Michigan Technological University
1400 Townsend Drive
Houghton, Michigan
Interim Financial Statements
for the three months ending
September 30, 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 is $2 million more than one year ago. As construction on the GLRC closes,
reimbursements from the state have caught up to payments made by the University.
Accounts receivable:
Decreased by $4.8 million due to a decrease of $4.0 million in receivables in the plant fund. In
FY12, this was billings to the State for work completed on the GLRC.
Investments:
Increased by $1.7 million as financial markets have shown improvement over the past year.
Capital Assets:
Increased by $4.0 million after capitalization of the GLRC.
Current portion of L/T liabilities:
Overall an increase of only $38,000. However, liabilities in the R&I fund have decreased by
$686,000 as the change in the RSVP program has eliminated most of the accrued liabilities for
future period retirement benefits. Liabilities increased by $724,000 in the plant fund as the
current portion of bond payments have increased and the initiation of a new capital lease.
Notes and bonds payable:
Increased by $1.6 million after issuing the 2012 Series bonds in March 2012.
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.
1
Net Assets:
Overall, net assets have increased by $9.1 million in the first quarter of FY13 as compared to an
increase in net assets of $11.6 million in the first quarter of FY12.
Income Statement Variances
Student tuition and fees:
An increase, net of tuition allowance, of $1.1 million (3.0%) through the combination of tuition
rate increases and the decrease in student enrollment. Gross tuition revenue increased by $1.4
million, the tuition allowance netted against gross tuition increased by $300,000.
Grants and contracts:
Total research revenues decreased by $358,000 (3.1%). The decline was in the
nongovernmental sector. Federal funding increased by $100,000.
Auxiliary revenues:
Total auxiliary revenues increased by $800,000 (5.4%) primarily in student resident fees.
Salaries and wages:
Total salary and wages have decreased for the first quarter by $900,000 (-3.4%) attributable to
faculty wages as 9-month faculty started two weeks later in FY13 than they did in FY12.
Fringe benefits:
Decrease by $350,000 (-4.0%) 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:
An increase of $1.6 million (11.1%) as non-capital spending appears to be higher in FY13 than
in the previous year.
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 $200,000.
Gift income:
Decreased by $746,000 (25.8%) for the first quarter.
Investment return:
Improved by $1.8 million over the first quarter of FY12.
Capital appropriations:
Decreased by $4.6 million over the same period of the previous fiscal year as construction on
the GLRC has been completed.
The Bottom Line:
The University had an increase in Net Assets of $9.1 million in the first three months of fiscal
year 2013 compared to an increase in Net Assets of $11.6 million in the first three months of
fiscal year 2013; an decrease in performance of $2.5 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
September 30, 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
Due to MTF
Total non-current liabilities
Total liabilities
$ (4,612,169) $ 16,362,340 $ 18,672,763
5,060,068
52,573
367,849
198,173
1,644,816
91,303
13,525
4,805
737,375
16,428,438
20,690,233
$
$
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
$
737,375
408,147
4,574,680
201,197
5,184,024
Combined Total
Expendable Total Current
Restricted
Funds
Student Loan
$(6,418,003) $ 440,892 $ 24,445,823 $
168,495
6,559,886
12,208,871
1,842,989
20,000
20,000
109,633
(6,229,508)
7,000,778
38,627,316
1,344,044
1,344,044
Plant
$
Agency
(1,545,309) $
983,216
(562,093)
$ 16,428,438 $ 20,690,233
0
8,542,697
8,542,697
0
0
8,542,697
8,542,697
$ 2,313,189 $ 7,000,778 $ 47,170,013
12,657,599
12,657,599
$ 14,001,643
256,391,828
978,544
257,370,372
$ 256,808,279
$
$
653,170
530,107
1,183,277
$ 2,286,508
1,115,703
3,211,172
6,613,383
$
$
$
105,801
287,004
392,805
$
$
373,944
634,795
2,408,366
3,417,105
$ 2,286,508
2,656,765
9,237,758
2,609,563
16,790,594
-
2,532,419
31,946
1,458
406,250
2,972,073
FY 2013
FY 2012
24,503,008 $
13,198,832
1,842,989
20,000
109,633
39,674,462
22,626,333
16,999,134
1,655,146
20,000
13,525
41,314,138
258,450
6,745
265,195
$
265,195
12,657,599
8,542,697
256,391,828
978,544
278,570,668
$ 318,245,130
- $
12,407
252,788
265,195
12,703,457
6,809,785
252,368,212
978,544
272,859,998
$ 314,174,136
4,818,927 $
2,701,118
9,492,004
3,015,813
20,027,862
4,780,891
2,363,939
9,406,671
3,153,582
19,705,083
701,050
701,050
5,885,074
392,805
1,183,277
1,031,704
1,031,704
7,645,087
3,417,105
1,031,704
0
0
701,050
0
1,732,754
18,523,348
-
82,276,392
907,117
83,183,509
86,155,582
265,195
1,031,704
82,276,392
907,117
701,050
84,916,263
104,944,125
1,376,648
80,688,080
700,250
82,764,978
102,470,061
7,454,486
(12,602,185)
(5,147,699)
219,482
15,816,151
16,035,633
10,271,800
9,235,156
19,506,956
(1,780,101)
(3,551,797)
(5,331,898)
(6,741)
3,590,414
3,583,673
16,158,926
12,487,739
28,646,665
22,354
13,979,289
14,001,643
(7,042,793)
177,695,490
170,652,697
-
9,138,487
204,162,518
213,301,005
11,637,019
200,067,056
211,704,075
737,375 $ 16,428,438 $ 20,690,233 $ 2,313,189 $ 7,000,778 $ 47,170,013 $ 14,001,643 $ 256,808,279 $
3
265,195 $ 318,245,130 $ 314,174,136
Schedule of Revenues, Expenses and Changes in Net Assets by Fund by Object
For the Three Months Ended September 30, 2012 and 2011
General
Revenues
Operating revenues
Student tuition and fees, net
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
Federal grants, other
State appropriations
Gifts
Investment return
Interest on capital asset-related debt
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
$ 52,838,808 $
- $ 466,248 $
45
2,516,127
82,957
1,011,265
230,988
11,221,541
20,745
3,345,942
55,437,937
1,032,010
15,264,719
Combined Totals
Expendable
Restricted
Total Current
Funds
Student Loan
- $
- $ 53,305,056 $
7,461,679
7,461,724
542,022
542,022
3,282,563
3,282,563
(2,516,127)
1,944
1,327,154
11,221,541
(1,843)
675
3,365,519
(1,843)
8,772,756
80,505,579
-
37,332
37,332
(37,332)
Plant
$
- $
16,542
16,542
7,404,620
7,027,284
753,909
406,303
5,311,268
3,714,735
16,705,660
598,101
41,921,880
13,516,057
1,355,007
220,753
207,620
255,863
463,061
2,220,331
40,311
37,248
4,800,194
(3,768,184)
1,843,846
8,050
70,382
391,901
605,465
3,215,591
170,548
439,110
6,744,893
8,519,826
673,449
1,161,580
402,321
2,237,350
(2,239,193)
2,097,731
1,087,500
1,063,676
353,959
891,816
3,559,121
4,416,825
22,366
13,492,994
(4,720,238)
13,374,653
8,343,587
2,095,587
1,408,026
8,433,190
13,112,099
21,333,344
1,096,825
69,197,311
11,308,268
4,967,829
3,300,000
8,267,829
(8,251,287)
(563,516)
822,022
(6,445,081)
(6,186,575)
(268,805)
5,622,569
(2,487,170)
2,866,594
(14,822)
2,661,954
(1,258,172)
1,388,960
(36,779)
(36,779)
1,150,470
(317,799)
1,308,969
(463,283)
1,678,357
1,150,470
(1,164,942)
10,415,514
(10,690,485)
(289,443)
-
14,472
1,297,284
(1,022,313)
289,443
125,004
125,004
7,454,486
1,121,072
1,121,072
219,482
363,108
(94)
363,014
10,271,800
495,871
495,871
(1,780,101)
2,500,000
535,140
3,035,140
(6,741)
2,500,000
2,144,324
495,777
5,140,101
16,158,926
59,686
59,686
22,354
290,744
198
(1,448,237)
(1,157,295)
(9,119,139)
268,083
188,407
1,619,856
2,076,346
7,454,486
219,482
10,271,800
(1,780,101)
(6,741)
16,158,926
22,354
(7,042,793)
(12,602,185) 15,816,151
9,235,156
(3,551,797)
3,590,414
12,487,739
13,979,289
177,695,490
$ (5,147,699) $ 16,035,633 $ 19,506,956 $ (5,331,898) $ 3,583,673 $ 28,646,665 $ 14,001,643 $ 170,652,697 $
4
Eliminations
FY 2013
FY 2012
(17,436,084) $
(100)
(17,436,184)
35,868,972 $
7,461,724
542,022
3,282,563
1,327,054
11,221,541
3,382,061
63,085,937
34,809,699
7,357,702
569,806
3,716,752
1,265,191
10,553,684
3,307,611
61,580,445
(1,649,998)
(17,436,084)
(19,086,082)
1,649,898
13,374,653
8,343,587
2,095,587
1,408,026
8,433,190
16,467,262
3,897,260
1,096,825
3,300,000
58,416,390
4,669,547
13,263,428
9,247,291
2,139,158
1,458,555
8,783,232
14,820,395
3,684,902
1,147,754
3,300,000
57,844,715
3,735,730
1,164,942
(1,164,942)
11,712,798
(11,712,798)
-
1,034,719
(1,034,719)
13,156,847
(13,156,847)
-
2,500,000
290,744
2,144,324
555,661
(1,448,237)
(30,042)
4,012,450
8,681,997
2,505,550
292,861
2,890,571
(1,197,900)
(1,241,487)
(26,750)
3,222,845
6,958,575
(30,042)
(30,042)
1,619,856
268,083
4,888,502
188,407
(210,058)
(1,619,856)
(1,619,856)
456,490
4,678,444
9,138,487
11,637,019
204,162,518
200,067,056
- $ 213,301,005 $ 211,704,075
Schedule of Revenues, Expenses and Changes in Net Assets by Fund by Function
For the Three Months Ended September 30, 2012 and 2011
General
Revenues
Operating revenues
Student tuition and fees, net
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
Federal grants, other
State appropriations
Gifts
Investment return
Interest on capital asset-related debt
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
$ 52,838,808 $
- $ 466,248 $
45
2,516,127
82,957
1,011,265
230,988
11,221,541
20,745
3,345,942
55,437,937
1,032,010
15,264,719
Combined Totals
Expendable
Restricted
Total Current
Funds
Student Loan
- $
- $ 53,305,056 $
7,461,679
7,461,724
542,022
542,022
3,282,563
3,282,563
(2,516,127)
1,944
1,327,154
11,221,541
(1,843)
675
3,365,519
(1,843)
8,772,756
80,505,579
13,569,516
2,883,574
134,501
2,749,765
1,861,116
4,289,505
2,472,743
13,961,159
41,921,879
13,516,058
690,506
2,423,382
223,396
95,899
244,461
947,245
175,305
4,800,194
(3,768,184)
825,671
5,919,222
6,744,893
8,519,826
1,996,801
240,549
2,237,350
(2,239,193)
252,572
6,992,139
1,933,061
(540)
46,918
1,738
4,267,106
13,492,994
(4,720,238)
14,512,594
12,299,095
2,290,958
2,845,124
2,978,166
7,235,289
2,888,597
18,228,265
5,919,222
69,197,310
11,308,269
(563,516)
822,022
(6,445,081)
(6,186,575)
(268,805)
5,622,569
(2,487,170)
2,866,594
(14,822)
2,661,954
(1,258,172)
1,388,960
(36,779)
(36,779)
1,150,470
(317,799)
1,308,969
(463,283)
1,678,357
1,150,470
(1,164,942)
10,415,514
(10,690,485)
(289,443)
125,003
125,003
7,454,486
1,121,072
1,121,072
219,482
363,108
(94)
363,014
10,271,800
495,871
495,871
(1,780,101)
2,500,000
535,140
-
2,500,000
2,144,323
495,777
5,140,100
16,158,926
3,035,140
(6,741)
-
37,332
37,332
(37,332)
59,686
59,686
22,354
Plant
$
Eliminations
- $ (17,436,084) $
(100)
16,542
16,542
(17,436,184)
2,562,914
2,404,915
3,300,000
8,267,829
(8,251,287)
14,472
1,297,284
(1,022,313)
289,443
290,744
198
(1,448,237)
(1,157,295)
(9,119,139)
(163,094)
(486,921)
(24,245)
(50,359)
(1,944)
(23,160)
(794,017)
(17,436,084)
(3,157,254)
3,050,996
(19,086,082)
1,649,898
-
-
(30,042)
(30,042)
1,619,856
FY 2012
FY 2012
35,868,972 $
7,461,724
542,022
3,282,563
1,327,054
11,221,541
3,382,061
63,085,937
34,809,699
7,357,702
569,806
3,716,752
1,265,191
10,553,684
3,307,611
61,580,445
14,349,500
11,812,174
2,266,713
2,794,765
2,976,222
9,775,043
4,499,495
829,513
2,761,968
3,050,996
3,300,000
58,416,389
4,669,548
15,627,334
12,984,404
2,295,837
2,237,273
1,838,344
9,630,359
2,367,627
700,483
4,063,856
2,799,198
3,300,000
57,844,715
3,735,730
1,164,942
(1,164,942)
11,712,798
(11,712,798)
-
1,034,719
(1,034,719)
13,156,847
(13,156,847)
-
2,500,000
290,744
2,144,323
555,661
(1,448,237)
(30,042)
4,012,449
8,681,997
2,505,550
292,861
2,890,571
(1,197,900)
(1,241,487)
(26,750)
3,222,845
6,958,575
268,083
268,083
4,888,502
188,407
188,407
(210,058)
1,619,856
(1,619,856)
2,076,346
(1,619,856)
456,490
4,678,444
7,454,486
219,482
10,271,800
(1,780,101)
(6,741)
16,158,926
22,354
(7,042,793)
9,138,487
11,637,019
(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
$ (5,147,699) $ 16,035,633 $ 19,506,956 $ (5,331,898) $ 3,583,673 $ 28,646,665 $ 14,001,643 $ 170,652,697 $
- $ 213,301,005 $ 211,704,075
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:
09/30/12
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
(4,612,169) $
16,362,340
18,672,763
(8,490,759)
(3,372,716)
18,559,459
(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
2,072,756
440,892
1,344,045
1,827,406
258,450
5,943,549
24,503,008 $
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
111,937 $
21,491,676
3,018
823,622
22,430,252
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
2,072,756
0
0
0
2,072,756
24,503,008 $
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
9/30/12
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
2,635,897
2,989,627
5,625,524
6/30/11
6/30/10
06/30/09
8,713,492 $
0
8,703,789 $
0
9,003,362
109,554
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
5,139,400
77,802
2,420,888
(64,781)
13,198,833 $
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)
09/30/12
CURRENT ACCOUNTS
$
1,324,321 $
0 TO 30 DAYS PAST DUE
597,818
31 TO 60 DAYS PAST DUE
272,027
61 TO 90 DAYS PAST DUE
81,122
OVER 90 DAYS PAST DUE
358,866
TOTAL RESEARCH BILLED
$
2,634,154 $
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)
09/30/12
CURRENT ACCOUNTS
50%
0 TO 30 DAYS PAST DUE
23%
31 TO 60 DAYS PAST DUE
10%
61 TO 90 DAYS PAST DUE
3%
OVER 90 DAYS PAST DUE
14%
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
September 30, 2012
Company
Alion Science and Technology Corporation
American Process Incorporated
Amsted Rail
Applied Pavement Technology Inc
Argonne National Laboratory
Ballard Power Systems
Boss Products
Bowdoin College
Cabot Elastomer Composites
CFD Research Corporation
CH2M-WG Idaho LLC
Chrysler Corporation
Cliffs Natural Resources
Colorado State University
Daimler-Chrysler
DAPCEP
ElectroDynamic Applications Inc
Federal Mediation & Conciliation Service
Fish and Wildlife Department
Florida Atlantic University
Ford Motor Corp - Ford Rsch & Adv Eng
Great Lake Observing System
Helios Remote Sensing Systems
Henry M Jackson Foundation for the
Houghton-Keweenaw Conservation District
Incitor Incorporated
Internet 2
Iowa State University
Lesktech, Limited
LimnoTech Inc
Little River Band of Ottawa Indians
LMS International
Marshall University Research Corporation
Mayo Clinic Rochester
Michigan Dept of Environmental Quality
Michigan Dept of Labor & Economic Growth
Michigan Dept of State Police
Michigan Dept of Transportation
Morton Salt Company
National Archives & Records Administration
National Institute of Aerospace
National Renewable Energy Laboratory
Nostrum Energy
Office of Naval Research
Ohio State University
Oregon State University
Osmose Inc
Pennsylvania State University
Photonica, Inc.
REL, Inc.
Rio Tinto Minerals
Rio Tinto Minerals (U.S. Borax)
Rockwell Collins Inc
Sandia National Laboratories
Science Applications International Corporation
Six County Employment Alliance-Region 1
Somero Enterprises Inc
Toyota Motor Engineering & Manufacturing North Americ
Current
$
2,191.17
$
$
$
$
4,969.03
$
$
$
20,742.98
$
$
3,541.67
$
20,992.75
$
$
11,790.20
$
$
5,158.00
$
25,940.85
$
6,000.00
$
7,396.80
$
$
1,564.84
$
26,590.60
$
6,690.31
$
8,536.79
$
6,708.71
$
$
$
13,365.06
$
32,304.01
$
$
140.41
$
1,567.84
$
300.29
$
21,648.52
$
$
$
$
$
185,360.53
$
$
6,289.42
$
14,197.94
$
40,000.00
$
12,000.00
$
371,517.65
$
1,207.52
$
15,734.43
$
14,200.00
$
8,597.81
$
$
1,634.00
$
$
$
$
43,220.71
$
31,809.71
$
1,821.39
$
6,505.21
$
-
Age 30 Date
$
116,149.00
$
$
$
$
$
$
14,890.00
$
$
540.00
$
3,541.67
$
$
$
$
$
$
22,574.54
$
$
$
$
$
23,989.68
$
$
$
$
13,117.68
$
$
26,730.12
$
$
$
741.78
$
$
$
30,428.15
$
1,047.84
$
53,127.81
$
$
9,961.00
$
2,792.31
$
$
$
8,368.06
$
$
12,000.00
$
2,463.32
$
$
$
$
5,586.44
$
$
$
$
$
5,000.00
$
$
32,102.57
$
$
$
55,000.00
9
Age
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
60 Date
20,225.00
35,880.45
6,850.00
104.77
12,854.00
1,434.80
5,480.76
1,472.67
3.00
3,309.78
16,251.98
16,015.04
42,142.00
14,450.00
24,492.73
6,470.29
-
Age 90 Date
$
$
25,185.76
$
$
7,411.96
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
3,874.00
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
24,035.00
$
8,621.21
$
$
$
$
$
$
$
1,700.00
$
$
$
$
$
$
$
-
91 Plus Days
$
$
7,859.58
$
$
654.50
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
7,471.06
$
$
$
1,999.94
$
$
$
$
$
$
$
$
$
$
1,000.00
$
$
$
$
24,035.00
$
60,655.80
$
$
$
$
$
141,754.00
$
$
$
19,500.00
$
$
$
15,861.24
$
$
$
-
Account Balance
$
118,340.17
$
33,045.34
$
20,225.00
$
8,066.46
$
4,969.03
$
35,880.45
$
14,890.00
$
20,742.98
$
540.00
$
7,083.34
$
20,992.75
$
6,850.00
$
11,790.20
$
104.77
$
18,012.00
$
49,950.19
$
6,000.00
$
7,396.80
$
3,874.00
$
1,564.84
$
50,580.28
$
6,690.31
$
8,536.79
$
12,189.47
$
13,117.68
$
7,471.06
$
40,095.18
$
32,304.01
$
1,999.94
$
2,354.86
$
1,570.84
$
3,610.07
$
52,076.67
$
1,047.84
$
69,379.79
$
16,015.04
$
52,103.00
$
188,152.84
$
1,000.00
$
6,289.42
$
22,566.00
$
40,000.00
$
86,520.00
$
467,750.71
$
1,207.52
$
15,734.43
$
14,200.00
$
20,654.54
$
141,754.00
$
1,634.00
$
1,700.00
$
19,500.00
$
5,000.00
$
43,220.71
$
79,773.52
$
1,821.39
$
6,505.21
$
55,000.00
Company
UChicago Argonne, LLC
Universal Technical Resource Services Inc
Universidad del Turabo
University of Alaska-Fairbanks
University of California at Davis
University of Central Florida
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
UOP LLC
URV USA LLC
US Dept of Agriculture
US Dept of the Army
US Forest Service
US Geological Survey
US National Park Service
Federal Highway Administration
Federal Railroad Administration
Virginia Polytechnic Institute & State University
Wisconsin Dept of Natural Resources
Xcel Energy Services Inc
Total Grants & Contracts Receivable
Current
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
4,332.39
31,349.70
211.65
765.01
1,807.84
37,618.64
50,242.85
50,000.00
18,333.11
2,219.22
16,000.00
32,870.81
4,875.70
12,818.67
395.85
2,191.50
23,438.56
3,547.97
11,063.89
38,000.00
1,324,320.51
Age 30 Date
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
115,690.50
1,807.84
13,187.81
1,009.62
2,224.46
20,144.26
1,590.94
2,011.00
597,818.40
10
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
Age 60 Date
25,127.31
4,414.59
1,457.94
33,590.22
272,027.33
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
Age 90 Date
7,412.92
2,500.00
381.48
81,122.33
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
91 Plus Days
2,560.08
70,000.00
5,514.50
358,865.70
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
Account Balance
4,332.39
115,690.50
31,349.70
211.65
765.01
36,155.91
50,806.45
1,009.62
50,242.85
50,000.00
18,333.11
11,418.35
16,000.00
70,000.00
32,870.81
7,375.70
12,818.67
395.85
9,163.94
77,173.04
3,547.97
13,036.31
2,011.00
38,000.00
2,634,154.27
09/30/12
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
INFORMATION TECHNOLOGY
TOTAL DEFERRED EXPENSES
TOTAL CURRENT OTHER ASSETS
STUDENT LOANS:
FEDERAL PERKINS LOANS, net
TECHAID LOANS
TOTAL STUDENT LOANS
$
$
$
876,449 $
260,137
198,173
164,678
131,483
212,069
1,842,989
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
630,020
163,706
216,910
181,357
118,942
174,269
$1,485,204
20,000
20,000
20,000
20,000
20,000
20,000
20,000
20,000
0
13,524
96,109
109,633
1,972,622 $
28,955
13,524
304,917
347,396
1,799,818 $
40,301
13,524
0
53,825
1,598,254 $
22,941
13,524
0
36,465
1,541,669
11,539,868 $
1,117,731
12,657,599 $
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
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
$
9,134,394
5,844,136
368,394
3,343,073
18,689,997
1,645,508
5,137,017
353,640,281
1,429,111
37,788,359
909,339
400,549,615
0
0
0
0
851,554
0
851,554
1,645,508
5,137,017
353,640,281
1,429,111
38,639,913
909,339
401,401,169
419,066,809
1,024,357
420,091,166
(160,490,254)
$
0 $
0
0
172,803
172,803
Ending Balance
SEP 30, 2012
258,576,555
12
(3,209,084)
$
(2,184,727) $
(163,699,338)
256,391,828
09/30/12
06/30/12
06/30/11
06/30/10
CURRENT LIABILITIES:
Accounts payable
VOUCHERS
MISCELLANEOUS
SALES TAX & MISC
BENEFITS PAYABLE
ACCRUAL
TOTAL
$
1,143,391 $
239,246
55,158
1,063,323
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
$
2,701,118 $
4,602,384 $
6,305,633 $
9,041,479
$
$
4,616,115 $
179,665
481,246
(312)
165,757
4,049,533
9,492,004 $
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
$
3,015,813 $
2,990,127 $
3,032,505 $
2,520,184
$
2,532,420 $
0
0
2,532,420
207,911
1,750,000
77,596
251,000
4,818,927
20,027,862 $
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
09/30/12
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:
September 30, 2012 June 30, 2012
2003 ISSUE
$
2004 ISSUE
-
$
3,965,000
June 30, 2011 June 30, 2010 June 30, 2009
$
4,080,000
$
4,190,000
$
4,295,000
785,000
27,935,000
28,695,000
29,430,000
30,145,000
0
730,674
764,527
798,381
832,235
2,675,000
2,740,000
2,790,000
2,840,000
2,890,000
0
0
0
4,213
8,426
15,435,000
15,560,000
15,685,000
15,785,000
15,880,000
533,050
533,050
553,553
574,055
615,058
2009 ISSUE
17,160,000
17,525,000
17,885,000
18,235,000
0
2010 ISSUE
10,230,000
10,770,000
10,975,000
0
0
2012 ISSUE
32,800,000
79,758,724
$ 81,428,080
$ 71,856,649
$ 54,665,719
2004 ISSUE PREMIUM
2006 ISSUE
2006 ISSUE PREMIUM
2008 ISSUE
2008 ISSUE PREMIUM
2012 ISSUE PREMIUM
TOTAL
2,658,342
$
82,276,392
$
15