Michigan Technological University
1400 Townsend Drive
Houghton, Michigan
Interim Financial Statements
for the three months ending
September 30, 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). We are including the MTF in the first three financial
schedules, but not in the supplemental schedules.
Financial Highlights
Balance Sheet Variances
Current assets:
Current assets decreased by $3 million. Accounts receivable and pledges receivable
accounted for that decrease. With the capital campaign having ended, more pledge
payments have been received.
Noncurrent assets:
Noncurrent assets increased by $9 million. That overall increase can primarilry be
explained by a $15 million increase in investments, due to continued good
performance of the financial markets, and a $4.5 million decrease in capital assets, as
depreciation has outpaced capital additions.
Current liabilities:
Current liabilities are comparable to prior year with a slight decrease of $500,000.
Noncurrent liabilities:
Noncurrent liabilities decreased by $2.2 million due to the reduction in long-term bonds
payable.
Net position:
Overall, net position has increased by $11.8 million in the first three months of fiscal year
2014.
Income Statement Variances
Student tuition and fees:
An increase, net of tuition allowance, of $2.3 million through the combination of tuition
rate increases and the increase in student enrollment.
1
Grants and contracts:
Total research revenues were practically flat, with a slight decrease of $61,000.
Auxiliary revenues:
Total auxiliary revenues increased by $682,000, primarily in student residence fees.
Salaries and wages:
Total salary and wages increased by $335,000.
Fringe benefits:
Decreased by $510,000 as we continue to see the effects of changing health care
providers at the beginning of calendar year 2013.
Supplies and services:
Decreased by $4.9 million. Fiscal year 2013 was higher due to MTF expenses and timing.
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 $1 million.
Gift income:
Gift income was comparable to the prior year.
Investment return:
Improved by $457,000 over the first three months of fiscal year 2013.
Capital appropriations:
Decreased by $268,000 over the same period of the previous fiscal year.
Capital grants and gifts:
Increased by $129,000 over fiscal year 2013.
The Bottom Line:
The University had an increase in net position of $20.1 million the first three months of
fiscal year 2014 compared to an increase in net position of $9.1 million in the first three
months of fiscal year 2013; an increase in performance of $11.0 million.
2
Schedule of Net Position by Fund
September 30, 2013 and 2012
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
(2,661,891) $ 17,552,648
4,785,262
Pledges receivable, net
Inventories
$ 19,013,464
$
(9,444,625) $ (1,232,420) $ 23,227,176
6,508,793
182,017
434,996
57,476
$
1,747,534
11,968,544
-
-
-
-
-
-
190,155
-
1,668,244
-
-
1,858,399
$
(2,581,494) $
160,638
$
4,653,075
$
27,206,929
$
12,029,781
27,566,642
13,198,832
7,055
-
-
-
2,313,046
2,313,046
3,957,763
-
-
-
1,858,399
1,842,989
54,182
Deposits
-
-
-
169,994
-
169,994
-
-
-
-
169,994
20,000
Prepaid expenses
-
13,525
-
-
-
13,525
-
-
-
-
13,525
109,633
Other assets
Total current assets
-
-
-
2,313,526
17,623,649
21,116,704
(9,092,614)
-
-
-
5,276,373
37,237,638
1,747,534
(2,527,312)
-
140,510
140,510
104,775
167,693
7,106,631
43,732,184
46,800,634
12,657,599
Noncurrent assets
Student loans receivable, net
-
-
-
-
-
-
12,426,400
-
-
-
12,426,400
Pledges receivable, net
-
-
-
-
-
-
-
-
-
3,264,640
3,264,640
2,931,592
Investments
-
-
-
12,537,705
-
12,537,705
-
-
-
107,725,916
120,263,621
104,820,226
Beneficial interest in charitable remainder trusts
-
-
-
-
-
-
-
-
-
4,854,847
4,854,847
4,482,475
Land held for investment
-
-
-
-
-
-
-
9,566,301
-
359,790
9,926,091
9,330,775
256,524,448
Capital assets, net of depreciation
-
-
-
-
-
-
-
252,140,061
-
2,547
252,142,608
Other assets
-
-
-
-
-
-
-
978,544
-
962,266
1,940,810
1,912,210
Total noncurrent assets
-
-
-
12,537,705
-
12,537,705
12,426,400
262,684,906
-
117,170,006
404,819,017
392,659,325
2,313,526
$ 17,623,649
$ 21,116,704
$
3,445,091
$ 5,276,373
$ 49,775,343
$ 14,173,934
$ 260,157,594
$
167,693
$ 124,276,637
$ 448,551,201
$ 439,459,959
$
$
$
1,810,639
$
$
$
$
$
$
$
$
Total assets
$
Liabilities
Current liabilities
Current portion of L/T liabilities
$
Accounts payable
Other accrued liabilities
Current portion of annuity obligations
Unearned revenue
Total current liabilities
-
-
-
-
1,810,639
-
2,832,764
153,645
-
9,869,771
9,492,004
-
257,122
257,122
239,935
381,251
-
-
2,841,951
3,015,813
3,242,511
167,693
485,604
20,159,480
20,651,765
9,714,640
-
1,486
-
-
-
2,387,051
2,460,700
-
3,200,560
16,263,671
-
1,186,390
108,376
2,277,692
4,915,029
325,582
588,506
3,180,390
705,133
-
-
-
-
-
73,649
-
-
-
5,353,645
355,445
1,176,602
6,177,419
4,818,927
3,085,086
14,048
588,096
4,643,403
2,547,233
27,010
29,863
228,482
-
364,967
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
82,276,392
-
Capital lease obligations
-
-
-
-
-
-
-
943,286
Annuity and pooled income obligations
-
-
-
-
-
-
-
-
-
943,286
907,117
4,798,794
4,798,794
4,234,014
Funds held for others
671,150
-
-
-
-
671,150
-
-
-
-
671,150
701,050
Total noncurrent liabilities
671,150
-
-
770,036
-
1,441,186
-
80,699,172
-
4,798,794
86,939,152
89,150,277
6,024,795
355,445
1,176,602
6,947,455
3,200,560
17,704,857
-
83,941,683
167,693
5,284,398
107,098,632
109,802,042
Total liabilities
Net position
Net increase (decrease) in net position
Net position, beginning of period
Total net position
Total liabilities and net position
$
8,720,761
1,236,767
10,340,939
(910,945)
(12,432,030)
16,031,437
9,599,163
(2,591,419)
(3,711,269)
17,268,204
19,940,102
(3,502,364)
2,313,526
$ 17,623,649
$ 21,116,704
$
3,445,091
18,875,900
68,702
-
4,101,674
20,170,015
9,138,487
2,587,435
13,194,586
14,105,232
179,092,171
-
114,890,565
321,282,554
320,519,430
2,075,813
32,070,486
14,173,934
176,215,911
-
118,992,239
341,452,569
329,657,917
3
$ 5,276,373
$ 49,775,343
$ 14,173,934
$ 260,157,594
167,693
$ 124,276,637
$ 448,551,201
$ 439,459,959
(511,622)
(2,876,260)
$
Schedule of Revenues, Expenses and Changes in Net Position by Fund by Object
For the Three Months Ended September 30, 2013 and 2012
Current Funds
General
Auxiliary
Activities
Designated
Combined Totals
Retirement & Expendable
Insurance
Restricted
Total Current
Student Loan
Funds
Michigan Tech
Fund
Plant
Eliminations
FY 2014
FY 2013
Revenues
Operating revenues
Student tuition and fees
-
$ 56,720,903
45
-
-
-
7,122,976
7,123,021
-
-
-
-
7,123,021
State and local grants and contracts
-
-
-
-
707,178
707,178
-
-
-
-
707,178
542,022
Nongovernmental grants and contracts
-
-
-
-
3,394,953
3,394,953
-
-
-
-
3,394,953
3,282,563
-
(2,681,890)
Federal grants and contracts
Indirect cost recoveries
Educational activities
Student residence fees
$ 56,252,486
$
-
$
468,417
2,681,890
-
-
261,468
1,101,447
227,725
$
-
$
$
-
$
-
$
-
$ (18,553,407) $
38,167,496
$
35,868,972
7,461,724
-
-
-
-
-
-
-
6,458
1,597,098
-
-
-
-
1,597,098
1,327,054
11,221,541
-
-
11,829,712
-
-
11,829,712
-
-
-
-
11,829,712
1,321
17,555
3,150,713
-
225
3,169,814
-
15,954
-
-
3,185,768
3,382,061
59,197,210
1,119,002
15,676,567
-
8,549,900
84,542,679
-
15,954
-
(18,553,407)
66,005,226
63,085,937
Salaries & wages - non-faculty
7,564,893
1,441,862
1,862,538
519,476
2,176,512
13,565,281
-
-
-
-
13,565,281
13,374,653
Salaries & wages - faculty
7,009,289
297,874
9,561
33,597
1,149,060
8,499,381
-
-
-
-
8,499,381
8,343,587
795,193
288,288
77,980
-
1,053,084
2,214,545
-
-
-
-
2,214,545
2,095,587
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)
384,156
251,994
376,318
-
264,320
1,276,788
-
-
-
-
1,276,788
1,408,026
5,235,179
501,922
612,588
637,376
935,685
7,922,750
-
-
-
-
7,922,750
8,433,190
4,097,595
1,868,901
3,652,326
327,918
2,921,958
12,868,698
6,445
1,417,452
2,561,057
(3,960,026)
12,893,626
17,879,890
18,090,656
3,260
161,979
-
4,455,512
22,711,407
-
-
-
(18,553,407)
4,158,000
5,232,326
503,139
46,730
469,875
-
18,858
1,038,602
-
-
-
-
1,038,602
1,096,825
-
-
-
-
-
-
-
3,300,000
400
-
3,300,400
3,300,000
43,680,100
4,700,831
7,223,165
1,518,367
12,974,989
70,097,452
6,445
4,717,452
2,561,457
(22,513,433)
54,869,373
61,164,084
15,517,110
(3,581,829)
8,453,402
(1,518,367)
(4,425,089)
14,445,227
(6,445)
(4,701,498)
(2,561,457)
3,960,026
11,135,853
1,921,853
-
-
-
535,497
535,497
-
-
-
-
535,497
1,164,942
-
(96,066)
(535,497)
-
-
-
-
(535,497)
(1,164,942)
958,587
-
-
11,271,897
11,712,798
-
-
(11,271,897)
(11,712,798)
-
-
-
-
Transfers
Mandatory transfers in
Mandatory transfers out
Non mandatory transfers in
(366,115)
301,595
(73,316)
6,723,900
Non mandatory transfers out
(6,955,798)
(3,344,961)
Total transfers
(7,020,318)
3,305,623
2,125,058
(397,766)
1,727,292
1,162,757
(47,225)
(47,225)
(517,837)
1,084,351
10,313,310
-
(11,263,587)
-
(950,277)
-
950,277
(8,310)
Nonoperating revenues (expenses)
Federal Pell grants
-
-
-
-
2,498,928
2,498,928
-
262,010
-
-
2,760,938
2,500,000
Other Federal grants
-
-
-
-
-
-
-
-
-
-
-
290,744
-
-
-
-
-
-
-
-
-
-
-
1,512,973
160,245
-
330,146
2,227,333
-
-
1,130,722
1,130,722
1,177,789
State appropriations, operating
Gift income
223,969
Investment income (loss)
-
-
-
654,647
42
654,689
75,147
Interest expense
-
-
-
-
-
-
-
Loss on disposal of capital assets
(1,123,447)
(2,227,333)
3,895,160
-
4,624,996
4,168,333
-
-
(1,123,447)
(1,448,237)
-
-
-
-
-
-
-
-
-
(55,370)
223,969
1,512,973
160,245
654,647
2,829,116
5,380,950
75,147
(861,437)
5,025,882
(2,282,703)
7,337,839
6,658,587
8,720,761
1,236,767
10,340,939
(910,945)
(511,622)
18,875,900
68,702
(4,612,658)
2,464,425
1,677,323
18,473,692
8,580,440
Capital appropriations
-
-
-
-
-
-
-
-
-
-
-
268,083
Capital grants and gifts
-
-
-
-
-
-
-
59,075
-
-
59,075
188,407
Net nonoperating revenues
Income (loss) before other revenues
(55,370)
(30,042)
Other revenues
Gifts for permanent endowment purposes
-
-
-
-
-
-
-
-
1,578,695
-
1,578,695
63,150
Other nonoperating revenues
-
-
-
-
-
-
-
-
58,554
-
58,554
38,408
Fund additions
-
-
-
-
-
-
-
1,677,323
-
(1,677,323)
-
-
-
-
-
-
-
-
-
1,736,398
1,637,249
(1,677,323)
1,696,324
558,048
8,720,761
1,236,767
10,340,939
(12,432,030)
16,031,437
$ (3,711,269) $ 17,268,204
9,599,163
$ 19,940,102
Total other revenues
Net increase (decrease) in net position
Net position, beginning of period
Net position, end of period
(910,945)
(511,622)
(2,591,419)
2,587,435
$ (3,502,364) $ 2,075,813
4
18,875,900
68,702
13,194,586
$ 32,070,486
14,105,232
$ 14,173,934
(2,876,260)
179,092,171
$ 176,215,911
4,101,674
-
20,170,015
9,138,487
114,890,565
$ 118,992,239
-
321,282,554
$ 341,452,569
320,519,430
$ 329,657,917
$
Schedule of Revenues, Expenses and Changes in Net Position by Fund by Function
For the Three Months Ended September 30, 2013 and 2012
Current Funds
General
Auxiliary
Activities
Designated
Combined Totals
Retirement
Insurance
Expendable
Restricted
Total Current
Student Loan
Funds
$
Plant
Michigan Tech
Fund
Eliminations
$
$ (18,553,407) $
FY 2014
FY 2013
Revenues
Operating revenues
Student tuition and fees
-
$ 56,720,903
45
-
-
-
7,122,976
7,123,021
-
-
-
-
7,123,021
State and local grants and contracts
-
-
-
-
707,178
707,178
-
-
-
-
707,178
542,022
Nongovernmental grants and contracts
-
-
-
-
3,394,953
3,394,953
-
-
-
-
3,394,953
3,282,563
-
(2,681,890)
Federal grants and contracts
Indirect cost recoveries
Educational activities
Student residence fees
Departmental activities
Total operating revenues
$ 56,252,486
$
-
$
468,417
2,681,890
-
-
261,468
1,101,447
227,725
$
-
$
-
$
-
-
38,167,496
$
35,868,972
7,461,724
-
-
-
-
-
-
-
6,458
1,597,098
-
-
-
-
1,597,098
1,327,054
11,221,541
-
-
11,829,712
-
-
11,829,712
-
-
-
-
11,829,712
1,321
17,555
3,150,713
-
225
3,169,814
-
15,954
-
-
3,185,768
3,382,061
59,197,210
1,119,002
15,676,567
-
8,549,900
84,542,679
-
15,954
-
(18,553,407)
66,005,226
63,085,937
13,662,019
606,223
-
-
55,270
14,323,512
-
-
-
(210,416)
14,113,096
14,349,500
2,757,174
2,432,709
-
-
6,905,076
12,094,959
-
-
-
(655,047)
11,439,912
11,812,174
182,570
205,685
-
-
1,670,174
2,058,429
-
-
-
(1,657)
2,056,772
2,266,713
3,516,393
156,271
-
-
33
3,672,697
-
-
-
(110,249)
3,562,448
2,794,765
Expenses
Operating expenses
Instruction
Research
Public service
Academic support
Student services
1,664,579
268,193
850,544
-
24,366
2,807,682
-
-
-
(34,902)
2,772,780
2,976,222
Institutional support
3,863,270
844,384
-
1,387,199
14,467
6,109,320
-
750,277
2,561,057
(190,841)
9,229,813
11,187,672
667,175
Operations and maintenance of plant
2,604,191
187,366
-
131,168
-
2,922,725
-
-
(2,708,874)
881,026
4,499,495
15,429,904
-
-
-
4,305,603
19,735,507
6,445
-
(18,553,407)
1,188,545
2,164,579
Departmental activities
-
-
-
-
-
-
-
-
3,356,805
3,356,805
2,761,968
Student residence
-
-
6,372,621
-
-
6,372,621
-
-
(3,404,845)
2,967,776
3,050,996
Depreciation
-
-
-
-
-
-
-
43,680,100
4,700,831
7,223,165
1,518,367
12,974,989
70,097,452
6,445
15,517,110
(3,581,829)
8,453,402
(1,518,367)
(4,425,089)
14,445,227
(6,445)
-
-
-
535,497
535,497
-
-
-
-
535,497
1,164,942
-
(96,066)
(535,497)
-
-
-
-
(535,497)
(1,164,942)
958,587
-
-
11,271,897
11,712,798
-
-
(11,271,897)
(11,712,798)
-
-
-
-
Student financial support
Total operating expenses
Operating income (loss)
3,300,000
400
-
3,300,400
3,300,000
4,717,452
2,561,457
(22,513,433)
54,869,373
61,164,084
(4,701,498)
(2,561,457)
3,960,026
11,135,853
1,921,853
Transfers
Mandatory transfers in
Mandatory transfers out
Non mandatory transfers in
(366,115)
301,595
(73,316)
6,723,900
Non mandatory transfers out
(6,955,798)
(3,344,961)
Total transfers
(7,020,318)
3,305,623
2,125,058
(397,766)
1,727,292
1,162,757
(47,225)
(517,837)
10,313,310
-
(11,263,587)
-
(8,310)
(47,225)
1,084,351
(950,277)
-
950,277
Nonoperating revenues (expenses)
Federal Pell grants
-
-
-
-
2,498,928
2,498,928
-
262,010
-
-
2,760,938
2,500,000
Other Federal grants
-
-
-
-
-
-
-
-
-
-
-
290,744
-
-
-
-
-
-
-
-
-
-
-
1,512,973
160,245
-
330,146
2,227,333
-
-
1,130,722
1,130,722
1,177,789
State appropriations, operating
Gift income
223,969
Investment income (loss)
-
-
-
654,647
42
654,689
75,147
Interest expense
-
-
-
-
-
-
-
Loss on disposal of capital assets
(1,123,447)
(2,227,333)
3,895,160
-
4,624,996
4,168,333
-
-
(1,123,447)
(1,448,237)
-
-
-
-
-
-
-
-
-
(55,370)
223,969
1,512,973
160,245
654,647
2,829,116
5,380,950
75,147
(861,437)
5,025,882
(2,282,703)
7,337,839
6,658,587
8,720,761
1,236,767
10,340,939
(910,945)
(511,622)
18,875,900
68,702
(4,612,658)
2,464,425
1,677,323
18,473,692
8,580,440
Capital appropriations
-
-
-
-
-
-
-
-
-
-
-
268,083
Capital grants and gifts
-
-
-
-
-
-
-
59,075
-
-
59,075
188,407
Gifts for permanent endowment purposes
-
-
-
-
-
-
-
-
1,578,695
-
1,578,695
63,150
Other nonoperating revenues
-
-
-
-
-
-
-
-
58,554
-
58,554
38,408
Fund additions
-
-
-
-
-
-
-
1,677,323
-
(1,677,323)
-
-
-
-
-
-
-
-
-
1,736,398
1,637,249
(1,677,323)
1,696,324
558,048
8,720,761
1,236,767
10,340,939
(12,432,030)
16,031,437
$ (3,711,269) $ 17,268,204
9,599,163
$ 19,940,102
Net nonoperating revenues
Income (loss) before other revenues
(55,370)
(30,042)
Other revenues
Total other revenues
Net increase (decrease) in net position
Net position, beginning of period
Net position, end of period
(910,945)
(511,622)
(2,591,419)
2,587,435
$ (3,502,364) $ 2,075,813
5
18,875,900
68,702
13,194,586
$ 32,070,486
14,105,232
$ 14,173,934
(2,876,260)
179,092,171
$ 176,215,911
4,101,674
-
20,170,015
9,138,487
114,890,565
$ 118,992,239
-
321,282,554
$ 341,452,569
320,519,430
$ 329,657,917
$
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)
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
09/30/13
$
$
$
06/30/11
(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
(1,232,420)
1,747,534
770,511
160,639
1,448,200
22,553,854 $
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
123,854
22,058,445
3,033
366,586
22,551,918
$
1,936
0
1,936
$
06/30/12
(2,661,891) $
17,552,648
19,013,464
(9,446,561)
(3,352,006)
21,105,654
Designated/Restricted cash and equivalents:
R&I FUND - SCUDDER MONEY MKT
2012 BOND ISSUE FUNDS
TOTAL
06/30/13
22,553,854
7
137,835
1,968,926
3,029
1,530,560
3,640,350
$
1,935
0
1,935
$
3,642,285
115,843
1,990,453
3,014
3,353,107
5,462,417
$
2,072,704
852,156
2,924,860
$
8,387,277
147,129
7,522,553
2,999
3,672,466
11,345,147
1,771,400
0
1,771,400
$
13,116,547
9/30/2013
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
0
6/30/13
$
7,406,109
0
$
8,713,492
0
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
4,797,107
137,992
1,053,769
(93,153)
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)
$ 12,029,781
$
$
6/30/11
2,999,834
3,134,232
6,134,066
$ 18,415,374
RESEARCH BILLED - AGING OF ACCOUNTS RECEIVABLE:
(IN DOLLARS)
9/30/2013
CURRENT ACCOUNTS
$ 1,450,611 $
0 TO 30 DAYS PAST DUE
873,887
31 TO 60 DAYS PAST DUE
115,067
61 TO 90 DAYS PAST DUE
199,299
OVER 90 DAYS PAST DUE
360,970
TOTAL RESEARCH BILLED
7,741,657
0
6/30/12
2,999,834
RESEARCH BILLED - AGING OF ACCOUNTS RECEIVABLE:
(IN PERCENTAGE)
9/30/2013
CURRENT ACCOUNTS
48%
0 TO 30 DAYS PAST DUE
29%
31 TO 60 DAYS PAST DUE
4%
61 TO 90 DAYS PAST DUE
7%
OVER 90 DAYS PAST DUE
12%
8
$
$ 19,228,194
$ 21,177,336
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
September 30, 2013
Company
Current
Aerophysics Inc
477.00
$
AKELA Inc
$
5,423.62
Alion Science and Technology Corporation
1,429.10
$
American Engineering Testing Inc
$
Argonne National Laboratory
$
438.96
Bowdoin College
3,583.53
$
Cambridge Systematics, Inc.
$
370.82
Carbontec
$
Center for Automotive Research
3,197.94
$
Century 3+
$
450.00
Deere and Company Accounts Payable Shared Ser $
50,000.00
Duke University
$
E B Clean Energy Ltd
$
45,000.00
Ford Motor Company
14,300.00
$
Ford Motor Corp - Ford Rsch & Adv Eng
$
30,687.89
Gas Technology Institute
$
4,113.48
General Dynamics
$
5,179.52
General Motors Company
$
15,000.00
Hawaii County
$
Helios Remote Sensing Systems
$
11,319.48
Houghton-Keweenaw Conservation District
$
Intel Corporation
$
Internet 2
$
13,765.99
J F Drake State Technical College
$
16,500.42
Carley Kratz
$
3,097.00
$
2,963.02
LanzaTech Inc
Lesktech Limited
$
LimnoTech Inc
1,236.82
$
LMS North America
$
8,923.44
Louisiana-Pacific Corporation
$
Massachusetts Institute of Technology
$
Matrix Research Inc
$
11,007.92
Michigan Dept of Environmental Quality
$
Michigan Dept of Natural Resources
$
53,000.00
Michigan Dept of Labor & Economic Growth
$
Michigan Dept of Transportation
$
161,097.71
Mosaic Crystals Inc
$
National Concrete Pavement Technology Center $
310.90
National Institute of Aerospace
$
22,442.31
Nevada System of Higher Education
$
2,762.36
North Carolina State University
$
10,949.12
Northrop Grumman Information Systems
$
Nostrum Energy
$
Office of Naval Research
$
695,946.59
Ohio State University
$
1,837.26
Pennsylvania State University
$
8,421.16
Photonica Inc
$
Quantum Engineering Design Inc
$
10,000.00
Regents of the University of Michigan
$
8,011.18
REL Inc
$
Sandia National Laboratories
$
129,543.75
Science Applications International Corporation
$
20,652.21
Shoshone-Bannock Tribes
$
908.00
Somero Enterprises Inc
$
438.53
Systems & Technology Research LLC
$
2,287.11
3M Company
$
11,939.72
3M Corporation
$
Toyota Motor Engineering & Manufacturing North A $
UChicago Argonne LLC
$
7,201.61
University of Alaska-Fairbanks
$
994.23
University of Central Florida
$
1,268.65
University of Illinois at Urbana-Champaign
$
29,988.25
University of Manitoba
$
University of Michigan
$
6,000.31
University of Nebraska - Lincoln
$
1,139.28
University of Oregon
$
2,124.74
University of Wisconsin-Madison
$
4,814.39
UOP LLC
$
Upstate Freshwater Institute
938.14
$
URV USA LLC
$
US Bureau of Land Management
$
0.60
Federal Railroad Administration
$
Virginia Polytechnic Institute & State University
$
1,968.12
Wade Trim
$
Western Upper Peninsula Planning and Developme $
Wisconsin Dept of Natural Resources
$
Wyoming Game & Fish Commission
$
Wyoming Wildlife and Natural Resource Trust Accou $
201.61
Yamaha Motor Corporation
$
4,957.00
Total Grants & Contracts Receivable
$ 1,450,610.79
0 to 30 Days
Past Due
$
$
1,417.08
$ 44,273.49
2,400.00
$
$
$
$
1,421.56
$
4,237.96
$
$
$
5,000.00
$
$
$
$ 25,075.88
$
$
9,005.98
$
$
936.00
1,565.91
$
$
7,000.88
$ 30,000.00
$
$
7,969.13
$
$
$
$
938.08
$
448.12
$ 56,670.00
$
$
$
4,472.73
$
$
$ 35,578.65
$ 25,000.00
$
$ 13,788.14
$
$
$ 13,560.00
$
$ 367,427.57
$
$
5,100.05
$
$
$
$ 17,953.00
$
$ 16,017.05
$
$
$
$ 36,560.83
$
8,543.00
$ 18,750.00
$
$
$
$
$
$ 16,929.32
$
$
$
$
$
$
$
$ 22,646.22
$
$ 32,315.25
$
$ 31,475.20
$
6,250.73
$
3,159.73
$
$ 873,887.54
9
31 - 60 Days
Past Due
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
1,497.83
$
27,531.98
$
$
$
$
$
$
1,048.52
$
$
$
2,817.90
$
$
$
$
5,719.46
$
$
$
$
$
$
$
7,560.00
$
$
8,216.02
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
15,750.00
$
24,416.33
$
$
$
$
13,110.00
$
$
$
$
$
$
$
$
$
$
7,398.96
$
$
115,067.00
61 - 90 Days
Past Due
$
$
$
$
$
$
$
$
$
$
$
$
$
$
13,500.00
$
$
$
$
$
$
$
3,379.93
$
$
$
$
$
$
$
$
$
$
$
$
$
$
13,235.69
$
1,321.83
$
$
$
$
$
$
$
6,300.00
$
124,764.97
$
$
$
$
$
$
$
$
34,076.43
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
2,500.00
$
$
$
219.92
$
$
199,298.77
Over 90 Days
Past Due
$
$
$
$
$
$
$
$
25,000.00
$
$
$
$
$
$
15,000.00
$
$
$
$
$
$
$
$
$
$
$
$
$
499.94
$
4,000.00
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
45,360.00
$
160,883.77
$
$
$
33,833.75
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
3,354.17
$
3,038.00
$
$
$
$
$
70,000.00
$
$
$
$
$
$
$
$
$
$
360,969.63
Account Balance
$
477.00
$
6,840.70
$
45,702.59
$
2,400.00
438.96
$
$
3,583.53
$
1,792.38
$
25,000.00
$
7,435.90
$
450.00
$
50,000.00
$
5,000.00
45,000.00
$
$
42,800.00
$
55,763.77
4,113.48
$
$
14,185.50
$
15,000.00
$
936.00
$
12,885.39
$
11,878.64
$
30,000.00
$
41,297.97
$
24,469.55
$
3,097.00
$
2,963.02
$
499.94
$
7,223.42
9,371.56
$
56,670.00
$
$
2,817.90
$
11,007.92
4,472.73
$
$
53,000.00
$
13,235.69
203,717.65
$
$
25,000.00
$
310.90
$
36,230.45
$
2,762.36
$
10,949.12
$
13,560.00
$
59,220.00
1,357,238.92
$
$
1,837.26
$
13,521.21
$
33,833.75
$
10,000.00
$
8,011.18
$
17,953.00
$
129,543.75
$
70,745.69
$
908.00
$
438.53
$
2,287.11
$
48,500.55
$
8,543.00
$
18,750.00
$
7,201.61
$
994.23
$
1,268.65
$
29,988.25
$
15,750.00
$
50,700.13
$
4,177.28
$
2,124.74
$
4,814.39
$
13,110.00
$
938.14
$
70,000.00
$
0.60
$
22,646.22
$
1,968.12
$
32,315.25
$
2,500.00
31,475.20
$
$
6,250.73
$
10,980.22
$
4,957.00
$
2,999,833.73
09/30/13
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
INFORMATION TECHNOLOGY
TOTAL DEFERRED EXPENSES
TOTAL CURRENT OTHER ASSETS
STUDENT LOANS:
FEDERAL PERKINS LOANS, net
TECHAID LOANS
TOTAL STUDENT LOANS
887,277
241,204
190,059
137,222
140,977
261,659
1,858,398
$
$
20,000
149,994
$
169,994
$
0
13,524
0
13,524
2,041,916
639,878
212,416
190,059
137,222
140,977
221,958
1,542,510
$
$
20,000
99,996
$
119,996
$
32,616
13,524
96,109
142,249
1,804,755
544,506
196,802
201,792
164,678
131,483
193,161
1,432,422
$
$
20,000
0
$
20,000
$
28,955
13,524
304,917
347,396
1,799,818
657,176
193,206
212,031
161,141
123,307
177,568
1,524,429
20,000
0
$
20,000
$
40,301
13,524
0
53,825
1,598,254
$
11,429,490
996,910
$
11,122,847
1,018,508
$
11,114,050
1,093,163
$
11,319,472
1,134,936
$
12,426,400
$
12,141,355
$
12,207,213
$
12,454,408
10
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
2,478,611
18,168,945
1,645,508
5,194,538
358,066,995
43,005,937
947,926
408,860,904
0
0
99,702
1,170,576
0
1,270,278
1,645,508
5,194,538
358,166,697
44,176,513
947,926
410,131,182
426,769,288
1,530,838
428,300,126
(172,972,965)
$
- $
0
0
260,560
260,560
Ending Balance
SEPT 30, 2013
253,796,324
11
(3,187,100)
$
(1,656,262) $
(176,160,065)
252,140,061
09/30/13
06/30/13
06/30/11
06/30/12
CURRENT LIABILITIES:
Accounts payable
VOUCHERS
MISCELLANEOUS
SALES TAX & MISC
BENEFITS PAYABLE
ACCRUAL
TOTAL
$
828,895
105,102
51,156
1,133,597
200,000
$
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
$
2,318,750
$
4,744,349
$
4,602,384
$
6,305,633
$
$
5,067,569 $
214,046
460,294
(339)
38,466
4,089,735
9,869,771 $
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 $
$
2,841,951
$
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
19,673,875
$
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
3,955,184
490,261
1,615,818
(607)
680,571
3,733,268
10,474,495
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
$
12
$
$
$
09/30/13
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
13
$
$
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:
September 30, 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
14
$