Michigan Technological University
1400 Townsend Drive
Houghton, Michigan
Interim Financial Statements
for the six months ending
December 31, 2013 and 2012
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 $3.5 million. The increase is due mostly to increases in
student receivables for spring tuition, and in research receivables.
Noncurrent assets:
Noncurrent assets increased by $9.6 million. That increase can primarily be explained
by a $15.7 million increase in investments, due to continued good performance of the
financial markets, and a $5.7 million decrease in capital assets, as depreciation has
outpaced capital additions.
Current liabilities:
Current liabilities increased by $6.8 million. Unearned spring tuition revenue accounted
for the increase.
Noncurrent liabilities:
Noncurrent liabilities are comparable to prior year with a slight increase of $300,000.
Net position:
Overall, net position has increased by $5.2 million in the first six months of fiscal year
2014.
Income Statement Variances
Student tuition and fees:
An increase, net of tuition allowance, of $617,000 through the combination of tuition
rate increases and the increase in student enrollment.
1
Grants and contracts:
Total research revenues decreased by $435,000, with the decreases being in federal
contracts and nongovernmental contracts.
Auxiliary revenues:
Total auxiliary revenues increased by $869,000, primarily in student residence fees.
Salaries and wages:
Total salaries and wages increased by $1.2 million as a salary and wage increase went
info affect in November of 2013.
Fringe benefits:
Decreased by $896,000 as we continue to see the effects of changing health care
providers at the beginning of calendar year 2013.
Supplies and services:
Decreased by $1.4 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 $780,000.
Gift income:
Gift income was down $574,000 when compared to the prior year.
Investment return:
Improved by $2.6 million over the first six months of fiscal year 2013.
Capital appropriations:
Decreased by $395,000 over the same period of the previous fiscal year.
Capital grants and gifts:
Increased by $347,000 over fiscal year 2013.
The Bottom Line:
The University had a decrease in net position of $3 million the first six months of fiscal
year 2014 compared to a decrease in net position of $8.2 million in the first six months of
fiscal year 2013; an increase in performance of $5.2 million.
2
Schedule of Net Position by Fund
December 31, 2013 and 2012
Current Funds
General
Auxiliary
Activities
Designated
Combined Total
Expendable Total Current
Funds
Restricted
Student Loan
Retirement
Insurance
Plant
Michigan Tech
Fund
Agency
FY 2014
FY 2013
Assets
Current assets
Cash and cash equivalents
$
Accounts receivable, net
Pledges receivable, net
Inventories
Deposits
Prepaid expenses
Other assets
Total current assets
(28,461,061) $ 16,552,378
$ 21,701,646
$
(5,180,296) $ (1,667,270) $
2,945,397
$
854,950
$ 1,620,152
-
$
4,317
6,593
$
4,671,023
-
$
12,342,375
63,866,338
$
12,756,984
-
-
-
2,275,207
2,275,207
3,778,848
-
-
-
-
2,463,685
2,399,770
39,027
512,444
182,482
7,356,710
-
-
-
-
-
189,605
-
2,274,080
-
-
-
-
-
220,000
-
220,000
-
-
-
-
220,000
20,000
1,094,384
13,524
-
-
-
1,107,908
-
-
-
-
1,107,908
1,735,633
-
-
-
28,587,693
16,604,929
24,488,170
(4,777,814)
63,855,428
2,250,853
55,764,765
2,463,685
58,037,702
-
-
-
-
-
105,956
105,956
141,583
5,689,440
70,592,418
2,250,853
859,267
1,626,745
7,052,186
82,381,469
78,870,520
12,285,446
Noncurrent assets
Student loans receivable, net
-
-
-
-
-
-
11,963,461
-
-
-
11,963,461
Pledges receivable, net
-
-
-
-
-
-
-
-
-
2,874,545
2,874,545
3,776,576
Investments
-
-
-
13,598,379
-
13,598,379
-
-
-
109,961,050
123,559,429
107,824,910
Beneficial interest in charitable remainder trusts
-
-
-
-
-
-
-
-
-
4,854,847
4,854,847
4,482,610
Land held for investment
-
-
-
-
-
-
-
9,566,301
-
359,790
9,926,091
9,562,015
256,087,378
Capital assets, net of depreciation
-
-
-
-
-
-
-
250,394,528
-
2,547
250,397,075
Other assets
-
-
-
-
-
-
-
978,544
-
962,266
1,940,810
1,912,209
Total noncurrent assets
-
-
-
13,598,379
-
13,598,379
11,963,461
260,939,373
-
119,015,045
405,516,258
395,931,144
28,587,693
$ 16,604,929
$ 24,488,170
$
8,820,565
$ 5,689,440
$ 84,190,797
$ 14,214,314
$ 261,798,640
$ 1,626,745
$ 126,067,231
$ 487,897,727
$ 474,801,664
$
$
$
1,810,639
$
$
$
$
$
$
$
$
Total assets
$
Liabilities
Current liabilities
Current portion of L/T liabilities
$
Accounts payable
Other accrued liabilities
Current portion of annuity obligations
-
-
-
-
1,810,639
-
2,832,764
-
-
252,766
91,380
489,249
914,577
55,211
1,803,183
-
43,903
4,804
(1,605)
4,935,202
215,690
455,582
3,474,628
479,437
9,560,539
-
1,459
1,621,941
-
4,643,403
4,913,928
1,850,286
2,408,979
11,183,939
10,542,107
-
-
-
-
-
-
-
-
-
257,122
257,122
160,278
Unearned revenue
51,283,078
-
10,720,000
-
2,405,996
64,409,074
-
381,250
-
-
64,790,324
57,852,822
Total current liabilities
56,471,046
307,070
11,664,831
6,199,844
2,940,644
77,583,435
-
3,259,376
1,626,745
255,517
82,725,074
75,878,114
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
-
Noncurrent liabilities
Capital lease obligations
-
-
-
-
-
-
-
943,286
Annuity and pooled income obligations
-
-
-
-
-
-
-
-
-
943,286
907,117
4,816,665
4,816,665
4,241,584
Funds held for others
609,450
-
-
-
-
609,450
-
-
-
-
609,450
592,250
Total noncurrent liabilities
609,450
-
-
770,036
-
1,379,486
-
80,699,172
-
4,816,665
86,895,323
86,604,933
57,080,496
307,070
11,664,831
6,969,880
2,940,644
78,962,921
-
83,958,548
1,626,745
5,072,182
169,620,397
162,483,047
Total liabilities
Net position
Net increase (decrease) in net position
(16,060,773)
266,422
3,224,176
4,442,104
-
6,104,484
Net position, beginning of period
(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
320,519,430
(28,492,803)
16,297,859
12,823,339
1,850,685
2,748,796
5,227,876
14,214,314
177,840,092
-
120,995,049
318,277,330
312,318,617
$ 16,604,929
$ 24,488,170
8,820,565
$ 5,689,440
$ 84,190,797
$ 14,214,314
$ 261,798,640
$ 1,626,745
$ 126,067,231
$ 487,897,727
$ 474,801,664
Total net position
Total liabilities and net position
$
28,587,693
$
161,361
3
(7,966,710)
109,082
(1,252,079)
(3,005,224)
(8,200,813)
Schedule of Revenues, Expenses and Changes in Net Position by Fund by Object
For the Six Months Ended December 31, 2013 and 2012
Combined Totals
Current Funds
General
Auxiliary
Activities
Designated
Retirement & Expendable
Insurance
Restricted
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
$ 56,392,955
45
$
-
$
902,842
-
$
-
-
$ 57,295,797
14,589,361
14,589,406
$
$
-
$
-
$
-
$ (18,907,613) $
-
-
38,388,184
14,589,406
$
37,771,655
14,956,618
State and local grants and contracts
-
-
-
-
1,429,376
1,429,376
-
-
-
-
1,429,376
1,096,830
Nongovernmental grants and contracts
-
-
-
-
5,757,575
5,757,575
-
-
-
-
5,757,575
6,157,468
(5,393,406)
Indirect cost recoveries
Educational activities
5,393,406
-
-
-
470,151
1,764,202
391,028
-
-
-
-
-
-
-
-
64,567
2,689,948
125
-
-
-
2,690,073
2,097,526
11,562,792
-
-
11,961,028
-
11,961,028
-
-
-
-
11,961,028
3,303
42,537
5,052,031
(2,854)
11,088
5,106,105
-
27,756
-
-
5,133,861
5,255,877
62,259,860
1,806,739
18,306,929
(2,854)
16,458,561
98,829,235
125
27,756
-
(18,907,613)
79,949,503
78,898,766
Salaries & wages - non-faculty
15,505,492
2,942,807
3,823,230
876,161
4,576,201
27,723,891
-
-
-
-
27,723,891
26,862,796
Salaries & wages - faculty
19,958,694
338,029
15,420
91,174
1,482,922
21,886,239
-
-
-
-
21,886,239
21,664,072
Student residence fees
Departmental activities
Total operating revenues
-
Expenses
Operating expenses
Salaries & wages - graduate students
Salaries & wages - undergrad students
Fringe benefits
Supplies and services
Student financial support
Utilities
Depreciation
Total operating expenses
Operating income (loss)
2,250,762
409,591
191,874
-
1,978,842
4,831,069
-
-
-
-
4,831,069
4,514,644
863,778
348,780
725,210
-
434,808
2,372,576
-
-
-
-
2,372,576
2,564,828
-
1,911,348
16,853,744
-
-
-
887,054
5,806,737
25,357,644
49,336
4,600,127
5,535,396
(9,553,435)
312,263
-
6,481,953
25,521,644
-
-
1,669,320
(20,576,933)
1,231,466
-
24,543
2,821,976
-
-
-
13,709,767
1,024,701
1,339,230
7,215,519
4,163,747
7,284,587
18,584,789
142,639
1,471,961
94,006
(1,131,302)
-
16,853,744
17,749,779
25,989,068
27,391,469
6,614,031
5,834,036
2,821,976
2,984,000
-
-
-
-
-
-
-
6,600,000
400
-
6,600,400
6,603,000
79,560,762
9,464,300
14,923,280
723,087
22,697,354
127,368,783
49,336
11,200,127
7,205,116
(30,130,368)
115,692,994
116,168,624
(17,300,902)
(7,657,561)
3,383,649
(725,941)
(6,238,793)
(28,539,548)
(49,211)
(11,172,371)
(7,205,116)
11,222,755
(35,743,491)
(37,269,858)
-
3,574,689
Transfers
Mandatory transfers in
Mandatory transfers out
(905,204)
(105,931)
(2,581,173)
9,735,803
3,383,102
Non mandatory transfers out
(13,422,385)
(4,754,370)
(1,130,580)
Total transfers
Nonoperating revenues (expenses)
(13,882,888)
4,875,502
Non mandatory transfers in
444,701
(328,651)
-
869,516
-
(334,715)
869,516
(3,927,023)
-
(517,182)
1,818,049
18,876,674
-
(1,040,952)
(20,390,582)
-
3,452,724
1,311,898
(4,571,415)
-
4,571,415
3,495,019
(42,295)
1,522,218
(8,310)
-
-
4,444,205
5,016,112
-
-
(4,444,205)
(5,016,111)
-
-
20,398,892
21,625,271
-
-
(20,398,892)
(21,626,136)
-
-
-
(864)
2,700,000
Federal Pell grants
-
-
-
-
2,798,928
2,798,928
-
262,010
-
-
3,060,938
Other Federal grants
-
-
-
-
-
-
-
-
-
-
-
290,744
14,802,966
-
-
-
-
14,802,966
-
-
-
-
14,802,966
14,247,897
320,051
3,048,481
169,178
-
2,289,286
5,826,996
-
-
-
-
-
1,715,321
42
1,715,363
158,293
State appropriations, operating
Gift income
Investment income (loss)
3,670,514
(1,123,447)
3,670,514
4,245,105
-
8,165,840
5,583,751
-
(1,123,447)
(1,339,124)
(5,826,996)
6,292,184
-
Interest expense
-
-
-
-
-
-
-
Loss on disposal of capital assets
-
-
-
-
-
-
-
-
-
(84,704)
15,123,017
3,048,481
169,178
1,715,321
5,088,256
25,144,253
158,293
(861,437)
9,962,698
(5,911,700)
28,492,107
25,680,660
266,422
3,224,176
4,442,104
161,361
(7,966,710)
109,082
(7,462,393)
2,757,582
5,311,055
(7,251,384)
(11,590,062)
Net nonoperating revenues
Income (loss) before other revenues
(16,060,773)
(84,704)
(47,713)
Other revenues
Capital appropriations
-
-
-
-
-
-
-
(52,024)
-
-
(52,024)
342,908
Capital grants and gifts
-
-
-
-
-
-
-
951,283
-
-
951,283
604,125
Gifts for permanent endowment purposes
-
-
-
-
-
-
-
-
3,255,775
-
3,255,775
2,342,216
Other nonoperating revenues
-
-
-
-
-
-
-
-
91,127
-
91,127
100,000
Fund additions
-
-
-
-
-
-
-
5,311,055
-
(5,311,055)
-
-
-
-
-
-
-
-
-
6,210,314
3,346,902
(5,311,055)
4,246,161
3,389,249
4,442,104
161,361
Total other revenues
Net increase (decrease) in net position
Net position, beginning of period
Net position, end of period
266,422
3,224,176
16,031,437
(12,432,030)
$ (28,492,803) $ 16,297,859
(16,060,773)
9,599,163
$ 12,823,339
(2,591,419)
2,587,435
$ 1,850,685 $ 2,748,796
4
(7,966,710)
13,194,586
$ 5,227,876
109,082
14,105,232
$ 14,214,314
(1,252,079)
179,092,171
$ 177,840,092
6,104,484
-
114,890,565
$ 120,995,049
-
$
(3,005,224)
321,282,554
$ 318,277,330
(8,200,813)
320,519,430
$ 312,318,617
Schedule of Revenues, Expenses and Changes in Net Position by Fund by Function
For the Six Months Ended December 31, 2013 and 2012
Current Funds
General
Auxiliary
Activities
Designated
Combined Totals
Retirement
Insurance
Expendable
Restricted
Total Current
Student Loan
Funds
$
-
$ 57,295,797
14,589,361
14,589,406
Michigan Tech
Fund
Plant
Eliminations
FY 2014
FY 2013
Revenues
Operating revenues
Student tuition and fees
Federal grants and contracts
$ 56,392,955
45
$
-
$
902,842
-
$
-
$
-
$
-
$
-
$ (18,907,613) $
-
-
38,388,184
14,589,406
$
37,771,655
14,956,618
State and local grants and contracts
-
-
-
-
1,429,376
1,429,376
-
-
-
-
1,429,376
1,096,830
Nongovernmental grants and contracts
-
-
-
-
5,757,575
5,757,575
-
-
-
-
5,757,575
6,157,468
(5,393,406)
Indirect cost recoveries
Educational activities
Student residence fees
Departmental activities
Total operating revenues
5,393,406
-
-
-
470,151
1,764,202
391,028
-
-
-
-
-
-
-
-
64,567
2,689,948
125
-
-
-
2,690,073
2,097,526
11,562,792
-
-
11,961,028
-
11,961,028
-
-
-
-
11,961,028
3,303.00
42,537.00
5,052,031.00
(2,854.00)
-
11,088.00
5,106,105
-
27,756
-
-
5,133,861
5,255,877
62,259,860
1,806,739
18,306,929
(2,854)
16,458,561
98,829,235
125
27,756
-
(18,907,613)
79,949,503
78,898,766
31,473,545
1,065,681
-
-
96,279
32,635,505
-
-
-
(1,220,885)
31,414,620
32,144,125
8,341,097
4,760,969
-
-
13,679,125
26,781,191
-
-
-
(269,786)
26,511,405
25,789,127
404,539
504,783
-
-
3,519,397
4,428,719
-
-
-
(17,222)
4,411,497
4,520,632
7,515,386
349,565
-
-
337
7,865,288
-
-
-
(63,865)
7,801,423
6,262,588
Expenses
Operating expenses
Instruction
Research
Public service
Academic support
Student services
3,465,209
539,429
2,081,400
-
62,139
6,148,177
-
-
-
(34,902)
6,113,275
6,438,592
Institutional support
7,353,706
1,845,932
-
282,814
14,467
9,496,919
-
762,833
5,535,396
(4,660,703)
11,134,445
13,925,139
(3,286,072)
7,168,560
7,641,581
(20,576,933)
1,695,489
899,302
Operations and maintenance of plant
5,779,124
397,941
-
440,273
-
6,617,338
-
3,837,294
15,228,156
-
-
-
5,325,610
20,553,766
49,336
-
1,669,320
Departmental activities
-
-
-
-
-
-
-
-
-
3,404,845
3,404,845
4,690,859
Student residence
-
-
12,841,880
-
-
12,841,880
-
-
-
(3,404,845)
9,437,035
7,256,679
Depreciation
-
-
-
-
-
-
-
6,600,000
400
-
6,600,400
6,600,000
79,560,762
9,464,300
14,923,280
723,087
22,697,354
127,368,783
49,336
11,200,127
7,205,116
(30,130,368)
115,692,994
116,168,624
(17,300,902)
(7,657,561)
3,383,649
(725,941)
(6,238,793)
(28,539,548)
(49,211)
(11,172,371)
(7,205,116)
11,222,755
(35,743,491)
(37,269,858)
-
-
869,516
869,516
-
3,574,689
-
-
4,444,205
5,016,112
-
(334,715)
-
-
(4,444,205)
(5,016,111)
-
-
20,398,892
21,625,271
-
-
(20,398,892)
(21,626,136)
Student financial support
Total operating expenses
Operating income (loss)
Transfers
Mandatory transfers in
Mandatory transfers out
Non mandatory transfers in
(905,204)
444,701
(105,931)
(2,581,173)
9,735,803
3,383,102
Non mandatory transfers out
(13,422,385)
(4,754,370)
(1,130,580)
Total transfers
(13,882,888)
4,875,502
(328,651)
Federal Pell grants
-
-
Other Federal grants
-
-
14,802,966
3,495,019
(3,927,023)
-
(517,182)
1,818,049
18,876,674
-
(1,040,952)
(20,390,582)
-
3,452,724
1,311,898
(4,571,415)
-
4,571,415
-
-
-
(864)
-
-
2,798,928
2,798,928
-
262,010
-
-
3,060,938
2,700,000
-
-
-
-
-
-
-
-
-
290,744
-
-
-
-
14,802,966
-
-
-
-
14,802,966
14,247,897
-
3,670,514
3,670,514
4,245,105
(42,295)
1,522,218
(8,310)
Nonoperating revenues (expenses)
State appropriations, operating
320,051
3,048,481
169,178
-
2,289,286
5,826,996
-
Investment income (loss)
Gift income
-
-
-
1,715,321
42
1,715,363
158,293
Interest expense
-
-
-
-
-
-
-
Loss on disposal of capital assets
Net nonoperating revenues
Income (loss) before other revenues
(1,123,447)
(5,826,996)
6,292,184
-
8,165,840
5,583,751
-
-
(1,123,447)
(1,339,124)
-
-
-
-
-
-
-
-
-
(84,704)
15,123,017
3,048,481
169,178
1,715,321
5,088,256
25,144,253
158,293
(861,437)
9,962,698
(5,911,700)
28,492,107
25,680,660
266,422
3,224,176
4,442,104
161,361
(7,966,710)
109,082
(7,462,393)
2,757,582
5,311,055
(7,251,384)
(11,590,062)
342,908
(16,060,773)
(84,704)
(47,713)
Other revenues
Capital appropriations
-
-
-
-
-
-
-
(52,024)
-
-
(52,024)
Capital grants and gifts
-
-
-
-
-
-
-
951,283
-
-
951,283
604,125
Gifts for permanent endowment purposes
-
-
-
-
-
-
-
-
3,255,775
-
3,255,775
2,342,216
Other nonoperating revenues
-
-
-
-
-
-
-
-
91,127
-
91,127
100,000
Fund additions
-
-
-
-
-
-
-
5,311,055
-
(5,311,055)
-
-
-
-
-
-
-
-
-
6,210,314
3,346,902
(5,311,055)
4,246,161
3,389,249
266,422
3,224,176
4,442,104
161,361
(12,432,030)
16,031,437
$ (28,492,803) $ 16,297,859
9,599,163
$ 12,823,339
Total other revenues
Net increase (decrease) in net position
Net position, beginning of period
Net position, end of period
(16,060,773)
(2,591,419)
2,587,435
$ 1,850,685 $ 2,748,796
5
(7,966,710)
13,194,586
$ 5,227,876
109,082
14,105,232
$ 14,214,314
(1,252,079)
179,092,171
$ 177,840,092
6,104,484
-
114,890,565
$ 120,995,049
-
$
(3,005,224)
321,282,554
$ 318,277,330
(8,200,813)
320,519,430
$ 312,318,617
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:
12/31/13
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 - SCUDDER MONEY MKT
2012 BOND ISSUE FUNDS
TOTAL
$
06/30/13
06/30/12
06/30/11
(28,461,061) $
16,552,378
21,701,646
(5,182,233)
(3,609,325)
1,001,405
(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
1,936
(1,667,266)
2,250,853
4,464,275
1,620,152
6,669,950
7,671,356 $
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
143,144 $
4,050,362
3,037
3,472,877
7,669,420
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
1,936
0
1,936
7,671,356 $
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
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
TOTAL ACCOUNTS RECEIVABLE
6/30/12
2,634,777 $
7,741,657 $
7,406,109 $
8,713,492
5,504,282
1,632,844
7,137,126
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
53,060,067
62,508
1,049,475
(77,615)
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)
$ 63,866,338 $ 18,415,374 $ 19,228,194 $ 21,177,336
RESEARCH BILLED - AGING OF ACCOUNTS RECEIVABLE:
(IN DOLLARS)
12/31/2013
$
2,752,519 $
CURRENT ACCOUNTS
0 TO 30 DAYS PAST DUE
1,068,779
31 TO 60 DAYS PAST DUE
705,234
61 TO 90 DAYS PAST DUE
445,838
531,912
OVER 90 DAYS PAST DUE
TOTAL RESEARCH BILLED
6/30/11
6/30/13
12/31/2013
$
5,504,282 $
RESEARCH BILLED - AGING OF ACCOUNTS RECEIVABLE:
(IN PERCENTAGE)
12/31/2013
50%
CURRENT ACCOUNTS
0 TO 30 DAYS PAST DUE
19%
31 TO 60 DAYS PAST DUE
13%
61 TO 90 DAYS PAST DUE
8%
OVER 90 DAYS PAST DUE
10%
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
December 31, 2013
Company
AKELA Inc
Alion Science and Technology Corporation
American Physiological Society
American Transmission Company
Arch Wood Protection
Argonne National Laboratory
Ariens Company
Artemis Inc.
Battelle
Bell Lumber and Pole Co
Bendix Commercial Vehicle Systems LLC
Board of Supervisors of Louisiana State University
BorgWarner Inc
Bowdoin College
Cambridge Systematics, Inc.
Carnegie Institute of Washington
Center for Automotive Research
Chrysler Corporation
Cleveland Medical Devices Inc
Colorado State University
Duke University
Eaton Corporation
E B Clean Energy Ltd
Enbridge Energy, Limited Partnership
Exo Terra Resource
Ford Motor Company
Ford Motor Corp - Ford Rsch & Adv Eng
Gas Technology Institute
General Motors
General Motors Company
General Motors GFSS
Gowlings LaFleur Henderson LLP
Great Lakes Fishery Trust
Hankook Tire
Hannahville Indian Community
Helios Remote Sensing Systems
Houghton-Keweenaw Conservation District
Illinois Tool Works Inc
IMECO, Inc
Internet 2
Internet Corporation for Assigned Names and Numbers
Korea Institute of Geoscience and Mineral Resources
LANXESS Corporation
LanzaTech Inc
Leidos, Inc.
LimnoTech Inc
LMS North America
Lonza Inc
Louisiana-Pacific Corporation
Marshfield Clinic Research Foundation
Massachusetts Institute of Technology
Matrix Research Inc
Michelin North America
Michigan Dept of Environmental Quality
Michigan Department of Natural Resources
Michigan Dept of Labor & Economic Growth
Michigan Dept of Transportation
National Institute of Aerospace
Nevada System of Higher Education
Nostrum Energy
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
Current
15,883.43
107,160.00
25,205.18
37,806.00
12,500.00
11,010.42
8,000.00
243,609.00
5,837.67
39,060.00
23,959.69
2,757.76
5,379.29
3,617.60
11,732.00
727.39
17,500.00
45,000.00
2,500.00
41,423.45
7,384.10
105,711.00
39,748.07
34,401.04
3,111.39
14,083.00
2,969.20
806.40
17,418.00
13,765.99
15,000.00
1,700.00
5,619.98
31,568.79
5,343.91
7,646.13
39,187.50
17,500.00
2,738.93
4,917.66
12,988.89
87,733.50
5,326.71
3,868.40
56,327.52
245,937.92
2,636.58
4,800.00
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
0 to 30 Days
22,136.74
75,611.00
5,467.65
10,525.29
989.00
29,230.00
11,447.00
5,000.00
42,544.56
38,439.50
7,142.00
1,520.82
20,009.65
1,931.00
13,765.99
3,985.98
7,736.80
187,076.84
13,095.04
-
9
31 - 60 Days
$
$
$
1,864.29
$ 25,000.00
$
$
$
$
7,500.00
$
$
$
$
1,694.49
$
$
$
$
$
$
$
$
$
$
$
$ 191,643.00
$
$
$ 18,475.39
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
208.08
$
$
$
$
2,788.79
$
$
$
$
$
$
$
$
$
$
$
0.30
$
$
$
-
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
61 - 90 Days
5,000.00
1,236.82
22,442.31
-
Over 90 Days
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
5,000.00
$
$
$
$
$
15,000.00
$
$
$
$
$
$
$
$
$
$
$
8,498.71
$
$
$
$
$
$
$
$
$
938.08
$
$
$
$
$
$
$
$
$
$
$
$
$
$
-
Account Balance
$
15,883.43
$
22,136.74
$
1,864.29
$
25,000.00
$
107,160.00
$
25,205.18
$
113,417.00
$
20,000.00
$
11,010.42
$
8,000.00
$
243,609.00
$
12,999.81
$
39,060.00
$
34,484.98
$
3,746.76
$
5,379.29
$
3,617.60
$
40,962.00
$
11,447.00
$
727.39
$
10,000.00
$
17,500.00
$
45,000.00
$
191,643.00
$
5,000.00
$
17,500.00
$
102,443.40
$
7,384.10
$
105,711.00
$
78,187.57
$
34,401.04
$
7,142.00
$
3,111.39
$
14,083.00
$
4,490.02
$
20,009.65
$
9,305.11
$
17,418.00
$
1,931.00
$
27,531.98
$
15,000.00
$
208.08
$
1,700.00
$
5,619.98
$
31,568.79
$
14,293.58
$
7,646.13
$
39,187.50
$
17,500.00
$
2,738.93
$
4,917.66
$
12,988.89
$
87,733.50
$
5,326.71
$
11,605.20
$
56,327.52
$
433,015.06
$
35,537.35
$
2,636.58
$
4,800.00
Accounts Receivable Aging Report
Billed Research
December 31, 2013
Company
Office of Naval Research
Ohio State University
Oregon State University
Osmose Inc
Pennsylvania State University
Photonica Inc
Quantum Engineering Design Inc
Regents of the University of Michigan
Rio Tinto Minerals (U.S. Borax)
Sandia National Laboratories
Science Applications International Corporation
Snyder & Associates
Somero Enterprises Inc
Southern Illinois University - Carbondale
Systems & Technology Research LLC
Systems Research and Applications Corporation
3M Company
Tiger Calcium Services Inc
TransSystems
UChicago Argonne LLC
University of Alaska-Fairbanks
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
University of Wisconsin-Madison
UOP LLC
Upstate Freshwater Institute
URV USA LLC
US Dept of Agriculture
USDA, Agricultural Research Service
US Dept of the Army
US Bureau of Land Management
US Forest Service
Federal Railroad Administration
Wade Trim
Waltonen Engineering Inc
Wyoming Game & Fish Commission
Wyoming Wildlife and Natural Resource Trust Account
Xcel Energy Inc
Total Grants & Contracts Receivable
Current
760,958.75
$
$
7,054.32
$
$
49,984.00
$
6,051.55
$
6,500.00
$
$
6,697.09
$
10,500.00
$
$
11,524.34
$
$
496.52
$
5,364.22
$
8,898.94
$
$
27,632.44
$
$
12,275.80
$
$
14,800.95
$
$
4,948.57
$
$
3,334.09
54,502.56
$
$
2,363.90
$
369.85
$
15,228.34
$
4,377.00
$
1,720.91
$
$
32,097.29
$
6,249.06
$
622.44
$
34,861.46
$
2,821.05
$
8,239.54
$
$
35,344.71
$
2,097.34
3,775.20
$
$
159,917.00
$ 2,752,518.72
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
0 to 30 Days
441,432.31
2,885.85
7,503.02
28,032.60
20,064.85
1,085.00
3,607.00
5,594.00
4,811.02
30,439.21
10,501.86
12,808.02
2,359.50
1,068,779.10
10
31 - 60 Days
$ 445,651.27
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
8,400.00
$
$
$
$
885.84
$
$
$
$
$
$
$
$
$
1,122.52
$
$
$
$
$
$
$
$
$
$
$
$
$ 705,233.97
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
61 - 90 Days
417,158.95
445,838.08
Over 90 Days
$
366,325.94
$
$
$
$
$
33,833.75
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
70,000.00
$
$
$
$
$
$
$
32,315.25
$
$
$
$
$
531,911.73
Account Balance
2,431,527.22
$
7,054.32
$
$
2,885.85
49,984.00
$
$
6,051.55
$
33,833.75
6,500.00
$
$
14,200.11
$
10,500.00
28,032.60
$
$
31,589.19
$
1,085.00
$
496.52
$
5,364.22
$
8,898.94
$
3,607.00
$
27,632.44
8,400.00
$
$
5,594.00
$
17,086.82
$
14,800.95
$
885.84
$
4,948.57
$
30,439.21
$
3,334.09
$
54,502.56
$
2,363.90
$
369.85
$
15,228.34
$
4,377.00
$
13,345.29
$
70,000.00
$
32,097.29
6,249.06
$
$
622.44
$
34,861.46
$
2,821.05
$
8,239.54
$
32,315.25
48,152.73
$
$
4,456.84
$
3,775.20
159,917.00
$
$
5,504,281.60
12/31/13
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
$
$
$
1,309,188 $
430,877
189,605
137,222
140,977
255,816
2,463,685 $
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
200,000
20,000
99,996
20,000
0
20,000
0
220,000
119,996
20,000
20,000
0
13,524
1,094,384
0
1,107,908
3,791,593 $
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
10,989,567 $
973,894
11,963,461 $
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
3,054,112
18,744,446
1,645,508
5,194,538
358,066,995
43,005,937
947,926
408,860,904
0
0
99,702
2,106,872
0
2,206,574
1,645,508
5,194,538
358,166,697
45,112,809
947,926
411,067,478
426,769,288
3,042,635
429,811,924
(172,972,965)
$
- $
0
0
836,062
836,062
Ending Balance
DEC 31 2013
253,796,324
12
(6,444,431)
$
(3,401,795) $
(179,417,396)
250,394,528
12/31/13
06/30/13
06/30/12
06/30/11
CURRENT LIABILITIES:
Accounts payable
VOUCHERS
MISCELLANEOUS
SALES TAX & MISC
BENEFITS PAYABLE
ACCRUAL
TOTAL
$
722,751 $
199,840
19,401
859,897
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
$
1,851,889 $
4,744,349 $
4,602,384 $
6,305,633
$
$
3,292,620 $
180,325
2,039,417
(256)
1,582,098
4,089,735
11,183,939 $
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
$
64,790,324 $
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
82,469,555 $
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
12/31/13
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
$
- $
0
770,036
770,036 $
$
14
- $
0
770,036
770,036 $
166,596 $
0
942,704
1,109,300 $
158,753
207,911
1,009,984
1,376,648
NOTES AND BONDS PAYABLE
LONG TERM PORTION OF BONDS PAYABLE:
December 31, 2013
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
$