Michigan Technological University
1400 Townsend Drive
Houghton, Michigan
Interim Financial Statements
for the six months ending
December 31, 2011 and 2010
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 $5.8 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 fro their portion of the project funding and awaits reimbursement.
Accounts receivable:
Increased by $7.3 million due to an increase of $3.2 million in receivables in the plant fund. This
is billings to the State for work completed on the GLRC. There are also increases in
receivables for research ($1.6 million) and student billings ($2.9 million).
Capital Assets:
Increased by $9.0 million as construction progresses on the GLRC.
Accounts Payable:
Increased by $2.6 million of which $1.7 million is in the plant fund for GLRC activity. There is
also an increase of $950,000 in the general fund due to a difference in the timing of payments
for library periodicals between fiscal years.
Deferred Revenue:
Increased by $4.4 million and is a recognition of Spring semester student billing increases.
Net Assets:
Overall, net assets have decreased by $6.1 million in the first half of FY12 as compared to a
decrease in net assets of $12.9 million in the first half of FY11. Significant improvements are in
the auxiliary finds and the plant fund.
Income Statement Variances
Student tuition and fees:
An increase, net of tuition allowance, of $2.5 million (7.4%) through the combination of tuition
rate increases and the increase in university financial aid programs. Although gross tuition
revenue increased by $4.1 million, the tuition allowance netted against gross tuition increased
by $1.6 million.
Grants and contracts:
Total research revenues increased by $861,000 (5.5%). 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 are virtually the same as the first half of the previous year, increasing by
only $188,000.
Fringe benefits:
Increase by $693,000 (3.8%) as fringe expenses in the R&I funds have increased by $1.2
million. MPSERS contributions for non-member unfunded liability have increased by $374,000
and fringe benefit recovery is down by $645,000. The fringe recovery has decreased because
the University budgeted for a lower fringe rate in FY12, but when total fringes have increased by
$1.2 million in the R&I fund, it would seem to indicate that actual fringe costs have not declined
as expected. Finges are lower in the other fund groups because of the lowere fringe recovery
rate being used in FY12.
Supplies and services:
An increase of $1.0 million (4.2%) 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 $1.6 million for the fall
semester, which would seem to indicate that spending will be $3.0 million greater in FY12.
State Appropriations:
A decrease of $2.4 million (15.0%) as expected.
Investment return:
A loss of $300,000 in the first half of FY12 compared to a gain of $1.8 million in FY11.
Capital appropriations:
Toward the construction of the GLRC, $10.3 million has been received (or billed to) the state.
The Bottom Line:
Net assets have decreased by $6.1 million in the first half of FY12 as compared to a decrease in
net assets of $12.9 million in the first half of FY11; an increase in performance of $6.8 million.
Schedule of Net Assets by Fund
December 31, 2011 and 2010
General
Assets
Current assets:
Cash and cash equivalents
Accounts receivable, net
Inventories
Deposits
Prepaid expenses
Total current assets
Designated
$ (24,582,524) $ 16,571,824 $ 18,593,826
46,253,183
33,225
307,178
209,241
1,958,666
1,434,032
13,525
23,313,932
16,618,574
20,859,670
Noncurrent assets:
Student loans receivable, net
Investments
Capital assets, net of depreciation
Other assets
Total noncurrent assets
Total assets
$ 23,313,932
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
Current Funds
Auxiliary
Retirement Expendable Total Current
Student Loan
Activities
Insurance
Restricted
Funds
$
1,532,160
4,192,174
44,845,270
50,569,604
605,650
605,650
51,175,254
Net assets
Net increase (decrease) in net asse (16,861,818)
Net assets, beginning of year
(10,999,504)
Total net assets
(27,861,322)
Combined Total
Plant
FY 2012
FY 2011
$ 249,541 $ (106,101) $10,726,566
170,715
7,170,361
53,934,662
2,167,907
20,000
20,000
1,447,557
440,256
7,064,260
68,296,692
$ 1,617,426
1,617,426
$ 16,618,574 $ 20,859,670
7,641,470
7,641,470
$ 8,081,726
12,347,600
12,347,600
12,400,863
7,641,470
7,588,238
255,686,851
255,686,851
246,663,410
978,544
978,544
978,544
12,347,600
256,665,395
276,654,465
267,631,055
$ 13,965,026 $259,739,446 $ 1,427,073 $351,069,707 $340,612,506
$
$ 2,972,727 $
- $ 2,972,727
756,127
97,181
2,750,337
3,335,476
328,520
8,256,597
2,591,068
56,872,338
7,064,330
3,016,769
70,851,999
39,117
115,319
154,436
154,436
(1,018,053)
17,482,191
16,464,138
$
325,752
285,108
9,436,000
10,046,860
10,046,860
3,962,228
6,850,582
10,812,810
1,376,648
1,376,648
8,440,978
(296,937)
(62,315)
(359,252)
0
7,641,470
0
0
7,641,470
$7,064,260 $75,938,162
3,016,769
1,376,648
0
0
605,650
0
1,982,298
72,834,297
1,239,108
2,808,383
4,047,491
(12,975,472)
16,079,337
3,103,865
$
-
$
Agency
$
(95,278) $ 1,414,433 $ 13,663,147 $ 19,529,238
3,169,329
12,640
57,116,631
49,735,167
2,167,907
2,092,521
20,000
20,000
1,447,557
1,604,525
3,074,051
1,427,073
74,415,242
72,981,451
1,970,000
1,781,098
1,458
431,250
4,183,806
$
- $ 4,942,727 $ 4,459,459
(45,450)
4,485,985
1,891,067
1,472,523
9,730,578
9,503,281
57,303,588
52,876,061
1,427,073
76,462,878
68,729,868
-
78,663,724
78,663,724
82,847,530
1,427,073
71,588
13,893,438
13,965,026
6,797,635
170,094,281
176,891,916
-
1,376,648
78,663,724
605,650
80,646,022
157,108,900
1,964,561
80,893,080
223,164
606,500
100,000
83,787,305
152,517,173
(6,106,249)
200,067,056
193,960,807
(12,894,303)
200,989,636
188,095,333
Total liabilities and net assets $ 23,313,932 $ 16,618,574 $ 20,859,670 $ 8,081,726 $ 7,064,260 $75,938,162 $ 13,965,026 $259,739,446 $ 1,427,073 $351,069,707 $340,612,506
Schedule of Revenues, Expenses and Changes in Net Assets by Fund by Object
For the Six Months Ended December 31, 2011 and 2010
Current Funds
Auxiliary
Retirement
Activities
Insurance
General
Designated
Revenues
Operating revenues
Student tuition and fees
$ 53,627,341 $
57,054 $
903,463 $
Federal grants and contracts
65
State and local grants and contracts
Nongovernmental grants and contracts
Indirect cost recoveries
5,111,957
Educational activities
301,215
1,308,628
334,994
Student resident fees
10,530,098
Departmental activities
102
122,437
5,016,875
(829)
Total operating revenues
59,040,680
1,488,119
16,785,430
(829)
Expenses
Operating expenses
Salaries & wages - non-faculty
14,393,840
2,100,671
3,865,701
895,826
Salaries & wages - faculty
20,404,933
244,120
9,112
579
Salaries & wages - graduate students
1,890,307
352,947
172,611
Salaries & wages - undergrad students
762,017
291,561
729,415
Fringe benefits
13,004,094
740,161
1,253,194
2,107,373
Supplies and services
8,169,624
4,611,320
5,327,240
405,457
Student financial support
17,196,086
160,856
335,637
Utilities
1,565,547
80,559
1,368,443
Depreciation
Total operating expenses
77,386,448
8,582,195
13,061,353
3,409,235
Operating income (loss)
(18,345,768)
(7,094,076)
3,724,077
(3,410,064)
Transfers
Mandatory transfers in
Mandatory transfers out
(1,012,890)
(437,302)
(2,462,320)
Non mandatory transfers in
4,154,178
8,009,503
3,788,886
3,666,350
Non mandatory tansfers out
(15,291,256)
(3,953,037)
(1,166,590)
(123,612)
Total transfers
(12,149,968)
3,619,164
159,976
3,542,738
Nonoperating revenues (expenses)
Federal Pell grants
Other Federal grants
State appropriations, operating
13,577,862
Gift income
56,056
2,456,859
78,175
Investment income (loss)
(429,611)
Interest expense
Loss on disposal of capital assets
Net nonoperating revenues
13,633,918
2,456,859
78,175
(429,611)
Income (loss) before other revenues
(16,861,818)
(1,018,053)
3,962,228
(296,937)
Other revenues
Capital appropriations
Capital grants and gifts
Fund additions
Total other revenues
Net increase (decrease) in net assets
(16,861,818)
(1,018,053)
3,962,228
(296,937)
Net assets, beginning of year
(10,999,504) 17,482,191
6,850,582
(62,315)
Net assets, end of year
$ (27,861,322) $ 16,464,138 $ 10,812,810 $ (359,252)
Combined Totals
Expendable Total Current
Student Loan
Restricted
Funds
$
- $ 54,587,858 $
15,047,200
15,047,265
1,134,629
1,134,629
6,585,546
6,585,546
(5,111,957)
60,048
2,004,885
10,530,098
9,367
5,147,952
17,724,833
95,038,233
4,483,051
25,739,089
1,230,267
21,889,011
2,169,836
4,585,701
656,983
2,439,976
1,794,881
18,899,703
7,142,911
25,656,552
6,007,027
23,699,606
51,582
3,066,131
23,536,538 125,975,769
(5,811,705) (30,937,536)
-
57,136
57,136
(57,136)
Plant
$
Eliminations
- $
-
21,074,266
6,600,000
27,674,266
(27,674,266)
1,562,667
(595,195)
1,643,047
(1,015,576)
1,594,943
1,562,667
(4,507,707)
21,261,964
(21,550,071)
(3,233,147)
-
3,255,915
(310,875)
337,618
(49,511)
3,233,147
2,965,550
2,490,208
112
5,455,870
1,239,108
2,965,550
13,577,862
5,081,298
(429,499)
21,195,211
(12,975,472)
128,724
128,724
71,588
292,861
(1,187,132)
(894,271)
(25,335,390)
10,280,479
(168,648)
22,021,194
32,133,025
1,239,108 (12,975,472)
71,588
6,797,635
2,808,383
16,079,337
13,893,438
170,094,281
$ 4,047,491 $ 3,103,865 $13,965,026 $ 176,891,916 $
FY 2012
FY 2011
(17,992,158) $ 36,595,700 $ 34,085,524
15,047,265
15,024,300
1,134,629
1,298,789
6,585,546
5,583,587
5,432
2,004,885
1,737,964
10,530,098
9,812,365
5,147,952
4,653,466
(17,992,158)
77,046,075
72,201,427
(22,112,558)
(17,992,158)
(40,104,716)
22,112,558
(91,364)
(91,364)
22,021,194
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)
25,721,843
21,404,239
4,618,091
2,721,293
18,207,104
23,674,772
5,785,040
3,179,569
5,970,000
111,281,951
(39,080,524)
4,818,582
(4,818,582)
21,599,582
(21,599,582)
-
15,184,305
(15,184,305)
36,148,097
(36,148,097)
-
2,965,550
292,861
13,577,862
5,081,298
(300,775)
(1,187,132)
(91,364)
20,338,300
(16,218,080)
3,117,120
191,681
15,974,730
5,193,994
1,795,905
(1,031,504)
(32,441)
25,209,485
(13,871,039)
10,280,479
(168,648)
976,736
(22,021,194)
(22,021,194)
10,111,831
976,736
(6,106,249) (12,894,303)
200,067,056
200,989,636
- $193,960,807 $188,095,333
Schedule of Revenues, Expenses and Changes in Net Assets by Fund by Function
For the Six Months Ended December 31, 2011 and 2010
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
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
$ 53,627,341 $
57,054 $
903,463 $
65
5,111,957
301,215
1,308,628
334,994
10,530,098
102
122,437
5,016,875
59,040,680
1,488,119
16,785,430
Combined Totals
Expendable Total Current
Student Loan
Restricted
Funds
- $
- $ 54,587,858 $
- 15,047,200
15,047,265
1,134,629
1,134,629
6,585,546
6,585,546
- (5,111,957)
60,048
2,004,885
10,530,098
(829)
9,367
5,147,952
(829) 17,724,833
95,038,233
31,010,686
9,539,406
249,911
4,715,983
3,331,182
9,412,086
5,051,744
14,075,450
77,386,448
(18,345,768)
992,602
4,394,261
589,575
62,186
423,393
1,856,800
263,378
8,582,195
(7,094,076)
13,061,353
13,061,353
3,724,077
420,987
32,424,275
- 14,727,954
28,661,621
3,626,599
4,466,085
1,556
4,779,725
90,589
3,845,164
3,204,590
4,214
14,477,690
204,645
5,519,767
4,664,639
18,740,089
13,061,353
3,409,235 23,536,538 125,975,769
(3,410,064) (5,811,705) (30,937,536)
(1,012,890)
4,154,178
(15,291,256)
(12,149,968)
(437,302)
8,009,503
(3,953,037)
3,619,164
(2,462,320)
3,788,886
(1,166,590)
159,976
3,666,350
(123,612)
3,542,738
1,562,667
(595,195)
1,643,047
(1,015,576)
1,594,943
1,562,667
(4,507,707)
21,261,964
(21,550,071)
(3,233,147)
13,577,862
56,056
13,633,918
(16,861,818)
2,456,859
2,456,859
(1,018,053)
78,175
78,175
3,962,228
(429,611)
(429,611)
(296,937)
2,965,550
2,490,208
112
-
2,965,550
13,577,862
5,081,298
(429,499)
21,195,211
(12,975,472)
5,455,870
1,239,108
-
57,135
57,135
(57,135)
128,723
128,723
71,588
Plant
$
Eliminations
-
1,837,201
19,237,065
6,600,000
27,674,266
(27,674,266)
3,255,915
(310,875)
337,618
(49,511)
3,233,147
292,861
(1,187,132)
(894,271)
(25,335,390)
FY 2012
FY 2011
$ (17,992,158) $ 36,595,700 $ 34,085,524
15,047,265
15,024,300
1,134,629
1,298,789
6,585,546
5,583,587
5,432
2,004,885
1,737,964
10,530,098
9,812,365
5,147,952
4,653,466
(17,992,158)
77,046,075
72,201,427
(138,762)
(647,650)
(13,111)
(49,514)
(8,252)
(104,730)
(20,924,874)
(17,992,158)
(7,126,257)
6,900,592
(40,104,716)
22,112,558
-
-
(91,364)
(91,364)
22,021,194
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)
32,655,560
25,058,263
4,107,857
4,266,687
3,464,564
16,096,593
4,695,662
1,275,943
6,759,759
6,931,063
5,970,000
111,281,951
(39,080,524)
4,818,582
(4,818,582)
21,599,582
(21,599,582)
-
15,184,305
(15,184,305)
36,148,097
(36,148,097)
-
2,965,550
292,861
13,577,862
5,081,298
(300,776)
(1,187,132)
(91,364)
20,338,299
(16,218,080)
3,117,120
191,681
15,974,730
5,193,994
1,795,905
(1,031,504)
(32,441)
25,209,485
(13,871,039)
10,280,479
10,280,479
(168,648)
(168,648)
976,736
22,021,194
(22,021,194)
32,133,025
(22,021,194)
10,111,831
976,736
(16,861,818)
(1,018,053)
3,962,228
(296,937) 1,239,108 (12,975,472)
71,588
6,797,635
(6,106,249) (12,894,303)
(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
$ (27,861,322) $ 16,464,138 $ 10,812,810 $ (359,252) $ 4,047,491 $ 3,103,865 $13,965,026 $ 176,891,916 $
- $193,960,807 $188,095,333
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
CASH AND CASH EQUIVALENTS:
12/31/11
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
(24,582,524) $
16,571,824
18,593,826
(1,521,967)
(5,716,112)
3,345,047
(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
1,771,508
(106,101)
1,617,426
5,620,834
1,414,433
10,318,100
13,663,147 $
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
159,419 $
5,005,703
0
3,006
6,723,510
11,891,639
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
1,771,508
0
0
1,771,508
13,663,147 $
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
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
12/31/11
6/30/11
6/30/10
06/30/09
2,468,703 $
0
8,713,492 $
0
8,703,789 $
0
9,003,362
109,554
3,464,463
3,581,437
7,045,900
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
43,766,030
80,941
3,806,661
(51,605)
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 $ 57,116,631 $ 20,708,510 $ 19,489,864 $ 16,413,848
RESEARCH BILLED - AGING OF ACCOUNTS RECEIVABLE:
(IN DOLLARS)
12/31/11
CURRENT ACCOUNTS
$
2,041,066 $
0 TO 30 DAYS PAST DUE
640,373
31 TO 60 DAYS PAST DUE
287,146
61 TO 90 DAYS PAST DUE
49,894
OVER 90 DAYS PAST DUE
445,985
**see reconciliation for detail
TOTAL RESEARCH BILLED
$
3,464,463 $
RESEARCH BILLED - AGING OF ACCOUNTS RECEIVABLE:
(IN PERCENTAGE)
12/31/11
CURRENT ACCOUNTS
59%
0 TO 30 DAYS PAST DUE
18%
31 TO 60 DAYS PAST DUE
8%
61 TO 90 DAYS PAST DUE
1%
OVER 90 DAYS PAST DUE
13%
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
December 31, 2011
Company
Current
American Process Incorporated
$
7,507.89
Applied Pavement Technology Inc.
$
5,145.58
Applied Research Associates
$
9,912.00
Arch Wood Protection
$
98,522.00
Argonne National Laboratory
$
10,724.84
Ariens Company
$
Aursos Inc
$
Ballard Power Systems
$
Battelle Memorial Institute
$
11,392.70
Bayer Corporation
$
Bowdoin College
$
5,899.08
Cabot Elastomer Composites
$
Calumet Electronics Corp
$
CDM Michigan Inc
$
Centers for Disease Control and Prevention
$
Century 3+
$
134.00
Colorado State University
$
5,497.33
Creative Composites Inc
$
2,325.00
Daimler-Chrysler
$
DAPCEP
$
1,126.13
Demeter Systems, LLC
$
Energy Center of Wisconsin
$
Federal Mediation & Conciliation Service
$
189.00
Ford Motor Corp - Ford Research & Advanced Engineerin $
30,996.16
Gas Technology Institute
$
3,522.86
General Dynamics
$
685.30
General Motors
$
30,000.00
General Motors Corporation
$
11,985.00
General Motors FSS APB
$
Great Lake Observing System
$
11,599.99
Great Lakes Fishery Trust
$
GS Engineering
$
2,506.00
The Henry M. Jackson Foundation for the
$
5,738.26
Houghton-Keweenaw Conservation District
$
7,278.20
Hydro Aluminum Technology Center
$
Incitor Incorporated
$
Integrity Applications Incorporated
$
28,273.31
Integrity Applications, Inc.
$
20,500.00
Internet 2
$
Janssen Pharmaceutica N V
$
1,260.00
Kohler Power Systems
$
LANXESS Corporation
$
13,049.00
Lesktech, Limited
$
Little River Band Ottawa Indians
$
3,006.08
$
LMS International
159.04
Louisiana-Pacific Corporation
$
Massachusetts Institute of Technology
$
3,407.24
MATSYS Inc.
$
756.61
M Cubed Technologies, Inc
$
600.00
Michigan Dept of Environmental Quality
$
Michigan Dept of Labor & Economic Growth
$
Mississippi State University
$
57,142.07
Michigan Dept of Transportation
$
200,247.70
Morton Salt Company
$
National Academies
$
National Institute of Aerospace
$
14,885.90
National Renewable Energy Laboratory
$
40,000.00
Newmont Metallurgical Services
$
NewTech America LLC
$
North Dakota State Universtiy
$
300.00
Nostrum Energy
$
Office of Naval Research
$ 1,225,970.89
Office of Naval Research (DARPA)
$
317.24
Ohio State University
$
740.48
Osmose Inc
$
1,580.00
Pennsylvania State University
$
2,965.68
Photonica, Inc.
$
Regents of the University of Michigan
$
1,232.09
Rio Tinto Minerals
$
1,700.00
Sandia National Laboratories
$
5,554.84
Science Applications International Corporation
$
16,690.63
John Simmons
$
Somero Enterprises Inc
$
607.81
South Dakota State University
$
466.20
Age 30 Date
$
$
2,619.53
$
$
54,869.50
$
$
36,875.00
$
4,000.00
$
$
$
1,150.00
$
$
2,480.00
$
8,000.00
$
3,624.00
$
$
$
$
$
187,455.00
$
23,343.87
$
$
$
$
55,845.86
$
$
5,882.58
$
$
$
6,376.58
$
$
$
$
$
$
25,000.00
$
$
$
$
12,621.35
$
$
1,900.00
$
$
$
9,641.08
$
$
54,310.00
$
$
$
$
$
$
$
51,867.71
$
$
$
23,878.74
$
$
$
$
$
21,044.00
$
$
$
2,313.18
$
15,662.50
$
6,736.36
$
$
$
$
$
$
$
$
-
Age
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
60 Date
551.44
35,984.37
1,040.00
18,118.00
8,007.50
4,943.33
1,810.25
238.88
9,492.89
7,461.00
61,713.14
5,599.26
25,000.00
5,447.74
845.75
30,754.00
-
Age 90 Date
$
$
$
$
$
$
$
$
$
$
$
$
$
$
14,494.00
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
25,000.00
$
$
-
91 Plus Days
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
31,852.00
$
12,853.44
$
$
$
$
$
$
$
$
$
$
$
$
$
$
64,471.06
$
$
$
$
$
$
$
3,499.94
$
$
$
$
$
$
$
$
17,479.23
$
$
$
5,250.00
$
$
$
$
$
1,040.00
$
$
$
60,414.55
$
$
$
$
$
112,500.00
$
$
$
$
$
$
$
-
Account Balance
$
7,507.89
$
8,316.55
$
9,912.00
$
153,391.50
$
10,724.84
$
36,875.00
$
4,000.00
$
35,984.37
$
11,392.70
$
1,150.00
$
5,899.08
$
3,520.00
$
8,000.00
$
36,236.00
$
8,007.50
$
134.00
$
5,497.33
$
2,325.00
$
187,455.00
$
24,470.00
$
31,852.00
$
12,853.44
$
189.00
$
86,842.02
$
3,522.86
$
11,511.21
$
30,000.00
$
11,985.00
$
6,376.58
$
11,599.99
$
1,810.25
$
2,506.00
$
5,738.26
$
7,278.20
$
25,000.00
$
64,471.06
$
28,273.31
$
20,500.00
$
12,621.35
$
1,260.00
$
1,900.00
$
13,049.00
$
3,499.94
$
12,647.16
$
397.92
$
54,310.00
$
3,407.24
$
756.61
$
600.00
$
9,492.89
$
17,479.23
$
57,142.07
$
252,115.41
$
12,711.00
$
61,713.14
$
44,363.90
$
40,000.00
$
25,000.00
$
1,040.00
$
300.00
$
21,044.00
$
1,291,833.18
$
317.24
$
3,899.41
$
17,242.50
$
9,702.04
$
143,254.00
$
1,232.09
$
1,700.00
$
5,554.84
$
16,690.63
$
25,000.00
$
607.81
$
466.20
Company
Current
Age 30 Date
Age 60 Date
Age 90 Date
91 Plus Days
Account Balance
Universidad del Turabo
University of Alaska-Fairbanks
University of Georgia
University of Michigan
University of Nebraska - Lincoln
Universtiy of Wisconsin-Madison
UOP LLC
URV USA LLC
US Dept of Agriculture
US Army Corps of Engineers Civil Works
US Dept of the Army
US Dept of Energy
US Fish & Wildlife Service
US Dept of the Navy
US National Park Service
Federal Highway Administration
Federal Railroad Administration
US Dept of Transportation
Veyance Technologies Inc
Viance R & D Technology Center
Wisconsin Dept of Transportation
Xcel Energy Services Inc
Total Grants & Contract Receivable
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
208.84
3,755.50
26,878.07
2,498.64
2,707.84
2,028.20
2,131.60
10,724.74
4,166.65
3,258.83
1,766.37
24,472.19
1,070.19
14,297.73
37,000.00
2,041,065.52
617.77
1,037.06
3,079.62
1,212.09
11,250.00
2,404.40
2,395.12
880.00
640,372.90
3,121.95
59,162.07
5,514.50
2,340.00
287,146.07
10,400.00
49,894.00
70,000.00
564.08
61,168.42
4,892.00
445,984.72
826.61
3,755.50
1,037.06
29,957.69
2,498.64
1,212.09
13,957.84
70,000.00
7,554.55
59,162.07
2,131.60
11,288.82
6,561.77
3,258.83
7,280.87
24,472.19
1,070.19
75,466.15
10,400.00
880.00
7,232.00
37,000.00
3,464,463.21
12/31/11
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
CHEMISTRY STORES
OTHER (UNDER $70K)
TOTAL INVENTORIES
$
$
DEPOSITS:
WORKER'S COMP
TOTAL DEPOSITS
DEFERRED EXPENSES:
MAIL SERVICE OPERATIONS
MTRI RENT
LIBRARY PERIODICALS
TOTAL DEFERRED EXPENSES
TOTAL CURRENT OTHER ASSETS
STUDENT LOANS:
FEDERAL PERKINS LOANS, net
TECHAID LOANS
TOTAL STUDENT LOANS
$
$
$
1,298,097 $
169,183
209,241
161,141
123,307
206,938
2,167,907 $
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 $
559,460
173,398
226,886
191,181
118,832
179,392
1,449,149
20,000
20,000
20,000
20,000
20,000
20,000
20,000
20,000
0
13,524
1,434,032
1,447,556
3,635,463 $
40,301
13,524
0
53,825
1,598,254 $
22,941
13,524
0
36,465
1,541,669 $
43,324
13,524
0
56,848
1,525,997
11,241,094 $
1,106,506
,
,
12,347,600 $
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
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
10,902,813
10,924,813
Ending Balance
DEC 31, 2011
9,134,394
5,516,860
368,394
20,787,596
35,807,245
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
0
69,700
0
0
1,108,046
0
1,177,746
1,517,098
5,118,649
329,307,318
2,838,114
34,943,757
854,975
374,579,909
Total cost of capital assets
398,284,595
12,102,559
410,387,154
(148,175,565)
-5,666,968
(154,700,303)
Less Accumulated Depreciation
CAPITAL ASSETS, net
$
250,109,030 $
6,435,592 $
255,686,851
12/31/11
06/30/11
06/30/10
06/30/09
CURRENT LIABILITIES:
Accounts payable
VOUCHERS
MISCELLANEOUS
SALES TAX & MISC
BENEFITS PAYABLE
ACCRUAL
TOTAL
$
3,505,744 $
79,327
17,681
683,233
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
$
4,485,985 $
6,305,633 $
9,041,479 $
5,050,904
$
$
2,160,319 $
212,747
2,277,529
523
1,346,190
3,733,268
9,730,576 $
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
$
57,303,588 $
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
76,462,876 $
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
$
12/31/11
06/30/11
06/30/10
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