Michigan Technological University
1400 Townsend Drive
Houghton, Michigan
Interim Financial Statements
for the three months ending
September 30, 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 $1.7 million as capital projects have begun prior to the issuance of the
bonds that will fund the projects. Specifically, the GLRC is in the initial construction
phase and the purchase of the former Blizzard building has been completed. Until
bonds are issued, the university is using surplus cash reserves to pay for these
transactions. Which is prudent because at this time of the academic year, we do have
sufficient cash reserves for temporary financing, and the university avoids some interest
costs by delaying the issuance of bonds.
Accounts receivable:
Decreased by $893,000 due to a decrease in receivables in the plant fund.
Investments:
Increased by $774,000 as financial markets continue their recovery.
Capital Assets:
Increased by $19.2 million as construction has been completed on the student
apartment building, the KRC facility and the remodeling of the Lakeshore Center.
Notes and bonds payable:
Increased by $16.4 million after issuing the 2009 Series bonds of $18.2 million.
Income Statement Variances
Student tuition and fees:
A decrease, net of tuition allowance, of $671,000 (2.0%) through the combination of
tuition rate increases and the increase in university financial aid programs. Although
gross tuition revenue increased by $1.4 million, the tuition allowance netted against
gross tuition increased by $2.1 million.
Grants and contracts:
Total research revenues increased by $1.1 million (11.4%).
Salaries and wages:
Increase by $1.5 million (6.1%) 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 $885,000 (-8.7%); 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 $964,000 (9.0%) 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.
Federal Pell Grants:
Increase by $702,000 (35.1%) as federal government spending in aid of higher
education is increased.
Capital grants and gifts:
Decrease by $677,000 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 $6.4 million in the first three months of
fiscal year 2011 compared to an increase in Net Assets of $7.8 million in the first three
months of fiscal year 2010; a decrease in performance of $1.4 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, 2010 and 2009
General
Assets
Current assets:
Cash and cash equivalents
Accounts receivable, net
Inventories
Deposits
Prepaid expenses
Total current assets
$ (4,142,244) $ 18,350,970 $ 13,845,105
3,257,851
61,757
293,924
92,262
1,383,327
13,525
(792,131)
18,426,252
15,522,356
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
$
(792,131) $ 18,426,252 $ 15,522,356
403,621
4,141,932
81,771
4,627,324
$
80,923
225,138
306,061
$
Combined Total
Expendable
Restricted
Total Current
Funds
Student Loan
$(2,409,378) $ (1,879,842) $ 23,764,611 $
146,095
6,735,414
10,495,041
1,475,589
20,000
20,000
13,525
(2,243,283)
4,855,572
35,768,766
1,018,290
1,018,290
Plant
$
Agency
(3,548,528) $
25,000
(3,523,528)
0
7,301,199
7,301,199
0
0
7,301,199
7,301,199
$ 5,057,916 $ 4,855,572 $ 43,069,965
12,815,768
12,815,768
$ 13,834,058
243,882,501
978,544
244,861,045
$ 241,337,517
$
550,305
520,939
1,071,244
$ 2,865,598
1,021,884
3,150,950
7,038,432
$
$
$
$
250,905
591,092
1,980,000
2,821,997
$ 2,865,598
2,307,638
8,630,051
2,061,771
15,865,058
-
1,593,861
8,250
1,458
456,250
2,059,819
FY 2011
FY 2010
21,572,292 $
10,524,122
1,475,589
20,000
13,525
33,605,528
23,236,699
11,417,055
1,617,569
20,000
13,525
36,304,848
337,919
4,081
342,000
$
342,000
12,815,768
7,301,199
243,882,501
978,544
264,978,012
$ 298,583,540
13,384,505
6,527,619
224,701,976
978,544
245,592,644
$ 281,897,492
- $
29
341,971
342,000
4,459,459 $
2,315,917
8,973,480
2,518,021
18,266,877
3,597,452
2,140,190
7,288,141
3,104,427
16,130,210
705,300
705,300
5,332,624
306,061
1,071,244
1,964,561
1,964,561
9,002,993
2,821,997
1,964,561
0
0
705,300
0
2,669,861
18,534,919
-
69,918,080
223,164
100,000
70,241,244
72,301,063
342,000
1,964,561
69,918,080
223,164
705,300
100,000
72,911,105
91,177,982
2,146,523
53,471,649
223,164
715,900
600,000
57,157,236
73,287,446
5,135,334
(11,260,089)
(6,124,755)
451,111
17,669,080
18,120,191
6,342,075
8,109,037
14,451,112
(2,047,251)
(1,897,826)
(3,945,077)
(659,002)
2,692,577
2,033,575
9,222,267
15,312,779
24,535,046
26,852
13,807,206
13,834,058
(2,833,197)
171,869,651
169,036,454
-
6,415,922
200,989,636
207,405,558
7,825,475
200,784,571
208,610,046
(792,131) $ 18,426,252 $ 15,522,356 $ 5,057,916 $ 4,855,572 $ 43,069,965 $ 13,834,058 $ 241,337,517 $
342,000 $ 298,583,540 $ 281,897,492
Schedule of Revenues, Expenses and Changes in Net Assets by Fund by Object
For the Three Months Ended September 30, 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
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
$ 47,097,279
55
2,482,578
105,291
49,685,203
Current Funds
Auxiliary
Retirement
Activities
Insurance
Designated
$
1,019
786,249
50,380
837,648
$
972,749
163,532
9,619,473
2,960,793
13,716,547
7,337,161
7,874,145
725,312
388,443
5,537,826
3,788,074
14,099,310
577,451
40,327,722
9,357,481
1,039,150
162,111
285,700
265,860
389,033
1,739,190
(11,139)
25,610
3,895,515
(3,057,867)
(671,198)
1,312,627
(4,953,376)
(4,311,947)
(165,049)
5,889,910
(3,265,032)
2,459,829
(30,741)
249,836
(379,188)
(160,093)
89,800
89,800
5,135,334
1,049,149
1,049,149
451,111
19
(1,924)
(1,905)
6,342,075
5,135,334
451,111
(11,260,089)
17,669,080
$ (6,124,755) $ 18,120,191
2,056,381
2,111
74,465
489,964
662,831
3,270,506
158,816
497,400
7,212,474
6,504,073
6,342,075
8,109,037
$ 14,451,112
$
Combined Totals
Expendable
Restricted
Total Current
Funds
- $
- $ 48,070,028
7,385,350
7,385,405
710,119
710,119
2,958,633
2,959,652
(2,482,578)
19,895
1,074,967
9,619,473
(1,205)
48
3,010,016
(1,205)
8,591,467
72,829,660
604,107
61
1,714,438
488,237
2,806,843
(2,808,048)
2,071,140
1,009,679
1,072,829
469,377
924,037
3,048,327
5,081,444
6,317
13,683,150
(5,091,683)
13,107,939
9,048,107
2,158,306
1,613,644
9,228,165
12,334,334
19,328,431
1,106,778
67,925,704
4,903,956
982,513
(144,997)
1,150,057
(422,072)
1,565,501
982,513
(1,011,985)
8,602,430
(9,019,668)
(446,710)
2,702,120
164,773
287
2,867,180
(659,002)
Student Loan
$
-
46,358
46,358
(46,358)
Plant
$
- $
(3,008)
(3,008)
24,324,262
2,970,000
27,294,262
(27,297,270)
-
29,472
11,699,165
(11,281,927)
446,710
2,702,120
1,303,741
759,160
4,765,021
9,222,267
73,210
73,210
26,852
11,217
(1,031,504)
(1,020,287)
(27,870,847)
(2,047,251)
(659,002)
9,222,267
(1,897,826)
2,692,577
15,312,779
$ (3,945,077) $ 2,033,575 $ 24,535,046
26,852
13,807,206
$ 13,834,058
760,797
760,797
(2,047,251)
(2,876)
25,040,526
25,037,650
(2,833,197)
171,869,651
$ 169,036,454 $
Eliminations
FY 2011
FY 2010
(15,598,724) $
(15,598,724)
32,471,304
7,385,405
710,119
2,959,652
1,071,959
9,619,473
3,010,016
57,227,928
(25,062,731)
(15,598,724)
(40,661,455)
25,062,731
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
12,305,260
8,608,441
1,924,274
1,605,848
10,112,961
10,678,538
4,974,141
1,049,594
2,865,000
54,124,057
3,340,946
1,011,985
(1,011,985)
20,301,595
(20,301,595)
-
834,559
(834,559)
5,621,333
(5,621,333)
-
2,702,120
1,303,741
843,587
(1,031,504)
(22,205)
3,795,739
6,418,798
2,000,000
1,526,153
993,415
(709,536)
3,810,032
7,150,978
(22,205)
(22,205)
25,040,526
$
33,142,465
5,934,115
824,602
3,164,549
1,306,795
9,634,299
3,458,178
57,465,003
(2,876)
674,497
(25,040,526)
(25,040,526)
(2,876)
674,497
6,415,922
7,825,475
200,989,636
200,784,571
- $ 207,405,558 $ 208,610,046
Schedule of Revenues, Expenses and Changes in Net Assets by Fund by Function
For the Three Months Ended September 30, 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
$ 47,097,279
55
2,482,578
105,291
49,685,203
Current Funds
Auxiliary
Retirement
Activities
Insurance
Designated
$
1,019
786,249
50,380
837,648
$
972,749
163,532
9,619,473
2,960,793
13,716,547
14,428,748
3,142,649
135,189
1,837,557
1,520,971
5,344,645
2,370,189
11,547,774
40,327,722
9,357,481
600,891
2,042,490
104,585
33,185
158,649
799,877
155,838
3,895,515
(3,057,867)
7,212,474
7,212,474
6,504,073
(671,198)
1,312,627
(4,953,376)
(4,311,947)
(165,049)
5,889,910
(3,265,032)
2,459,829
(30,741)
249,836
(379,188)
(160,093)
89,800
89,800
5,135,334
1,049,149
1,049,149
451,111
19
(1,924)
(1,905)
6,342,075
5,135,334
451,111
(11,260,089)
17,669,080
$ (6,124,755) $ 18,120,191
6,342,075
8,109,037
$ 14,451,112
$
Combined Totals
Expendable
Restricted
Total Current
Funds
- $
- $ 48,070,028
7,385,350
7,385,405
710,119
710,119
2,958,633
2,959,652
(2,482,578)
19,895
1,074,967
9,619,473
(1,205)
48
3,010,016
(1,205)
8,591,467
72,829,660
2,601,924
204,918
2,806,842
(2,808,047)
Student Loan
$
-
486,628
6,367,057
1,707,971
1,698
34,823
1,821
5,083,152
13,683,150
(5,091,683)
15,516,267
11,552,196
1,947,745
1,872,440
1,714,443
8,748,267
2,730,945
16,630,926
7,212,474
67,925,703
4,903,957
982,513
(144,997)
1,150,057
(422,072)
1,565,501
982,513
(1,011,985)
8,602,430
(9,019,668)
(446,710)
2,702,120
164,773
287
-
2,702,120
1,303,741
759,159
4,765,020
9,222,267
73,210
26,852
(2,047,251)
(659,002)
9,222,267
(1,897,826)
2,692,577
15,312,779
$ (3,945,077) $ 2,033,575 $ 24,535,046
26,852
13,807,206
$ 13,834,058
760,796
760,796
(2,047,251)
2,867,180
(659,002)
46,358
46,358
(46,358)
73,210
Plant
$
Eliminations
- $ (15,598,724) $
(3,008)
(3,008)
(15,598,724)
10,978
1,556,614
22,756,670
2,970,000
27,294,262
(27,297,270)
29,472
11,699,165
(11,281,927)
446,710
11,217
(1,031,504)
(1,020,287)
(27,870,847)
(340,911)
(362,956)
(15,406)
(80,618)
(23,889,748)
(15,598,724)
(3,377,326)
3,004,235
(40,661,455)
25,062,731
-
(22,205)
(22,205)
25,040,526
FY 2011
32,471,304
7,385,405
710,119
2,959,652
1,071,959
9,619,473
3,010,016
57,227,928
FY 2010
$
33,142,465
5,934,115
824,602
3,164,549
1,306,795
9,634,299
3,458,178
57,465,003
15,175,356
11,189,240
1,947,745
1,883,418
1,699,037
10,224,263
1,597,867
1,078,560
3,835,148
3,004,235
2,970,000
54,604,868
2,623,060
14,544,029
10,431,979
1,932,418
1,930,452
1,627,126
10,067,430
2,601,899
1,381,802
2,507,613
4,234,309
2,865,000
54,124,057
3,340,946
1,011,985
(1,011,985)
20,301,595
(20,301,595)
-
834,559
(834,559)
5,621,333
(5,621,333)
-
2,702,120
1,303,741
843,586
(1,031,504)
(22,205)
3,795,738
6,418,798
2,000,000
1,526,153
993,415
(709,536)
3,810,032
7,150,978
(2,876)
(2,876)
674,497
25,040,526
(25,040,526)
25,037,650
(25,040,526)
(2,876)
674,497
(2,833,197)
6,415,922
7,825,475
171,869,651
200,989,636
200,784,571
$ 169,036,454 $
- $ 207,405,558 $ 208,610,046
SUPPLEMENTARY 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:
09/30/10
06/30/09
06/30/08
06/30/07
UNRESTRICTED BY FUND GROUPS:
GENERAL FUND
DESIGNATED FUND
AUXILIARY FUND
RETIREMENT FUND
PLANT FUND (Unrestricted funds)
TOTAL UNRESTRICTED
($4,142,243)
18,350,971
13,845,105
(3,580,587)
(5,815,988)
18,657,258
($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
($12,041,032)
12,580,735
7,013,945
(537,331)
(3,716,957)
3,299,360
DESIGNATED/RESTRICTED BY FUND GROUPS:
RETIREMENT FUND
EXPENDABLE RESTRICTED FUND
STUDENT LOAN FUND
PLANT FUND
AGENCY FUND
TOTAL RESTRICTED
TOTAL CASH & EQUIVALENTS
1,171,209
(1,879,843)
1,018,290
2,267,460
337,919
2,915,035
$21,572,293
1,169,210
(1,680,363)
422,993
7,938,637
1,214,078
9,064,555
$15,888,797
1,709,504
(821,750)
350,965
9,906,060
994,570
12,139,349
$15,620,066
1,543,960
(423,745)
118,481
9,123,801
1,746,603
12,109,100
$15,408,460
$129,708
14,552,387
0
2,987
(902,093)
13,782,989
$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
$89,789
13,091,973
10,076
0
652,804
13,844,642
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
2007 BOND INVESTMENTS
TOTAL
1,171,209
6,618,095
0
7,789,304
$21,572,293
1,169,210
0
0
1,169,210
$15,888,797
1,709,504
0
0
1,709,504
$15,620,066
1,543,960
0
19,857
1,563,817
$15,408,460
9/30/10
6/30/10
06/30/09
06/30/08
ACCOUNTS AND NOTES RECEIVABLE:
ALL ACCOUNTS RECEIVABLE:
STATE OF MICHIGAN-APPROPRIATIONS
(1)
STATE OF MICHIGAN-OTHER
8,703,789
9,003,362
8,914,217
0
0
109,554
116,773
BILLED
3,253,803
2,791,377
2,841,639
2,781,682
UNBILLED (mostly current month)
2,767,101
5,325,754
3,417,294
4,093,766
6,020,905
8,117,131
6,258,932
6,875,448
RESEARCH:
STUDENT RELATED
VENDOR RELATED
MISCELLANEOUS
ALLOWANCE FOR DOUBTFUL A/C'S
TOTAL ACCOUNTS RECEIVABLE
3,307,286
389,092
300,881
318,020
115,705
375,298
322,194
309,032
1,138,551
1,969,675
484,610
1,145,597
(58,324)
10,524,122
(65,122)
19,489,864
(65,685)
16,413,848
(65,122)
17,613,965
RESEARCH BILLED - AGING OF ACCOUNTS RECEIVABLE:
(IN DOLLARS)
09/30/10
CURRENT ACCOUNTS
06/30/10
06/30/09
06/30/08
1,677,844
1,272,933
2,074,337
1,634,523
0 TO 30 DAYS PAST DUE
805,166
689,202
360,993
605,517
31 TO 60 DAYS PAST DUE
522,053
260,716
230,349
255,409
61 TO 90 DAYS PAST DUE
10,234
194,138
150,863
158,591
OVER 90 DAYS PAST DUE
238,506
374,389
TOTAL RESEARCH BILLED
3,253,803
2,791,377
2,841,639
25,095
2,781,682
127,643
09/30/10
06/30/10
06/30/09
06/30/08
52%
46%
73%
59%
RESEARCH BILLED - AGING OF ACCOUNTS RECEIVABLE:
(IN PERCENTAGE)
CURRENT ACCOUNTS
0 TO 30 DAYS PAST DUE
25%
25%
13%
22%
31 TO 60 DAYS PAST DUE
16%
9%
8%
9%
61 TO 90 DAYS PAST DUE
0%
7%
5%
6%
OVER 90 DAYS PAST DUE
7%
13%
1%
5%
Accounts Receivable Aging Report
Billed Research
September 30, 2010
Company
AmericaView, Inc.
American Process Incorporated
Advanced Pavement Technology Inc
Arborgen LLC
Battelle Columbus Operations
Battelle Memorial Institute
BMT Designers & Planners Inc
Boeing Company
Chrysler Corporation
CISEC Inc
Colorado State University
Cornell University
Daimler-Chrysler
Decisive Analytics Corporation
Demeter Systems, LLC
Desc Corporativo, S.A. de C.V.
Dynetics, Inc.
ElectroSonics
EverWood Solutions, Inc.
Fish and Wildlife Department
General Dynamics
Helios Remote Sensing Systems
Hydro Aluminum Technology Center
Incitor Incorporated
IRIS A/P
Integrity Applications Incorporated
Internet 2
John Deere Waterloo Works
Lesktech, Limited
Los Alamos National Laboratory
Louisiana Pacific Corporation
LSI Corp
Massachusetts Institute of Technology
MATSYS Inc.
Michigan Department of Labor & Economic
Minnesota Department of Transportation
Michigan Department of Transportation
Morton Salt Company
National Academies
Current
3,668.82
9,038.23
260.66
23,050.84
4,780.07
5,000.84
50,951.00
4,170.79
2,639.18
5,156.51
9,610.87
2,317.16
2,375.35
1,447.12
25,000.00
3,196.55
83,334.00
32,507.00
4,617.21
17,866.89
10,245.25
3,543.79
25,534.47
26,002.00
132,813.40
8,373.38
0 - 30
5,000.00
258,596.00
9,031.50
5,444.09
5,250.00
2,215.00
88,913.58
11,074.62
31 - 60
7,035.49
8,195.00
13,946.49
23,574.41
6,939.11
116,182.32
31,873.18
61 - 90
3,186.35
2,305.35
-
91 Plus Days
31,852.00
16,338.02
9,529.00
15,000.00
4,499.94
52,213.84
18,000.00
-
Account
Balance
3,668.82
9,038.23
3,447.01
5,000.00
30,086.33
4,780.07
5,000.84
50,951.00
8,195.00
2,305.35
4,170.79
2,639.18
258,596.00
5,156.51
31,852.00
9,031.50
9,610.87
16,338.02
9,529.00
2,317.16
21,765.93
1,447.12
25,000.00
38,574.41
3,196.55
83,334.00
32,507.00
11,556.32
4,499.94
17,866.89
5,250.00
2,215.00
10,245.25
3,543.79
25,534.47
26,002.00
390,123.14
18,000.00
51,321.18
Company
National Archives & Records Administration
National Institute of Aerospace
NewTech America LLC
NTNU
Office of Naval Research
Office of Naval Research (DARPA)
Ohio State Univ Research Foundation
Orchard, Hiltz & McCliment, Inc.
Oshkosh Truck Corporation
Pennsylvania State University
Pratt & Whitney
Regents of the University of Michigan
El Sauzal Mine
Science Applications International Corporat
Sierra Nevada Corporation
SINTEF Energy Research
Six County Employment Alliance-Region 1
South Florida Water Management District
Stone Environmental Inc.
Stork Climax Research Services Inc.
UChicago Argonne, LLC
Universidad del Turabo
University of Alaska-Fairbanks
University of Arkansas
University of California at Davis
University of Central Florida
University of Michigan
University of Pittsburgh
University of Washington
University of Wisconsin-Superior
Universtiy of Wisconsin-Madison
UOP LLC
Upstate Freshwater Institute
UP Steel
US Department of Agriculture
US Army Corps of Engineers Civil Works
U.S. Bureau of Land Management
US Department of Energy
NASA/Shared Services Center
US National Park Service
Current
1,228.50
59,332.60
651,290.95
1,493.37
2,789.74
6,196.98
3,942.40
65,731.42
10,595.10
753.83
23,492.00
1,185.97
30,958.57
4,133.70
7,943.06
97,945.26
21,255.68
1,713.10
949.37
20,125.75
9,773.34
24,494.24
165.46
13,300.00
1,310.09
19,795.35
2,360.39
10,286.77
0 - 30
701.92
135,154.40
7,350.00
838.91
18,480.00
4,212.88
21,552.00
11,000.00
3,059.91
16,584.30
56,722.88
5,637.60
1,527.68
41,591.59
7,862.83
22,323.40
-
31 - 60
11,437.93
233,498.56
18,324.28
3,504.00
2,465.90
45,076.63
-
61 - 90
1,040.00
265.61
2,462.37
973.98
-
91 Plus Days
23,351.27
58.00
-
Account
Balance
11,437.93
1,930.42
1,040.00
59,332.60
1,043,295.18
19,875.65
2,789.74
3,504.00
7,350.00
6,196.98
3,942.40
838.91
18,480.00
69,944.30
21,552.00
10,860.71
753.83
34,492.00
4,245.88
16,584.30
2,465.90
56,722.88
30,958.57
5,637.60
4,133.70
9,470.74
139,536.85
21,255.68
2,462.37
1,713.10
949.37
20,125.75
62,712.80
46,817.64
165.46
13,300.00
2,284.07
19,795.35
2,360.39
10,286.77
Company
Federal Highway Administration
US Department of Transportation
US Dept of Transportation
Wilcox Professional Services LLC
Wolverine Power Cooperative
Xcel Energy Services Inc
Total Grants & Contracts Receivable
Current
15,567.92
35,232.15
35,000.00
1,677,844.44
0 - 30
47,588.95
17,451.50
805,165.54
31 - 60
522,053.30
61 - 90
10,233.66
91 Plus Days
66,500.99
1,163.14
238,506.20
Account
Balance
63,156.87
66,500.99
35,232.15
1,163.14
17,451.50
35,000.00
3,253,803.14
09/30/10
06/30/10
06/30/09
06/30/08
661,700
223,081
92,262
181,357
118,942
198,247
$1,475,589
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
0
13,524
13,524
$1,509,113
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
$11,628,788
1,186,980
$12,815,768
$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
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
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
2,423,620.29
2,472,599
0.00
0.00
1,550,000.00
0.00
1,136,852.00
0.00
2,686,852
5,159,451
(22,204)
$5,137,246
Ending Balance
SEP 30, 2010
$9,112,394
5,402,591
368,394
22,326,384
37,209,763
1,627,265
5,048,949
306,167,384
2,526,976
41,263,170
1,166,252
357,799,996
395,009,759
(151,127,258)
$243,882,501
09/30/10
06/30/10
06/30/09
06/30/08
CURRENT LIABILITIES:
Accounts payable
VOUCHERS
MISCELLANEOUS
SALES TAX & MISC
BENEFITS PAYABLE
ACCRUAL
TOTAL
1,055,703
76,161
24,426
959,627
200,000
$2,315,917
$6,197,823
55,386
13,195
490,863
2,284,212
$9,041,479
$3,310,432
72,507
4,519
453,430
1,210,016
$5,050,904
$4,244,075
40,831
4,253
399,836
1,042,869
$5,731,864
$3,956,878
201,631
707,486
(34,211)
255,744
3,885,952
$8,973,480
$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
$2,518,021
$2,520,184
$3,148,776
$2,554,640
1,380,000
213,861
0
1,593,861
207,911
1,652,086
837,601
168,000
$4,459,459
$18,266,877
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
06/30/10
09/30/10
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
532,096
362,464
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:
September 30, 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
17,525,000
17,885,000
0
0
69,918,080
71,356,649
54,520,719
49,013,728
2004 ISSUE PREMIUM
2006 ISSUE
2006 ISSUE PREMIUM
2008 ISSUE
2008 ISSUE PREMIUM
2009 ISSUE
TOTAL