Michigan Technological University
1400 Townsend Drive
Houghton, Michigan
Interim Financial Statements
for the six months ending
December 31, 2012 and 2011
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 $5.6 million. Significant cash decreases have occurred in the General
fund and the R&I fund with modest increases in the Auxiliary and Plant fund.
Accounts receivable:
Increased by $900,000 as increases in the general fund for student spring tuition billings are
offset by the lack of receivables in the plant fund due to no ongoing state-funded construction.
Investments:
Increased by $3.0 million as financial markets have shown improvement over the past year.
Accounts Payable:
A decrease of $2.4 million, primarily in the plant fund.
Capital lease obligations:
A new capital lease was entered into with payments totaling $1.5 million over the five year
period beginning in August 2012.
Net Assets:
Overall, net assets have decreased by $11.8 million in the first half of FY13 as compared to a
decrease in net assets of $6.1 million in the first half of FY12.
Income Statement Variances
Student tuition and fees:
An increase, net of tuition allowance, of $1.2 million (3.2%) through the combination of tuition
rate increases and the decrease in student enrollment. Gross tuition revenue increased by $1.5
million, the tuition allowance netted against gross tuition increased by $300,000.
Grants and contracts:
1
Total research revenues decreased by $556,000 (2.5%). The decline was in the
nongovernmental sector. Federal funding is very close to the previous year.
Auxiliary revenues:
Total auxiliary revenues increased by $1.0 million (9.8%) primarily in student resident fees.
Salaries and wages:
Total salary and wages have increased $1.0 million (1.8%) attributable salary increases.
Fringe benefits:
Decrease by $1.2 million (-6.1%) as employer related benefit costs (retirement contributions,
FICA, etc) are lower as compared to the previous year due to the faculty starting two weeks
later.
Supplies and services:
A decrease of $954,000 (3.9%) 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 only $100,000.
Gift income:
Decreased by $800,000 (16.0%) for the first half of the fiscal year.
Investment return:
Improved by $1.0 million over the first half of FY12.
Capital appropriations:
Decreased by $10.0 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 a decrease in Net Assets of $11.8 million in the first half of fiscal year 2013
compared to a decrease in Net Assets of $6.1 million in the first half of fiscal year 2013; an
decrease in performance of $5.7 million.
Questions?
Visit our Frequently Asked Questions section at the following address:
http://www.admin.mtu.edu/acct/reports/faq.htm
2
Schedule of Net Assets by Fund
December 31, 2012 and 2011
General
Assets
Current assets:
Cash and cash equivalents
Accounts receivable, net
Inventories
Deposits
Prepaid expenses
Total current assets
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
Combined Total
Expendable Total Current
Restricted
Funds
Student Loan
$ (31,190,767) $ 16,471,586 $ 21,872,110
50,373,438
32,451
518,882
194,685
2,205,085
1,717,303
13,525
4,805
21,094,659
16,517,562
24,600,882
$(4,514,939) $ (150,865) $ 2,487,125 $
168,334
6,704,894
57,797,999
2,399,770
20,000
20,000
1,735,633
(4,326,605)
6,554,029
64,440,527
$ 21,094,659
$ 16,517,562 $ 24,600,882
0
10,662,247
10,662,247
0
0
10,662,247
10,662,247
$ 6,335,642 $ 6,554,029 $ 75,102,774
12,285,446
12,285,446
$ 14,057,994
$
$
594,517
340,189
9,831,000
10,765,706
$ 2,286,507
826,960
3,544,182
6,657,649
$
443,567
4,578,256
45,154,228
50,176,051
38,009
168,705
206,714
$
$
114,335
395,547
2,461,344
2,971,226
$ 2,286,507
2,017,388
9,026,879
57,446,572
70,777,346
Plant
1,772,548 $
1,772,548
Agency
2,255,328 $ 1,508,342 $
231,512
8,191
2,486,840
1,516,533
255,956,258
978,544
256,934,802
$ 259,421,642 $ 1,516,533
- $
3,235
3,235
2,627,421
3,500
1,458
406,250
3,038,629
$
FY 2013
FY 2012
8,023,343 $
58,037,702
2,399,770
20,000
1,735,633
70,216,448
13,663,147
57,116,631
2,167,907
20,000
1,447,557
74,415,242
12,285,446
10,662,247
255,956,258
978,544
279,882,495
$ 350,098,943
- $
2,763
1,513,770
1,516,533
12,347,600
7,641,470
255,686,851
978,544
276,654,465
$ 351,069,707
4,913,928 $
2,026,886
10,542,107
57,852,822
75,335,743
4,942,727
4,485,985
9,730,578
57,303,588
76,462,878
592,250
592,250
50,768,301
206,714
10,765,706
1,031,704
1,031,704
7,689,353
2,971,226
1,031,704
0
0
592,250
1,623,954
72,401,300
3,235
79,832,278
907,117
80,739,395
83,778,024
1,516,533
1,031,704
79,832,278
907,117
592,250
82,363,349
157,699,092
1,376,648
78,663,724
605,650
80,646,022
157,108,900
(17,071,457)
(12,602,185)
(29,673,642)
494,697
15,816,151
16,310,848
4,600,020
9,235,156
13,835,176
2,198,086
(3,551,797)
(1,353,711)
(7,611)
3,590,414
3,582,803
(9,786,265)
12,487,739
2,701,474
75,470
13,979,289
14,054,759
(2,051,872)
177,695,490
175,643,618
-
(11,762,667)
204,162,518
192,399,851
(6,106,249)
200,067,056
193,960,807
$ 21,094,659 $ 16,517,562 $ 24,600,882 $ 6,335,642 $ 6,554,029 $ 75,102,774 $ 14,057,994 $ 259,421,642 $ 1,516,533 $ 350,098,943 $ 351,069,707
3
Schedule of Revenues, Expenses and Changes in Net Assets by Fund by Object
For the Six Months Ended December 31, 2012 and 2011
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
Activities
Insurance
$ 55,219,913 $
25,350 $ 887,379 $
45
5,182,073
174,191
1,432,376
451,624
11,562,792
61,772
5,161,037
60,576,222
1,519,498
18,062,832
Combined Totals
Expendable
Restricted
Total Current
Funds
Student Loan
- $
- $ 56,132,642 $
14,956,573
14,956,618
1,096,830
1,096,830
6,157,468
6,157,468
(5,182,073)
39,335
2,097,526
11,562,792
(4,617)
10,115
5,228,307
(4,617) 17,078,248
97,232,183
-
Plant
$
- $
27,570
27,570
15,140,226
19,805,261
1,975,544
903,001
13,487,824
6,840,054
17,773,002
1,601,796
77,526,708
(16,950,486)
2,561,628
271,216
347,688
355,671
911,487
4,038,264
153,692
82,394
8,722,040
(7,202,542)
3,769,429
16,363
157,864
743,866
1,287,456
6,705,161
332,908
1,258,432
14,271,479
3,791,353
1,020,122
21,491
219,515
554,403
1,815,531
(1,820,148)
4,371,391
1,549,741
2,033,548
562,290
1,843,497
6,491,838
5,935,421
41,378
22,829,104
(5,750,856)
26,862,796
21,664,072
4,514,644
2,564,828
17,749,779
24,629,720
24,195,023
2,984,000
125,164,862
(27,932,679)
(1,101,003)
796,824
(14,218,357)
(14,522,536)
(296,656)
8,844,565
(3,511,851)
5,036,058
(2,556,266)
5,034,774
(2,039,690)
438,818
3,510,413
(36,779)
3,473,634
1,576,476
(645,954)
1,935,291
(908,217)
1,957,596
1,576,476
(4,599,879)
20,121,867
(20,714,894)
(3,616,430)
-
3,439,636
(416,232)
1,503,404
(911,242)
3,615,566
14,247,897
153,668
14,401,565
(17,071,457)
2,661,181
2,661,181
494,697
369,943
(94)
369,849
4,600,020
544,600
544,600
2,198,086
2,700,000
1,085,649
3,785,649
(7,611)
2,700,000
14,247,897
4,270,441
544,506
21,762,844
(9,786,265)
121,567
121,567
75,470
290,744
198
(1,339,124)
100,000
(948,182)
(10,141,278)
46,097
46,097
(46,097)
6,236,232
6,600,000
12,836,232
(12,808,662)
342,908
604,125
7,142,373
8,089,406
(17,071,457)
494,697
4,600,020
2,198,086
(7,611)
(9,786,265)
75,470
(2,051,872)
(12,602,185)
15,816,151
9,235,156
(3,551,797)
3,590,414
12,487,739
13,979,289
177,695,490
$ (29,673,642) $ 16,310,848 $ 13,835,176 $ (1,353,711) $ 3,582,803 $ 2,701,474 $ 14,054,759 $ 175,643,618 $
4
Eliminations
(18,360,987) $
(18,360,987)
(7,190,086)
(18,360,987)
(25,551,073)
7,190,086
(47,713)
(47,713)
7,142,373
FY 2013
FY 2012
37,771,655 $
14,956,618
1,096,830
6,157,468
2,097,526
11,562,792
5,255,877
78,898,766
36,595,700
15,047,265
1,134,629
6,585,546
2,004,885
10,530,098
5,147,952
77,046,075
26,862,796
21,664,072
4,514,644
2,564,828
17,749,779
23,721,963
5,834,036
2,984,000
6,600,000
112,496,118
(33,597,352)
25,739,089
21,889,011
4,585,701
2,439,976
18,899,703
24,675,396
5,707,448
3,066,131
6,600,000
113,602,455
(36,556,380)
5,016,112
(5,016,111)
21,625,271
(21,626,136)
(864)
4,818,582
(4,818,582)
21,599,582
(21,599,582)
-
2,700,000
290,744
14,247,897
4,270,441
666,271
(1,339,124)
100,000
(47,713)
20,888,516
(12,709,700)
2,965,550
292,861
13,577,862
5,081,298
(300,775)
(1,187,132)
(91,364)
20,338,300
(16,218,080)
342,908
10,280,479
604,125
(168,648)
(7,142,373)
(7,142,373)
947,033
10,111,831
(11,762,667)
(6,106,249)
204,162,518
200,067,056
- $ 192,399,851 $ 193,960,807
Schedule of Revenues, Expenses and Changes in Net Assets by Fund by Function
For the Six Months Ended December 31, 2012 and 2011
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
$ 55,219,913 $
25,350 $ 887,379 $
45
5,182,073
174,191
1,432,376
451,624
11,562,792
61,772
5,161,037
60,576,222
1,519,498
18,062,832
Combined Totals
Expendable
Restricted
Total Current
Funds
Student Loan
- $
- $ 56,132,642 $
14,956,573
14,956,618
1,096,830
1,096,830
6,157,468
6,157,468
(5,182,073)
39,335
2,097,526
11,562,792
(4,617)
10,115
5,228,307
(4,617) 17,078,248
97,232,183
-
$
Eliminations
- $ (18,360,987) $
27,570
27,570
(18,360,987)
30,805,246
8,665,766
264,855
6,160,308
3,740,309
7,709,448
5,496,060
14,684,716
77,526,708
(16,950,486)
1,066,864
4,355,346
326,096
157,498
516,912
1,960,331
338,993
8,722,040
(7,202,542)
2,075,577
12,195,902
14,271,479
3,791,353
1,560,156
255,375
1,815,531
(1,820,148)
491,926
13,742,543
3,953,926
(961)
108,567
3,627
4,529,476
22,829,104
(5,750,856)
32,364,036
26,763,655
4,544,877
6,316,845
6,441,365
11,233,562
6,090,428
19,214,192
12,195,902
125,164,862
(27,932,679)
(1,101,003)
796,824
(14,218,357)
(14,522,536)
(296,656)
8,844,565
(3,511,851)
5,036,058
(2,556,266)
5,034,774
(2,039,690)
438,818
3,510,413
(36,779)
3,473,634
1,576,476
(645,954)
1,935,291
(908,217)
1,957,596
1,576,476
(4,599,879)
20,121,867
(20,714,894)
(3,616,430)
-
3,439,636
(416,232)
1,503,404
(911,242)
3,615,566
14,247,897
153,668
14,401,565
(17,071,457)
2,661,181
2,661,181
494,697
369,943
(94)
369,849
4,600,020
544,600
544,600
2,198,086
2,700,000
1,085,649
-
2,700,000
14,247,897
4,270,441
544,506
21,762,844
(9,786,265)
121,567
121,567
75,470
290,744
198
(1,339,124)
100,000
(948,182)
(10,141,278)
3,785,649
(7,611)
46,097
46,097
(46,097)
Plant
2,722,889
3,513,343
6,600,000
12,836,232
(12,808,662)
(219,911)
(974,528)
(24,245)
(54,257)
(2,773)
(1,542,516)
(4,123,492)
(18,360,987)
(7,505,043)
7,256,679
(25,551,073)
7,190,086
(47,713)
(47,713)
7,142,373
FY 2012
FY 2012
37,771,655 $
14,956,618
1,096,830
6,157,468
2,097,526
11,562,792
5,255,877
78,898,766
36,595,700
15,047,265
1,134,629
6,585,546
2,004,885
10,530,098
5,147,952
77,046,075
32,144,125
25,789,127
4,520,632
6,262,588
6,438,592
12,413,935
5,480,279
899,302
4,690,859
7,256,679
6,600,000
112,496,118
(33,597,352)
32,285,513
28,013,971
4,452,974
4,730,211
3,836,912
16,210,161
3,831,958
805,066
5,935,096
6,900,592
6,600,000
113,602,454
(36,556,379)
5,016,112
(5,016,111)
21,625,271
(21,626,136)
(864)
4,818,582
(4,818,582)
21,599,582
(21,599,582)
-
2,700,000
290,744
14,247,897
4,270,441
666,271
(1,339,124)
100,000
(47,713)
20,888,516
(12,709,700)
2,965,550
292,861
13,577,862
5,081,298
(300,776)
(1,187,132)
(91,364)
20,338,299
(16,218,080)
342,908
342,908
10,280,479
604,125
604,125
(168,648)
7,142,373
(7,142,373)
8,089,406
(7,142,373)
947,033
10,111,831
(17,071,457)
494,697
4,600,020
2,198,086
(7,611)
(9,786,265)
75,470
(2,051,872)
(11,762,667)
(6,106,249)
(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
$ (29,673,642) $ 16,310,848 $ 13,835,176 $ (1,353,711) $ 3,582,803 $ 2,701,474 $ 14,054,759 $ 175,643,618 $
- $ 192,399,851 $ 193,960,807
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:
12/31/12
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
(31,190,767) $
16,471,586
21,872,110
(4,516,873)
(3,594,528)
(958,472)
(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
(150,865)
1,772,548
5,849,856
1,508,342
8,981,816
8,023,343 $
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
135,917 $
3,484,092
3,022
4,398,377
8,021,408
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
8,023,343 $
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
0
$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
TOTAL ACCOUNTS RECEIVABLE
$
12/31/12
6/30/11
6/30/10
2,580,550 $
0
8,713,492 $
0
8,703,789 $
0
9,003,362
109,554
3,670,585
2,765,165
6,435,750
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
06/30/09
47,766,351
117,958
1,195,627
(58,534)
58,037,702 $
512,052
287,321
3,229,605
(66,496)
20,708,510 $
389,092
375,298
1,969,675
(65,122)
19,489,864 $
300,881
322,194
484,610
(65,685)
16,413,848
RESEARCH BILLED - AGING OF ACCOUNTS RECEIVABLE:
(IN DOLLARS)
12/31/12
CURRENT ACCOUNTS
$
1,871,657 $
0 TO 30 DAYS PAST DUE
1,172,313
31 TO 60 DAYS PAST DUE
266,038
61 TO 90 DAYS PAST DUE
25,199
OVER 90 DAYS PAST DUE
335,378
TOTAL RESEARCH BILLED
$
3,670,585 $
06/30/11
1,774,614 $
516,121
509,560
89,374
499,433
3,389,102 $
06/30/10
1,272,933 $
689,202
260,716
194,138
374,389
2,791,377 $
06/30/09
2,074,337
360,993
230,349
150,863
25,095
2,841,639
$
RESEARCH BILLED - AGING OF ACCOUNTS RECEIVABLE:
(IN PERCENTAGE)
12/31/12
CURRENT ACCOUNTS
51%
0 TO 30 DAYS PAST DUE
32%
31 TO 60 DAYS PAST DUE
7%
61 TO 90 DAYS PAST DUE
1%
OVER 90 DAYS PAST DUE
9%
8
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
December 31, 2012
Company
Alion Science and Technology Corporation
Applied Pavement Technology Inc
Arch Wood Protection
Argonne National Laboratory
Ariens Company
Ballard Power Systems
Boss Products
Bowdoin College
Center for Automotive Research
CFD Research Corporation
Colorado State University
Daimler-Chrysler
Federal Mediation & Conciliation Service
Fish and Wildlife Department
Florida Atlantic University
Ford Motor Company
Ford Motor Corp - Ford Rsch & Adv Eng
General Motors
General Motors GFSS
General Motors Global Research and Development
GLSV Engineering & Consulting
GS Engineering
Hawaii County
Helios Remote Sensing Systems
Henry M Jackson Foundation for the
International Centre for Research in Agroforestry
Internet 2
LANXESS Corporation
Lesktech Limited
LimnoTech Inc
Little River Band Ottawa Indians
Little River Band of Ottawa Indians
Lonza Inc
Louisiana-Pacific Corporation
Marshall University Research Corporation
Michigan Dept of Agriculture
Michigan State University
Michigan Department of Environmental Quality
Michigan Dept of Environmental Quality
Michigan Dept of Natural Resources
Michigan Dept of Labor & Economic Growth
Michigan Dept of State Police
Mitigation and Enhancement Fund (MEF) - WE Energies
Michigan Dept of Transportation
Morton Salt Company
National Academies
National Fish and Wildlife Foundation
National Institute of Aerospace
National Renewable Energy Laboratory
Neptune Research Inc
Nevada System of Higher Education
Newmont USA Limited
Nostrum Energy
Office of Naval Research
Oregon State University
Osmose Inc
Pennsylvania State University
Photonica Inc
The Regents of the University of Idaho
REL Inc
Rio Tinto Minerals
Rio Tinto Minerals (U.S. Borax)
RS AND H
Sandia National Laboratories
Science Applications International Corporation
Six County Employment Alliance-Region 1
Somero Enterprises Inc
Stanford University
Systems & Technology Research LLC
Systems Research and Applications Corporation
Current
$
15,878.07
$
$
$
3,466.73
$
128,544.00
$
$
$
18,132.93
$
6,031.88
$
3,541.67
$
$
$
4,121.37
$
1,937.16
$
2,169.99
$
4,500.00
$
58,958.97
$
$
87,634.00
$
$
430.00
$
$
2,200.00
$
23,352.45
$
$
$
13,365.06
$
$
$
2,460.57
$
4,689.51
$
2,166.99
$
40,000.00
$
45,492.00
$
14,135.88
$
12,500.00
$
$
$
$
3,000.00
$
$
$
2,485.59
$
224,680.35
$
$
41.38
$
$
12,204.14
$
40,000.00
$
$
3,683.16
$
24,896.00
$
$
466,090.36
$
6,625.52
$
15,727.00
$
6,509.92
$
$
3,563.42
$
33,000.00
$
2,250.00
$
2,968.00
$
4,439.00
$
$
118,111.05
$
1,418.67
$
1,855.25
$
295.00
$
21,995.00
$
4,524.36
Age 30 Date
$
16,424.73
$
$
61,525.00
$
3,276.64
$
$
$
$
$
$
3,541.67
$
464.47
$
11,200.00
$
$
$
$
$
54,252.30
$
$
$
14,392.01
$
1,250.00
$
415.00
$
$
$
6,708.71
$
$
12,950.06
$
10,500.00
$
$
2,163.80
$
$
$
$
$
$
$
$
18,226.03
$
$
24,998.00
$
7,023.41
$
$
$
11,064.60
$
$
$
13,920.20
$
16,211.80
$
$
25,369.00
$
$
$
17,066.00
$
533,823.67
$
$
52,965.50
$
6,976.35
$
$
3,213.96
$
$
$
$
$
1,312.25
$
50,429.05
$
$
$
$
$
10,767.95
9
Age
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
60 Date
19,143.23
665.04
42,369.53
3,541.67
30,316.96
1,219.00
1,958.31
12,546.64
13,512.18
17,193.68
67,362.00
13,265.34
10,144.00
8,986.30
-
Age 90 Date
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
12,000.00
$
$
$
$
8,597.81
$
$
$
$
$
$
$
$
$
$
$
$
$
-
91 Plus Days
$
$
$
$
$
$
$
1,371.00
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
1,499.94
$
59.25
$
$
$
$
$
$
$
$
$
$
$
$
2,245.00
$
$
$
1,000.00
$
$
$
$
$
$
$
$
26,450.00
$
91,026.42
$
$
$
$
134,754.00
$
$
$
$
$
$
$
$
$
$
$
$
-
Account Balance
$
51,446.03
$
665.04
$
61,525.00
$
6,743.37
$
128,544.00
$
42,369.53
$
1,371.00
$
18,132.93
$
6,031.88
$
10,625.01
$
464.47
$
11,200.00
$
4,121.37
$
1,937.16
$
2,169.99
$
4,500.00
$
113,211.27
$
30,316.96
$
87,634.00
$
14,392.01
$
1,680.00
$
415.00
$
2,200.00
$
23,352.45
$
6,708.71
$
1,219.00
$
26,315.12
$
10,500.00
$
1,499.94
$
4,683.62
$
4,689.51
$
2,166.99
$
40,000.00
$
45,492.00
$
14,135.88
$
12,500.00
$
1,958.31
$
30,772.67
$
13,512.18
$
27,998.00
$
7,023.41
$
2,245.00
$
2,485.59
$
252,938.63
$
1,000.00
$
41.38
$
13,920.20
$
28,415.94
$
40,000.00
$
25,369.00
$
3,683.16
$
24,896.00
$
122,878.00
$
1,104,205.79
$
6,625.52
$
68,692.50
$
32,228.08
$
134,754.00
$
6,777.38
$
33,000.00
$
2,250.00
$
2,968.00
$
4,439.00
$
1,312.25
$
177,526.40
$
1,418.67
$
1,855.25
$
295.00
$
21,995.00
$
15,292.31
Company
Titan Tire Corporation
Toyota Motor Engineering & Manufacturing North Americ
UChicago Argonne, LLC
University of Alaska-Fairbanks
University of Central Florida
University of Colorado-Boulder
University of Dayton Research Institute
University of Illinois at Urbana-Champaign
University of Maryland College Park
University of Michigan
University of Michigan Business Engagement Center
University of Nebraska - Lincoln
University of Oregon
University of Wisconsin-Madison
University of Wisconsin-Superior
UOP LLC
URV USA LLC
US Dept of Agriculture
US Army Corps of Engineers
US Forest Service
US National Park Service
Federal Highway Administration
US Dept of Transportation
Virginia Polytechnic Institute & State University
Waltonen Engineering Inc
Wolverine Power Cooperative
Total Grants & Contracts Receivable
Current
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
5,419.20
1,656.49
3,683.16
585.40
2,784.16
155.00
21,390.99
35,000.00
3,556.38
3,462.15
4,523.75
24,051.00
60,263.13
81,159.06
34,238.27
44,328.21
49,328.69
1,871,657.44
Age 30 Date
$
9,105.00
$
7,700.00
$
$
$
2,455.44
$
1,946.37
$
$
26,859.36
$
$
21,977.42
$
25,000.00
$
$
$
7,900.84
$
$
$
$
30,855.92
$
1,021.68
$
452.02
$
$
10,409.14
$
$
354.04
$
23,083.54
$
10,760.50
$ 1,172,313.43
10
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
Age 60 Date
8,268.96
15,544.78
266,037.62
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
Age 90 Date
4,600.86
25,198.67
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
91 Plus Days
70,000.00
6,972.44
335,378.05
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
Account Balance
9,105.00
7,700.00
5,419.20
1,656.49
6,138.60
2,531.77
2,784.16
35,128.32
155.00
47,969.27
60,000.00
3,556.38
3,462.15
7,900.84
4,523.75
24,051.00
70,000.00
91,119.05
82,180.74
452.02
22,517.22
44,647.41
44,328.21
354.04
72,412.23
10,760.50
3,670,585.21
12/31/12
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
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
$
$
$
1,464,270 $
234,114
194,656
164,678
131,483
210,569
2,399,770 $
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
20,000
20,000
20,000
20,000
20,000
20,000
20,000
0
13,524
1,626,000
96,109
1,735,633
4,155,403 $
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
11,207,819 $
1,077,627
12,285,446 $
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
11
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
$
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
9,134,394
5,844,136
368,394
3,170,270
18,517,194
Additions,
net of Disposals
$
9,267,620
5,844,136
368,394
3,841,276
19,321,426
1,645,508
5,137,017
353,640,281
1,429,111
37,788,359
909,339
400,549,615
0
57,521
0
0
1,911,118
0
1,968,639
1,645,508
5,194,538
353,640,281
1,429,111
39,699,477
909,339
402,518,254
419,066,809
2,772,871
421,839,680
(160,490,254)
$
133,226 $
0
0
671,006
804,232
Ending Balance
DEC 31, 2012
258,576,555
12
(5,393,168)
$
(2,620,297) $
(165,883,422)
255,956,258
12/31/12
06/30/12
06/30/11
06/30/10
CURRENT LIABILITIES:
Accounts payable
VOUCHERS
MISCELLANEOUS
SALES TAX & MISC
BENEFITS PAYABLE
ACCRUAL
TOTAL
$
768,947 $
268,316
17,873
771,750
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
$
2,026,886 $
4,602,384 $
6,305,633 $
9,041,479
$
$
2,723,536 $
196,037
2,153,647
(350)
1,426,611
4,049,533
10,549,014 $
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
$
57,852,822 $
2,990,127 $
3,032,505 $
2,520,184
$
2,335,000 $
292,420
0
2,627,420
207,912
1,750,000
77,596
251,000
4,913,928
75,342,650 $
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
$
13
12/31/12
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 $
$
-
-
-
14
$
$
$
478,737
415,822
1,070,002
1,964,561
600,000
NOTES AND BONDS PAYABLE
LONG TERM PORTION OF BONDS PAYABLE:
December 31, 2012 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
15