Michigan Technological University
1400 Townsend Drive
Houghton, Michigan
Interim Financial Statements
for the nine months ending
March 31, 2013 and 2014
Prepared and Submitted
by
Michigan Tech Accounting Services
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. It is the
intention of the University to present these interim financial reports in a format that
reflects the adoption of the Governmental Accounting Standards Board (GASB)
Statement No. 35 financial reporting.
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 $450,000. The increase is due mostly to a $4 million increase
in cash, a $3 million decrease in receivables, and a $600,000 decrease in prepaid
expenses.
Noncurrent assets:
Noncurrent assets increased by $5.8 million. That increase can primarily be explained
by a $13.2 million increase in investments, due to continued good performance of the
financial markets, and a $6.7 million decrease in capital assets, as depreciation has
outpaced capital additions.
Current liabilities:
Current liabilities increased by $1.2 million, with the increases attributed to accounts
payable and other accrued liabilities.
Noncurrent liabilities:
Noncurrent liabilities are comparable to prior year with a slight increase of $215,000.
Net position:
Overall, net position has increased by $4.8 million in the first nine months of fiscal year
2014.
Income Statement Variances
Student tuition and fees:
An increase, net of tuition allowance, of $5.2 million through the combination of tuition
rate increases and the increase in student enrollment.
1
Grants and contracts:
Total research revenues decreased slightly by $14,000.
Auxiliary revenues:
Total auxiliary revenues increased by $2.2 million, primarily in student residence fees.
Salaries and wages:
Total salaries and wages increased by $2.1 million as a salary and wage increase went
info affect in November of 2013.
Fringe benefits:
Decreased by $1.2 million as we continue to see the effects of changing health care
providers at the beginning of calendar year 2013.
Supplies and services:
Increased by $3.0 million.
Scholarships and fellowships:
These are aid expenditures that are not netted against gross tuition revenues and are
primarily graduate tuition assistance programs and have increased by $215,000.
Gift income:
Gift income was down $2.8 million when compared to the prior year.
Investment return:
Improved by $1.9 million.
Capital appropriations:
Decreased by $1.1 million over the same period of the previous fiscal year.
Capital grants and gifts:
Increased by $64,000.
The Bottom Line:
The University had an increase in net position of $18.4 million the first nine months of
fiscal year 2014 compared to an increase in net position of $16.6 million in the first nine
months of fiscal year 2013; an increase in performance of $1.8 million.
2
Schedule of Net Position by Fund
March 31, 2014 and 2013
Current Funds
General
Auxiliary
Activities
Designated
Combined Total
Retirement
Insurance
Expendable Total Current
Restricted
Funds
Student Loan
Plant
Michigan Tech
Fund
Agency
FY 2014
FY 2013
Assets
Current assets
Cash and cash equivalents
$
Accounts receivable, net
(10,785,967) $ 16,864,936
6,947,675
Pledges receivable, net
Inventories
Deposits
Prepaid expenses
Other assets
$
290,965
(4,828,921) $
202,987
565,136
$ 20,666,711
5,300,619
12,960,728
-
1,616,470
-
-
-
-
-
-
186,355
-
1,430,115
-
-
$
1,976,062
$
442,616
$ 1,100,210
2,279
10,152
-
-
-
1,982,724
1,982,724
3,972,942
-
-
-
1,616,470
1,678,007
$
3,789,826
$
27,975,425
$
12,973,159
23,904,144
14,049,065
-
-
-
181,327
-
181,327
-
-
-
-
181,327
69,998
547,193
13,525
-
-
-
560,718
-
-
-
-
560,718
1,193,633
-
Total current assets
$ 18,851,527
218,482
(3,104,744)
-
-
17,096,943
20,572,607
(4,444,607)
-
-
-
-
-
145,399
145,399
115,700
5,865,755
35,985,954
1,976,062
444,895
1,110,362
5,917,949
45,435,222
44,983,489
12,585,050
Noncurrent assets
Student loans receivable, net
-
-
-
-
-
-
12,308,115
-
-
-
12,308,115
Pledges receivable, net
-
-
-
-
-
-
-
-
-
2,802,000
2,802,000
3,840,026
Investments
-
-
-
13,844,702
-
13,844,702
-
-
-
112,608,305
126,453,007
113,239,206
Beneficial interest in charitable remainder trusts
-
-
-
-
-
-
-
-
-
4,854,991
4,854,991
4,482,610
Land held for investment
-
-
-
-
-
-
-
9,566,301
-
308,800
9,875,101
9,572,015
254,504,709
Capital assets, net of depreciation
-
-
-
-
-
-
-
247,718,981
-
1,747
247,720,728
Other assets
-
-
-
-
-
-
-
978,544
-
951,578
1,930,122
1,909,681
Total noncurrent assets
-
-
-
13,844,702
-
13,844,702
12,308,115
258,263,826
-
121,527,421
405,944,064
400,133,297
(3,104,744) $ 17,096,943
$ 20,572,607
$
9,400,095
$ 5,865,755
$ 49,830,656
$ 14,284,177
$ 258,708,721
$ 1,110,362
$ 127,445,370
$ 451,379,286
$ 445,116,786
$
$
1,810,639
$
$
$
$
$
$
$
$
Total assets
$
Liabilities
Current liabilities
Current portion of L/T liabilities
$
Accounts payable
Other accrued liabilities
-
-
-
1,810,639
-
2,832,764
-
556,867
1,187,111
734,479
3,179,042
-
37,684
26,783
7,842,613
359,765
587,404
3,144,458
748,966
12,683,206
-
1,458
-
-
-
-
-
-
-
-
-
-
2,387,052
2,382,930
-
504,977
1,144,271
6,142,208
3,870,497
20,055,817
-
(4,122)
Total current liabilities
145,212
Current portion of annuity obligations
Unearned revenue
$
555,373
8,393,864
-
4,643,403
4,913,928
168,678
3,412,187
2,612,170
1,083,579
-
13,768,243
12,993,893
-
149,493
149,493
79,490
381,250
-
-
2,764,180
2,895,653
3,253,156
1,110,362
318,171
24,737,506
23,495,134
Noncurrent liabilities
Insurance and benefit reserves
-
-
-
770,036
-
770,036
-
-
-
-
770,036
1,031,704
Notes and bonds payable
-
-
-
-
-
-
-
79,755,886
-
-
79,755,886
79,832,278
-
Capital lease obligations
-
-
-
-
-
-
-
943,286
Annuity and pooled income obligations
-
-
-
-
-
-
-
-
-
943,286
907,117
4,757,976
4,757,976
4,255,984
Funds held for others
683,950
-
-
-
-
683,950
-
-
-
-
683,950
668,150
Total noncurrent liabilities
683,950
-
-
770,036
-
1,453,986
-
80,699,172
-
4,757,976
86,911,134
86,695,233
9,077,814
504,977
1,144,271
6,912,244
3,870,497
21,509,803
-
83,952,328
1,110,362
5,076,147
111,648,640
110,190,367
Total liabilities
Net position
Net increase (decrease) in net position
249,472
Net position, beginning of period
Total net position
Total liabilities and net position
$
560,529
9,829,173
5,079,270
15,126,267
178,945
-
7,478,658
18,448,092
16,645,441
(12,432,030)
16,031,437
9,599,163
(2,591,419)
2,587,435
13,194,586
14,105,232
179,092,171
-
114,890,565
321,282,554
318,280,978
(12,182,558)
16,591,966
19,428,336
2,487,851
1,995,258
28,320,853
14,284,177
174,756,393
-
122,369,223
339,730,646
334,926,419
(3,104,744) $ 17,096,943
$ 20,572,607
9,400,095
$ 5,865,755
$ 49,830,656
$ 14,284,177
$ 258,708,721
$ 1,110,362
$ 127,445,370
$ 451,379,286
$ 445,116,786
$
(592,177)
3
(4,335,778)
Schedule of Revenues, Expenses and Changes in Net Position by Fund by Object
For the Nine Months Ended March 31, 2014 and 2013
Current Funds
General
Designated
Combined Totals
Retirement & Expendable
Restricted
Insurance
Auxiliary
Activities
Total Current
Funds
Student Loan
Michigan Tech
Fund
Plant
Eliminations
FY 2014
FY 2013
Revenues
Operating revenues
Student tuition and fees
Federal grants and contracts
$ 108,773,171
7,445
$
-
$
913,148
-
$
-
$
-
$ 109,686,319
21,254,705
21,262,150
$
-
$
-
$
-
$ (36,196,485) $
-
-
73,489,834
21,262,150
$
68,332,903
21,292,443
State and local grants and contracts
-
-
-
-
2,069,512
2,069,512
-
-
-
-
2,069,512
1,613,305
Nongovernmental grants and contracts
-
-
-
-
9,425,122
9,425,122
-
50,000
-
-
9,475,122
9,914,749
(8,032,002)
Indirect cost recoveries
Educational activities
Student residence fees
8,032,002
-
-
-
608,176
2,728,515
620,530
169,848
-
-
-
-
-
-
-
100,749
4,227,818
695
22,645
-
-
4,251,158
3,187,275
21,565,363
-
-
22,906,379
5,334
60,811
7,767,030
117,426,128
2,789,326
32,207,087
166,994
Salaries & wages - non-faculty
23,290,525
4,335,902
5,767,268
1,512,443
6,790,255
41,696,393
-
-
-
-
41,696,393
40,193,181
Salaries & wages - faculty
32,472,942
373,292
31,261
103,474
1,891,754
34,872,723
-
-
-
-
34,872,723
34,472,296
Departmental activities
Total operating revenues
(2,854)
-
22,906,379
-
-
-
-
22,906,379
21,441
7,851,762
-
34,231
-
-
7,885,993
8,102,194
24,839,527
177,429,062
695
106,876
-
(36,196,485)
141,340,148
134,008,232
Expenses
Operating expenses
Salaries & wages - graduate students
3,627,850
492,640
304,868
-
2,811,509
7,236,867
-
-
-
-
7,236,867
6,746,502
Salaries & wages - undergrad students
1,191,223
432,884
1,027,974
-
592,187
3,244,268
-
-
-
-
3,244,268
3,443,016
Fringe benefits
21,292,359
1,478,207
2,023,794
Supplies and services
11,598,212
6,852,641
10,490,407
Student financial support
32,191,629
296,268
2,872,344
173,398
Utilities
Depreciation
Total operating expenses
Operating income (loss)
(1,978,439)
2,805,606
25,621,527
-
-
-
863,009
9,322,172
39,126,441
62,603
5,356,672
8,259,355
(12,373,682)
339,444
-
11,972,061
44,799,402
-
-
2,796,774
(38,993,259)
2,241,445
-
37,243
5,324,430
-
-
-
-
-
25,621,527
26,800,574
40,431,389
37,434,028
8,602,917
8,387,118
5,324,430
5,234,184
-
-
-
-
-
-
-
9,900,000
1,200
-
9,901,200
9,900,000
128,537,084
14,435,232
22,226,461
500,487
36,222,787
201,922,051
62,603
15,256,672
11,057,329
(51,366,941)
176,931,714
172,610,899
(11,110,956)
(11,645,906)
9,980,626
(333,493)
(11,383,260)
(24,492,989)
(61,908)
(15,149,796)
(11,057,329)
15,170,456
(35,591,566)
(38,602,667)
-
1,272,225
1,272,225
-
5,206,911
(5,654,115)
-
Transfers
Mandatory transfers in
Mandatory transfers out
Non mandatory transfers in
(1,212,243)
646,807
(205,661)
(3,657,158)
15,055,931
4,656,427
Non mandatory transfers out
(17,773,183)
(7,292,893)
(1,351,508)
Total transfers
Nonoperating revenues (expenses)
(18,338,619)
7,557,377
(352,239)
3,495,019
(579,053)
2,440,978
26,295,162
1,513
(1,641,794)
(28,101,673)
(1,513)
3,452,724
1,492,356
(6,188,401)
(42,295)
(825,021)
1,883,556
(77,045)
-
6,188,401
-
-
6,479,136
7,150,262
-
-
(6,479,136)
(7,150,262)
-
-
28,180,231
33,480,551
-
-
(28,180,231)
(33,480,551)
-
-
-
5,500,000
Federal Pell grants
-
-
-
-
5,498,928
5,498,928
-
523,687
-
-
6,022,615
Other Federal grants
-
-
-
-
-
-
-
-
-
-
-
577,721
29,294,232
-
-
-
-
29,294,232
-
-
-
-
29,294,232
28,440,927
404,815
4,649,058
200,786
-
3,792,399
9,047,058
-
-
-
-
-
1,960,039
7,400
1,967,439
240,853
State appropriations, operating
Gift income
Investment income (loss)
5,531,878
(9,047,058)
9,495,560
9,822,334
-
(3,017,635)
(3,338,544)
Interest expense
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(198,947)
29,699,047
4,649,058
200,786
1,960,039
9,298,727
45,807,657
240,853
(2,493,948)
15,027,438
(9,246,005)
49,335,995
49,329,295
249,472
560,529
9,829,173
5,079,270
15,126,267
178,945
(11,455,343)
3,970,109
5,924,451
13,744,429
10,726,628
Income (loss) before other revenues
(592,177)
-
8,384,786
11,703,852
Loss on disposal of capital assets
Net nonoperating revenues
(3,017,635)
5,531,878
-
(198,947)
(57,929)
Other revenues
Capital appropriations
-
-
-
-
-
-
-
Capital grants and gifts
-
-
-
-
-
-
-
-
-
1,247,138
(52,024)
-
-
1,247,138
(52,024)
1,183,748
1,035,092
Gifts for permanent endowment purposes
-
-
-
-
-
-
-
-
3,372,178
-
3,372,178
3,494,420
Other nonoperating revenues
-
-
-
-
-
-
-
-
136,371
-
136,371
205,553
Fund additions
-
-
-
-
-
-
-
5,924,451
-
(5,924,451)
-
-
-
-
-
-
-
-
-
7,119,565
3,508,549
(5,924,451)
4,703,663
5,918,813
249,472
560,529
9,829,173
(12,432,030)
16,031,437
$ (12,182,558) $ 16,591,966
9,599,163
$ 19,428,336
Total other revenues
Net increase (decrease) in net position
Net position, beginning of period
Net position, end of period
5,079,270
(592,177)
(2,591,419)
2,587,435
$ 2,487,851 $ 1,995,258
4
15,126,267
178,945
13,194,586
$ 28,320,853
14,105,232
$ 14,284,177
(4,335,778)
179,092,171
$ 174,756,393
7,478,658
-
18,448,092
16,645,441
114,890,565
$ 122,369,223
-
321,282,554
$ 339,730,646
318,280,978
$ 334,926,419
$
Schedule of Revenues, Expenses and Changes in Net Position by Fund by Function
For the Nine Months Ended March 31, 2014 and 2013
Current Funds
General
Auxiliary
Activities
Designated
Combined Totals
Retirement
Insurance
Expendable
Restricted
Total Current
Student Loan
Funds
$
Michigan Tech
Fund
Plant
Eliminations
FY 2014
FY 2013
Revenues
Operating revenues
Student tuition and fees
-
$ 109,686,319
7,445
-
-
-
21,254,705
21,262,150
-
-
-
-
21,262,150
21,292,443
State and local grants and contracts
-
-
-
-
2,069,512
2,069,512
-
-
-
-
2,069,512
1,613,305
Nongovernmental grants and contracts
-
-
-
-
9,425,122
9,425,122
-
50,000
-
-
9,475,122
9,914,749
8,032,002
-
-
-
(8,032,002)
-
-
-
-
-
-
-
608,176
2,728,515
620,530
169,848
100,749
4,227,818
695
22,645
-
-
4,251,158
3,187,275
21,565,363
Federal grants and contracts
Indirect cost recoveries
Educational activities
Student residence fees
Departmental activities
Total operating revenues
$ 108,773,171
$
-
$
913,148
-
-
22,906,379
5,334.00
60,811.00
7,767,030.00
117,426,128
2,789,326
32,207,087
$
-
(2,854.00)
166,994
$
-
$
-
$
-
$ (36,196,485) $
73,489,834
$
68,332,903
-
22,906,379
-
-
-
-
22,906,379
21,441.00
7,851,762
-
34,231
-
-
7,885,993
8,102,194
24,839,527
177,429,062
695
106,876
-
(36,196,485)
141,340,148
134,008,232
Expenses
Operating expenses
Instruction
47,498,157
1,709,227
-
-
167,709
49,375,093
-
-
-
(280,394)
49,094,699
47,806,770
Research
13,836,746
6,899,228
-
-
21,075,246
41,811,220
-
-
-
(2,246,834)
39,564,386
39,587,049
616,967
1,052,320
-
-
5,068,298
6,737,585
-
-
-
(17,222)
6,720,363
6,699,533
11,839,186
501,606
-
-
1,347
12,342,139
-
-
-
(110,249)
12,231,890
12,435,589
Public service
Academic support
Student services
Institutional support
Operations and maintenance of plant
5,125,354
786,489
3,098,059
-
126,343
9,136,245
-
-
-
(34,902)
9,101,343
9,419,875
11,045,242
2,820,621
-
58,912
18,643
13,943,418
-
779,688
8,259,355
(4,751,850)
18,230,611
17,165,484
(4,636,685)
10,460,150
9,262,346
(38,993,259)
2,794,216
2,801,190
9,412,535
665,741
-
441,575
-
10,519,851
-
4,576,984
29,162,897
-
-
-
9,765,201
38,928,098
62,603
-
2,796,774
Departmental activities
-
-
-
-
-
-
-
-
-
10,926,413
10,926,413
6,894,160
Student residence
-
-
19,128,402
-
-
19,128,402
-
-
-
(11,221,959)
7,906,443
10,638,903
Student financial support
Depreciation
Total operating expenses
Operating income (loss)
-
-
-
-
-
-
-
9,900,000
1,200
-
9,901,200
9,900,000
128,537,084
14,435,232
22,226,461
500,487
36,222,787
201,922,051
62,603
15,256,672
11,057,329
(51,366,941)
176,931,714
172,610,899
(11,110,956)
(11,645,906)
9,980,626
(333,493)
(11,383,260)
(24,492,989)
(61,908)
(15,149,796)
(11,057,329)
15,170,456
(35,591,566)
(38,602,667)
-
1,272,225
1,272,225
-
5,206,911
-
-
6,479,136
7,150,262
(5,654,115)
-
-
-
(6,479,136)
(7,150,262)
Transfers
Mandatory transfers in
Mandatory transfers out
Non mandatory transfers in
(1,212,243)
646,807
(205,661)
(3,657,158)
15,055,931
4,656,427
Non mandatory transfers out
(17,773,183)
(7,292,893)
(1,351,508)
Total transfers
(18,338,619)
7,557,377
(352,239)
Federal Pell grants
-
-
Other Federal grants
-
-
29,294,232
3,495,019
(579,053)
2,440,978
26,295,162
1,513
(1,641,794)
(28,101,673)
(1,513)
3,452,724
1,492,356
(6,188,401)
-
-
-
5,498,928
5,498,928
-
-
-
-
-
-
-
-
29,294,232
(42,295)
(825,021)
1,883,556
-
-
28,180,231
33,480,551
-
-
(28,180,231)
(33,480,551)
6,188,401
-
-
-
-
-
523,687
-
-
6,022,615
5,500,000
-
-
-
-
-
577,721
-
-
-
-
29,294,232
28,440,927
-
5,531,878
5,531,878
8,384,786
(77,045)
Nonoperating revenues (expenses)
State appropriations, operating
404,815
4,649,058
200,786
-
3,792,399
9,047,058
-
Investment income (loss)
Gift income
-
-
-
1,960,039
7,400
1,967,439
240,853
Interest expense
-
-
-
-
-
-
-
Loss on disposal of capital assets
(3,017,635)
(9,047,058)
9,495,560
-
11,703,852
9,822,334
-
-
(3,017,635)
(3,338,544)
-
-
-
-
-
-
-
-
-
(198,947)
29,699,047
4,649,058
200,786
1,960,039
9,298,727
45,807,657
240,853
(2,493,948)
15,027,438
(9,246,005)
49,335,995
49,329,295
249,472
560,529
9,829,173
5,079,270
(592,177)
15,126,267
178,945
(11,455,343)
3,970,109
5,924,451
13,744,429
10,726,628
Capital appropriations
-
-
-
-
-
-
-
(52,024)
-
-
Capital grants and gifts
-
-
-
-
-
-
-
1,247,138
-
-
1,247,138
1,183,748
Gifts for permanent endowment purposes
-
-
-
-
-
-
-
-
3,372,178
-
3,372,178
3,494,420
Other nonoperating revenues
-
-
-
-
-
-
-
-
136,371
-
136,371
205,553
Fund additions
-
-
-
-
-
-
-
5,924,451
-
(5,924,451)
-
-
-
-
-
-
-
-
-
7,119,565
3,508,549
(5,924,451)
4,703,663
5,918,813
249,472
560,529
9,829,173
(12,432,030)
16,031,437
$ (12,182,558) $ 16,591,966
9,599,163
$ 19,428,336
Net nonoperating revenues
Income (loss) before other revenues
(198,947)
(57,929)
Other revenues
Total other revenues
Net increase (decrease) in net position
Net position, beginning of period
Net position, end of period
5,079,270
(592,177)
(2,591,419)
2,587,435
$ 2,487,851 $ 1,995,258
5
15,126,267
178,945
13,194,586
$ 28,320,853
14,105,232
$ 14,284,177
(4,335,778)
179,092,171
$ 174,756,393
(52,024)
1,035,092
7,478,658
-
18,448,092
16,645,441
114,890,565
$ 122,369,223
-
321,282,554
$ 339,730,646
318,280,978
$ 334,926,419
$
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:
03/31/14
UNRESTRICTED BY FUND GROUPS:
GENERAL FUND
DESIGNATED FUND
AUXILIARY FUND
RETIREMENT FUND
PLANT FUND (Unrestricted funds)
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
RIVER VALLEY BANK
SUPERIOR NATIONAL BANK
Comingled cash total
$
$
$
Designated/Restricted cash and equivalents:
R&I FUND - FIDELITY CASH
2012 BOND ISSUE FUNDS
TOTAL
$
06/30/13
06/30/12
06/30/11
(10,785,967) $
16,864,936
18,851,527
(4,829,252)
(3,662,214)
16,439,030
(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)
(13,218,186)
17,300,527
5,591,848
(1,043,337)
(4,947,025)
3,683,827
330
565,136
1,976,061
4,104,829
1,100,210
7,746,566
24,185,596 $
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 $
1,771,400
(2,914,774)
1,439,030
7,756,761
1,380,303
9,432,720
13,116,547
307,583 $
18,541,849
3,040
5,332,793
24,185,265
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
147,129
7,522,553
2,999
3,672,466
11,345,147
331
0
331
24,185,596 $
1,935
0
1,935
3,642,285 $
2,072,704
852,156
2,924,860
8,387,277 $
1,771,400
0
1,771,400
13,116,547
7
6/30/13
6/30/12
5,269,554 $
7,741,657 $
7,406,109 $
8,713,492
2,978,013
2,080,218
5,058,231
2,830,959
4,554,513
7,385,472
2,795,383
4,989,356
7,784,739
3,389,102
5,193,434
8,582,536
1,595,791
107,483
998,351
(56,251)
1,598,402
336,238
1,454,442
(100,837)
446,651
325,872
3,330,451
(65,628)
512,052
287,321
3,148,431
(66,496)
3/31/2014
ACCOUNTS AND NOTES RECEIVABLE:
ALL ACCOUNTS RECEIVABLE:
STATE OF MICHIGAN-APPROPRIATIONS $
RESEARCH:
BILLED
UNBILLED (mostly current month)
STUDENT RELATED
VENDOR RELATED
MISCELLANEOUS
ALLOWANCE FOR DOUBTFUL A/C'S
6/30/11
TOTAL ACCOUNTS RECEIVABLE $ 12,973,159 $ 18,415,374 $ 19,228,194 $ 21,177,336
RESEARCH BILLED - AGING OF ACCOUNTS RECEIVABLE:
(IN DOLLARS)
3/31/2014
CURRENT ACCOUNTS
$
1,848,942 $
0 TO 30 DAYS PAST DUE
636,073
31 TO 60 DAYS PAST DUE
299,483
61 TO 90 DAYS PAST DUE
38,795
OVER 90 DAYS PAST DUE
154,720
TOTAL RESEARCH BILLED
$
2,978,013 $
RESEARCH BILLED - AGING OF ACCOUNTS RECEIVABLE:
(IN PERCENTAGE)
3/31/2014
CURRENT ACCOUNTS
62%
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
5%
8
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
06/30/11
1,774,614
516,121
509,560
89,374
499,433
2,830,959 $
2,795,383 $
3,389,102
06/30/13
72%
9%
11%
1%
7%
06/30/12
59%
10%
17%
1%
13%
06/30/11
52%
15%
15%
3%
15%
Accounts Receivable Aging Report
Billed Research
March 31, 2014
Company
Alion Science and Technology Corporation
American Axle Manufacturing
Arch Wood Protection
Argonne National Laboratory
Artemis Inc.
Bendix Commercial Vehicle Systems LLC
Board of Supervisors of Louisiana State University
BorgWarner Inc
Bowdoin College
Cambridge Systematics, Inc.
Chrysler Corporation
Cleveland Medical Devices Inc
Colorado State University
Corning Inc
Cummins Emission Solutions
Detroit Diesel Corporation
E B Clean Energy Ltd
Enbridge Energy, Limited Partnership
Ford Motor Corp - Ford Rsch & Adv Eng
Gas Technology Institute
General Motors Corporation
GLSV Engineering & Consulting
Gowlings LaFleur Henderson LLP
Hankook Tire
Hannahville Indian Community
HB Performance Systems
Helios Remote Sensing Systems
IMECO, Inc
International Cryosphere Climate Initiative
Internet 2
Johnson-Matthey Inc
Keweenaw NHP Advisory Commission
Kumho Tire
Leidos, Inc.
LimnoTech Inc
Massachusetts Institute of Technology
Michelin North America
Minnesota Dept of Transportation
Mississippi State University
Michigan Dept of Transportation
Mobility Research Inc
Mosaic Crystals Inc
Nissan Technical Center North America
North Carolina State University
North Central Technical College
Nostrum Energy
Office of Naval Research
Oxane Materials Inc
Pennsylvania State University
Photonica Inc
Rio Tinto Minerals (U.S. Borax)
Somero Enterprises Inc
Systems & Technology Research LLC
Systems Research and Applications Corporation
Tesla Motors Inc
3M Company
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
Current
22,136.74
8,541.00
14,687.50
28,790.18
12,500.00
243,609.00
1,343.19
57,340.00
6,350.81
628.57
81,519.00
10,000.00
50,000.00
45,000.00
86,392.00
5,522.16
20,000.00
620.00
10,344.35
1,030.00
10,667.00
2,377.00
13,765.99
15,000.00
2,884.00
10,760.00
47,487.45
958.97
7,165.76
108,655.50
50,349.00
21,084.66
158,042.45
26,145.20
25,000.00
2,757.00
7,719.00
33,900.00
84,429.03
4,615.80
413.75
23,576.31
3,607.00
25,361.18
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
0 to 30 Days
Past Due
392.77
12,500.00
377.25
176,123.00
207.90
25,000.00
112,896.05
18,054.00
1,972.19
44,000.00
9,510.00
13,765.99
511.26
57,737.64
30,000.00
33,900.00
10,975.07
800.00
4,095.90
33,686.00
-
9
31 - 60 Days
Past Due
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
2,763.93
$
$
$
$
$
$ 57,746.00
$ 225,759.91
$
$
4,186.17
$
$
$
$
$
$
$
-
61 - 90 Days
Past Due
$
$
$
$
$
12,500.00
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
7,315.43
$
$
$
$
$
$
4,800.00
$
3,679.95
$
$
$
$
10,500.00
$
$
$
$
$
-
Over 90 Days
Past Due
$
$
$
$
$
$
$
$
$
$
$
$
11,447.00
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
34,627.80
$
$
$
$
$
$
$
$
$
$
33,833.75
$
$
$
$
$
$
-
Account Balance
$
22,136.74
$
8,541.00
$
14,687.50
$
29,182.95
$
37,500.00
$
243,609.00
$
1,343.19
$
57,340.00
$
6,350.81
$
1,005.82
$
257,642.00
$
11,447.00
$
207.90
$
10,000.00
$
25,000.00
$
50,000.00
$
45,000.00
$
86,392.00
$
112,896.05
$
5,522.16
$
20,000.00
$
620.00
$
10,344.35
$
18,054.00
$
1,972.19
$
1,030.00
$
44,000.00
$
10,667.00
$
11,887.00
$
27,531.98
$
15,000.00
$
2,884.00
$
10,760.00
$
47,998.71
$
958.97
$
7,165.76
$
108,655.50
$
50,349.00
$
21,084.66
$
260,487.25
$
26,145.20
$
25,000.00
$
2,757.00
$
30,000.00
$
7,719.00
$
130,346.00
$
324,843.96
$
800.00
$
12,897.87
$
33,833.75
$
10,500.00
$
413.75
$
23,576.31
$
3,607.00
$
33,686.00
$
25,361.18
Accounts Receivable Aging Report
Billed Research
March 31, 2014
Company
University of Illinois at Urbana-Champaign
University of Maryland
University of Maryland College Park
University of Michigan
University of Minnesota-Duluth
University of Nebraska - Lincoln
University of New Hampshire
University of Wisconsin-Madison
UOP LLC
Upstate Freshwater Institute
URV USA LLC
USDA, Agricultural Research Service
Federal Highway Administration
Virginia Polytechnic Institute & State University
Wade Trim
Waltonen Engineering Inc
Wyoming Wildlife and Natural Resource Trust Account
Xcel Energy Inc
Yokohama Tire Corp
Total Grants & Contracts Receivable
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
Current
34,244.59
10,126.98
14,372.35
539.02
1,709.40
1,085.77
12,805.01
13,945.00
1,310.41
8,015.23
186,089.80
4,122.24
50,033.00
10,890.00
1,887.60
43,000.00
46,148.00
1,848,942.06
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
0 to 30 Days
Past Due
5,706.59
7,113.42
2,016.44
2,759.76
13,945.00
2,284.90
1,668.80
636,072.71
10
31 - 60 Days
Past Due
$
$
9,026.89
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
299,482.90
61 - 90 Days
Past Due
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
38,795.38
Over 90 Days
Past Due
$
$
$
$
$
$
$
$
$
$
$
70,000.00
$
$
$
$
$
$
$
$
154,719.57
Account Balance
$
39,951.18
$
26,267.29
$
2,016.44
$
14,372.35
$
539.02
$
1,709.40
$
1,085.77
$
15,564.77
$
27,890.00
$
3,595.31
$
70,000.00
$
9,684.03
$
186,089.80
$
4,122.24
$
50,033.00
$
10,890.00
$
1,887.60
$
43,000.00
$
46,148.00
2,978,012.62
03/31/14
06/30/13
06/30/12
06/30/11
OTHER CURRENT ASSETS AND STUDENT LOANS:
OTHER CURRENT ASSETS
INVENTORIES:
BOOKSTORE
UNIVERSITY IMAGES
CENTRAL HEATING OIL
IT TELCOM
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
TOTAL DEFERRED EXPENSES
TOTAL CURRENT OTHER ASSETS
STUDENT LOANS:
FEDERAL PERKINS LOANS, net
TECHAID LOANS
TOTAL STUDENT LOANS
$
$
$
685,927 $
194,145
186,355
137,222
140,977
271,844
1,616,470 $
639,878 $
212,416
190,059
137,222
140,977
221,958
1,542,510 $
544,506 $
196,802
201,792
164,678
131,483
193,161
1,432,422 $
657,176
193,206
212,031
161,141
123,307
177,568
1,524,429
20,000
161,327
20,000
99,996
20,000
0
20,000
0
181,327
119,996
20,000
20,000
0
13,524
547,193
0
560,717
2,358,514 $
32,616
13,524
0
96,109
142,249
1,804,755 $
28,955
13,524
0
304,917
347,396
1,799,818 $
40,301
13,524
0
0
53,825
1,598,254
11,373,518 $
934,597
12,308,115 $
11,122,847 $
1,018,508
12,141,355 $
11,114,050 $
1,093,163
12,207,213 $
11,319,472
1,134,936
,
,
12,454,408
11
PROPERTY, PLANT and EQUIPMENT
Nondepreciable capital assets
LAND
MINERAL MUSEUM EXHIBITS
TIMBER
CONSTRUCTION IN PROGRESS
Beginning Balance
JUL 1, 2013
$
Depreciable capital assets
LAND IMPROVEMENTS
INFRASTRUCTURE
BUILDINGS
EQUIPMENT
LIBRARY BOOKS
SUBTOTAL
Total cost of capital assets
Less Accumulated Depreciation
CAPITAL ASSETS, net
9,427,943
5,861,639
400,752
2,218,051
17,908,385
Additions,
net of Disposals
$
9,427,943
5,861,639
400,752
1,066,685
16,757,018
1,645,508
5,194,538
358,066,995
43,005,937
947,926
408,860,904
0
0
1,115,494
3,549,929
0
4,665,423
1,645,508
5,194,538
359,182,489
46,555,866
947,926
413,526,327
426,769,288
3,514,057
430,283,345
(172,972,965)
$
- $
0
0
-1,151,366
-1,151,366
Ending Balance
MAR 1, 2014
253,796,324
12
(9,591,399)
$
(6,077,343) $
(182,564,364)
247,718,981
03/31/14
06/30/13
06/30/12
06/30/11
CURRENT LIABILITIES:
Accounts payable
VOUCHERS
MISCELLANEOUS
SALES TAX & MISC
BENEFITS PAYABLE
ACCRUAL
TOTAL
$
1,986,833 $
60,846
8,720
1,137,112
50,000
2,707,069 $
11,106
7,265
576,588
1,442,321
2,354,745 $
18,370
9,896
574,005
1,645,368
3,505,580
19,183
11,108
530,481
2,239,281
$
3,243,511 $
4,744,349 $
4,602,384 $
6,305,633
$
$
5,094,572 $
196,494
3,364,391
(1,619)
1,024,669
4,089,735
13,768,242 $
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 $
3,955,184
490,261
1,615,818
(607)
680,571
3,733,268
10,474,495
$
2,764,179 $
2,939,265 $
2,990,127 $
3,032,505
$
2,832,764 $
0
0
2,832,764
0
1,480,000
61,793
268,846
4,643,403 $
24,419,335 $
2,802,764 $
0
0
2,802,764
0
1,480,000
61,793
268,846
4,613,403 $
21,485,851 $
2,240,000 $
0
0
2,240,000
207,911
1,750,000
503,314
251,000
4,952,225 $
20,995,821 $
1,585,000
223,164
100,000
1,908,164
207,911
1,630,000
941,816
193,000
4,880,891
24,693,524
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
03/31/14
06/30/13
06/30/12
06/30/11
NONCURRENT LIABILITIES:
Insurance and benefit reserves
MISC - LONG TERM PORTION
ESP LONG TERM PORTION
OTHER POST EMPLOYMENT BENEFITS
TOTAL
DUE TO MICHIGAN TECH FUND
$
$
- $
0
770,036
770,036 $
- $
0
770,036
770,036 $
166,596 $
0
942,704
1,109,300 $
$
-
-
-
14
$
$
$
158,753
207,911
1,009,984
1,376,648
-
NOTES AND BONDS PAYABLE
LONG TERM PORTION OF BONDS PAYABLE:
March 31, 2014
June 30, 2013 June 30, 2012
June 30, 2011 June 30, 2010
2003 ISSUE
0
0
0
4,080,000
4,190,000
2004 ISSUE
0
0
785,000
28,695,000
29,430,000
2004 ISSUE PREMIUM
0
0
0
764,527
798,381
75,000
145,000
2,675,000
2,740,000
2,790,000
0
0
0
0
4,213
5,215,000
5,340,000
15,435,000
15,560,000
15,685,000
213,135
213,135
533,050
553,553
574,055
2009 ISSUE
16,400,000
16,785,000
17,160,000
17,525,000
17,885,000
2010 ISSUE
8,900,000
9,570,000
10,230,000
10,770,000
0
2012 ISSUE
31,320,000
32,475,000
32,800,000
0
0
2,569,729
2,569,729
2,658,342
0
0
14,305,000
14,110,000
0
0
0
758,022
758,022
0
0
0
82,276,392
$ 80,688,080
$ 71,356,649
2006 ISSUE
2006 ISSUE PREMIUM
2008 ISSUE
2008 ISSUE PREMIUM
2012 ISSUE PREMIUM
2013 ISSUE
2013 ISSUE PREMIUM
TOTAL
$
79,755,886
$
81,965,886
15
$