Michigan Technological University
1400 Townsend Drive
Houghton, Michigan
Interim Financial Statements
for the nine months ending
March 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:
Decreased by $8.9 million as cash obtained from recent bond issues has been used in ongoing
capital construction projects.
Accounts receivable:
Decreased by $2.1 million due primarily to a decrease in research receivables of $1.2 million,
Student loans receivable:
Decreased by $417,000 as there was less cash available to initiate new loans. This is primarily
due to fewer loan consolidations and a reduced amount of loan repayments.
Investments:
Increased by $739,000 as financial markets continue to increase in value.
Capital Assets:
Increased by $15.3 million as construction of increased physical plant continues.
Notes and bonds payable:
Increased by $10.1 million (combined current portion and noncurrent portion) after issuing the
2010 Series bonds of $10.975 million.
Income Statement Variances
Student tuition and fees:
A decrease, net of tuition allowance, of $1.4 million (2.2%) through the combination of tuition
rate increases and increases in university financial aid programs. Although gross tuition
revenue increased by $2.6 million, the tuition allowance netted against gross tuition increased
by $4.1 million. This is also based on an estimated scholarship allowance calculation; the
actual scholarship allowance will be more precisely calculated at year end.
Grants and contracts:
Total research revenues increased by $3.9 million (13.3%).
Salaries and wages:
Increase by $3.7 million (4.6%) due to both additional employees and as a result of the
compensation shift at January 2010 where expenditures were shifted from fringe benefits to
salaries. Non-faculty wages increased $1.7 million (4.6%), faculty wages increased by $1.3
million (4.0%) and graduate student wages increased by $647,000(10.2%).
Fringe benefits:
Decrease by $177,000 (0.6%).
Supplies and services:
An increase of $1.4 million (4.1%) as spending appears to be up across all fund groups.
Scholarships and fellowships:
These are aid expenditures that are not netted against gross tuition revenues and are primarily
graduate tuition assistance programs.
Utilities:
Important to note that utility costs are unchanged from the previous year in spite of the amount
of new square footage of space being added to the physical plant footprint of the campus.
Federal Pell Grants:
Increase by $321,000 (5.8%) as federal government spending in aid of higher education is
increased and need based aid is in higher demand.
Capital grants and gifts:
Decrease by $3.6 million (75.8%) as funding for the Lakeshore Center was completed last year.
These were the capital grants received in fiscal year 2010.
The Bottom Line:
The University had an increase in Net Assets of $2.7 million in the first nine months of fiscal
year 2011 compared to an increase in Net Assets of $8.8 million in the first six months of fiscal
year 2010; a decrease in performance of $6.1 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
March 31, 2011 and 2010
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
Net assets
Net increase (decrease) in net assets
Net assets, beginning of year
Total net assets
Total liabilities and net assets
Designated
Current Funds
Auxiliary
Retirement
Activities
Insurance
Combined Total
Expendable Total Current
Restricted
Funds
$ (5,423,400) $ 18,548,383 $ 14,163,450
0
8,085,186
8,085,186
0
0
8,085,186
8,085,186
$ 9,770,578 $ 4,945,474 $ 42,004,485
12,642,292
12,642,292
$ 13,893,113
248,452,059
978,544
249,430,603
$ 252,276,195
$
392,848
472,010
864,858
$ 2,865,598
1,000,149
3,146,715
7,012,462
$
$
$
198,278
259,952
458,230
$
682,700
682,700
7,967,918
458,230
864,858
(2,131,229)
(11,260,089)
(13,391,318)
421,073
17,669,080
18,090,153
5,189,555
8,109,037
13,298,592
$
1,250,821 $
1,250,821
-
2,845,592
2,845,592
Agency
$ 1,506,592
158,800
20,000
1,685,392
- $
329,677
7,061,831
(106,290)
7,285,218
(38,340) $ 18,376,750 $
4,983,814
13,261,144
1,452,378
20,000
809,027
4,945,474
33,919,299
Plant
$ (13,963,129) $ 18,384,685 $ 12,486,942
7,522,984
150,173
445,373
221,243
1,231,135
795,502
13,525
(5,423,400)
18,548,383
14,163,450
$
$
Student Loan
1,603,164
265,252
1,458
456,250
2,326,124
$
FY 2011
FY 2010
23,367,140 $
13,274,837
1,452,378
20,000
809,027
38,923,382
32,257,214
15,292,988
1,452,004
20,000
923,526
49,945,732
893,977
13,693
907,670
$
907,670
12,642,292
8,085,186
248,452,059
978,544
270,158,081
$ 309,081,463
234,897
598,448
2,015,618
2,848,963
$ 2,865,598
2,155,849
11,538,956
1,909,328
18,469,731
1,964,561
1,964,561
8,977,023
2,848,963
1,964,561
0
0
682,700
0
2,647,261
21,116,992
-
80,893,080
100,000
80,993,080
83,319,204
907,670
1,964,561
80,893,080
682,700
100,000
83,640,341
105,343,866
2,146,523
71,706,649
223,164
706,300
600,000
75,382,636
94,829,530
2,691,381
(1,897,826)
793,555
(596,066)
2,692,577
2,096,511
5,574,714
15,312,779
20,887,493
85,907
13,807,206
13,893,113
(2,912,660)
171,869,651
168,956,991
-
2,747,961
200,989,636
203,737,597
8,822,289
200,784,571
209,606,860
$ (5,423,400) $ 18,548,383 $ 14,163,450 $ 9,770,578 $ 4,945,474 $ 42,004,485 $ 13,893,113 $ 252,276,195 $
- $
57,575
850,095
907,670
13,058,958
7,345,854
233,107,302
978,544
254,490,658
$ 304,436,390
4,468,762 $
2,478,676
12,390,509
2,365,578
21,703,525
3,597,452
2,223,312
10,624,533
3,001,597
19,446,894
907,670 $ 309,081,463 $ 304,436,390
Schedule of Revenues, Expenses and Changes in Net Assets by Fund by Object
For the Nine Months Ended March 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
Salaries & wages - non-faculty
Salaries & wages - faculty
Salaries & wages - graduate students
Salaries & wages - undergrad students
Fringe benefits
Supplies and services
Student financial support
Utilities
Depreciation
Total operating expenses
Operating income (loss)
Transfers
Mandatory transfers in
Mandatory transfers out
Non mandatory transfers in
Non mandatory tansfers out
Total transfers
Nonoperating revenues (expenses)
Federal Pell grants
Other Federal grants
State appropriations, operating
Gift income
Investment income (loss)
Interest expense
Loss on disposal of capital assets
Net nonoperating revenues
Income (loss) before other revenues
Other revenues
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
$ 90,775,220 $
67,236 $ 1,887,974 $
8,225
1,000
7,515,601
459,663
1,728,254
380,281
18,740,070
975
158,581
7,115,281
98,759,684
1,955,071
28,123,606
Combined Totals
Expendable
Restricted
Total Current
Funds
Student Loan
- $
- $ 92,730,430 $
22,630,026
22,638,251
1,881,529
1,881,529
9,061,934
9,062,934
(7,515,601)
246
143,960
2,712,404
18,740,070
10,924
7,285,761
246
26,212,772
155,051,379
-
Plant
$
121,426
121,426
(121,426)
- $
(3,008)
(3,008)
21,710,062
30,808,149
3,035,747
1,181,837
20,075,220
12,217,237
24,451,497
3,111,868
116,591,617
(17,831,933)
3,230,851
231,832
668,966
434,789
1,203,395
7,187,610
480,348
110,464
13,548,255
(11,593,184)
5,977,371
11,537
236,147
1,243,198
2,036,090
8,632,771
308,273
2,583,339
21,028,726
7,094,880
1,349,607
1,650
1,181,584
607,730
3,140,571
(3,140,325)
6,086,583
2,217,528
3,021,889
936,363
2,787,948
9,962,699
12,816,936
38,238
37,868,184
(11,655,412)
38,354,474
33,270,696
6,962,749
3,796,187
27,284,237
38,608,047
38,057,054
5,843,909
192,177,353
(37,125,974)
(1,317,280)
2,339,741
(17,404,310)
(16,381,849)
(296,606)
13,935,011
(5,815,630)
7,822,775
(3,697,131)
3,464,025
(2,015,555)
(2,248,661)
3,934,865
(248,114)
3,686,751
2,129,206
(904,565)
2,532,812
(1,513,833)
2,243,620
2,129,206
(6,215,582)
26,206,454
(26,997,442)
(4,877,364)
-
15,603,081
(11,516,706)
29,386,086
(28,595,097)
4,877,364
31,949,460
133,093
32,082,553
(2,131,229)
4,191,482
4,191,482
421,073
359,523
(16,187)
343,336
5,189,555
2,144,955
2,144,955
2,691,381
5,821,120
2,992,891
1,715
8,815,726
(596,066)
5,821,120
31,949,460
7,676,989
2,130,483
47,578,052
5,574,714
207,333
207,333
85,907
462,619
7,302
(3,034,558)
(2,564,637)
(39,352,478)
(2,131,229)
421,073
5,189,555
2,691,381
(596,066)
5,574,714
85,907
(11,260,089) 17,669,080
8,109,037
(1,897,826)
2,692,577
15,312,779
13,807,206
$ (13,391,318) $ 18,090,153 $ 13,298,592 $
793,555 $ 2,096,511 $ 20,887,493 $ 13,893,113 $
32,492,197
9,170,000
41,662,197
(41,665,205)
1,152,516
35,287,302
36,439,818
(2,912,660)
171,869,651
168,956,991 $
Eliminations
FY 2011
FY 2010
(30,091,025) $ 62,639,405 $ 64,080,045
22,638,251
18,582,776
1,881,529
2,405,131
9,062,934
8,651,849
2,709,396
3,000,501
18,740,070
18,453,549
7,285,761
7,965,633
(30,091,025)
124,957,346
123,139,484
(35,380,072)
(30,091,025)
(65,471,097)
35,380,072
(92,770)
(92,770)
35,287,302
38,354,474
33,270,696
6,962,749
3,796,187
27,284,237
35,841,598
7,966,029
5,843,909
9,170,000
168,489,879
(43,532,533)
36,657,215
31,978,384
6,315,664
3,778,909
27,462,121
34,402,568
9,110,554
5,943,038
8,685,000
164,333,453
(41,193,969)
17,732,287
(17,732,288)
55,592,540
(55,592,539)
-
21,808,104
(21,808,104)
27,250,606
(27,250,606)
-
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
5,500,000
1,431,300
31,913,862
6,634,908
1,984,880
(2,163,118)
(44,267)
45,257,565
4,063,596
1,152,516
4,758,693
(35,287,302)
(35,287,302)
1,152,516
4,758,693
2,747,961
8,822,289
200,989,636
200,784,571
- $ 203,737,597 $ 209,606,860
Schedule of Revenues, Expenses and Changes in Net Assets by Fund by Function
For the Nine Months Ended March 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 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
$ 90,775,220 $
67,236 $ 1,887,974 $
8,225
1,000
7,515,601
459,663
1,728,254
380,281
18,740,070
975
158,581
7,115,281
98,759,684
1,955,071
28,123,606
Combined Totals
Expendable
Restricted
Total Current
Funds
Student Loan
- $
- $ 92,730,430 $
22,630,026
22,638,251
1,881,529
1,881,529
9,061,934
9,062,934
(7,515,601)
246
143,960
2,712,404
18,740,070
10,924
7,285,761
246
26,212,772
155,051,379
45,155,571
13,471,306
412,623
7,175,368
4,688,911
15,171,746
8,304,895
22,211,197
116,591,617
(17,831,933)
1,514,226
7,455,609
658,263
134,569
517,402
2,676,503
591,683
13,548,255
(11,593,184)
21,028,726
21,028,726
7,094,880
2,925,327
215,244
3,140,571
(3,140,325)
1,075,444
20,945,013
4,959,860
14,078
41,672
34,003
10,798,114
37,868,184
(11,655,412)
47,745,241
41,871,928
6,030,746
7,324,015
5,247,985
20,807,579
9,111,822
33,009,311
21,028,726
192,177,353
(37,125,974)
(1,317,280)
2,339,741
(17,404,310)
(16,381,849)
(296,606)
13,935,011
(5,815,630)
7,822,775
(3,697,131)
3,464,025
(2,015,555)
(2,248,661)
3,934,865
(248,114)
3,686,751
2,129,206
(904,565)
2,532,812
(1,513,833)
2,243,620
2,129,206
(6,215,582)
26,206,454
(26,997,442)
(4,877,364)
31,949,460
133,093
32,082,553
(2,131,229)
4,191,482
4,191,482
421,073
359,523
(16,187)
343,336
5,189,555
2,144,955
2,144,955
2,691,381
5,821,120
2,992,891
1,715
-
5,821,120
31,949,460
7,676,989
2,130,483
47,578,052
5,574,714
8,815,726
(596,066)
-
Plant
$
121,426
121,426
(121,426)
207,333
207,333
85,907
(2,131,229)
421,073
5,189,555
2,691,381
(596,066)
5,574,714
85,907
(11,260,089) 17,669,080
8,109,037
(1,897,826)
2,692,577
15,312,779
13,807,206
$ (13,391,318) $ 18,090,153 $ 13,298,592 $
793,555 $ 2,096,511 $ 20,887,493 $ 13,893,113 $
Eliminations
FY 2011
FY 2010
- $ (30,091,025) $ 62,639,405 $ 64,080,045
22,638,251
18,582,776
1,881,529
2,405,131
9,062,934
8,651,849
(3,008)
2,709,396
3,000,501
18,740,070
18,453,549
7,285,761
7,965,633
(3,008)
(30,091,025)
124,957,346
123,139,484
44,899
1,792,819
30,654,479
9,170,000
41,662,197
(41,665,205)
15,603,081
(11,516,706)
29,386,086
(28,595,097)
4,877,364
462,619
7,302
(3,034,558)
(2,564,637)
(39,352,478)
(461,744)
(2,303,178)
(10,395)
(99,071)
(38,054)
(283,988)
(31,572,452)
(30,091,025)
(10,871,471)
10,260,281
(65,471,097)
35,380,072
-
-
(92,770)
(92,770)
35,287,302
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)
46,279,544
36,319,327
5,701,010
7,110,418
5,221,273
20,855,436
8,425,932
4,953,912
10,583,877
10,197,724
8,685,000
164,333,453
(41,193,969)
17,732,287
(17,732,288)
55,592,540
(55,592,539)
-
21,808,104
(21,808,104)
27,250,606
(27,250,606)
-
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
5,500,000
1,431,300
31,913,862
6,634,908
1,984,880
(2,163,118)
(44,267)
45,257,565
4,063,596
1,152,516
1,152,516
4,758,693
35,287,302
(35,287,302)
36,439,818
(35,287,302)
1,152,516
4,758,693
(2,912,660)
2,747,961
8,822,289
171,869,651
200,989,636
200,784,571
168,956,991 $
- $ 203,737,597 $ 209,606,860
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:
03/31/11
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
2010 BOND ISSUE FUNDS
TOTAL
06/30/10
06/30/09
06/30/08
($13,963,129)
18,384,685
12,486,942
(264,763)
(6,014,948)
10,628,787
($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
($12,847,810)
14,275,568
8,230,824
(2,102,048)
(4,075,817)
3,480,717
1,771,356
(38,340)
1,250,821
8,860,541
893,977
12,738,355
1,170,949
(2,779,951)
1,163,286
12,912,285
1,470,070
13,936,639
1,169,210
(1,680,363)
422,993
7,938,637
1,214,078
9,064,555
1,709,504
(821,750)
350,965
9,906,060
994,570
12,139,349
$23,367,142
$131,530
4,021,298
0
2,994
17,439,964
21,595,785
$19,509,254
$138,045
557,879
0
14,046
(201,150)
508,820
$15,888,797
$15,620,066
$115,352
10,038,933
4,000,000
0
565,302
14,719,587
$112,728
16,124,317
0
0
(2,326,483)
13,910,562
1,771,356
0
0
0
1,771,356
1,170,949
10,327,975
7,501,510
1,169,210
0
0
1,709,504
0
0
$19,000,434
1,169,210
1,709,504
$23,367,142
$19,509,254
$15,888,797
$15,620,066
3/31/11
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
5,808,989
0
8,703,789
0
2,789,106
2,071,441
4,860,547
2,791,377
5,325,754
8,117,131
1,673,465
328,080
616,539
(12,782)
389,092
375,298
1,969,675
(65,122)
13,274,837
RESEARCH BILLED - AGING OF ACCOUNTS RECEIVABLE:
(IN DOLLARS)
03/31/11
CURRENT ACCOUNTS
1,504,637
0 TO 30 DAYS PAST DUE
672,251
31 TO 60 DAYS PAST DUE
257,644
61 TO 90 DAYS PAST DUE
24,427
OVER 90 DAYS PAST DUE
330,146
TOTAL RESEARCH BILLED
6/30/10
2,789,106
RESEARCH BILLED - AGING OF ACCOUNTS RECEIVABLE:
(IN PERCENTAGE)
03/31/11
CURRENT ACCOUNTS
54%
0 TO 30 DAYS PAST DUE
24%
31 TO 60 DAYS PAST DUE
9%
61 TO 90 DAYS PAST DUE
1%
OVER 90 DAYS PAST DUE
12%
19,489,864
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)
16,413,848
06/30/08
8,914,217
116,773
2,781,682
4,093,766
6,875,448
318,020
309,032
1,145,597
(65,122)
17,613,965
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
06/30/08
1,634,523
605,517
255,409
158,591
127,643
2,791,377
2,841,639
2,781,682
06/30/10
46%
25%
9%
7%
13%
06/30/09
73%
13%
8%
5%
1%
06/30/08
59%
22%
9%
6%
5%
03/31/11
06/30/10
06/30/09
06/30/08
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
BC/BS OF MICH ADVANCE
TOTAL DEPOSITS
DEFERRED EXPENSES:
LIBRARY PERIODICALS & OTHER
MTRI RENT
TOTAL DEFERRED EXPENSES
TOTAL CURRENT OTHER ASSETS
STUDENT LOANS:
FEDERAL PERKINS LOANS, net
TECHAID LOANS
TOTAL STUDENT LOANS
561,288
180,584
221,243
181,357
118,942
188,964
$1,452,378
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
577,469
153,454
236,716
210,586
114,667
195,898
$1,488,790
20,000
0
20,000
0
20,000
0
20,000
617,597
20,000
20,000
20,000
637,597
795,502
13,524
809,026
$2,281,404
22,941
13,524
36,465
$1,541,669
43,324
13,524
56,848
$1,525,997
29,957
13,524
43,481
$2,169,868
$11,475,260
1,167,031
$12,642,291
$11,489,583
1,157,718
$12,647,301
$12,171,052
1,137,957
$13,309,009
$12,061,145
1,233,203
$13,294,348
PROPERTY, PLANT and EQUIPMENT
Beginning Balance
JUL 1, 2010
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
$9,089,086
5,376,921
368,394
19,902,764
34,737,165
1,627,265
5,048,949
304,617,384
2,526,976
40,126,318
1,166,252
355,113,144
389,850,309
(148,161,240)
$241,689,069
Additions,
net of Disposals
23,308.25
25,670.00
0.00
7,772,499.00
7,821,477
0.00
0.00
3,907,810.00
163,945.00
3,885,018.00
0.00
7,956,773
15,778,250
(9,015,260)
$6,762,990
Ending Balance
MAR 31, 2011
$9,112,394
5,402,591
368,394
27,675,263
42,558,642
1,627,265
5,048,949
308,525,194
2,690,921
44,011,336
1,166,252
363,069,917
405,628,559
(157,176,500)
$248,452,059
03/31/11
06/30/10
06/30/09
06/30/08
CURRENT LIABILITIES:
Accounts payable
VOUCHERS
MISCELLANEOUS
SALES TAX & MISC
BENEFITS PAYABLE
ACCRUAL
TOTAL
1,297,016
23,201
10,140
948,319
200,000
$6,197,823
55,386
13,195
490,863
2,284,212
$3,310,432
72,507
4,519
453,430
1,210,016
$4,244,075
40,831
4,253
399,836
1,042,869
$2,478,676
$9,041,479
$5,050,904
$5,731,864
$3,879,627
177,277
3,681,853
(532)
766,332
3,885,952
$12,390,509
$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
$2,586,580
393,648
1,544,254
(2,185)
638,023
3,347,574
$8,507,894
$2,365,578
$2,520,184
$3,148,776
$2,554,640
1,380,000
223,164
0
1,603,164
207,911
1,652,086
837,601
168,000
$4,468,762
$21,703,525
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
1,050,000
198,836
400,000
1,648,836
208,088
1,432,799
502,225
318,000
$4,109,948
$20,904,346
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
03/31/11
06/30/10
06/30/09
06/30/08
NONCURRENT LIABILITIES:
Insurance and benefit reserves
MISC - LONG TERM PORTION
ESP LONG TERM PORTION
GASB 45
TOTAL
DUE TO MICHIGAN TECH FUND
478,738
415,822
1,070,002
$1,964,562
$
100,000
478,737
415,822
1,070,002
$1,964,561
$
600,000
267,690
623,733
1,255,099
$2,146,522
$
600,000
267,876
792,342
955,099
$2,015,317
$
600,000
NOTES AND BONDS PAYABLE
LONG TERM PORTION OF BONDS PAYABLE:
March 31, 2011
June 30, 2010
June 30, 2009
June 30, 2008
REFUNDING BONDS
0
0
0
1998 ISSUE
0
0
10,000,000
2003 ISSUE
4,080,000
4,190,000
4,295,000
4,400,000
2004 ISSUE
28,695,000
29,430,000
30,145,000
30,845,000
764,527
798,381
832,235
866,088
2,740,000
2,790,000
2,840,000
2,890,000
0
4,213
8,426
12,640
15,560,000
15,685,000
15,785,000
0
553,553
574,055
615,058
0
2009 ISSUE
17,525,000
17,885,000
0
0
2010 ISSUE
10,975,000
0
0
0
TOTAL
80,893,080
71,356,649
54,520,719
49,013,728
2004 ISSUE PREMIUM
2006 ISSUE
2006 ISSUE PREMIUM
2008 ISSUE
2008 ISSUE PREMIUM