Michigan Technological University
1400 Townsend Drive
Houghton, Michigan
Interim Financial Statements
for the nine months ending
March 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 is $2.4 million less than one year ago. The decline is attributable to the construction of the
Great Lakes Research Center (GLRC). The University pays all construction costs as incurred
and then bills the State for their portion of the project funding and awaits reimbursement. The
cash position has improved, in comparison to last year over the third quarter as construction is
close to being completed.
Accounts receivable:
Increased by $1.1 million due to an increase of $1.6 million in receivables in the plant fund. This
is billings to the State for work completed on the GLRC.
Capital Assets:
Increased by $8.2 million as construction progresses on the GLRC, but offset by annual
depreciation charges.
Deferred Revenue:
Increased by $650,000, attributable to research activity.
Net Assets:
Overall, net assets have increased by $11.9 million in the first nine months of FY12 as
compared to an increase in net assets of $2.7 million in the first nine months of FY11.
Increases are in the plant fund of $8.7 million, auxiliary finds increased by $8.6 million and the
general fund has decreased by $3.6 million.
1
Income Statement Variances
Student tuition and fees:
An increase, net of tuition allowance, of $4.1 million (6.5%) through the combination of tuition
rate increases and the increase in university financial aid programs. Although gross tuition
revenue increased by $6.8 million, the tuition allowance netted against gross tuition increased
by $2.8 million.
Grants and contracts:
Total research revenues increased by $700,000 (2.1%). Growth was in the nongovernmental
sector only. Federal grants are the same as the prior year and State grants have decreased.
Salaries and wages:
Total salary and wages have increased $1.7 million (2.1%) after salary increases were effective
January 2012.
Fringe benefits:
Increase by $1.4 million (5.1%) as fringe expenses in the R&I funds have increased by $1.9
million. This is indicative of our fringe recovery rate being too low because fringe costs such as
health care and MPSERS retirement contributions have increased greater than expected when
the recovery rate was estimated.
Supplies and services:
An increase of $800,000 (2.2%) as spending appears to be up moderately across most fund
groups.
Scholarships and fellowships:
These are aid expenditures that are not netted against gross tuition revenues and are primarily
graduate tuition assistance programs. Overall, financial aid increased by $2.5 million (6.5%).
State Appropriations:
A decrease of $4.8 million (15.0%) as expected.
Investment return:
After a loss of $400,000 in the first half of FY12, the R&I investment portfolio experienced a very
strong third quarter performance to show a year to date gain of $550,000.
Other nonoperating revenues:
A recovery of prior receivables in the amount of $1.1 million.
Capital appropriations:
Toward the construction of the GLRC, $13.1 million has been received (or billed to) the state.
The Bottom Line:
Net assets have increased by $11.9 million in the first nine months of FY12 as compared to an
increase in net assets of $2.7 million in the first nine months of FY11; an increase in
performance of $9.1 million.
2
Schedule of Net Assets by Fund
March 31, 2012 and 2011
General
Assets
Current assets:
Cash and cash equivalents
Accounts receivable, net
Inventories
Deposits
Prepaid expenses
Total current assets
Current Funds
Auxiliary
Retirement Expendable Total Current
Student Loan
Activities
Insurance
Restricted
Funds
Designated
Combined Total
Plant
Agency
FY 2012
FY 2011
$ (13,124,508) $ 16,809,315
6,179,719
151,860
204,667
942,017
13,525
(5,798,105) 16,974,700
$ 14,690,334
488,335
1,217,135
16,395,804
$ (835,895) $ 168,163 $17,707,409
172,654
5,772,765
12,765,333
1,421,802
20,000
20,000
955,542
(643,241) 5,940,928
32,870,086
$ 1,594,168 $
1,594,168
733,767 $
1,595,676
2,329,443
957,727 $ 20,993,071 $ 23,367,140
13,476
14,374,485
13,274,837
1,421,802
1,452,378
20,000
20,000
955,542
809,027
971,203
37,764,900
38,923,382
Noncurrent assets:
Student loans receivable, net
Investments
Capital assets, net of depreciation
Other assets
Total noncurrent assets
Total assets
$ (5,798,105) $ 16,974,700
$ 16,395,804
8,320,720
8,320,720
$ 7,677,479
12,403,357
256,605,132
978,544
12,403,357
257,583,676
$ 13,997,525 $259,913,119 $
12,403,357
12,642,292
8,320,720
8,085,186
256,605,132
248,452,059
978,544
978,544
278,307,753
270,158,081
971,203 $316,072,653 $309,081,463
$
$ 2,972,727 $
- $ 2,972,727
1,082,683
388,047
2,609,994
2,906,457
661,506
11,880,322
2,624,728
2,581,085
6,961,867
3,674,281
20,044,128
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
$
- $
593,569
7,532,572
(43,643)
8,082,498
125,422
300,835
426,257
682,795
682,795
8,765,293
426,257
Net assets
Net increase (decrease) in net asse
(3,563,894)
Net assets, beginning of year
(10,999,504)
Total net assets
(14,563,398)
(933,748)
17,482,191
16,548,443
420,273
478,952
899,225
899,225
8,645,997
6,850,582
15,496,579
1,376,648
1,376,648
8,338,515
(598,721)
(62,315)
(661,036)
0
8,320,720
0
0
8,320,720
$5,940,928 $41,190,806
$
- $
-
1,970,000
5,117
1,458
431,250
2,407,825
$
- $ 4,942,727 $ 4,468,762
(30,593)
2,584,518
2,478,676
1,001,796
12,883,576
12,390,509
3,012,335
2,365,578
971,203
23,423,156
21,703,525
3,674,281
1,376,648
0
0
682,795
0
2,059,443
22,103,571
-
78,663,724
78,663,724
81,071,549
971,203
1,376,648
78,663,724
682,795
80,723,167
104,146,323
1,964,561
80,893,080
682,700
100,000
83,640,341
105,343,866
(541,736)
2,808,383
2,266,647
3,007,898
16,079,337
19,087,235
104,087
13,893,438
13,997,525
8,747,289
170,094,281
178,841,570
-
11,859,274
200,067,056
211,926,330
2,747,961
200,989,636
203,737,597
Total liabilities and net assets $ (5,798,105) $ 16,974,700 $ 16,395,804 $ 7,677,479 $ 5,940,928 $41,190,806 $ 13,997,525 $259,913,119 $
3
971,203 $316,072,653 $309,081,463
Schedule of Revenues, Expenses and Changes in Net Assets by Fund by Object
For the Nine Months Ended March 31, 2012 and 2011
Current Funds
Auxiliary
Retirement
Activities
Insurance
Combined Totals
Expendable Total Current
Student Loan
Restricted
Funds
General
Designated
Plant
Eliminations
FY 2012
FY 2011
Revenues
Operating revenues
Student tuition and fees
$ 98,568,143 $
68,754 $
909,887 $
- $
- $ 99,546,784 $
- $
- $
(32,810,620) $ 66,736,164 $ 62,639,405
Federal grants and contracts
7,860
22,467,452
22,475,312
22,475,312
22,638,251
State and local grants and contracts
500
1,588,247
1,588,747
1,588,747
1,881,529
Nongovernmental grants and contracts
10,258,392
10,258,392
10,258,392
9,062,934
Indirect cost recoveries
7,592,308
(7,592,308)
Educational activities
467,409
1,921,778
458,585
108,604
2,956,376
137,000
3,093,376
2,709,396
Student resident fees
20,271,489
20,271,489
20,271,489
18,740,070
Departmental activities
102
159,011
7,683,736
20,144
7,862,993
7,862,993
7,285,761
Total operating revenues
106,635,822
2,150,043
29,323,697
26,850,531 164,960,093
137,000
(32,810,620) 132,286,473
124,957,346
Expenses
Operating expenses
Salaries & wages - non-faculty
22,041,873
3,060,725
5,676,349
1,321,765
6,883,153
38,983,865
38,983,865
38,354,474
Salaries & wages - faculty
32,556,458
279,201
20,520
9,579
1,746,204
34,611,962
34,611,962
33,270,696
Salaries & wages - graduate students
3,094,800
559,906
256,115
3,079,155
6,989,976
6,989,976
6,962,749
Salaries & wages - undergrad students
1,105,449
380,335
1,063,140
170
815,401
3,364,495
3,364,495
3,796,187
Fringe benefits
20,006,410
1,092,483
1,842,310
3,015,154
2,710,227
28,666,584
28,666,584
27,284,237
Supplies and services
12,429,158
6,929,840
7,912,554
391,641
10,867,735
38,530,928
88,001
24,383,034
(26,360,736)
36,641,227
35,841,598
Student financial support
28,716,053
374,048
328,617
11,232,323
40,651,041
(32,810,620)
7,840,421
7,966,029
Utilities
3,027,498
161,290
2,312,388
64,565
5,565,741
5,565,741
5,843,909
Depreciation
9,900,000
9,900,000
9,170,000
Total operating expenses
122,977,699
12,837,828
19,411,993
4,738,309
37,398,763 197,364,592
88,001
34,283,034
(59,171,356) 172,564,271
168,489,879
Operating income (loss)
(16,341,877) (10,687,785)
9,911,704
(4,738,309) (10,548,232) (32,404,499)
(88,001)
(34,146,034)
26,360,736
(40,277,798) (43,532,533)
Transfers
Mandatory transfers in
1,908,067
1,908,067
5,031,987
6,940,054
17,732,287
Mandatory transfers out
(1,265,088)
(435,807)
(3,756,123)
(939,385)
(6,396,403)
(543,651)
(6,940,054) (17,732,287)
Non mandatory transfers in
4,609,365
11,300,797
4,462,980
4,318,882
2,487,337
27,179,361
522,515
27,701,876
55,592,540
Non mandatory tansfers out
(17,839,922)
(5,151,694)
(2,053,765)
(730,063) (1,866,921) (27,642,365)
(59,511)
(27,701,876) (55,592,540)
Total transfers
(14,495,645)
5,713,296
(1,346,908)
3,588,819
1,589,098
(4,951,340)
4,951,340
Nonoperating revenues (expenses)
Federal Pell grants
5,615,550
5,615,550
5,615,550
5,821,120
Other Federal grants
583,604
583,604
462,619
State appropriations, operating
27,155,727
27,155,727
27,155,727
31,949,460
Gift income
117,901
4,040,741
81,175
2,801,735
7,041,552
7,041,552
7,676,989
Investment income (loss)
550,769
113
550,882
192,088
742,970
2,345,118
Interest expense
(3,230,653)
(3,230,653)
(3,034,558)
Other nonoperating revenues
1,100,000
1,100,000
Loss on disposal of capital assets
(166,261)
(166,261)
(92,770)
Net nonoperating revenues
27,273,628
4,040,741
81,175
550,769
8,417,398
40,363,711
192,088
(1,547,049)
(166,261)
38,842,489
45,127,978
Income (loss) before other revenues
(3,563,894)
(933,748)
8,645,971
(598,721)
(541,736)
3,007,872
104,087
(30,741,743)
26,194,475
(1,435,309)
1,595,445
Other revenues
Capital appropriations
26
26
13,073,205
13,073,231
Capital grants and gifts
221,352
221,352
1,152,516
Fund additions
26,194,475
(26,194,475)
Total other revenues
26
26
39,489,032
(26,194,475)
13,294,583
1,152,516
Net increase (decrease) in net assets
(3,563,894)
(933,748)
8,645,997
(598,721)
(541,736)
3,007,898
104,087
8,747,289
11,859,274
2,747,961
Net assets, beginning of year
(10,999,504) 17,482,191
6,850,582
(62,315)
2,808,383
16,079,337
13,893,438
170,094,281
200,067,056
200,989,636
Net assets, end of year
$ (14,563,398) $ 16,548,443 $ 15,496,579 $ (661,036) $ 2,266,647 $ 19,087,235 $13,997,525 $ 178,841,570 $
- $211,926,330 $203,737,597
4
Schedule of Revenues, Expenses and Changes in Net Assets by Fund by Function
For the Nine Months Ended March 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
$ 98,568,143 $
68,754 $
909,887 $
7,860
500
7,592,308
467,409
1,921,778
458,585
20,271,489
102
159,011
7,683,736
106,635,822
2,150,043
29,323,697
Combined Totals
Expendable Total Current
Student Loan
Restricted
Funds
- $
- $ 99,546,784 $
22,467,452
22,475,312
1,588,247
1,588,747
10,258,392
10,258,392
(7,592,308)
108,604
2,956,376
20,271,489
20,144
7,862,993
26,850,531 164,960,093
45,700,018
15,331,497
395,917
8,071,063
4,953,417
13,822,403
8,384,615
26,318,769
122,977,699
(16,341,877)
1,575,763
6,555,772
788,808
112,564
657,839
2,731,212
415,870
12,837,828
(10,687,785)
19,411,993
19,411,993
9,911,704
838,716
48,114,497
22,256,562
44,143,831
5,284,745
6,469,470
15,675
8,199,302
144,912
5,756,168
4,527,830
5,714
21,087,159
210,479
9,010,964
8,852,439
35,171,208
19,411,993
4,738,309
37,398,763 197,364,592
(4,738,309) (10,548,232) (32,404,499)
(1,265,088)
4,609,365
(17,839,922)
(14,495,645)
(435,807)
11,300,797
(5,151,694)
5,713,296
(3,756,123)
4,462,980
(2,053,765)
(1,346,908)
4,318,882
(730,063)
3,588,819
1,908,067
(939,385)
2,487,337
(1,866,921)
1,589,098
1,908,067
(6,396,403)
27,179,361
(27,642,365)
(4,951,340)
27,155,727
117,901
27,273,628
(3,563,894)
4,040,741
4,040,741
(933,748)
81,175
81,175
8,645,971
550,769
550,769
(598,721)
5,615,550
2,801,735
113
-
5,615,550
27,155,727
7,041,552
550,882
40,363,711
3,007,872
8,417,398
(541,736)
- $
-
88,001
88,001
(88,001)
192,088
192,088
104,087
Plant
Eliminations
FY 2012
FY 2011
- $ (32,810,620) $ 66,736,164 $ 62,639,405
22,475,312
22,638,251
1,588,747
1,881,529
10,258,392
9,062,934
137,000
3,093,376
2,709,396
20,271,489
18,740,070
7,862,993
7,285,761
137,000
(32,810,620) 132,286,473
124,957,346
1,849,145
22,533,889
9,900,000
34,283,034
(34,146,034)
5,031,987
(543,651)
522,515
(59,511)
4,951,340
583,604
(3,230,653)
1,100,000
(1,547,049)
(30,741,743)
(288,955)
(1,278,386)
(17,111)
(79,324)
(8,833)
(123,931)
(24,234,976)
(32,810,620)
(10,259,425)
9,930,205
(59,171,356)
26,360,736
-
-
(166,261)
(166,261)
26,194,475
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)
47,283,497
39,568,750
6,020,351
7,269,843
5,209,931
22,316,410
8,193,849
3,039,712
10,157,255
10,260,281
9,170,000
168,489,879
(43,532,533)
6,940,054
(6,940,054)
27,701,876
(27,701,876)
-
17,732,287
(17,732,287)
55,592,540
(55,592,540)
-
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)
5,821,120
462,619
31,949,460
7,676,989
2,345,118
(3,034,558)
(92,770)
45,127,978
1,595,445
26
26
13,073,205
13,073,231
221,352
221,352
1,152,516
26,194,475
(26,194,475)
26
26
39,489,032
(26,194,475)
13,294,583
1,152,516
(3,563,894)
(933,748)
8,645,997
(598,721)
(541,736)
3,007,898
104,087
8,747,289
11,859,274
2,747,961
(10,999,504) 17,482,191
6,850,582
(62,315)
2,808,383
16,079,337
13,893,438
170,094,281
200,067,056
200,989,636
$ (14,563,398) $ 16,548,443 $ 15,496,579 $ (661,036) $ 2,266,647 $ 19,087,235 $13,997,525 $ 178,841,570 $
- $211,926,330 $203,737,597
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:
03/31/12
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
RANGE BANK-CALUMET & LL
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
TOTAL
$
06/30/11
06/30/10
06/30/09
(13,124,508) $
16,809,316
14,690,334
(2,908,531)
(4,516,351)
10,950,260
(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
(14,228,035)
17,420,055
8,880,897
(1,646,984)
(3,601,691)
6,824,242
2,072,638
168,162
1,594,167
5,250,118
957,726
10,042,811
20,993,071 $
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 $
1,169,210
(1,680,363)
422,993
7,938,637
1,214,078
9,064,555
15,888,797
134,804 $
16,998,120
0
3,010
1,784,499
18,920,433
147,129 $
7,522,553
0
2,999
3,672,466
11,345,147
138,045 $
557,879
0
14,046
(201,150)
508,820
115,352
10,038,933
4,000,000
0
565,302
14,719,587
2,072,638
0
0
2,072,638
20,993,071 $
1,771,400
0
0
1,771,400
13,116,547 $
1,170,949
10,327,975
7,501,510
$19,000,434
19,509,254 $
1,169,210
0
0
1,169,210
15,888,797
7
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
3/31/12
6/30/11
6/30/10
06/30/09
4,937,406 $
0
8,713,492 $
0
8,703,789 $
0
9,003,362
109,554
2,949,143
2,727,207
5,676,350
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
1,243,794
335,409
2,224,052
(42,527)
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 $ 14,374,485 $ 20,708,510 $ 19,489,864 $ 16,413,848
RESEARCH BILLED - AGING OF ACCOUNTS RECEIVABLE:
(IN DOLLARS)
03/31/12
CURRENT ACCOUNTS
$
1,530,010 $
0 TO 30 DAYS PAST DUE
549,034
31 TO 60 DAYS PAST DUE
203,032
61 TO 90 DAYS PAST DUE
143,112
OVER 90 DAYS PAST DUE
523,956
TOTAL RESEARCH BILLED
$
2,949,143 $
RESEARCH BILLED - AGING OF ACCOUNTS RECEIVABLE:
(IN PERCENTAGE)
03/31/12
CURRENT ACCOUNTS
52%
0 TO 30 DAYS PAST DUE
19%
31 TO 60 DAYS PAST DUE
7%
61 TO 90 DAYS PAST DUE
5%
OVER 90 DAYS PAST DUE
18%
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, 2012
Company
Alstom Power Inc.
American Process Incorporated
AM General Corporation
Applied Pavement Technology Inc.
Arch Wood Protection
Argonne National Laboratory
Ballard Power Systems
Battelle Memorial Institute
Boss Products
Bowdoin College
Calumet Electronics Corp
Century 3+
Creative Composites Inc
Daimler-Chrysler
Demeter Systems, LLC
Eaton Corporation
Florida Institute of Phosphate Research
Ford Motor Company
Ford Motor Corp - Ford Research & Advanced Engineeri
Frontier Renewable Resources, LLC
General Dynamics
General Motors Global Research and Development
Great Lake Observing System
Hankook Tire
HB Performance Systems
Higher Education For Development
Houghton-Keweenaw Conservation District
Huron Mountain Wildlife Foundation
Incitor Incorporated
Integrity Applications Incorporated
Integrity Applications, Inc.
Internet 2
Kumho Tire
LANXESS Corporation
Lesktech, Limited
LimnoTech Inc
Little River Band Ottawa Indians
Little River Band of Ottawa Indians
LMS International
Marshall University Research Corporation
Massachusetts Institute of Technology
Matrix Research Inc
M Cubed Technologies, Inc
Michigan Dept of Environmental Quality
Minnesota Dept of Transportation
Mississippi State University
Michigan Dept of Transportation
Mobility Research Inc
Morton Salt Company
National Academies
National Council for Air & Stream Improvement Inc
National Institute of Aerospace
Nature Conservancy
North Dakota State Universtiy
Office of Naval Research
Ohio State University
Oregon Health and Science University
Osmose Inc
Pennsylvania State University
Photonica, Inc.
Proteos Inc
Quantum Engineering Design, Inc.
Regents of the University of Michigan
Rio Tinto Minerals
Sandia National Laboratories
Science Applications International Corporation
Current
$
$
16,867.18
$
$
$
14,687.50
$
8,444.85
$
$
4,127.35
$
$
5,487.16
$
$
1,462.00
$
$
7,500.00
$
$
$
$
$
45,424.04
$
118,580.13
$
218.24
$
$
5,977.09
$
1,680.00
$
$
$
$
825.00
$
$
9,305.60
$
$
12,621.35
$
5,342.00
$
$
$
830.27
$
21,985.08
$
7,708.98
$
11,698.69
$
30,838.42
$
3,407.24
$
15,000.00
$
$
$
$
63,221.31
$
140,979.36
$
27,183.00
$
$
5,063.04
$
11,591.42
$
8,579.69
$
4,000.00
$
945.40
$
566,940.74
$
194.03
$
1,888.04
$
$
2,040.66
$
$
2,568.62
$
8,000.00
$
373.41
$
$
70,082.71
$
16,610.08
Age 30 Date
$
17,440.00
$
6,822.53
$
3,300.00
$
4,361.49
$
$
$
$
22,611.30
$
3,802.15
$
$
8,000.00
$
289.00
$
$
149,964.00
$
$
$
$
$
14,249.07
$
$
$
14,400.00
$
$
$
2,863.00
$
$
$
$
$
1,879.53
$
10,250.00
$
$
$
$
$
297.89
$
3,006.08
$
1,390.98
$
$
$
$
$
875.00
$
$
$
$
42,355.22
$
$
6,000.00
$
35,123.53
$
$
$
$
500.00
$
9,389.33
$
$
$
30,480.00
$
2,350.97
$
$
$
$
$
$
$
6,008.09
9
Age
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
60 Date
9,168.06
25,987.41
26,300.00
10,000.00
16,616.00
828.01
22,568.00
2,858.32
23,193.69
22,102.00
27,840.85
6,206.50
-
Age 90 Date
$
$
$
$
$
$
4,200.73
$
$
$
$
$
$
$
2,325.00
$
$
$
$
$
$
$
$
$
$
$
$
$
$
7,278.20
$
$
$
$
$
$
$
2,512.00
$
$
$
$
$
$
$
$
$
$
$
$
$
64,296.32
$
$
$
$
$
$
$
$
60,799.28
$
$
$
$
$
$
$
$
$
1,700.00
$
$
-
91 Plus Days
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
31,852.00
$
$
$
$
$
$
$
$
$
$
$
$
$
$
54,471.06
$
$
$
$
$
$
3,499.94
$
$
$
$
$
$
$
$
$
9,492.89
$
$
$
15,534.62
$
$
$
61,713.14
$
$
$
$
$
60,414.55
$
$
$
$
$
143,254.00
$
$
$
$
$
$
-
Account Balance
$
17,440.00
$
23,689.71
$
3,300.00
$
13,529.55
$
14,687.50
$
12,645.58
$
25,987.41
$
26,738.65
$
3,802.15
$
5,487.16
$
8,000.00
$
1,751.00
$
2,325.00
$
157,464.00
$
31,852.00
$
26,300.00
$
10,000.00
$
16,616.00
$
59,673.11
$
118,580.13
$
1,046.25
$
14,400.00
$
5,977.09
$
1,680.00
$
2,863.00
$
22,568.00
$
10,136.52
$
825.00
$
54,471.06
$
11,185.13
$
10,250.00
$
12,621.35
$
5,342.00
$
2,512.00
$
3,499.94
$
1,128.16
$
24,991.16
$
9,099.96
$
11,698.69
$
30,838.42
$
3,407.24
$
15,000.00
$
875.00
$
32,686.58
$
22,102.00
$
63,221.31
$
291,006.37
$
27,183.00
$
6,000.00
$
101,899.71
$
11,591.42
$
14,786.19
$
4,000.00
$
1,445.40
$
697,543.90
$
194.03
$
1,888.04
$
30,480.00
$
4,391.63
$
143,254.00
$
2,568.62
$
8,000.00
$
373.41
$
1,700.00
$
70,082.71
$
22,618.17
Company
Current
Universidad del Turabo
$
University of Alaska-Fairbanks
$
University of Central Florida
$
University of Michigan
$
University of Nebraska - Lincoln
$
University of Oregon
$
URV USA LLC
$
US Dept of Agriculture
$
US Army Corps of Engineers
$
US Dept of the Army
$
US Dept of Energy
$
US Dept of the Navy
$
US National Park Service
$
Federal Highway Administration
$
Federal Railroad Administration
$
US Dept of Transportation
$
Veyance Technologies Inc
$
Volvo Road Machinery, Inc.
$
Western Upper Peninsula Planning and Development Re $
Wisconsin Dept of Transportation
$
Wisconsin Industrial Sand Company
$
Wisconsin Dept of Transportation
$
Working Bugs, LLC
$
Yokohama Tire Corp
$
Total Grants & Contract Receivabel
$
3,724.25
1,141.19
127,789.35
1,343.52
9,583.08
1,276.40
11,252.82
19,104.96
240.71
16,865.38
3,125.52
37,157.66
5,500.00
420.00
11,205.00
1,530,009.52
Age 30 Date
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
7,897.05
26,358.81
16,584.10
48,949.38
4,000.00
2,500.00
14,735.85
30,000.00
549,034.35
10
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
Age 60 Date
8,812.49
550.21
203,031.54
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
Age 90 Date
143,111.53
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
91 Plus Days
617.77
70,000.00
5,859.07
564.08
5,514.50
61,168.42
523,956.04
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
Account Balance
617.77
20,433.79
1,141.19
154,148.16
1,343.52
9,583.08
70,000.00
1,276.40
5,859.07
11,252.82
19,669.04
240.71
5,514.50
33,449.48
3,125.52
147,275.46
5,500.00
4,000.00
2,500.00
550.21
420.00
14,735.85
30,000.00
11,205.00
2,949,142.98
03/31/12
06/30/11
06/30/10
06/30/09
OTHER CURRENT ASSETS AND STUDENT LOANS:
OTHER CURRENT ASSETS
INVENTORIES:
BOOKSTORE
UNIVERSITY IMAGES
CENTRAL HEATING OIL
IT TELCOM
CENTRAL STORES
CHEMISTRY STORES
OTHER (UNDER $70K)
TOTAL INVENTORIES
$
573,650 $
169,291
204,667
161,141
0
123,307
189,746
1,421,802 $
657,176 $
193,206
212,031
161,141
0
123,307
177,568
1,524,429 $
630,020 $
163,706
216,910
181,357
0
118,942
174,269
1,485,204 $
20,000
0
20,000
0
20,000
0
20,000
0
20,000
20,000
20,000
20,000
$
0
13,524
942,018
0
955,542
2,397,344 $
40,301
13,524
0
0
53,825
1,598,254 $
22,941
13,524
0
0
36,465
1,541,669 $
43,324
13,524
0
0
56,848
1,525,997
$
$11,274,786
1,128,571
12,403,357 $
$11,319,472
1,134,936
12,454,408 $
$11,489,583
1,157,718
12,647,301 $
$12,171,052
1,137,957
13,309,009
$
DEPOSITS:
WORKER'S COMP
BC/BS OF MICH ADVANCE
TOTAL DEPOSITS
DEFERRED EXPENSES:
MAIL SERVICE OPERATIONS
MTRI RENT
LIBRARY PERIODICALS
PLANT FUND BUILDING MATERIALS
TOTAL DEFERRED EXPENSES
TOTAL CURRENT OTHER ASSETS
STUDENT LOANS:
FEDERAL PERKINS LOANS, net
TECHAID LOANS
TOTAL STUDENT LOANS
11
559,460
173,398
226,886
191,181
0
118,832
179,392
1,449,149
PROPERTY, PLANT and EQUIPMENT Beginning Balance
JUL 1, 2011
Nondepreciable capital assets
LAND
MINERAL MUSEUM EXHIBITS
TIMBER
CONSTRUCTION IN PROGRESS
$
9,112,394 $
5,516,860
368,394
9,884,783
24,882,432
Additions,
net of Disposals
22,000 $
0
0
14,079,214
14,101,214
Ending Balance
MAR 31, 2012
9,134,394
5,516,860
368,394
23,963,998
38,983,646
Depreciable capital assets
LAND IMPROVEMENTS
INFRASTRUCTURE
BUILDINGS
DEFERRED FINANCING COSTS
EQUIPMENT
LIBRARY BOOKS
SUBTOTAL
1,517,098
5,048,949
329,307,318
2,838,114
33,835,711
854,975
373,402,163
128,410
69,700
0
0
1,970,554
0
2,168,664
1,645,508
5,118,649
329,307,318
2,838,114
35,806,264
854,975
375,570,827
Total cost of capital assets
398,284,595
16,269,878
414,554,474
(148,175,565)
-5,666,968
(157,949,341)
Less Accumulated Depreciation
CAPITAL ASSETS, net
$
250,109,030 $
12
10,602,911 $
256,605,132
03/31/12
06/30/11
06/30/10
06/30/09
CURRENT LIABILITIES:
Accounts payable
VOUCHERS
MISCELLANEOUS
SALES TAX & MISC
BENEFITS PAYABLE
ACCRUAL
TOTAL
$
1,378,899 $
(32,236)
6,345
1,031,510
200,000
3,505,580 $
19,183
11,108
530,481
2,239,281
6,197,823 $
55,386
13,195
490,863
2,284,212
3,310,432
72,507
4,519
453,430
1,210,016
$
2,584,518 $
6,305,633 $
9,041,479 $
5,050,904
$
$
4,408,847 $
218,960
3,650,967
(331)
871,865
3,733,268
12,883,576 $
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 $
3,150,811
427,804
1,570,381
(2,495)
742,707
3,633,355
9,522,563
$
3,012,335 $
3,032,505 $
2,520,184 $
3,148,776
$
1,970,000 $
0
0
1,970,000
207,911
1,630,000
941,816
193,000
4,942,727
23,423,156 $
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 $
950,000
204,945
0
1,154,945
207,911
1,435,144
452,436
318,000
3,568,436
21,290,679
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
03/31/12
06/30/10
06/30/11
06/30/09
NONCURRENT LIABILITIES:
Insurance and benefit reserves
MISC - LONG TERM PORTION
ESP LONG TERM PORTION
OTHER POST EMPLOYMENT BENEFITS
TOTAL
DUE TO MICHIGAN TECH FUND
$
$
158,753 $
207,911
1,009,984
1,376,648 $
158,753 $
207,911
1,009,984
1,376,648 $
478,737 $
415,822
1,070,002
1,964,561 $
267,690
623,733
1,255,099
2,146,522
$
- $
- $
600,000 $
600,000
14
NOTES AND BONDS PAYABLE
LONG TERM PORTION OF BONDS PAYABLE:
March 31, 2012 June 30, 2011 June 30, 2010 June 30, 2009 June 30, 2008
1998 ISSUE
$
-
$
-
$
-
$
-
$
10,000,000
2003 ISSUE
3,965,000
4,080,000
4,190,000
4,295,000
4,400,000
2004 ISSUE
27,935,000
28,695,000
29,430,000
30,145,000
30,845,000
730,674
764,527
798,381
832,235
866,088
2,675,000
2,740,000
2,790,000
2,840,000
2,890,000
0
0
4,213
8,426
12,640
15,435,000
15,560,000
15,685,000
15,785,000
0
533,050
553,553
574,055
615,058
0
2009 ISSUE
17,160,000
17,525,000
17,885,000
0
0
2010 ISSUE
10,230,000
10,770,000
0
0
0
78,663,724
$ 80,688,080
$ 71,356,649
$ 54,520,719
2004 ISSUE PREMIUM
2006 ISSUE
2006 ISSUE PREMIUM
2008 ISSUE
2008 ISSUE PREMIUM
TOTAL
$
15
$
49,013,728