruction
Research
Public service
Academic support
14,345,670
847,383
-
-
26,735
15,219,788
-
-
-
(252,593)
14,967,195
14,113,096
2,571,196
2,466,250
-
-
6,170,054
11,207,500
-
-
-
(478,072)
10,729,428
11,439,912
219,729
190,890
-
-
1,770,175
2,180,794
-
-
-
3,704,956
183,091
-
-
3,887,342
-
-
-
(705)
Student services
1,675,470
409,670
783,288
-
62,128
2,930,556
-
-
-
Institutional support
3,745,258
873,040
-
2,463,894
1,040
7,083,232
-
2,917,032
2,508,768
Operations and maintenance of plant
(13,060)
(2,062,259)
2,488,660
262,458
-
205,681
-
2,956,799
-
2,562,035
15,962,704
-
-
-
4,257,610
20,220,314
10,531
-
-
Departmental activities
-
-
-
-
-
-
-
-
-
Student residence
-
-
6,992,462
-
-
6,992,462
-
-
-
Depreciation
-
-
-
-
-
-
-
3,300,000
-
44,713,643
5,232,782
7,775,750
2,669,575
12,287,037
72,678,787
10,531
8,779,067
2,508,768
(5,271,926)
16,224,597
(4,225,125)
8,659,607
(2,664,575)
(4,595,606)
13,398,898
(9,908)
(8,731,016)
(2,508,768)
5,271,926
Student financial support
Total operating expenses
Operating income (loss)
(2,465,942)
2,180,794
2,056,772
3,874,282
3,562,448
2,930,556
2,772,780
10,446,773
9,229,813
3,052,892
881,026
20,230,845
19,741,952
3,063,219
3,063,219
3,356,805
(3,063,219)
3,929,243
2,967,776
-
-
3,300,000
3,300,400
78,705,227
73,422,780
7,421,132
11,135,853
Transfers
Mandatory transfers in
Mandatory transfers out
Non mandatory transfers in
(1,310,773)
679,195
(185,167)
7,142,954
(2,577,848)
3,006,629
-
868,681
-
(144,905)
-
Non mandatory transfers out
(8,133,172)
(3,616,642)
(556,114)
(3,250)
Total transfers
(8,764,750)
3,341,145
(127,333)
(3,250)
1,448,883
868,681
-
3,867,022
(4,218,693)
-
(517,010)
-
-
4,735,703
535,497
-
-
(4,735,703)
(535,497)
12,277,661
-
517,899
-
-
12,795,560
11,271,897
(12,784,405)
-
(11,155)
-
-
(12,795,560)
(11,271,897)
1,697,432
(3,856,756)
-
3,856,756
-
-
-
-
(475,227)
Nonoperating revenues (expenses)
Federal Pell grants
-
-
-
-
2,600,000
2,600,000
-
261,677
-
-
2,861,677
2,760,938
Other Federal grants
-
-
-
-
-
-
-
-
-
-
-
-
State appropriations, operating
-
-
-
-
-
-
-
-
-
-
-
-
154,908
1,612,164
141,800
-
153,387
2,062,259
-
-
1,669,090
1,669,090
1,130,722
Investment income (loss)
-
-
-
Interest expense
-
-
-
Gift income
Loss on disposal of capital assets
Net nonoperating revenues
Income (loss) before other revenues
(51,738)
6
-
-
-
-
154,908
1,612,164
141,800
(51,738)
7,614,755
728,184
8,674,074
(2,719,563)
-
-
(51,732)
-
71,771
-
(1,689,797)
(1,084,438)
-
-
-
-
-
2,753,393
4,610,527
71,771
(822,761)
(20,707)
14,152,669
61,863
(5,697,021)
(2,529,475)
(144,781)
(2,062,259)
-
-
(1,669,758)
4,624,996
-
(1,084,438)
(1,123,447)
-
-
(55,370)
(2,062,259)
1,776,571
7,337,839
3,209,667
9,197,703
18,473,692
Other revenues
Capital appropriations
-
-
-
-
-
-
-
-
-
-
-
-
Capital grants and gifts
-
28,000
-
-
-
28,000
-
20,963
-
-
48,963
59,075
Gifts for permanent endow ment purposes
-
-
-
-
-
-
-
-
718,424
-
718,424
1,578,695
Other nonoperating revenues
-
-
-
-
-
-
-
-
32,867
-
32,867
58,554
Fund additions
-
-
-
-
-
-
-
3,209,667
-
(3,209,667)
-
-
-
28,000
-
-
-
28,000
-
3,230,630
751,291
(3,209,667)
800,254
1,696,324
7,614,755
756,184
8,674,074
(11,553,577)
17,207,640
$ (3,938,822) $ 17,963,824
7,889,018
$ 16,563,092
Total other revenues
Net increase (decrease) in net position
Net position, beginning of period
Net position, end of period
(2,719,563)
(274,138)
$ (2,993,701) $
(144,781)
3,852,396
3,707,615
5
14,180,669
61,863
17,121,339
$ 31,302,008
14,282,889
$ 14,344,752
(2,466,391)
174,617,871
$ 172,151,480
(1,778,184)
123,003,150
$ 121,224,966
$
-
9,997,957
20,170,015
-
329,025,249
$ 339,023,206
321,282,554
$ 341,452,569
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:
09/30/14
06/30/14
06/30/13
06/30/12
UNRESTRICTED BY FUND GROUPS:
GENERAL FUND
DESIGNATED FUND
AUXILIARY FUND
RETIREMENT FUND
PLANT FUND (Unrestricted funds)
BANK FUND
TOTAL UNRESTRICTED
($3,227,931)
18,399,235
15,947,023
(11,401,671)
(2,899,238)
16,817,418
($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)
DESIGNATED/RESTRICTED BY FUND GROUPS:
RETIREMENT FUND
EXPENDABLE RESTRICTED FUND
STUDENT LOAN FUND
PLANT FUND
AGENCY FUND
TOTAL RESTRICTED
TOTAL CASH & EQUIVALENTS
304
2,099,116
2,026,716
3,019,810
25,007
7,170,953
$23,988,371
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
$111,364
21,025,123
2,851,580
23,988,067
$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
305
305
$23,988,371
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
9/30/2014
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
TOTAL ACCOUNTS RECEIVABLE
$
-
6/30/13
6/30/12
$7,904,330
-
$7,741,657
-
$7,406,109
-
1,840,081
2,585,941
4,426,022
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
5,209,421
56,134
1,369,337
(71,139)
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)
$10,989,775
RESEARCH BILLED - AGING OF ACCOUNTS RECEIVABLE:
(IN DOLLARS)
9/30/2014
CURRENT ACCOUNTS
$1,223,986
0 TO 30 DAYS PAST DUE
264,056
31 TO 60 DAYS PAST DUE
126,308
61 TO 90 DAYS PAST DUE
51,395
OVER 90 DAYS PAST DUE
174,336
TOTAL RESEARCH BILLED
6/30/14
$1,840,081
RESEARCH BILLED - AGING OF ACCOUNTS RECEIVABLE:
(IN PERCENTAGE)
9/30/2014
CURRENT ACCOUNTS
67%
0 TO 30 DAYS PAST DUE
14%
31 TO 60 DAYS PAST DUE
7%
61 TO 90 DAYS PAST DUE
3%
OVER 90 DAYS PAST DUE
9%
8
$15,661,802
$18,415,374
$19,228,194
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
September 30, 2014
Company
Alion Science and Technology Corporation
American Axle Manufacturing
Argonne National Laboratory
Artemis Inc.
Bowdoin College
Cambridge Systematics, Inc.
Conservation of Arctic Flora And Fauna
Corning Inc
Craft Engineering Associates Inc
Deere and Company Accounts Payable Shared Services
Detroit Materials Inc
Electric Power Research Institute
Exo Terra Resource
Ford Motor Company
Gas Technology Institute
General Motors
Gowlings LaFleur Henderson LLP
Internet 2
J F Drake State Technical College
Kestrel Corporation
Leidos Inc
Leidos, Inc.
LimnoTech Inc
Massachusetts Institute of Technology
Matrix Research Inc
Michigan Dept of Environmental Quality
Michigan Department of Natural Resources
Michigan Dept of Labor & Economic Growth
Michigan Department of Natural Resources
Michigan Dept of Natural Resources
Mississippi State University
Michigan Dept of Transportation
National Center for Defense Manufacturing and Machining
National Concrete Pavement Technology Center
Nexteer Automotive Group Limited
Office of Naval Research
Ohio State University
Osmose Inc
Ozaukee Washington Land Trust, Inc.
Pennsylvania State University
Photonica Inc
Physio-Control Inc
Ricardo Inc
Sandia National Laboratories
SAPA AS Extrusions North America
SENES Consultants
Shewfelt, Carolyn
Southern Illinois University - Carbondale
Systems Research and Applications Corporation
Technology Service Corporation
Thermoanalytics Inc
3M Company
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
Current
41,683.33
19,843.46
4,424.05
3,803.57
10,000.00
50,000.00
7,786.00
3,231.98
5,128.00
64,000.00
14,171.91
13,865.75
11,215.80
2,666.58
46,913.18
2,521.35
15,085.86
2,044.91
7,794.80
25,610.00
14,148.00
34,664.06
130,308.24
103,806.86
23,092.00
209,436.52
6,721.99
44,170.00
1,953.14
6,145.50
7.42
570.00
8,709.04
1,053.93
20,600.44
16,000.00
5,118.00
33,946.01
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
0 to 30 Days
Past Due
251.00
985.98
14,908.00
48,000.00
10,012.00
20,428.11
11,174.64
9,862.88
510.95
5,320.87
7,389.20
4,633.50
77,211.24
2,955.93
2,863.88
5,000.00
325.00
808.48
7,572.54
9
31 - 60 Days
Past Due
$
202.37
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$ 13,865.75
$
8,235.16
$
$
$
$
2,747.00
$
$
$ 25,293.91
$
$ 13,011.10
$
$
$
$
$
$
$
$
$
$
$
$
$
$ 14,000.00
$
$
$
30.25
$
$
$
$
$
$
$
-
61 - 90 Days
Past Due
$
$
$
$
$
$
377.35
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
1,500.00
$
$
$
20,652.31
$
$
$
$
$
$
14,920.50
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
-
Over 90 Days
Past Due
$
$
8,541.00
$
$
36,500.00
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
11,065.16
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
33,733.75
$
$
$
$
$
$
$
$
$
$
$
-
Account Balance
$
42,136.70
$
8,541.00
$
19,843.46
$
36,500.00
$
4,424.05
$
5,166.90
$
14,908.00
$
10,000.00
$
48,000.00
$
50,000.00
$
17,798.00
$
3,231.98
$
5,128.00
$
64,000.00
$
14,171.91
$
20,428.11
$
11,174.64
$
27,731.50
$
29,313.84
$
510.95
$
7,987.45
$
54,302.38
$
6,768.35
$
15,085.86
$
2,044.91
$
57,011.38
$
7,794.80
$
13,011.10
$
25,610.00
$
14,148.00
$
34,664.06
$
145,228.74
$
103,806.86
$
4,633.50
$
23,092.00
$
286,647.76
$
9,677.92
$
44,170.00
$
1,953.14
$
9,009.38
$
33,741.17
$
14,000.00
$
570.00
$
8,709.04
$
30.25
$
5,000.00
$
325.00
$
1,862.41
$
20,600.44
$
16,000.00
$
5,118.00
$
41,518.55
Accounts Receivable Aging Report
Billed Research
September 30, 2014
Company
Titan Tire Corporation
UChicago Argonne LLC
University of Central Florida
University of Dayton Research Institute
University of Illinois at Urbana-Champaign
University of Maryland
University of Michigan
University of Nebraska - Lincoln
University of New Hampshire
UOP LLC
Upstate Freshwater Institute
URV USA LLC
US Dept of Agriculture
Federal Highway Administration
Water Research Foundation
Wisconsin Dept of Transportation
Xcel Energy Inc
Total Grants & Contracts Receivable
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
Current
9,689.00
3,013.42
22,629.68
27,203.93
35,904.75
23,549.92
2,541.00
3,637.94
18,603.65
675.39
21,295.54
43,000.00
1,223,985.90
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
0 to 30 Days
Past Due
500.00
3,349.01
6,058.95
23,933.69
264,055.85
10
31 - 60 Days
Past Due
$
$
$
$
$
$
$ 16,026.89
$
$
$
$
1,997.59
$
$
9,467.74
$ 21,430.23
$
$
$
$ 126,307.99
61 - 90 Days
Past Due
$
$
$
$
$
$
$
$
$
$
13,945.00
$
$
$
$
$
$
$
$
51,395.16
Over 90 Days
Past Due
$
$
$
$
$
$
$
$
$
$
$
$
70,000.00
$
$
$
$
14,495.80
$
$
174,335.71
Account Balance
$
10,189.00
$
3,013.42
$
3,349.01
$
22,629.68
$
27,203.93
$
41,963.70
$
39,576.81
$
2,541.00
$
3,637.94
$
13,945.00
$
20,601.24
$
70,000.00
$
10,143.13
$
45,363.92
$
21,295.54
$
14,495.80
$
43,000.00
$
1,840,080.61
09/30/14
06/30/14
06/30/13
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
$882,007
311,535
181,004
121,612
0
146,671
256,019
$1,898,848
$574,270
226,308
181,200
121,612
0
146,671
240,682
$1,490,743
$639,878
212,416
190,059
137,222
0
140,977
221,958
$1,542,510
$544,506
196,802
201,792
164,678
0
131,483
193,161
$1,432,422
20,000
261,327
20,000
211,327
20,000
99,996
20,000
0
$281,327
$231,327
$119,996
$20,000
0
13,525
602,125
0
0
615,650
$2,795,825
26,472
13,525
0
0
0
39,997
$1,762,067
32,616
13,524
0
96,109
0
142,249
$1,804,755
28,955
13,524
0
304,917
0
347,396
$1,799,818
$11,435,529
882,507
$12,318,036
$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
PROPERTY, PLANT and EQUIPMENT
Nondepreciable capital assets
LAND
MINERAL MUSEUM EXHIBITS
TIMBER
CONSTRUCTION IN PROGRESS
Beginning Balance
JUL 1, 2014
$
9,507,943
5,926,170
400,752
1,606,808
17,441,672
Depreciable capital assets
LAND IMPROVEMENTS
INFRASTRUCTURE
BUILDINGS
EQUIPMENT
LIBRARY BOOKS
SUBTOTAL
Total cost of capital assets
Less Accumulated Depreciation
CAPITAL ASSETS, net
Additions,
net of Disposals
$
9,507,943
5,926,170
400,752
2,360,160
18,195,024
1,572,426
5,017,454
360,060,873
39,459,724
510,518
406,620,995
806,273
806,273
1,572,426
5,017,454
360,060,873
40,265,997
510,518
407,427,268
424,062,668
1,559,624
425,622,292
(177,977,318)
$
- $
753,352
753,352
Ending Balance
SEP 30, 2014
246,085,350
12
(3,256,765)
$
(1,697,141) $
(181,234,083)
244,388,209
09/30/14
06/30/14
06/30/13
06/30/12
CURRENT LIABILITIES:
Accounts payable
VOUCHERS
MISCELLANEOUS
SALES TAX & MISC
BENEFITS PAYABLE
ACCRUAL
TOTAL
$869,291
324,823
50,388
1,243,157
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
$2,537,659
$4,594,905
$4,744,349
$4,602,384
$5,780,320
195,668
484,284
(210)
55,406
4,342,094
$10,857,562
$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
$3,131,903
$3,250,484
$2,939,265
$2,990,127
$2,844,399
2,844,399
810,000
21,901
441,505
$4,117,805
$20,644,929
$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
09/30/14
06/30/14
06/30/13
06/30/12
NONCURRENT LIABILITIES:
Insurance and benefit reserves
MISC - 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:
September 30, 2014
2004 ISSUE
$
June 30, 2014
-
$
June 30, 2013
-
$
June 30, 2012
-
$785,000
75,000
145,000
2,675,000
2006 ISSUE
-
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