Michigan Technological University
1400 Townsend Drive
Houghton, Michigan
Interim Financial Statements
for the three months ending
September 30, 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 $1 million more than one year ago. The distribution of cash amongst fund
groups varies a bit, but no significant anomalies.
Accounts receivable:
Increased by $6.5 million due to an increase of $4.9 million in receivables in the plant
fund. This is billings to the State for work completed on the GLRC. There are also smaller
increases in receivables for research and student billings.
Investments:
Decreased by $491,000 as financial markets have declined in recent months.
Capital Assets:
Increased by $8.5 million as construction progresses on the GLRC.
Notes and bonds payable:
Increased by $10.8 million after issuing the 2010 Series bonds of $10.975 million.
Net Assets:
Overall, net assets have increased by $11.6 million in the first quarter of FY12 as
compared to an increase in net assets of $6.4 million in the first quarter 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 $2.3 million (7.2%) through the combination of
tuition rate increases and the increase in university financial aid programs. Although
gross tuition revenue increased by $3.8 million, the tuition allowance netted against
gross tuition increased by $1.5 million.
Grants and contracts:
Total research revenues increased by $590,000 (5.3%). Growth was in the
nongovernmental sector only. Federal and State grants have decreased.
Salaries and wages:
Total salary and wages are virtually the same as the first quarter of the previous year,
increasing by only $180,000.
Fringe benefits:
Decrease by $445,000 (-4.8%) as health care payments are down by $700,000 for the
first quarter of FY12 as compared to the previous year.
Supplies and services:
An increase of $3.2 million (27.3%) as spending appears to be up 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.
Gift income:
Increased by $1.6 million (121.7%) more than doubled for the first quarter.
Investment return:
A loss of $1.2 million in the first quarter of FY12 compared to a gain of $843,000 in FY11.
Capital appropriations:
Toward the construction of the GLRC, $4.9 million has been received (or billed to) the
state.
The Bottom Line:
The University had an increase in Net Assets of $11.6 million in the first three months of
fiscal year 2012 compared to an increase in Net Assets of $6.4 million in the first three
months of fiscal year 2011; an increase in performance of $5.2 million.
Questions?
Visit our Frequently Asked Questions section at the following address:
http://www.admin.mtu.edu/acct/reports/faq.htm
Schedule of Net Assets by Fund
September 30, 2011 and 2010
Current Funds
General
Assets
Current assets:
Cash and cash equiv alents
Accounts receiv able, net
I nv entories
Deposits
Prepaid expenses
Total current assets
Designated
$ (3,416,787) $ 17,070,159
3,756,482
33,698
210,390
13,525
550,085
17,117,382
Noncurrent assets:
Student loans receiv able, net
I nv estments
Capital assets, net of deprecia
Other assets
Total noncurrent assets
Total assets
$
550,085
$ 17,117,382
Liabilities
Current liabilities
Current portion of L/T liabilities $
- $
Accounts payable
356,592
Other accrued liabilities
4,592,443
Deferred rev enue
179,052
Total current liabilities
5,128,087
Noncurrent liabilities
I nsurance and benefit reserv e
Notes and bonds payable
Capital lease obligations
Funds held for others
700,250
Due to MTF
Total non-current liabilities
700,250
Total liabilities
5,828,337
Net assets
Net increase (decrease) in net a 5,721,252
Net assets, beginning of year
(10,999,504)
Total net assets
(5,278,252)
Total liabilities and net assets
$
550,085
Combined Total
Auxiliary
Activ ities
Retirement Expendable Total Current
I nsurance Restricted
Funds
Student
Loan
$ 15,609,339
295,671
1,444,756
17,349,766
$ (2,002,964) $ (420,333) $ 26,839,414
149,541
7,868,633
12,104,025
1,655,146
20,000
20,000
13,525
(1,833,423)
7,448,300
40,632,110
$ 1,225,673 $
1,225,673
$ 17,349,766
6,809,785
6,809,785
$ 4,976,362
Plant
Agency
(5,787,697) $
4,888,502
(899,195)
FY 2012
348,943
6,607
355,550
$ 7,448,300
0
6,809,785
0
0
6,809,785
$ 47,441,895
12,703,457
12,703,457
$13,929,130
252,368,212
978,544
253,346,756
$ 252,447,561
$ 355,550
- $
- $ 2,972,727 $
136,361
530,067
1,095,917
240,941
251,658
563,080
2,909,243
690,758
2,543,280
388,019
1,093,147
6,977,887
3,474,979
$ 2,972,727
2,359,878
9,007,182
2,722,332
17,062,119
$
$
$
388,019
(752,828)
17,482,191
16,729,363
$ 17,117,382
-
1,093,147
1,376,648
1,376,648
8,354,535
3,474,979
1,376,648
0
0
700,250
0
2,076,898
19,139,017
-
9,406,037
6,850,582
16,256,619
(3,315,858)
(62,315)
(3,378,173)
1,164,938
2,808,383
3,973,321
12,223,541
16,079,337
28,302,878
35,692
13,893,438
13,929,130
$ 7,448,300
$ 47,441,895
$13,929,130
$ 17,349,766
$ 4,976,362
1,808,164
46,542
1,458
431,250
2,287,414
80,688,080
80,688,080
82,975,494
(622,214)
170,094,281
169,472,067
$ 252,447,561
FY 2011
$ 22,626,333 $ 21,572,292
16,999,134
10,524,122
1,655,146
1,475,589
20,000
20,000
13,525
13,525
41,314,138
33,605,528
12,703,457
6,809,785
252,368,212
978,544
272,859,998
$ 314,174,136
12,815,768
7,301,199
243,882,501
978,544
264,978,012
$ 298,583,540
- $ 4,780,891 $ 4,459,459
(42,481)
2,363,939
2,315,917
398,031
9,406,671
8,973,480
3,153,582
2,518,021
355,550
19,705,083
18,266,877
355,550
1,376,648
80,688,080
700,250
82,764,978
102,470,061
1,964,561
69,918,080
223,164
705,300
100,000
72,911,105
91,177,982
-
11,637,019
200,067,056
211,704,075
6,415,922
200,989,636
207,405,558
$ 355,550
$ 314,174,136
$ 298,583,540
Schedule of Revenues, Expenses and Changes in Net Assets by Fund by Object
For the Three Months Ended September 30, 2011 and 2010
Current Funds
General
Designated
Auxiliary
Activ ities
Retirement
I nsurance
Revenues
Operating rev enues
Student tuition and fees
$51,451,993 $
2,064 $
469,718 $
Federal grants and contracts
65
State and local grants and contract
Nongov ernmental grants and contr
I ndirect cost recov eries
2,499,655
Educational activ ities
132,432
842,630
269,183
Student resident fees
10,553,684
Departmental activ ities
63,748
3,244,692
(829)
Total operating revenues
54,084,145
908,442
14,537,277
(829)
Expenses
Operating expenses
Salaries & w ages - non-faculty
7,235,441
1,117,627
2,052,426
612,917
Salaries & w ages - faculty
8,218,510
189,313
3,707
Salaries & w ages - graduate student
744,489
200,564
83,189
Salaries & w ages - undergrad stude
366,497
223,969
400,512
Fringe benefits
5,481,621
382,634
625,419
1,396,913
Supplies and serv ices
4,483,331
2,220,774
3,125,949
42,428
Student financial support
16,080,553
(2,564)
176,589
Utilities
564,512
40,705
513,012
Depreciation
Total operating expenses
43,174,954
4,373,022
6,980,803
2,052,258
Operating income (loss)
10,909,191
(3,464,580)
7,556,474
(2,053,087)
Transfers
Mandatory transfers in
Mandatory transfers out
(422,264)
(379,038)
(30,743)
Non mandatory transfers in
3,748,648
5,634,132
2,499,752
3,200
Non mandatory tansfers out
(8,559,431)
(3,428,401)
(680,172)
(4,612)
Total transfers
(5,233,047)
1,826,693
1,788,837
(1,412)
Nonoperating revenues (expenses)
Federal Pell grants
Other Federal grants
State appropriations, operating
Gift income
45,108
885,059
60,726
I nv estment income (loss)
(1,261,359)
I nterest expense
Loss on disposal of capital assets
Net nonoperating revenues
45,108
885,059
60,726
(1,261,359)
Income (loss) before other revenues
5,721,252
(752,828)
9,406,037
(3,315,858)
Other revenues
Capital appropriations
Capital grants and gifts
Fund additions
Total other revenues
Net increase (decrease) in net assets
5,721,252
(752,828)
9,406,037
(3,315,858)
Net assets, beginning of year
(10,999,504)
17,482,191
6,850,582
(62,315)
Net assets, end of year
$(5,278,252) $ 16,729,363 $ 16,256,619 $ (3,378,173)
Combined Totals
Expendabl
Total Current
e
Student Loan
Funds
Restricted
$
- $ 51,923,775 $
7,357,637
7,357,702
569,806
569,806
3,716,752
3,716,752
(2,499,655)
20,946
1,265,191
10,553,684
3,307,611
9,165,486
78,694,521
2,245,017
835,761
1,110,916
467,577
896,645
3,709,754
4,544,400
29,525
13,839,595
(4,674,109)
13,263,428
9,247,291
2,139,158
1,458,555
8,783,232
13,582,236
20,798,978
1,147,754
70,420,632
8,273,889
1,005,247
1,005,247
(202,674)
(1,034,719)
1,115,365
13,001,097
(484,231) (13,156,847)
1,433,707
(185,222)
2,505,550
1,899,678
112
4,405,340
1,164,938
1,164,938
2,808,383
$ 3,973,321
2,505,550
2,890,571
(1,261,247)
4,134,874
12,223,541
12,223,541
16,079,337
$28,302,878
Plant
- $
-
27,655
27,655
(27,655)
63,347
63,347
35,692
35,692
13,893,438
$ 13,929,130
Eliminations
- $
-
7,112,684
3,300,000
10,412,684
(10,412,684)
29,472
155,750
185,222
292,861
(1,241,487)
(948,626)
(11,176,088)
4,888,502
(210,058)
5,875,430
10,553,874
(622,214)
170,094,281
$ 169,472,067 $
FY 2012
FY 2011
(17,114,076) $ 34,809,699 $ 32,471,304
7,357,702
7,385,405
569,806
710,119
3,716,752
2,959,652
1,265,191
1,071,959
10,553,684
9,619,473
3,307,611
3,010,016
(17,114,076)
61,580,445
57,227,928
(5,902,180)
(17,114,076)
(23,016,256)
5,902,180
(26,750)
(26,750)
5,875,430
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
13,107,939
9,048,107
2,158,306
1,613,644
9,228,165
11,642,223
3,729,707
1,106,778
2,970,000
54,604,869
2,623,059
1,034,719
(1,034,719)
13,156,847
(13,156,847)
-
1,011,985
(1,011,985)
20,301,595
(20,301,595)
-
2,505,550
292,861
2,890,571
(1,197,900)
(1,241,487)
(26,750)
3,222,845
6,958,575
2,702,120
1,303,741
843,587
(1,031,504)
(22,205)
3,795,739
6,418,798
4,888,502
(210,058)
(2,876)
(5,875,430)
(5,875,430)
4,678,444
(2,876)
11,637,019
6,415,922
200,067,056
200,989,636
- $ 211,704,075 $ 207,405,558
Schedule of Revenues, Expenses and Changes in Net Assets by Fund by Function
For the Three Months Ended September 30, 2011 and 2010
Current Funds
General
Designated
Auxiliary
Activ ities
Retirement Expendable Total Current
Student Loan
I nsurance Restricted
Funds
Combined Totals
Plant
Eliminations
FY 2012
FY 2011
Revenues
Operating rev enues
Student tuition and fees
$ 51,451,993 $
2,064 $
469,718 $
- $
- $ 51,923,775 $
- $
- $ (17,114,076) $ 34,809,699 $ 32,471,304
Federal grants and contracts
65
7,357,637
7,357,702
7,357,702
7,385,405
State and local grants and contract
569,806
569,806
569,806
710,119
Nongov ernmental grants and contra
3,716,752
3,716,752
3,716,752
2,959,652
I ndirect cost recov eries
2,499,655
(2,499,655)
Educational activ ities
132,432
842,630
269,183
20,946
1,265,191
1,265,191
1,071,959
Student resident fees
10,553,684
10,553,684
10,553,684
9,619,473
Departmental activ ities
63,748
3,244,692
(829)
3,307,611
3,307,611
3,010,016
Total operating revenues
54,084,145
908,442
14,537,277
(829) 9,165,486
78,694,521
(17,114,076)
61,580,445
57,227,928
Expenses
Operating expenses
I nstruction
14,871,612
641,287
202,026
15,714,925
(87,591)
15,627,334
15,175,355
Research
3,717,868
2,128,161
7,322,619
13,168,648
(184,244)
12,984,404
11,189,240
Public serv ice
139,062
313,918
1,850,156
2,303,136
(7,299)
2,295,837
1,947,745
Academic support
2,199,584
37,621
68
2,237,273
2,237,273
1,883,418
Student serv ices
1,607,174
189,935
41,235
1,838,344
1,838,344
1,699,037
I nstitutional support
4,951,566
934,168
2,051,423
1,667
7,938,824
1,816,764
(125,229)
9,630,359
10,224,263
Operations and maintenance of pla
2,323,008
127,932
835
2,451,775
5,295,920
(5,380,068)
2,367,627
1,597,867
Student financial support
13,365,080
4,421,824
17,786,904
27,655
(17,114,076)
700,483
1,078,560
Departmental activ ities
6,980,803
6,980,803
(2,916,947)
4,063,856
3,835,148
Student residents
2,799,198
2,799,198
3,004,235
Depreciation
3,300,000
3,300,000
2,970,000
Total operating expenses
43,174,954
4,373,022
6,980,803
2,052,258 13,839,595
70,420,632
27,655
10,412,684
(23,016,256)
57,844,715
54,604,868
Operating income (loss)
10,909,191
(3,464,580)
7,556,474
(2,053,087) (4,674,109)
8,273,889
(27,655)
(10,412,684)
5,902,180
3,735,730
2,623,060
Transfers
Mandatory transfers in
1,005,247
1,005,247
29,472
1,034,719
1,011,985
Mandatory transfers out
(422,264)
(379,038)
(30,743)
(202,674)
(1,034,719)
(1,034,719)
(1,011,985)
Non mandatory transfers in
3,748,648
5,634,132
2,499,752
3,200
1,115,365
13,001,097
155,750
13,156,847
20,301,595
Non mandatory tansfers out
(8,559,431)
(3,428,401)
(680,172)
(4,612)
(484,231) (13,156,847)
(13,156,847)
(20,301,595)
Total transfers
(5,233,047)
1,826,693
1,788,837
(1,412) 1,433,707
(185,222)
185,222
Nonoperating revenues (expenses)
Federal Pell grants
2,505,550
2,505,550
2,505,550
2,702,120
Other Federal grants
292,861
292,861
State appropriations, operating
Gift income
45,108
885,059
60,726
1,899,678
2,890,571
2,890,571
1,303,741
I nv estment income (loss)
(1,261,359)
112
(1,261,247)
63,347
(1,197,900)
843,586
I nterest expense
(1,241,487)
(1,241,487)
(1,031,504)
Loss on disposal of capital assets
(26,750)
(26,750)
(22,205)
Net nonoperating revenues
45,108
885,059
60,726
(1,261,359) 4,405,340
4,134,874
63,347
(948,626)
(26,750)
3,222,845
3,795,738
Income (loss) before other revenues
5,721,252
(752,828)
9,406,037
(3,315,858) 1,164,938
12,223,541
35,692
(11,176,088)
5,875,430
6,958,575
6,418,798
Other revenues
Capital appropriations
4,888,502
4,888,502
Capital grants and gifts
(210,058)
(210,058)
(2,876)
Fund additions
5,875,430
(5,875,430)
Total other revenues
10,553,874
(5,875,430)
4,678,444
(2,876)
Net increase (decrease) in net assets
5,721,252
(752,828)
9,406,037
(3,315,858) 1,164,938
12,223,541
35,692
(622,214)
11,637,019
6,415,922
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
$ (5,278,252) $ 16,729,363 $ 16,256,619 $ (3,378,173) $ 3,973,321 $ 28,302,878 $ 13,929,130 $ 169,472,067 $
- $ 211,704,075 $ 207,405,558
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:
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
$
06/30/09
06/30/10
06/30/11
09/30/11
(3,416,787) $
17,070,159
15,609,339
(3,774,409)
(5,213,310)
20,274,992
(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
1,771,445
(420,333)
1,225,673
(574,387)
348,943
2,351,341
22,626,333 $
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
144,328
19,513,287
0
3,001
1,194,272
20,854,888
147,129
7,522,553
0
2,999
3,672,466
11,345,147
1,771,445
0
0
1,771,445
22,626,333
$
$
1,771,400
0
0
1,771,400
13,116,547
$
$
138,045 $
557,879
0
14,046
(201,150)
508,820
1,170,949
10,327,975
7,501,510
19,000,434
19,509,254
$
115,352
10,038,933
4,000,000
0
565,302
14,719,587
1,169,210
0
0
1,169,210
15,888,797
9/30/11
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
6/30/11
6/30/10
0
0
8,713,492
0
8,703,789
0
3,438,033
3,202,377
6,640,410
3,389,102
4,643,434
8,032,536
2,791,377
5,325,754
8,117,131
3,754,245
70,609
6,587,387
(53,518)
512,052
287,321
3,229,605
(66,496)
389,092
375,298
1,969,675
(65,122)
16,999,134
RESEARCH BILLED - AGING OF ACCOUNTS RECEIVABLE:
(IN DOLLARS)
09/30/11
CURRENT ACCOUNTS
2,379,072
0 TO 30 DAYS PAST DUE
339,179
31 TO 60 DAYS PAST DUE
204,511
61 TO 90 DAYS PAST DUE
118,344
OVER 90 DAYS PAST DUE
396,927
**see reconciliation for detail
TOTAL RESEARCH BILLED
3,438,033
RESEARCH BILLED - AGING OF ACCOUNTS RECEIVABLE:
(IN PERCENTAGE)
09/30/11
CURRENT ACCOUNTS
69%
0 TO 30 DAYS PAST DUE
10%
31 TO 60 DAYS PAST DUE
6%
61 TO 90 DAYS PAST DUE
3%
OVER 90 DAYS PAST DUE
12%
20,708,510
06/30/09
9,003,362
109,554
2,841,639
3,417,294
6,258,932
300,881
322,194
484,610
(65,685)
19,489,864
16,413,848
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
September 30, 2011
Company
Current
American Process Incorporated
$
11,002.43
Amsted Rail
$
37,515.00
Applied Pavement Technology Inc.
$
6,244.30
Arch Wood Protection
$
Argonne National Laboratory
$
3,133.63
Battelle Memorial Institute
$
20,748.73
Boss Products
$
Cabot Elastomer Composites
$
2,080.00
CDM Michigan Inc
$
14,494.00
Chrysler Corporation
$
416.38
Cliff Natural Resources, Inc
$
25,000.00
College of Menominee Nation
$
18,831.38
Colorado State University
$
1,029.41
DAPCEP
$
140,422.68
Demeter Systems, LLC
$
Energy Center of Wisconsin
$
Fish and Wildlife Department
$
Ford Motor Corp - Ford Research & Advanced Engine $
16,297.08
Gas Technology Institute
$
2,129.80
General Dynamics
$
18,140.07
General Motors
$
30,000.00
Grand Valley Metro Council (GVMC)
$
11,802.00
Great Lake Observing System
$
13,464.43
HB Performance Systems
$
558.00
Honda R&D
$
130,000.00
Huron Mountain Wildlife Foundation
$
6,271.36
Incitor Incorporated
$
Information Systems Laboratories
$
17,750.00
Integrity Applications Incorporated
$
19,723.93
Integrity Applications, Inc.
$
10,250.00
Internet 2
$
LanzaTech Inc
$
1,894.00
Lesktech, Limited
$
LimnoTech Inc
$
Little River Band Ottawa Indians
$
904.77
LMS International
$
LMS North American In
$
Los Alamos National Laboratory
$
12,026.03
$
Marathon Oil Company
Marshall University Research Corporation
$
43,381.15
Massachusetts Institute of Technology
$
10,988.22
MATSYS Inc.
$
3,015.89
Michigan Dept of Agriculture
$
60,000.00
Michigan Manufacturing Technology Center
$
Michigan Dept of Natural Resources
$
12,555.04
Michigan Dept of Labor & Economic Growth
$
Michigan Dept of State Police
$
Mississippi State University
$
126,064.50
Michigan Dept of Transportation
$
103,208.82
Morton Salt Company
$
National Academies
$
National Institute of Aerospace
$
4,725.22
NewTech America LLC
$
North Dakota State Universtiy
$
1,093.00
Nostrum Energy
$
21,044.00
Office of Naval Research
$
898,376.74
Office of Naval Research (DARPA)
$
Ohio State University
$
2,002.97
Photonica, Inc.
$
Plasma Coatings, Division of American Roller
$
Proteos Inc
$
15,815.24
Raytheon Missile Systems, Advanced Procurement
$
23,953.00
Regents of the University of Michigan
$
832.61
Sandia National Laboratories
$
21,787.77
Science Applications International Corporation
$
17,818.76
John Simmons
$
25,000.00
Somero Enterprises Inc
$
405.18
South Florida Water Management District
$
40,950.00
Universidad del Turabo
$
11,288.94
University of Alaska-Fairbanks
$
4,032.52
Age 30 Date
$
$
$
4,281.38
$
9,151.00
$
$
$
500.00
$
$
$
$
$
$
$
3,578.00
$
$
5,144.19
$
2,317.16
$
41,637.72
$
$
1,482.77
$
$
$
231.64
$
2,881.00
$
$
$
$
53,250.00
$
$
$
37,864.05
$
$
$
4,205.00
$
$
115.01
$
$
$
$
$
$
$
$
$
$
17,479.23
$
$
$
12,572.73
$
$
3,660.48
$
5,732.64
$
$
1,000.00
$
$
$
2,828.98
$
1,587.91
$
37,500.00
$
$
$
$
$
$
15,282.59
$
$
$
$
17,957.56
$
-
Age 60 Date
$
$
$
1,096.71
$
$
$
45,319.34
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
5,817.80
$
12,242.50
$
$
$
$
$
$
$
$
$
$
0.15
$
$
6,984.58
$
5,250.00
$
$
$
$
$
$
$
$
$
37,500.00
$
$
$
$
$
$
$
$
$
$
43,586.53
$
-
Age 90 Date
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
25,000.00
$
$
$
$
$
$
9,000.00
$
$
$
$
$
$
$
$
$
27,500.00
$
2,050.00
$
$
$
$
$
8,549.00
$
$
$
$
$
-
91 Plus Days
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
31,852.00
$
7,709.25
$
$
$
$
21,139.73
$
$
$
$
$
$
$
64,471.06
$
$
$
$
$
$
3,499.94
$
$
$
$
12,242.50
$
$
5,000.00
$
$
$
$
$
$
$
$
$
$
37,997.54
$
$
$
$
1,040.00
$
$
$
60,414.55
$
$
$
10,000.00
$
$
$
$
$
$
$
$
$
$
$
-
Account Balance
$
11,002.43
$
37,515.00
$
11,622.39
$
9,151.00
$
3,133.63
$
66,068.07
$
500.00
$
2,080.00
$
14,494.00
$
416.38
$
25,000.00
$
18,831.38
$
1,029.41
$
144,000.68
$
31,852.00
$
12,853.44
$
2,317.16
$
57,934.80
$
2,129.80
$
40,762.57
$
30,000.00
$
11,802.00
$
13,696.07
$
3,439.00
$
130,000.00
$
6,271.36
$
64,471.06
$
71,000.00
$
19,723.93
$
10,250.00
$
37,864.05
$
1,894.00
$
3,499.94
$
4,205.00
$
904.77
$
5,932.81
$
24,485.00
$
12,026.03
$
5,000.00
$
43,381.15
$
10,988.22
$
3,015.89
$
60,000.00
$
25,000.00
$
12,555.04
$
17,479.23
$
0.15
$
126,064.50
$
160,763.67
$
14,250.00
$
3,660.48
$
10,457.86
$
1,040.00
$
2,093.00
$
21,044.00
$
958,791.29
$
2,828.98
$
3,590.88
$
112,500.00
$
2,050.00
$
15,815.24
$
23,953.00
$
832.61
$
21,787.77
$
41,650.35
$
25,000.00
$
405.18
$
40,950.00
$
72,833.03
$
4,032.52
Company
Current
Age 30 Date
Age 60 Date
Age 90 Date
91 Plus Days
Account Balance
University of California at Davis
University of Central Florida
University of Georgia
University of Idaho
University of Michigan
University of Nebraska - Lincoln
University of Pittsburgh
University of Washington
University of Wisconsin-Superior
Universtiy of Wisconsin-Madison
UOP LLC
Upstate Freshwater Institute
URV USA LLC
US Dept of Agriculture
US Dept of the Air Force
US Dept of the Army
US Dept of Energy
US Dept of the Navy
US National Park Service
Federal Highway Administration
US Dept of Transportation
Veltec Corporation
Veyance Technologies Inc
Virginia Polytechnic Institute & State University
Wisconsin Dept of Transportation
Xcel Energy Services Inc
Total Grants & Contract Receivable
$
560.08
$
1,035.62
$
500.85
$
955.00
$
50,902.09
$
2,248.56
$
414.04
$
1,173.88
$
2,273.34
$
1,008.00
$
1,575.30
$
$
$
264.26
$
167,574.08
$
2,309.58
$
23,922.20
$
9,928.28
$
988.38
$
18,256.97
$
47,238.38
$
5,000.00
$
10,400.00
$
10,074.14
$
$
$ 2,379,072.01
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
1,120.18
11,250.00
5,261.64
564.08
1,299.92
37,442.00
339,178.86
12,791.86
1,820.68
7,045.80
20,163.21
4,892.00
204,511.16
26,244.77
20,000.00
118,343.77
50,000.00
2,033.88
23,025.94
66,500.99
396,927.38
1,680.26
1,035.62
500.85
955.00
77,146.86
15,040.42
414.04
1,173.88
2,273.34
1,008.00
12,825.30
1,820.68
70,000.00
12,571.70
167,574.08
4,343.46
24,486.28
9,928.28
21,151.59
41,282.91
113,739.37
5,000.00
10,400.00
11,374.06
4,892.00
37,442.00
3,438,033.18
06/30/09
06/30/10
06/30/11
09/30/11
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
$
746,969
210,091
210,390
161,141
123,307
203,248
1,655,146
$
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
DEPOSITS:
WORKER'S COMP
20,000
20,000
20,000
20,000
TOTAL DEPOSITS
20,000
20,000
20,000
20,000
0
13,524
13,524
1,688,670
40,301
13,524
53,825
1,598,254
22,941
13,524
36,465
1,541,669
43,324
13,524
56,848
1,525,997
DEFERRED EXPENSES:
MAIL SERVICE OPERATIONS
MTRI RENT
TOTAL DEFERRED EXPENSES
TOTAL CURRENT OTHER ASSETS
STUDENT LOANS:
FEDERAL PERKINS LOANS, net
TECHAID LOANS
TOTAL STUDENT LOANS
$
$
$
$
$
11,560,739
1,142,718
$
11,319,472
1,134,936
$
11,489,583
1,157,718
$
12,171,052
1,137,957
$
12,703,457
$
12,454,408
$
12,647,301
$
13,309,009
PROPERTY, PLANT and EQUIPMENT
Nondepreciable capital assets
LAND
MINERAL MUSEUM EXHIBITS
TIMBER
CONSTRUCTION IN PROGRESS
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
Beginning Balance
JUL 1, 2011
$
$
9,112,394
5,516,860
368,394
9,884,783
24,882,432
Additions,
net of Disposals
Ending Balance
SEP 30, 2011
$
- $
0
0
5,038,935
5,038,935
9,112,394
5,516,860
368,394
14,923,718
29,921,367
1,517,098
5,048,949
329,307,318
2,838,114
33,835,711
854,975
373,402,163
398,284,595
(148,175,565)
250,109,030 $
0
0
0
0
472,672
0
472,672
5,511,607
-5,666,968
(155,360) $
1,517,098
5,048,949
329,307,318
2,838,114
34,308,383
854,975
373,874,836
403,796,202
(151,427,990)
252,368,212
06/30/09
06/30/10
06/30/11
09/30/11
CURRENT LIABILITIES:
Accounts payable
VOUCHERS
MISCELLANEOUS
SALES TAX & MISC
BENEFITS PAYABLE
ACCRUAL
TOTAL
$
1,087,412
10,518
21,669
1,044,838
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
$
2,364,437
$
6,305,633
$
9,041,479
$
5,050,904
$
$
4,502,067 $
224,359
692,358
(654)
255,273
3,733,268
9,406,671 $
$
3,153,581
$
3,032,505
$
2,520,184
$
3,148,776
$
1,585,000
223,164
0
1,808,164
207,911
1,630,000
941,816
193,000
4,780,891
19,705,580
$
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
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
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
$
$
$
$
09/30/11
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
NOTES AND BONDS PAYABLE
LONG TERM PORTION OF BONDS PAYABLE:
June 30, 2012
1998 ISSUE
$
June 30, 2011 June 30, 2010 June 30, 2009 June 30, 2008
-
$
-
$
-
$
-
$
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
$
$
49,013,728