Michigan Technological University
1400 Townsend Drive
Houghton, Michigan
Interim Financial Statements
for the six months ending
December 31, 2010 and 2009
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 $7.1 million as capital projects have been completed or are in process. The
change in three balance sheet items tie together very directly, cash, capital assets and notes
and bonds payable: bonds have been issued and the resulting cash has been used to construct
additional capital assets. Looking at the three items shows that bonds have been issued in the
amount of $9.1 million, cash has decreased by $7.1 million, and capital assets (net of
depreciation) have increased by $16.1 million. Capital assets completed over the past year
include the student apartment building and the KRC purchase of the former Blizzard building.
Also under construction are the GLRC and the mineral museum.
Accounts receivable:
Decreased by $580,000 due to a decrease in research receivables of $1.1 million offset by an
increase in plant fund receivables of $440,000.
Student loans receivable:
Decreased by $650,000 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 $682,000 as financial markets continue to increase in value.
Capital Assets:
Increased by $6.1 million as construction of increased physical plant continues.
Notes and bonds payable:
Increased by $10.0 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 $1.3 million (3.8%) through the combination of tuition
rate increases and increases in university financial aid programs. Although gross tuition
revenue increased by $600,000, the tuition allowance netted against gross tuition increased by
$1.9 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 $2.0 million (10.2%).
Salaries and wages:
Increase by $2.9 million (5.5%) 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.
Fringe benefits:
Decrease by $1.1 million (-6.0%); we believe we are seeing the cost reduction benefits of the
Health Savings Account (HSA) benefit option and the compensation shift reduction on the
benefits side.
Supplies and services:
An increase of $955,000 (4.2%) as spending appears to be up predominantly in the R&I fund
and Expendable Restricted fund.
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 $267,000 (9.4%) as federal government spending in aid of higher education is
increased.
Capital grants and gifts:
Decrease by $1.9 million (65.1%) 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 a decrease in Net Assets of $12.9 million in the first six months of fiscal year
2011 compared to a decrease in Net Assets of $8.1 million in the first six months of fiscal year
2010; a decrease in performance of $4.8 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
December 31, 2010 and 2009
General
Assets
Current assets:
Cash and cash equivalents
Accounts receivable, net
Inventories
Deposits
Prepaid expenses
Total current 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
Designated
$ (25,826,607) $ 17,156,552
43,327,201
38,651
91,494
1,591,000
13,525
19,183,088
17,208,728
Noncurrent assets:
Student loans receivable, net
Investments
Capital assets, net of depreciation
Other assets
Total noncurrent assets
Total assets
$ 19,183,088
$
583,520
4,172,467
41,900,203
46,656,190
606,500
606,500
47,262,690
Net assets
Net increase (decrease) in net asse (16,819,513)
Net assets, beginning of year
(11,260,089)
Total net assets
(28,079,602)
Current Funds
Retirement Expendable Total Current
Auxiliary
Student Loan
Insurance
Restricted
Funds
Activities
Combined Total
Plant
Agency
FY 2011
FY 2010
$ 17,301,301
204,135
2,001,027
19,506,463
$ 2,134,136
151,913
20,000
2,306,049
$ 685,884
5,530,679
6,216,563
$ 11,451,266
49,252,579
2,092,521
20,000
1,604,525
64,420,891
$ 1,469,121
1,469,121
$
5,522,036
471,246
5,993,282
$ 1,086,815
11,342
1,098,157
$ 19,529,238 $ 26,618,157
49,735,167
50,315,981
2,092,521
2,319,856
20,000
20,000
1,604,525
1,833,525
72,981,451
81,107,519
$ 17,208,728
$ 19,506,463
7,588,238
7,588,238
$ 9,894,287
$ 6,216,563
0
7,588,238
0
0
7,588,238
$ 72,009,129
12,400,863
12,400,863
$ 13,869,984
246,663,410
978,544
247,641,954
$ 253,635,236
$ 1,098,157
12,400,863
7,588,238
246,663,410
978,544
267,631,055
$ 340,612,506
$
$
407,345
308,741
8,490,000
9,206,086
$ 2,865,598
725,212
3,525,789
7,116,599
$
76,581
277,340
2,029,608
2,383,529
$ 2,865,598
1,807,944
8,402,375
52,419,811
65,495,728
$
$
$
9,206,086
1,964,561
1,964,561
9,081,160
2,383,529
1,964,561
0
0
606,500
0
2,571,061
68,066,789
2,191,340
8,109,037
10,300,377
2,710,953
(1,897,826)
813,127
1,140,457
2,692,577
3,833,034
(11,370,439)
15,312,779
3,942,340
15,286
118,038
133,324
133,324
(593,676)
17,669,080
17,075,404
3,478
3,478
3,478
59,300
13,807,206
13,866,506
1,593,861
80,936
1,458
456,250
2,132,505
80,893,080
223,164
100,000
81,216,244
83,348,749
(1,583,164)
171,869,651
170,286,487
13,045,970
6,906,273
230,531,607
978,544
251,462,394
$ 332,569,913
- $ 4,459,459 $ 3,597,452
(1,291)
1,891,067
1,331,004
1,099,448
9,503,281
7,521,868
52,876,061
52,085,507
1,098,157
68,729,868
64,535,831
1,098,157
-
1,964,561
80,893,080
223,164
606,500
100,000
83,787,305
152,517,173
2,146,523
71,706,649
223,164
624,900
600,000
75,301,236
139,837,067
(12,894,303)
200,989,636
188,095,333
(8,051,725)
200,784,571
192,732,846
Total liabilities and net assets $ 19,183,088 $ 17,208,728 $ 19,506,463 $ 9,894,287 $ 6,216,563 $ 72,009,129 $ 13,869,984 $ 253,635,236 $ 1,098,157 $ 340,612,506 $ 332,569,913
Schedule of Revenues, Expenses and Changes in Net Assets by Fund by Object
For the Six Months Ended December 31, 2010 and 2009
Current Funds
Auxiliary
Retirement Expendable Total Current
Activities
Insurance
Restricted
Funds
Student Loan
General
Designated
Revenues
Operating revenues
Student tuition and fees
$ 48,546,972 $
39,106 $ 1,873,617 $
Federal grants and contracts
55
State and local grants and contracts
Nongovernmental grants and contracts
1,019
Indirect cost recoveries
5,116,208
Educational activities
269,867
1,124,688
277,057
246
Student resident fees
9,812,365
Departmental activities
610
112,672
4,533,392
(1,205)
Total operating revenues
53,933,712
1,277,485
16,496,431
(959)
Expenses
Operating expenses
Salaries & wages - non-faculty
14,548,844
2,148,272
4,034,462
975,349
Salaries & wages - faculty
19,562,313
197,712
6,889
61
Salaries & wages - graduate students
1,899,604
489,963
158,385
Salaries & wages - undergrad students
803,831
345,851
877,808
Fringe benefits
13,296,301
809,522
1,373,638
860,792
Supplies and services
7,638,730
4,489,157
5,961,244
717,127
Student financial support
15,204,488
192,470
310,275
Utilities
1,695,493
53,967
1,394,968
Depreciation
Total operating expenses
74,649,604
8,726,914
14,117,669 2,553,329
Operating income (loss)
(20,715,892)
(7,449,429)
2,378,762 (2,554,288)
Transfers
Mandatory transfers in
Mandatory transfers out
(905,413)
(238,310)
(2,133,542)
Non mandatory transfers in
1,900,875
9,462,634
2,648,311 3,668,250
Non mandatory tansfers out
(13,189,279)
(4,769,514)
(1,048,219)
(51,560)
Total transfers
(12,193,817)
4,454,810
(533,450) 3,616,690
Nonoperating revenues (expenses)
Federal Pell grants
Other Federal grants
State appropriations, operating
15,974,730
Gift income
115,466
2,400,943
354,864
Investment income (loss)
(8,836) 1,648,551
Interest expense
Loss on disposal of capital assets
Net nonoperating revenues
16,090,196
2,400,943
346,028 1,648,551
Income (loss) before other revenues
(16,819,513)
(593,676)
2,191,340 2,710,953
Other revenues
Capital grants and gifts
Fund additions
Total other revenues
Net increase (decrease) in net assets
(16,819,513)
(593,676)
2,191,340 2,710,953
(11,260,089) 17,669,080
8,109,037 (1,897,826)
Net assets, beginning of year
Net assets, end of year
$ (28,079,602) $ 17,075,404 $ 10,300,377 $ 813,127
$
- $ 50,459,695 $
15,024,245
15,024,300
1,298,789
1,298,789
5,582,568
5,583,587
(5,110,776)
5,432
69,114
1,740,972
9,812,365
7,997
4,653,466
16,871,937
88,578,606
4,014,916
25,721,843
1,637,264
21,404,239
2,070,139
4,618,091
693,803
2,721,293
1,866,851
18,207,104
6,281,645
25,087,903
6,451,978
22,159,211
35,141
3,179,569
23,051,737 123,099,253
(6,179,800) (34,520,647)
-
85,190
85,190
(85,190)
Combined Totals
Plant
$
Eliminations
FY 2011
FY 2010
- $ (16,374,171) $ 34,085,524 $ 35,430,377
15,024,300
12,618,374
1,298,789
1,714,516
5,583,587
5,550,233
5,432
(3,008)
1,737,964
2,017,134
9,812,365
9,866,552
4,653,466
5,174,274
(3,008) (16,374,171)
72,201,427
72,371,460
28,847,190
5,970,000
34,817,190
(34,820,198)
1,687,240
(606,248)
1,735,734
(937,248)
1,879,478
1,687,240
(3,883,513)
19,415,804
(19,995,820)
(2,776,289)
-
13,497,065
(11,300,792)
16,732,293
(16,152,277)
2,776,289
3,117,120
2,322,721
938
5,440,779
1,140,457
3,117,120
15,974,730
5,193,994
1,640,653
25,926,497
(11,370,439)
144,490
144,490
59,300
191,681
10,762
(1,031,504)
(829,061)
(32,872,970)
(30,345,511)
(16,374,171)
(46,719,682)
30,345,511
(32,441)
(32,441)
30,313,070
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)
24,480,169
20,309,415
4,133,654
2,686,118
19,367,226
22,720,880
6,106,618
3,180,408
5,775,000
108,759,488
(36,388,028)
15,184,305
(15,184,305)
36,148,097
(36,148,097)
-
21,004,502
(21,004,502)
19,285,960
(19,285,960)
-
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)
2,850,000
15,956,931
4,541,975
1,475,624
(625,989)
1,272,090
25,470,631
(10,917,397)
976,736
976,736
2,865,672
30,313,070
(30,313,070)
31,289,806
(30,313,070)
976,736
2,865,672
1,140,457 (11,370,439)
59,300
(1,583,164)
(12,894,303)
(8,051,725)
2,692,577
15,312,779
13,807,206
171,869,651
200,989,636
200,784,571
$ 3,833,034 $ 3,942,340 $ 13,866,506 $ 170,286,487 $
- $ 188,095,333 $ 192,732,846
Schedule of Revenues, Expenses and Changes in Net Assets by Fund by Function
For the Six Months Ended December 31, 2010 and 2009
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 Expendable Total Current
Student Loan
Activities
Insurance
Restricted
Funds
$ 48,546,972 $
39,106 $ 1,873,617 $
55
1,019
5,116,208
269,867
1,124,688
277,057
9,812,365
610
112,672
4,533,392
53,933,712
1,277,485
16,496,431
- $
- $ 50,459,695 $
- 15,024,245
15,024,300
1,298,789
1,298,789
5,582,568
5,583,587
- (5,110,776)
5,432
246
69,114
1,740,972
9,812,365
(1,205)
7,997
4,653,466
(959) 16,871,937
88,578,606
31,210,886
8,240,258
256,232
4,134,878
3,135,384
10,368,094
5,190,492
12,113,380
74,649,604
(20,715,892)
1,000,602
4,860,861
341,379
91,802
337,064
1,762,775
332,431
8,726,914
(7,449,429)
14,117,669
14,117,669
2,378,762
787,211
32,998,699
- 13,278,491
26,379,610
3,510,246
4,107,857
13,058
4,239,738
7,522
3,479,970
2,287,357
3,665
14,421,891
265,972
5,788,895
5,451,544
17,564,924
14,117,669
2,553,329 23,051,737 123,099,253
(2,554,288) (6,179,800) (34,520,647)
(905,413)
1,900,875
(13,189,279)
(12,193,817)
(238,310)
9,462,634
(4,769,514)
4,454,810
(2,133,542)
2,648,311
(1,048,219)
(533,450)
3,668,250
(51,560)
3,616,690
1,687,240
(606,248)
1,735,734
(937,248)
1,879,478
1,687,240
(3,883,513)
19,415,804
(19,995,820)
(2,776,289)
15,974,730
115,466
16,090,196
(16,819,513)
2,400,943
2,400,943
(593,676)
354,864
(8,836)
346,028
2,191,340
1,648,551
1,648,551
2,710,953
3,117,120
2,322,721
938
-
3,117,120
15,974,730
5,193,994
1,640,653
25,926,497
(11,370,439)
5,440,779
1,140,457
-
85,190
85,190
(85,190)
144,490
144,490
59,300
Combined Totals
Plant
$
Eliminations
FY 2011
FY 2010
- $ (16,374,171) $ 34,085,524 $ 35,430,377
15,024,300
12,618,374
1,298,789
1,714,516
5,583,587
5,550,233
5,432
(3,008)
1,737,964
2,017,134
9,812,365
9,866,552
4,653,466
5,174,274
(3,008) (16,374,171)
72,201,427
72,371,460
26,949
1,775,319
27,044,922
5,970,000
34,817,190
(34,820,198)
13,497,065
(11,300,792)
16,732,293
(16,152,277)
2,776,289
191,681
10,762
(1,031,504)
(829,061)
(32,872,970)
(343,139)
(1,321,347)
(15,406)
(100,617)
(28,138,155)
(16,374,171)
(7,357,910)
6,931,063
(46,719,682)
30,345,511
-
-
(32,441)
(32,441)
30,313,070
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)
31,503,318
23,725,661
3,837,742
4,249,659
3,586,625
15,429,140
4,842,363
2,152,671
6,852,436
6,804,873
5,775,000
108,759,488
(36,388,028)
15,184,305
(15,184,305)
36,148,097
(36,148,097)
-
21,004,502
(21,004,502)
19,285,960
(19,285,960)
-
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)
2,850,000
15,956,931
4,541,975
1,475,624
(625,989)
1,272,090
25,470,631
(10,917,397)
976,736
976,736
2,865,672
30,313,070
(30,313,070)
31,289,806
(30,313,070)
976,736
2,865,672
(16,819,513)
(593,676)
2,191,340 2,710,953
1,140,457 (11,370,439)
59,300
(1,583,164)
(12,894,303)
(8,051,725)
(11,260,089) 17,669,080
8,109,037 (1,897,826) 2,692,577
15,312,779
13,807,206
171,869,651
200,989,636
200,784,571
$ (28,079,602) $ 17,075,404 $ 10,300,377 $ 813,127 $ 3,833,034 $ 3,942,340 $ 13,866,506 $ 170,286,487 $
- $ 188,095,333 $ 192,732,846
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:
12/31/10
UNRESTRICTED BY FUND GROUPS:
GENERAL FUND
DESIGNATED FUND
AUXILIARY FUND
RETIREMENT FUND
PLANT FUND (Unrestricted funds)
BANK FUND
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
WELLS FARGO BANK
FIFTH/THIRD BANK
RANGE BANK-CALUMET & LL
RIVER VALLEY BANK
SUPERIOR NATIONAL BANK
Comingled cash total
Designated/Restricted cash and equivalents:
FIFTH THIRD BANK
R&I FUND - SCUDDER MONEY MKT
2009 BOND ISSUE FUNDS
2009 BOND INVESTMENTS
2010 BOND ISSUE FUNDS
TOTAL
($25,826,607)
17,156,552
17,301,301
362,880
(6,235,308)
0
2,758,818
1,771,255
685,884
1,469,121
11,757,345
1,086,815
16,770,420
$19,529,238
$156,749
0
1,052,387
0
2,990
4,036,936
5,249,061
06/30/10
($13,450,045)
17,446,993
7,004,588
(366,113)
(5,062,808)
5,572,615
1,170,949
(2,779,951)
1,163,286
12,912,285
1,470,070
13,936,639
$19,509,254
$138,045
14,046
557,879
0
14,046
(201,150)
508,820
06/30/09
06/30/08
($14,228,035)
17,420,055
8,880,897
(1,646,984)
(3,601,691)
0
6,824,242
($12,847,810)
14,275,568
8,230,824
(2,102,048)
(4,075,817)
0
3,480,717
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
$15,888,797
$15,620,066
$115,352
0
10,038,933
4,000,000
0
565,302
14,719,587
$112,728
0
16,124,317
0
0
(2,326,483)
13,910,562
0
1,771,255
6,621,722
0
5,887,200
14,280,177
0
1,170,949
10,327,975
7,501,510
0
1,169,210
0
0
0
1,709,504
0
0
19,000,434
1,169,210
1,709,504
$19,529,238
$19,509,254
$15,888,797
$15,620,066
12/31/10
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
6/30/10
2,904,494
0
8,703,789
0
3,316,177
2,086,897
5,403,074
2,791,377
5,325,754
8,117,131
40,421,380
61,521
975,060
(30,362)
389,092
375,298
1,969,675
(65,122)
49,735,167
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)
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)
19,489,864
16,413,848
17,613,965
RESEARCH BILLED - AGING OF ACCOUNTS RECEIVABLE:
(IN DOLLARS)
CURRENT ACCOUNTS
0 TO 30 DAYS PAST DUE
31 TO 60 DAYS PAST DUE
61 TO 90 DAYS PAST DUE
OVER 90 DAYS PAST DUE
12/31/10
1,651,284
917,249
398,748
63,367
285,530
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
TOTAL RESEARCH BILLED
3,316,177
2,791,377
2,841,639
2,781,682
RESEARCH BILLED - AGING OF ACCOUNTS RECEIVABLE:
(IN PERCENTAGE)
CURRENT ACCOUNTS
0 TO 30 DAYS PAST DUE
31 TO 60 DAYS PAST DUE
61 TO 90 DAYS PAST DUE
OVER 90 DAYS PAST DUE
12/31/10
50%
28%
12%
2%
9%
06/30/10
46%
25%
9%
7%
13%
06/30/09
73%
13%
8%
5%
1%
06/30/08
59%
22%
9%
6%
5%
Accounts Receivable Aging Report
Billed Research
December 31, 2010
Company
Aerophysics
AmericaView, Inc.
American Heart Association
American Transmission Company
Advanced Pavement Technology Inc
Arch Corporation
Arch Wood Protection
Ballard Power Systems
Battelle Memorial Institute
Bell Lumber and Pole Co
BMT Designers & Planners Inc
Boss Products
Chrysler Corporation
CISEC Inc
Colorado State University
Consortium Plant Biotechnology Research Inc
Coordinating Research Council, Inc
Copper Country Intermediate School District
Daimler-Chrysler
DAPCEP
Decisive Analytics Corporation
Demeter Systems, LLC
DERTINS - Tocantins State Govt
Desc Corporativo, S.A. de C.V.
Dr. Wolman GmbH
Dynetics, Inc.
ElectroSonics
EverWood Solutions, Inc.
Falcon Foam A Division of Atlas Roofing
Gas Technology Institute
General Dynamics
Georgia Institute of Technology
General Motors FSS APB
Hankook Tire
Hawaii County
Helios Remote Sensing Systems
Incitor Incorporated
Integrity Applications Incorporated
Integrity Applications, Inc.
Internet 2
Current
Age 30 Date Age 60 Date Age 90 Date 91 Plus Days Account Balance
39,370.67
39,370.67
3,323.88
3,668.82
6,992.70
77,000.00
77,000.00
18,750.00
18,750.00
2,125.51
2,125.51
56,439.00
56,439.00
27,475.00
27,475.00
61,951.99
61,951.99
1,005.10
1,005.10
68,942.00
68,942.00
151.93
151.93
6,575.00
6,575.00
24,183.00
24,183.00
2,086.06
2,305.35
4,391.41
2,138.62
2,138.62
26,081.93
26,081.93
8,954.39
2,959.34
16,795.05
28,708.78
9,240.00
9,240.00
98,627.00
98,627.00
6,239.28
45,000.00
51,239.28
8,893.34
8,893.34
31,852.00
31,852.00
9,001.00
55,629.80
64,630.80
3,612.60
3,612.60
12,500.00
12,500.00
4,842.06
4,842.06
16,338.02
16,338.02
9,529.00
9,529.00
1,200.00
1,200.00
1,875.56
1,875.56
7,182.48
22,032.19
2,012.84
31,227.51
7,958.19
7,958.19
23,944.50
23,944.50
12,388.00
12,388.00
5,339.00
5,339.00
22,016.33
22,016.33
28,548.68
37,574.41
66,123.09
73,815.87
73,815.87
32,250.00
32,250.00
10,496.00
10,496.00
Company
John Deere Waterloo Works
Lawrence Livermore National Security LLC
Lesktech, Limited
Los Alamos National Laboratory
Louisiana-Pacific Corporation
Massachusetts Institute of Technology
Michelin North America
Michigan Department of Environmental Quality
Minnesota Department of Transportation
Michigan Public Service Commission
Michigan Department of Transportation
nanoMAG, LLC
National Academies
National Institute of Aerospace
NewTech America LLC
Office of Naval Research
Ohio State Univ Research Foundation
Orchard, Hiltz & McCliment, Inc.
Osmose Inc
Pennsylvania State University
Proteos Inc
Regents of the University of Michigan
Rio Tinto Minerals
Rio Tinto Minerals (U.S. Borax)
El Sauzal Mine
Science Applications International Corporation
Sierra Nevada Corporation
John Simmons
SINTEF Energy Research
Stone Environmental Inc.
Stork Climax Research Services Inc.
UChicago Argonne, LLC
Universidad del Turabo
University of Alaska-Fairbanks
University of Central Florida
University of Georgia
University of Michigan
University of Nebraska - Lincoln
University of Nevada, Reno
Current
6,891.58
1,694.85
2,420.00
7,465.56
32,640.00
56,661.44
105,054.16
6,411.52
716,582.62
2,370.48
8,146.86
825.00
52,375.15
1,756.16
12,280.40
39,238.71
1,406.64
-
Age 30 Date Age 60 Date Age 90 Date 91 Plus Days Account Balance
1,045.82
6,939.11
7,984.93
6,891.58
4,499.94
4,499.94
7,594.95
9,289.80
45,977.00
48,397.00
4,085.37
11,550.93
63,980.00
63,980.00
10,056.20
10,056.20
26,002.00
58,642.00
56,661.44
13,601.69
88,102.16
29,116.61
235,874.62
1,754.00
1,754.00
61,984.57
68,396.09
935.96
935.96
1,040.00
1,040.00
74,470.65
60,414.55
851,467.82
2,789.74
2,789.74
3,504.00
3,504.00
3,000.00
3,000.00
2,370.48
8,146.86
838.91
838.91
8,475.00
8,475.00
4,453.00
5,278.00
2,053.00
2,053.00
51,574.73
427.73
2,286.45
106,664.06
10,774.00
10,774.00
50,000.00
50,000.00
413.85
413.85
2,434.89
4,191.05
1,842.70
1,842.70
2,465.90
2,465.90
1,359.10
1,359.10
12,280.40
6,317.00
6,317.00
9,310.02
9,310.02
30,553.22
1,979.38
71,771.31
1,406.64
2,180.50
2,180.50
Company
University of Saskatchewan
University of Washington
University of Wisconsin-Superior
Universtiy of Wisconsin-Madison
UOP LLC
Upstate Freshwater Institute
US Department of Agriculture
USDA Forest Service
US Department of the Air Force
US Army Corps of Engineers Civil Works
US Department of the Army
US Civilian Research & Development Foundation
US Department of Energy
US Fish & Wildlife Service
US Geological Survey
NASA/Shared Services Center
US National Park Service
Federal Highway Administration
US Department of Transportation
US Dept of Transportation
Wisconsin Dept of Natural Resources
Yamaha Motor Corporation
Current
Total Grants & Contracts Receivable
1,651,283.63
7,496.84
4,161.00
3,673.47
13,265.72
4,146.97
67,480.00
13,828.26
2,033.88
5,243.46
44,897.78
8,333.34
10,201.18
12,938.16
17,591.65
43,007.92
-
Age 30 Date Age 60 Date Age 90 Date 91 Plus Days Account Balance
997.00
997.00
2,462.37
2,462.37
7,496.84
4,161.00
23,042.50
11,250.00
20,125.75
58,091.72
19,345.40
13,542.61
9,773.34
7,862.83
63,789.90
1,217.90
165.46
5,530.33
67,480.00
25,529.60
25,529.60
13,828.26
2,033.88
5,243.46
44,897.78
8,333.34
10,201.18
12,938.16
14,351.57
14,351.57
23,439.37
41,031.02
66,500.99
66,500.99
43,007.92
3,695.51
3,695.51
7,500.00
7,500.00
917,249.18
398,747.51
63,366.69
285,530.44
3,316,177.45
12/31/10
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
CENTRAL STORES
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
AETNA HEALTH SAVINGS PAYMENT
PLANT FUND BUILDING MATERIALS
TOTAL DEFERRED EXPENSES
TOTAL CURRENT OTHER ASSETS
STUDENT LOANS:
FEDERAL PERKINS LOANS, net
TECHAID LOANS
TOTAL STUDENT LOANS
1,296,053
193,806
91,494
181,357
0
118,942
210,868
$2,092,520
630,020
163,706
216,910
181,357
0
118,942
174,269
$1,485,204
559,460
173,398
226,886
191,181
0
118,832
179,392
$1,449,149
577,469
153,454
236,716
210,586
0
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
1,591,000
13,524
0
0
1,604,524
$3,717,044
22,941
13,524
0
0
36,465
$1,541,669
43,324
13,524
0
0
56,848
$1,525,997
29,957
13,524
0
0
43,481
$2,169,868
$11,262,019
1,138,844
$12,400,863
$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
25,670
0
4,421,488
4,470,466
0
0
3,748,153
0
2,665,279
0
6,413,432
10,883,898
(5,909,557)
4,974,341
Ending Balance
DEC 31, 2010
$9,112,394
5,402,591
368,394
24,324,252
39,207,631
1,627,265
5,048,949
308,365,537
2,526,976
42,791,597
1,166,252
361,526,576
400,734,207
(154,070,797)
$246,663,410
12/31/10
06/30/10
06/30/09
06/30/08
CURRENT LIABILITIES:
Accounts payable
VOUCHERS
MISCELLANEOUS
SALES TAX & MISC
BENEFITS PAYABLE
ACCRUAL
TOTAL
762,167
240,225
14,356
674,319
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
$1,891,067
$9,041,479
$5,050,904
$5,731,864
$2,100,340
207,100
2,312,575
796
996,518
3,885,952
$9,503,281
$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
$52,876,061
$2,520,184
$3,148,776
$2,554,640
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
1,380,000
213,861
0
1,593,861
207,911
1,652,086
837,601
168,000
4,459,459
$68,729,868
06/30/10
12/31/10
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
$
478,737
415,822
1,070,002
478,737
415,822
1,070,002
267,690
623,733
1,255,099
267,876
792,342
955,099
$1,964,561
$1,964,561
$2,146,522
$2,015,317
100,000 $
600,000 $
600,000 $
600,000
NOTES AND BONDS PAYABLE
LONG TERM PORTION OF BONDS PAYABLE:
December 31, 2010
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
71,356,649
54,520,719
49,013,728
2004 ISSUE PREMIUM
2006 ISSUE
2006 ISSUE PREMIUM
2008 ISSUE
2008 ISSUE PREMIUM
TOTAL
80,893,080
Note: The above balances include premium or discount upon issuance of bonds.