Michigan Technological University
1400 Townsend Drive
Houghton, Michigan
Interim Financial Statements
for the nine months ending
March 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 39 (inclusion of the Michigan Tech Fund (MTF) financial
statements). However, we are including MTF only on our year-end financial reports. There is
no inclusion of (MTF) activity in the Michigan Tech interim financial reporting. The MTF annual
financial report can be found at the following address:
http://www.admin.mtu.edu/acct/reports/audited.php
Financial Highlights
Balance Sheet Variances
Cash and cash equivalents:
Cash has decreased by $2.6 million. Most significantly in the R&I fund where cash has
decreased by $4.1 million. A significant part of this cash decrease has been a result of taking a
cash equivalent investment fund and purchasing a higher yield investment which is now
classified as an investment. We have taken a short term, low yield excess cash fund and
purchased a higher investment grade fund.
Investments:
Increased by $3.3 million as financial markets have performed very well over the past year and
the purchase of investment fund with intermediate cash reserves.
Capital Assets:
Decreased by $2.1 million as depreciation has outpaced capital additions.
Liabilities:
All liability categories are comparable to prior year with the exception of our long term debt,
(bonds and capital leases) which have increased a combined $2.1 million.
Net Assets:
Overall, net assets have increased by $5.4 million in the first nine months of FY13 as compared
to an increase in net assets of $11.9 million in the first nine months of FY12.
Income Statement Variances
Student tuition and fees:
An increase, net of tuition allowance, of $1.5 million (2.4%) through the combination of tuition
rate increases and the decrease in student enrollment. Gross tuition revenue increased by $2.0
million, the tuition allowance netted against gross tuition increased by $400,000.
1
Grants and contracts:
Total research revenues decreased by $1.5 million (4.4%). Federal grants decreased by $1.2
million and nongovernmental grants decreased by $300,000.
Auxiliary revenues:
Total auxiliary revenues increased by $1.3 million (6.4%) primarily in student resident fees.
Salaries and wages:
Total salary and wages have increased $904,000 (1.1%), the most significant increase is in the
non-faculty segment.
Fringe benefits:
Decrease by $1.8 million (-6.5%) as we continue to see the effects of changing health care
providers at the beginning of 2013.
Supplies and services:
A decrease of $1.5 million (4.3%) as spending has declined in the general and expendable
restricted funds and has increased in the auxiliary funds.
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 $547,000.
State appropriations:
Increased by $1.3 million (4.7%) as expected from the higher education appropriations plan.
Gift income:
Decreased by $581,000 (8.3%) for the first nine months of the fiscal year.
Investment return:
Improved by $1.0 million over the first nine months of FY13.
Capital appropriations:
Decreased by $12.0 million over the same period of the previous fiscal year as construction on
the GLRC has been completed.
Capital grants and gifts:
Increased by $900,000 over FY12.
The Bottom Line:
The University had an increase in Net Assets of $5.4 million in the first nine months of fiscal
year 2013 compared to an increase in Net Assets of $11.9 million in the first nine months of
fiscal year 2013; a decrease in performance of $6.4 million.
2
Schedule of Net Assets by Fund
March 31, 2013 and 2012
General
Assets
Current assets:
Cash and cash equivalents
Accounts receivable, net
Inventories
Deposits
Prepaid expenses
Total current assets
$ (9,505,412) $ 16,219,557 $ 12,408,388
7,195,339
165,352
504,157
191,025
1,486,982
1,175,303
13,525
4,805
(943,745)
16,398,434
14,404,332
Noncurrent assets:
Student loans receivable, net
Investments
Capital assets, net of depreciation
Other assets
Total noncurrent assets
Total assets
$
Liabilities
Current liabilities
Current portion of L/T liabilities
Accounts payable
Other accrued liabilities
Deferred revenue
Total current liabilities
Noncurrent liabilities
Insurance and benefit reserves
Notes and bonds payable
Capital lease obligations
Funds held for others
Total non-current liabilities
Total liabilities
$
Net assets
Net increase (decrease) in net assets
Net assets, beginning of year
Total net assets
Total liabilities and net assets
Designated
Current Funds
Auxiliary
Retirement
Activities
Insurance
$
(943,745) $ 16,398,434 $ 14,404,332
484,964
7,420,952
52,515
7,958,431
$
58,889
267,846
326,735
$
Combined Total
Expendable Total Current
Restricted
Funds
Student Loan
$(4,954,880) $ 123,745 $ 14,291,398 $
190,074
5,446,474
13,501,396
1,678,007
69,998
69,998
1,193,633
(4,694,808)
5,570,219
30,734,432
Plant
1,495,415 $
1,495,415
1,699,380
540,030
2,239,410
Agency
$
0
11,635,514
11,635,514
0
0
11,635,514
11,635,514
$ 6,940,706 $ 5,570,219 $ 42,369,946
12,585,050
12,585,050
$ 14,080,465
254,502,312
978,544
255,480,856
$ 257,720,266
$
304,426
489,520
793,946
$ 2,286,507
1,234,824
3,200,835
6,722,166
$
$
$
$
204,513
715,064
2,436,888
3,356,465
$ 2,286,507
2,287,616
12,094,217
2,489,403
19,157,743
-
2,627,420
9,358
1,458
406,250
3,044,486
FY 2013
FY 2012
18,389,773 $
14,049,065
1,678,007
69,998
1,193,633
35,380,476
20,993,071
14,374,485
1,421,802
20,000
955,542
37,764,900
903,580
7,639
911,219
$
911,219
12,585,050
11,635,514
254,502,312
978,544
279,701,420
$ 315,081,896
- $
13,001
898,218
911,219
12,403,357
8,320,720
256,605,132
978,544
278,307,753
$ 316,072,653
4,913,927 $
2,309,975
12,993,893
2,895,653
23,113,448
4,942,727
2,584,518
12,883,576
3,012,335
23,423,156
668,150
668,150
8,626,581
326,735
793,946
1,031,704
1,031,704
7,753,870
3,356,465
1,031,704
0
0
668,150
1,699,854
20,857,597
-
79,832,278
907,117
80,739,395
83,783,881
911,219
1,031,704
79,832,278
907,117
668,150
82,439,249
105,552,697
1,376,648
78,663,724
682,795
80,723,167
104,146,323
3,031,859
(12,602,185)
(9,570,326)
255,548
15,816,151
16,071,699
4,375,230
9,235,156
13,610,386
2,738,633
(3,551,797)
(813,164)
(1,376,660)
3,590,414
2,213,754
9,024,610
12,487,739
21,512,349
101,176
13,979,289
14,080,465
(3,759,105)
177,695,490
173,936,385
-
5,366,681
204,162,518
209,529,199
11,859,274
200,067,056
211,926,330
(943,745) $ 16,398,434 $ 14,404,332 $ 6,940,706 $ 5,570,219 $ 42,369,946 $ 14,080,465 $ 257,720,266 $
3
911,219 $ 315,081,896 $ 316,072,653
Schedule of Revenues, Expenses and Changes in Net Assets by Fund by Object
For the Nine Months Ended March 31, 2013 and 2012
General
Revenues
Operating revenues
Student tuition and fees
Federal grants and contracts
State and local grants and contracts
Nongovernmental grants and contracts
Indirect cost recoveries
Educational activities
Student resident fees
Departmental activities
Total operating revenues
Expenses
Operating expenses
Salaries & wages - non-faculty
Salaries & wages - faculty
Salaries & wages - graduate students
Salaries & wages - undergrad students
Fringe benefits
Supplies and services
Student financial support
Utilities
Depreciation
Total operating expenses
Operating income (loss)
Transfers
Mandatory transfers in
Mandatory transfers out
Non mandatory transfers in
Non mandatory tansfers out
Total transfers
Nonoperating revenues (expenses)
Federal Pell grants
Other Federal grants
State appropriations, operating
Gift income
Investment income (loss)
Interest expense
Other nonoperating revenues
Loss on disposal of capital assets
Net nonoperating revenues
Income (loss) before other revenues
Other revenues
Capital appropriations
Capital grants and gifts
Fund additions
Total other revenues
Net increase (decrease) in net assets
Net assets, beginning of year
Net assets, end of year
Designated
Current Funds
Auxiliary
Retirement
Insurance
Activities
$100,629,031 $
25,350 $ 895,482 $
7,825
7,743,797
702,429
374,987
2,022,233
21,565,363
7,941,009
89,180
108,755,640
2,136,763
31,104,283
Combined Totals
Expendable
Restricted
Total Current
Funds
Student Loan
- $ 101,549,863 $
- $
21,284,618
21,292,443
1,613,305
1,613,305
9,914,749
9,914,749
(7,743,797)
3,187,275
576
87,050
21,565,363
8,052,360
22,171
25,178,096
167,175,358
576
-
85,311
85,311
(85,311)
Plant
$
- $
49,834
49,834
7,583,084
9,900,000
17,483,084
(17,433,250)
22,657,302
32,029,817
3,137,858
1,238,681
20,794,708
10,633,964
29,835,448
2,870,305
123,198,083
(14,442,443)
3,669,600
276,420
460,247
432,756
1,289,801
6,297,829
359,085
145,854
12,931,592
(10,794,829)
5,709,254
27,384
249,411
1,039,579
1,919,188
9,455,389
340,418
2,167,604
20,908,227
10,196,056
1,519,144
40,240
63
248
8,308
685,442
2,253,445
(2,252,869)
6,637,881
2,098,435
2,898,923
731,752
2,788,569
9,371,105
11,069,127
50,421
35,646,213
(10,468,117)
40,193,181
34,472,296
6,746,502
3,443,016
26,800,574
36,443,729
41,604,078
5,234,184
194,937,560
(27,762,202)
(1,438,295)
7,129,102
(16,896,196)
(11,205,389)
(300,234)
12,161,630
(4,923,364)
6,938,032
(3,647,227)
5,608,188
(8,194,792)
(6,233,831)
4,223,413
(749,779)
3,473,634
2,061,791
(1,037,975)
2,676,156
(1,805,178)
1,894,794
2,061,791
(6,423,731)
31,798,489
(32,569,309)
(5,132,760)
-
5,088,471
(726,531)
1,682,062
(911,242)
5,132,760
28,440,927
238,764
28,679,691
3,031,859
4,112,345
4,112,345
255,548
413,005
413,005
4,375,230
1,517,868
1,517,868
2,738,633
5,500,000
1,696,242
421
7,196,663
(1,376,660)
5,500,000
28,440,927
6,460,356
1,518,289
41,919,572
9,024,610
186,487
186,487
101,176
577,721
198
(3,338,544)
100,000
(2,660,625)
(14,961,115)
1,035,092
1,183,748
8,983,170
11,202,010
4,375,230
2,738,633
(1,376,660)
9,024,610
101,176
(3,759,105)
3,031,859
255,548
9,235,156
(3,551,797)
3,590,414
12,487,739
13,979,289
177,695,490
(12,602,185) 15,816,151
$ (9,570,326) $ 16,071,699 $ 13,610,386 $ (813,164) $ 2,213,754 $ 21,512,349 $ 14,080,465 $ 173,936,385 $
4
Eliminations
FY 2013
FY 2012
(33,216,960) $ 68,332,903 $ 66,736,164
22,475,312
21,292,443
1,588,747
1,613,305
10,258,392
9,914,749
3,093,376
3,187,275
21,565,363
20,271,489
7,862,993
8,102,194
132,286,473
(33,216,960)
134,008,232
(9,041,099)
(33,216,960)
(42,258,059)
9,041,099
(57,929)
(57,929)
8,983,170
40,193,181
34,472,296
6,746,502
3,443,016
26,800,574
35,071,025
8,387,118
5,234,184
9,900,000
170,247,896
(36,239,664)
38,983,865
34,611,962
6,989,976
3,364,495
28,666,584
36,641,227
7,840,421
5,565,741
9,900,000
172,564,271
(40,277,798)
7,150,262
(7,150,262)
33,480,551
(33,480,551)
-
6,940,054
(6,940,054)
27,701,876
(27,701,876)
-
5,500,000
577,721
28,440,927
6,460,356
1,704,974
(3,338,544)
100,000
(57,929)
39,387,505
3,147,841
5,615,550
583,604
27,155,727
7,041,552
742,970
(3,230,653)
1,100,000
(166,261)
38,842,489
(1,435,309)
1,035,092
13,073,231
1,183,748
221,352
(8,983,170)
13,294,583
(8,983,170)
2,218,840
5,366,681
11,859,274
200,067,056
204,162,518
- $ 209,529,199 $ 211,926,330
Schedule of Revenues, Expenses and Changes in Net Assets by Fund by Function
For the Nine Months Ended March 31, 2013 and 2012
General
Revenues
Operating revenues
Student tuition and fees
Federal grants and contracts
State and local grants and contracts
Nongovernmental grants and contracts
Indirect cost recoveries
Educational activities
Student resident fees
Departmental activities
Total operating revenues
Expenses
Operating expenses
Instruction
Research
Public service
Academic support
Student services
Institutional support
Operations and maintenance of plant
Student financial support
Departmental activities
Student residents
Depreciation
Total operating expenses
Operating income (loss)
Transfers
Mandatory transfers in
Mandatory transfers out
Non mandatory transfers in
Non mandatory tansfers out
Total transfers
Nonoperating revenues (expenses)
Federal Pell grants
Other Federal grants
State appropriations, operating
Gift income
Investment income (loss)
Interest expense
Other nonoperating revenues
Loss on disposal of capital assets
Net nonoperating revenues
Income (loss) before other revenues
Other revenues
Capital appropriations
Capital grants and gifts
Fund additions
Total other revenues
Net increase (decrease) in net assets
Net assets, beginning of year
Net assets, end of year
Designated
Current Funds
Auxiliary
Retirement
Activities
Insurance
$100,629,031 $
25,350 $ 895,482 $
7,825
7,743,797
374,987
2,022,233
702,429
21,565,363
89,180
7,941,009
108,755,640
2,136,763
31,104,283
Combined Totals
Expendable
Restricted
Total Current
Funds
Student Loan
- $
- $ 101,549,863 $
21,284,618
21,292,443
1,613,305
1,613,305
9,914,749
9,914,749
(7,743,797)
576
87,050
3,187,275
21,565,363
22,171
8,052,360
576
25,178,096
167,175,358
-
$
Eliminations
FY 2013
FY 2012
- $ (33,216,960) $ 68,332,903 $ 66,736,164
21,292,443
22,475,312
1,613,305
1,588,747
9,914,749
10,258,392
3,187,275
3,093,376
21,565,363
20,271,489
49,834
8,102,194
7,862,993
49,834
(33,216,960)
134,008,232
132,286,473
45,909,865
14,204,451
407,098
9,857,757
5,468,279
11,190,562
8,736,367
27,423,704
123,198,083
(14,442,443)
1,874,443
5,940,216
619,539
255,395
698,015
2,926,371
617,613
12,931,592
(10,794,829)
3,098,450
17,809,777
20,908,227
10,196,056
1,997,716
255,729
2,253,445
(2,252,869)
597,689
20,646,421
5,697,141
13,690
173,780
8,357
8,509,135
35,646,213
(10,468,117)
48,381,997
40,791,088
6,723,778
10,126,842
9,438,524
16,123,006
9,609,709
35,932,839
17,809,777
194,937,560
(27,762,202)
(1,438,295)
7,129,102
(16,896,196)
(11,205,389)
(300,234)
12,161,630
(4,923,364)
6,938,032
(3,647,227)
5,608,188
(8,194,792)
(6,233,831)
4,223,413
(749,779)
3,473,634
2,061,791
(1,037,975)
2,676,156
(1,805,178)
1,894,794
2,061,791
(6,423,731)
31,798,489
(32,569,309)
(5,132,760)
-
5,088,471
(726,531)
1,682,062
(911,242)
5,132,760
28,440,927
238,764
28,679,691
3,031,859
4,112,345
4,112,345
255,548
413,005
413,005
4,375,230
1,517,868
1,517,868
2,738,633
5,500,000
1,696,242
421
-
5,500,000
28,440,927
6,460,356
1,518,289
41,919,572
9,024,610
186,487
186,487
101,176
577,721
198
(3,338,544)
100,000
(2,660,625)
(14,961,115)
7,196,663
(1,376,660)
85,311
85,311
(85,311)
Plant
2,831,700
4,751,384
9,900,000
17,483,084
(17,433,250)
(575,227)
(1,204,039)
(24,245)
(54,256)
(18,649)
(1,789,222)
(5,098,747)
(33,216,960)
(10,915,617)
10,638,903
(42,258,059)
9,041,099
(57,929)
(57,929)
8,983,170
47,806,770
39,587,049
6,699,533
10,072,586
9,419,875
17,165,484
9,262,346
2,801,190
6,894,160
10,638,903
9,900,000
170,247,896
(36,239,664)
47,825,542
42,865,445
6,452,359
8,119,978
5,747,335
22,812,373
7,309,877
2,448,589
9,152,568
9,930,205
9,900,000
172,564,271
(40,277,798)
7,150,262
(7,150,262)
33,480,551
(33,480,551)
-
6,940,054
(6,940,054)
27,701,876
(27,701,876)
-
5,500,000
577,721
28,440,927
6,460,356
1,704,974
(3,338,544)
100,000
(57,929)
39,387,505
3,147,841
5,615,550
583,604
27,155,727
7,041,552
742,970
(3,230,653)
1,100,000
(166,261)
38,842,489
(1,435,309)
1,035,092
1,035,092
13,073,231
1,183,748
1,183,748
221,352
8,983,170
(8,983,170)
11,202,010
(8,983,170)
2,218,840
13,294,583
3,031,859
255,548
4,375,230
2,738,633
(1,376,660)
9,024,610
101,176
(3,759,105)
5,366,681
11,859,274
(12,602,185) 15,816,151
9,235,156
(3,551,797)
3,590,414
12,487,739
13,979,289
177,695,490
204,162,518
200,067,056
$ (9,570,326) $ 16,071,699 $ 13,610,386 $ (813,164) $ 2,213,754 $ 21,512,349 $ 14,080,465 $ 173,936,385 $
- $ 209,529,199 $ 211,926,330
5
SUPPLEMENTAL SCHEDULES
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:
03/31/13
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
2009 BOND ISSUE FUNDS
2009 BOND INVESTMENTS
2012 BOND ISSUE FUNDS
TOTAL
$
06/30/12
06/30/11
06/30/10
(9,505,412) $
16,219,557
12,408,388
(4,956,815)
(3,449,242)
10,716,476
(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
(13,450,045)
17,446,993
7,004,588
(366,113)
(5,062,808)
5,572,615
1,935
123,745
1,495,415
5,148,622
903,580
7,673,297
18,389,773 $
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 $
1,170,949
(2,779,951)
1,163,286
12,912,285
1,470,070
13,936,639
19,509,254
121,403 $
15,476,593
3,024
2,786,818
18,387,838
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
138,045
557,879
14,046
(201,150)
508,820
1,935
0
0
0
1,935
18,389,773 $
2,072,704
0
0
852,156
2,924,860
8,387,277 $
1,771,400
0
0
0
1,771,400
13,116,547 $
7
1,170,949
10,327,975
7,501,510
$19,000,434
19,509,254
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
3/31/13
6/30/11
6/30/10
06/30/09
5,161,098 $
0
8,713,492 $
0
8,703,789 $
0
9,003,362
109,554
2,819,614
2,287,964
5,107,578
3,389,102
4,643,434
8,032,536
2,791,377
5,325,754
8,117,131
2,841,639
3,417,294
6,258,932
1,941,555
282,802
1,601,380
(45,347)
512,052
287,321
3,229,605
(66,496)
389,092
375,298
1,969,675
(65,122)
300,881
322,194
484,610
(65,685)
TOTAL ACCOUNTS RECEIVABLE $ 14,049,065 $ 20,708,510 $ 19,489,864 $ 16,413,848
RESEARCH BILLED - AGING OF ACCOUNTS RECEIVABLE:
(IN DOLLARS)
03/31/13
CURRENT ACCOUNTS
$
1,966,478 $
0 TO 30 DAYS PAST DUE
361,137
31 TO 60 DAYS PAST DUE
110,373
61 TO 90 DAYS PAST DUE
102,725
OVER 90 DAYS PAST DUE
278,901
TOTAL RESEARCH BILLED
$
2,819,614 $
RESEARCH BILLED - AGING OF ACCOUNTS RECEIVABLE:
(IN PERCENTAGE)
03/31/13
CURRENT ACCOUNTS
70%
0 TO 30 DAYS PAST DUE
13%
31 TO 60 DAYS PAST DUE
4%
61 TO 90 DAYS PAST DUE
4%
OVER 90 DAYS PAST DUE
10%
8
06/30/11
1,774,614 $
516,121
509,560
89,374
499,433
06/30/10
1,272,933 $
689,202
260,716
194,138
374,389
06/30/09
2,074,337
360,993
230,349
150,863
25,095
3,389,102 $
2,791,377 $
2,841,639
06/30/11
52%
15%
15%
3%
15%
06/30/10
46%
25%
9%
7%
13%
06/30/09
73%
13%
8%
5%
1%
Accounts Receivable Aging Report
Billed Research
March 31, 2013
Company
AKELA Inc
Alion Science and Technology Corporation
Arch Wood Protection
Argonne National Laboratory
Ariens Company
AVL Powertrain Engineering Inc
Ballard Power Systems
BorgWarner Inc
Bowdoin College
Carnegie Institute of Washington
Center for Automotive Research
CFD Research Corporation
Eaton Corporation
Federal Mediation & Conciliation Service
Ford Motor Corp - Ford Rsch & Adv Eng
General Motors Company
General Motors GFSS
Hankook Tire
Helios Remote Sensing Systems
Illinois Tool Works Inc
International Centre for Research in Agroforestry
Internet 2
J F Drake State Technical College
Kumho Tire
Lesktech Limited
LimnoTech Inc
Little River Band of Ottawa Indians
Marshall University Research Corporation
Matrix Research Inc
Michelin Americas Research & Development Corporation
Michigan Dept of Environmental Quality
Michigan Dept of Natural Resources
Minnesota Dept of Transportation
Michigan Dept of Transportation
Morton Salt Company
National Fish and Wildlife Foundation
National Institute of Aerospace
Neptune Research Inc
North Carolina State University
Nostrum Energy
Office of Naval Research
Ohio State University
Pennsylvania State University
Photonica Inc
REL Inc
Roush Industries Inc
Sandia National Laboratories
Science Applications International Corporation
SIROM Scientific Solutions LLC
Somero Enterprises Inc
Systems Research and Applications Corporation
Technology Service Corporation
UChicago Argonne LLC
Universal Technical Resource Services Inc
Universidad del Turabo
University of Alaska-Fairbanks
University of Central Florida
University of Dayton Research Institute
University of Illinois at Urbana-Champaign
University of Michigan
University of Michigan Business Engagement Center
University of Nebraska - Lincoln
University of Oregon
University of Wisconsin-Madison
UOP LLC
URV USA LLC
US Army Corps of Engineers
US Dept of the Army
US Dept of Energy
US Forest Service
US Geological Survey
Federal Railroad Administration
US Dept of Transportation
Waltonen Engineering Inc
Wyoming Wildlife and Natural Resource Trust Account
Yokohama Tire Corp
Total Grants & Contracts Receivable
Current
$
140,324.82
$
10,640.88
$
14,687.50
$
$
$
12,261.00
$
$
37,855.00
$
12,640.14
$
1,167.11
$
4,291.76
$
$
5,542.19
$
$
49,786.64
$
39,346.00
30,000.00
$
$
$
4,139.40
$
61,512.00
$
$
18,167.28
$
11,520.00
$
$
$
$
8,142.66
$
16,141.92
$
$
46,850.00
$
$
18,555.00
$
$
140,558.42
$
2,800.00
$
10,880.35
$
9,823.60
$
$
30,000.00
$
20,250.00
$
582,695.27
$
534.19
5,315.09
$
$
$
450.00
$
15,850.00
$
88,673.01
$
48,553.32
$
$
4,030.27
$
830.96
23,332.00
$
11,314.09
$
115,690.50
$
$
536.80
$
5,457.32
$
2,559.64
$
13,907.68
$
17,422.13
$
11,730.17
$
25,000.00
$
13,082.00
$
15,297.24
$
1,109.89
$
15,999.00
$
$
80,558.27
$
$
22,350.62
$
573.51
$
2,777.74
$
8,851.58
$
43,790.83
$
8,314.74
$
494.01
$
21,512.00
$ 1,966,477.54
Age 30 Date
$
$
20,028.36
$
$
$
42,848.00
$
$
172.36
$
$
6,508.72
$
1,608.69
$
$
3,541.67
40,412.00
$
$
$
15,505.16
$
$
$
9,695.00
$
$
$
$
$
416.95
$
$
$
$
1,443.66
$
$
4,990.91
$
$
$
$
$
82,582.99
$
$
$
9,559.81
$
$
$
7,667.13
$
$
$
2,361.66
$
$
$
$
$
6,616.31
$
$
$
$
$
$
$
1,829.52
$
1,674.36
$
2,559.65
$
29,074.21
$
$
24,112.98
$
$
$
2,051.62
$
1,266.64
$
$
$
$
6,380.24
$
$
$
4,225.48
$
$
$
10,091.08
$
$
21,912.00
$
361,137.16
9
Age 60 Date
$
$
5,657.92
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
18,000.00
$
$
$
$
$
$
2,113.00
$
$
$
22,266.54
$
8,400.00
$
$
$
$
$
$
16,231.98
$
$
$
$
$
$
$
$
11,618.63
$
$
$
$
$
$
$
$
2,455.44
$
$
7,898.80
$
2,620.73
$
$
$
$
$
13,110.00
$
$
$
$
$
$
$
$
$
$
$
$
110,373.04
Age 90 Date
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
90,631.20
$
$
$
$
$
$
$
12,093.51
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
0.16
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
102,724.87
91 Plus Days
$
$
$
$
3,276.64
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
1,219.00
$
$
$
$
749.94
$
$
$
$
$
$
24,998.00
$
$
$
4,379.73
$
$
$
$
25,369.00
$
$
$
16,154.58
$
$
$
132,754.00
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
70,000.00
$
$
$
$
$
$
$
$
$
$
$
278,900.89
Account Balance
$
140,324.82
$
36,327.16
$
14,687.50
$
3,276.64
$
42,848.00
$
12,261.00
$
172.36
$
37,855.00
$
19,148.86
$
1,167.11
$
5,900.45
$
3,541.67
$
40,412.00
$
5,542.19
$
65,291.80
$
39,346.00
30,000.00
$
9,695.00
$
$
4,139.40
61,512.00
$
1,219.00
$
18,167.28
$
$
416.95
$
11,520.00
$
749.94
$
18,000.00
$
9,586.32
$
16,141.92
$
4,990.91
$
46,850.00
$
2,113.00
$
24,998.00
$
18,555.00
$
340,418.88
$
11,200.00
$
10,880.35
$
19,383.41
25,369.00
$
$
30,000.00
$
20,250.00
$
634,842.47
$
534.19
$
7,676.75
$
132,754.00
$
450.00
$
15,850.00
$
88,673.01
$
55,169.63
$
11,618.63
$
4,030.27
$
830.96
$
23,332.00
$
11,314.09
$
115,690.50
$
2,366.32
$
7,131.68
$
7,574.73
$
13,907.68
$
54,395.14
$
38,464.04
$
25,000.00
$
13,082.00
$
17,348.86
$
2,376.53
$
29,109.00
$
70,000.00
$
80,558.27
$
6,380.24
$
22,350.62
$
573.51
$
7,003.22
$
8,851.58
$
43,790.83
$
18,405.82
$
494.01
$
43,424.00
$
2,819,613.50
03/31/13
06/30/12
06/30/11
06/30/10
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
$
$
$
717,718 $
251,074
190,928
164,678
131,483
222,126
1,678,007 $
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
49,998
20,000
0
20,000
0
20,000
0
69,998
20,000
20,000
20,000
0
13,524
1,084,000
96,109
1,193,633
2,941,638 $
28,955
13,524
0
304,917
347,396
1,799,818 $
40,301
13,524
0
0
53,825
1,598,254 $
22,941
13,524
0
0
36,465
1,541,669
11,525,176 $
1,059,874
12,585,050 $
11,114,050 $
1,093,163
12,207,213 $
11,319,472 $
1,134,936
12,454,408 $
11,489,583
1,157,718
12,647,301
10
630,020
163,706
216,910
181,357
118,942
174,269
1,485,204
PROPERTY, PLANT and EQUIPMENT
Nondepreciable capital assets
LAND
MINERAL MUSEUM EXHIBITS
TIMBER
CONSTRUCTION IN PROGRESS
Beginning Balance
JUL 1, 2012
$
9,134,394
5,844,136
368,394
3,170,270
18,517,194
Depreciable capital assets
LAND IMPROVEMENTS
INFRASTRUCTURE
BUILDINGS
DEFERRED FINANCING COSTS
EQUIPMENT
LIBRARY BOOKS
SUBTOTAL
Total cost of capital assets
Less Accumulated Depreciation
CAPITAL ASSETS, net
Additions,
net of Disposals
$
9,267,620
5,844,136
368,394
4,717,928
20,198,078
1,645,508
5,137,017
353,640,281
1,429,111
37,788,359
909,339
400,549,615
0
57,521
113,482
0
2,761,063
0
2,932,065
1,645,508
5,194,538
353,753,763
1,429,111
40,549,422
909,339
403,481,680
419,066,809
4,612,949
423,679,758
(160,490,254)
$
133,226 $
0
0
1,547,658
1,680,884
Ending Balance
MAR 31, 2013
258,576,555
11
(8,687,192)
$
(4,074,243) $
(169,177,446)
254,502,312
03/31/13
06/30/12
06/30/11
06/30/10
CURRENT LIABILITIES:
Accounts payable
VOUCHERS
MISCELLANEOUS
SALES TAX & MISC
BENEFITS PAYABLE
ACCRUAL
TOTAL
$
1,017,676 $
38,091
9,168
1,045,040
200,000
2,354,745 $
18,370
9,896
574,005
1,645,368
3,505,580 $
19,183
11,108
530,481
2,239,281
6,197,823
55,386
13,195
490,863
2,284,212
$
2,309,975 $
4,602,384 $
6,305,633 $
9,041,479
$
$
4,492,738 $
200,155
3,454,321
(222)
797,368
4,049,533
12,993,893 $
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 $
3,611,218
360,637
1,652,993
(36,687)
699,388
3,885,952
10,173,501
$
2,895,653 $
2,990,127 $
3,032,505 $
2,520,184
$
2,627,420 $
0
0
2,627,420
207,911
1,750,000
77,596
251,000
4,913,927
23,113,448 $
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 $
1,320,000
213,861
500,000
2,033,861
207,911
1,652,086
837,601
168,000
4,899,459
26,634,623
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
$
12
03/31/13
06/30/12
06/30/11
06/30/10
NONCURRENT LIABILITIES:
Insurance and benefit reserves
MISC - LONG TERM PORTION
ESP LONG TERM PORTION
OTHER POST EMPLOYMENT BENEFITS
TOTAL
DUE TO MICHIGAN TECH FUND
$
$
89,000 $
0
942,704
1,031,704 $
166,596 $
0
942,704
1,109,300 $
158,753 $
207,911
1,009,984
1,376,648 $
$
-
-
-
13
$
$
$
478,737
415,822
1,070,002
1,964,561
600,000
NOTES AND BONDS PAYABLE
LONG TERM PORTION OF BONDS PAYABLE:
March 30, 2013 June 30, 2012
June 30, 2011 June 30, 2010 June 30, 2009
2003 ISSUE
0
0
4,080,000
4,190,000
4,295,000
2004 ISSUE
0
785,000
28,695,000
29,430,000
30,145,000
2004 ISSUE PREMIUM
0
0
764,527
798,381
832,235
2,610,000
2,675,000
2,740,000
2,790,000
2,840,000
0
0
0
4,213
8,426
15,310,000
15,435,000
15,560,000
15,685,000
15,785,000
512,549
533,050
553,553
574,055
615,058
2009 ISSUE
16,785,000
17,160,000
17,525,000
17,885,000
0
2010 ISSUE
9,570,000
10,230,000
10,770,000
0
0
2012 ISSUE
32,475,000
32,800,000
2,569,729
2,658,342
$ 80,688,080
$ 71,356,649
$ 54,520,719
2006 ISSUE
2006 ISSUE PREMIUM
2008 ISSUE
2008 ISSUE PREMIUM
2012 ISSUE PREMIUM
TOTAL
$
79,832,278
$
82,276,392
14