Michigan Technological University
1400 Townsend Drive
Houghton, Michigan
Interim Financial Statements
For the nine months ending
March 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:
Increased by $6.3 million after issuance of Series 2009 A and B general revenue bonds of $18.2
million in November 2009. At March 31, 2010, bond proceeds of $6.3 million remain unspent
and are in short term investment accounts.
Accounts receivable:
Increased by $2.1 million due to an increase in research billings.
Investments:
Increased by $2.6 million as financial markets continue their recovery after the significant loss of
value in the last quarter of 2008.
Capital Assets:
Increased by $6.7 million as construction continues on the student apartment building and the
remodeling of the Lakeshore Center nears completion.
Notes and bonds payable:
Increased by $17.1 million after issuing the 2009 Series bonds of $18.2 million and issuing
semi-annual payments on the remaining bond issues.
Income Statement Variances
Student tuition and fees:
An increase, net of tuition allowance, of $5.1 million (8.7%) due to tuition rate and enrollment
increases.
Grants and contracts:
Total research revenues increased by $892,000 (3.1%).
Salaries and wages:
Increase by $5.1 million (6.9%) due to salary increases, 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 $631,000 (-2.2%); 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:
A decrease of $1.9 million (5.2%) as spending appears to be down throughout the institution.
Scholarships and fellowships:
An increase of $3.2 million (55.8%) as additional institutional resources are committed to
helping students attend Michigan Tech.
Federal Pell Grants:
Increase by $1.8 million (49.6%) as federal government spending in aid of higher education is
increased.
Gift Income:
Decrease by $2.3 million (25.5%) as spendable income drawn from the Michigan Tech Fund
has decreased.
Investment income
For the first nine months of fiscal year 2009-2010, investments have increased in market value
by $2.0 million as opposed to loosing $1.7 million in market value in the first six months of fiscal
year 2008-2009.
Capital grants and gifts:
Increase by $3.9 million as several significant gifts have been received for facility improvements
along with funding for a portion of the Lakeshore Center refurbishment.
The Bottom Line:
The University had an increase in Net Assets of $8.8 million in the first nine months of fiscal
year 2009-10 compared to an increase in Net Assets of $6.2 million in the first nine months of
fiscal year 2008-09; an improvement in performance of $2.6 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, 2010 and 2009
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
$ (8,759,574) $ 17,337,103
7,682,005
146,769
222,027
910,001
13,525
54,459
17,497,397
$
54,459
658,698
6,607,835
16,819
7,283,352
Current Funds
Auxiliary
Retirement
Activities
Insurance
Combined Total
Expendable
Restricted
Total Current
Funds
$
$ 17,497,397
$ 15,589,207
7,345,854
7,345,854
$ 8,894,576
$ 5,535,707
0
7,345,854
0
0
7,345,854
$ 47,571,346
13,058,958
13,058,958
$ 13,823,347
233,107,302
978,544
234,085,846
$ 243,094,890
$
$
$
361,176
420,374
781,550
$ 2,413,491
967,624
2,993,555
6,374,670
$
$
$
$
$
2,413,491
2,176,178
10,702,211
2,520,347
17,812,227
764,389
764,389
-
$
8,976,286
32,758
9,009,044
Agency
$ 1,378,856
149,866
20,000
1,548,722
85,787
468,232
2,503,528
3,057,547
$
Plant
$ 13,937,776
421,842
1,229,589
15,589,207
102,893
212,215
315,108
(641,090) $ 23,253,071
6,176,797
14,577,279
1,451,616
20,000
923,526
5,535,707
40,225,492
Student Loan
1,183,961
14,891
7,758
481,250
1,687,860
$
(736,532) $
682,951
388
(53,193)
FY 2009
32,257,214 $
15,292,988
1,452,004
20,000
923,526
49,945,732
25,941,629
13,185,572
1,486,419
20,000
708,967
41,342,587
13,058,958
7,345,854
233,107,302
978,544
254,490,658
(53,193) $ 304,436,390
13,770,936
4,757,071
226,417,454
978,544
245,924,005
$ 287,266,592
- $
32,243
(85,436)
(53,193)
3,597,452 $
2,223,312
10,624,533
3,001,597
19,446,894
3,613,832
1,875,926
10,351,087
2,468,458
18,309,303
2,146,523
71,706,649
223,164
706,300
600,000
75,382,636
94,829,530
2,664,700
54,558,786
437,024
725,800
100,000
58,486,310
76,795,613
8,822,289
200,784,571
209,606,860
6,183,281
204,287,698
210,470,979
706,300
706,300
7,989,652
315,108
781,550
2,146,523
2,146,523
8,521,193
3,057,547
2,146,523
0
0
706,300
0
2,852,823
20,665,050
-
71,706,649
223,164
600,000
72,529,813
74,217,673
(53,193)
3,184,499
(11,119,692)
(7,935,193)
(440,647)
17,622,936
17,182,289
5,398,977
9,408,680
14,807,657
3,472,168
(3,098,785)
373,383
(343,483)
2,821,643
2,478,160
11,271,514
15,634,782
26,906,296
91,345
13,732,002
13,823,347
(2,540,570)
171,417,787
168,877,217
-
54,459 $ 17,497,397 $ 15,589,207 $ 8,894,576 $ 5,535,707 $ 47,571,346 $ 13,823,347 $ 243,094,890 $
FY 2010
(53,193) $ 304,436,390 $ 287,266,592
Schedule of Revenues, Expenses and Changes in Net Assets by Fund by Object
For the Nine Months Ended March 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
Sales and services of dept 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 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
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
$ 88,060,262 $
7,700
6,597,089
376,786
(360)
95,041,477
Designated
Current Funds
Auxiliary
Retirement
Activities
Insurance
- $ 2,046,106 $
1,743,693
439,954
18,453,549
126,847
7,819,139
1,870,540
28,758,748
21,219,238
29,489,216
2,849,219
1,221,072
20,974,246
11,282,243
21,890,105
3,309,191
112,234,530
(17,193,053)
3,236,643
341,610
438,559
431,128
1,313,273
6,059,776
362,031
116,132
12,299,152
(10,428,612)
5,782,559
2,155
223,576
1,268,885
2,137,527
8,878,342
282,687
2,495,510
21,071,241
7,687,507
(726,729)
4,019,328
(14,885,576)
(11,592,977)
(290,053)
11,846,978
(5,238,901)
6,318,024
31,913,862
56,667
31,970,529
3,184,499
3,669,941
3,669,941
(440,647)
Combined Totals
Expendable
Restricted
Total Current
Funds
Student Loan
- $
- $ 90,106,368 $
18,575,076
18,582,776
2,408,667
2,408,667
8,651,849
8,651,849
(6,597,089)
136,838
2,697,271
18,453,549
20,007
7,965,633
23,195,348
148,866,113
1,171,267
681
323,558
499,589
1,995,095
(1,995,095)
5,247,508
2,144,722
2,804,310
857,824
2,713,517
8,522,154
12,602,054
22,205
34,914,294
(11,718,946)
36,657,215
31,978,384
6,315,664
3,778,909
27,462,121
35,242,104
35,136,877
5,943,038
182,514,312
(33,648,199)
(1,625,714)
2,811,073
(4,146,454)
(2,961,095)
3,741,923
(27,832)
3,714,091
1,880,182
(926,131)
2,672,028
(1,456,424)
2,169,655
1,880,182
(3,568,627)
25,091,330
(25,755,187)
(2,352,302)
630,232
42,333
672,565
5,398,977
1,753,172
1,753,172
3,472,168
5,500,000
1,431,300
2,278,068
(3,560)
9,205,808
(343,483)
5,500,000
1,431,300
31,913,862
6,634,908
1,791,945
47,272,015
11,271,514
- $
-
82,179
82,179
(82,179)
Plant
Eliminations
FY 2010
FY 2009
- $ (26,026,323) $ 64,080,045 $ 58,942,743
18,582,776
17,879,587
(3,536)
2,405,131
2,651,162
8,651,849
8,216,643
303,230
3,000,501
2,815,979
18,453,549
18,322,568
7,965,633
8,440,500
299,694
(26,026,323)
123,139,484
117,269,182
17,982,105
8,685,000
26,667,105
(26,367,411)
-
19,927,922
(18,239,477)
2,159,276
(1,495,419)
2,352,302
173,524
173,524
91,345
19,411
(2,163,118)
(2,143,707)
(26,158,816)
(18,903,820)
(26,026,323)
(44,930,143)
18,903,820
(44,267)
(44,267)
18,859,553
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)
35,002,916
29,282,030
5,698,760
3,608,184
28,092,676
36,285,702
5,847,843
5,733,272
4,625,000
154,176,383
(36,907,201)
21,808,104
(21,808,104)
27,250,606
(27,250,606)
-
21,243,396
(21,243,396)
39,955,022
(39,955,022)
-
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
3,676,513
33,012,330
8,907,763
(1,673,655)
(2,045,607)
338,952
42,216,296
5,309,095
4,758,693
4,758,693
874,186
18,859,553
(18,859,553)
23,618,246
(18,859,553)
4,758,693
874,186
3,184,499
(440,647)
5,398,977
3,472,168
(343,483)
11,271,514
91,345
(2,540,570)
8,822,289
6,183,281
(11,119,692)
17,622,936
9,408,680
(3,098,785)
2,821,643
15,634,782
13,732,002
171,417,787
200,784,571
204,287,698
$ (7,935,193) $ 17,182,289 $ 14,807,657 $
373,383 $ 2,478,160 $ 26,906,296 $ 13,823,347 $ 168,877,217 $
- $ 209,606,860 $ 210,470,979
Schedule of Revenues, Expenses and Changes in Net Assets by Fund by Function
For the Nine Months Ended March 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
Sales and services of dept 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
Sales and services of dept activities
Student residents
Depreciation
Total operating expenses
Operating 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
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
$ 88,060,262 $
7,700
6,597,089
376,786
(360)
95,041,477
Designated
Current Funds
Auxiliary
Retirement
Activities
Insurance
- $ 2,046,106 $
1,743,693
439,954
18,453,549
126,847
7,819,139
1,870,540
28,758,748
44,437,038
12,706,182
363,697
6,974,412
4,754,298
14,682,628
8,520,608
19,795,667
112,234,530
(17,193,053)
1,674,067
6,052,781
830,208
125,169
501,808
2,715,677
399,442
12,299,152
(10,428,612)
21,071,241
21,071,241
7,687,507
(726,729)
4,019,328
(14,885,576)
(11,592,977)
(290,053)
11,846,978
(5,238,901)
6,318,024
31,913,862
56,667
31,970,529
3,184,499
3,669,941
3,669,941
(440,647)
Combined Totals
Expendable
Restricted
Total Current
Funds
Student Loan
- $
- $ 90,106,368 $
18,575,076
18,582,776
2,408,667
2,408,667
8,651,849
8,651,849
(6,597,089)
136,838
2,697,271
18,453,549
20,007
7,965,633
23,195,348
148,866,113
2,014,144
(19,049)
1,995,095
(1,995,095)
321,847
18,998,395
4,507,105
10,837
(34,833)
8,554
11,102,389
34,914,294
(11,718,946)
46,432,952
37,757,358
5,701,010
7,110,418
5,221,273
19,421,003
8,901,001
30,898,056
21,071,241
182,514,312
(33,648,199)
(1,625,714)
2,811,073
(4,146,454)
(2,961,095)
3,741,923
(27,832)
3,714,091
1,880,182
(926,131)
2,672,028
(1,456,424)
2,169,655
1,880,182
(3,568,627)
25,091,330
(25,755,187)
(2,352,302)
630,232
42,333
672,565
5,398,977
1,753,172
1,753,172
3,472,168
5,500,000
1,431,300
2,278,068
(3,560)
-
5,500,000
1,431,300
31,913,862
6,634,908
1,791,945
47,272,015
11,271,514
9,205,808
(343,483)
- $
-
82,179
82,179
(82,179)
173,524
173,524
91,345
Plant
Eliminations
FY 2010
FY 2009
- $ (26,026,323) $ 64,080,045 $ 58,942,743
18,582,776
17,879,587
(3,536)
2,405,131
2,651,162
8,651,849
8,216,643
303,230
3,000,501
2,815,979
18,453,549
18,322,568
7,965,633
8,440,500
299,694
(26,026,323)
123,139,484
117,269,182
1,474,911
16,507,194
8,685,000
26,667,105
(26,367,411)
19,927,922
(18,239,477)
2,159,276
(1,495,419)
2,352,302
19,411
(2,163,118)
(2,143,707)
(26,158,816)
(153,408)
(1,438,031)
(40,478)
(16,982,263)
(26,026,323)
(10,487,364)
10,197,724
(44,930,143)
18,903,820
-
-
(44,267)
(44,267)
18,859,553
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)
45,450,388
34,257,591
4,927,804
7,553,002
5,576,778
21,498,138
7,916,088
1,827,225
10,394,958
10,149,411
4,625,000
154,176,383
(36,907,201)
21,808,104
(21,808,104)
27,250,606
(27,250,606)
-
21,243,396
(21,243,396)
39,955,022
(39,955,022)
-
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
3,676,513
33,012,330
8,907,763
(1,673,655)
(2,045,607)
338,952
42,216,296
5,309,095
4,758,693
4,758,693
874,186
18,859,553
(18,859,553)
23,618,246
(18,859,553)
4,758,693
874,186
3,184,499
(440,647)
5,398,977
3,472,168
(343,483)
11,271,514
91,345
(2,540,570)
8,822,289
6,183,281
(11,119,692)
17,622,936
9,408,680
(3,098,785)
2,821,643
15,634,782
13,732,002
171,417,787
200,784,571
204,287,698
$ (7,935,193) $ 17,182,289 $ 14,807,657 $
373,383 $ 2,478,160 $ 26,906,296 $ 13,823,347 $ 168,877,217 $
- $ 209,606,860 $ 210,470,979
SUPPLEMENTAL SCHEDULES
Cash and Cash Equivalents
Accounts and Notes Receivable
Accounts Receivable Aging Report
Other Current Assets and Student Loans
Current Liabilities
Noncurrent Liabilities
Property, Plant and Equipment
Notes and Bonds Payable
CASH AND CASH EQUIVALENTS:
03/31/10
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)
BANK FUND
TOTAL UNRESTRICTED
($8,759,574)
17,337,103
13,937,776
208,008
(5,582,826)
0
17,140,487
($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
($12,041,032)
12,580,735
7,013,945
(537,331)
(3,716,957)
0
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
1,170,849
(641,090)
764,389
14,559,112
(736,532)
15,116,728
$32,257,215
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
$128,083
1,560,932
0
10,009,469
1,616,252
13,314,736
$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
1,170,849
6,271,630
11,500,000
18,942,479
$32,257,215
1,169,210
0
0
1,169,210
$15,888,797
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
1,709,504
0
0
1,709,504
$15,620,066
1,543,960
0
19,857
1,563,817
$15,408,460
3/31/10
ACCOUNTS AND NOTES RECEIVABLE:
ALL ACCOUNTS RECEIVABLE:
STATE OF MICHIGAN-APPROPRIATIONS
STATE OF MICHIGAN-OTHER
RESEARCH:
BILLED
UNBILLED (mostly current month)
5,802,520
0
06/30/09
9,003,362
109,554
06/30/08
06/30/07
8,914,217
116,773
8,046,161
91,885
3,126,853
2,915,694
6,042,547
2,841,639
3,417,294
6,258,932
2,781,682
4,093,766
6,875,448
2,722,785
4,464,483
7,187,268
1,803,743
311,536
1,368,337
(35,695)
15,292,988
300,881
322,194
484,610
(65,685)
16,413,848
318,020
309,032
1,145,597
(65,122)
17,613,965
400,862
368,761
3,349,638
(65,122)
19,379,453
RESEARCH BILLED - AGING OF ACCOUNTS RECEIVABLE:
(IN DOLLARS)
03/31/10
CURRENT ACCOUNTS
1,469,780
0 TO 30 DAYS PAST DUE
738,824
31 TO 60 DAYS PAST DUE
401,530
61 TO 90 DAYS PAST DUE
86,617
OVER 90 DAYS PAST DUE
430,102
TOTAL RESEARCH BILLED
3,126,853
06/30/09
2,074,337
360,993
230,349
150,863
25,095
2,841,639
06/30/08
1,634,523
605,517
255,409
158,591
127,643
2,781,682
06/30/07
1,769,498
474,309
167,890
107,517
203,570
2,722,784
STUDENT RELATED
VENDOR RELATED
MISCELLANEOUS
ALLOWANCE FOR DOUBTFUL A/C'S
TOTAL ACCOUNTS RECEIVABLE
RESEARCH BILLED - AGING OF ACCOUNTS RECEIVABLE:
(IN PERCENTAGE)
03/31/10
CURRENT ACCOUNTS
47%
0 TO 30 DAYS PAST DUE
24%
31 TO 60 DAYS PAST DUE
13%
61 TO 90 DAYS PAST DUE
3%
OVER 90 DAYS PAST DUE
14%
06/30/09
73%
13%
8%
5%
1%
06/30/08
59%
22%
9%
6%
5%
06/30/07
65%
17%
6%
4%
7%
Accounts Receivable Aging Report
Billed Research
March 31, 2010
Company
AmericaView, Inc.
American Process Incorporated
Advanced Pavement Technology Inc
Arch Wood Protection
Argonne National Laboratory
Arizona State University
BAE Systems
Battelle Columbus Operations
Bendix Commercial Vehicle Systems LLC
BMT Designers & Planners Inc
BorgWarner Inc.
Chrysler Corporation
Cliff Natural Resources, Inc
Colorado State University
Consortium Plant Biotechnology Research Inc
Cornell University
Daimler-Chrysler
DERTINS - Tocantins State Govt
Dynetics, Inc.
ElectroSonics
Energy Center of Wisconsin
EverWood Solutions, Inc.
GE Global Research Center
General Motors Corporation
Great Lakes Fishery Trust
The Henry M. Jackson Foundation for the
Huron Mountain Wildlife Foundation
Ibis Tek, LLC
Incitor, LLC
Internet 2
John Deere Waterloo Works
JTEKT Torsen North America Inc
Kumho Tire
Lawrence Livermore National Security, LLC
Lesktech, Limited
Louisiana-Pacific Corporation
Massachusetts Institute of Technology
Current
5,676.86
10,487.19
16,293.34
0.00
1,290.24
0.00
9,418.61
83,926.95
185,384.00
0.00
0.00
0.00
0.00
10,862.52
0.00
555.50
0.00
6,915.80
11,947.18
0.00
0.00
0.00
0.00
27,503.00
2,408.89
9,963.57
0.00
0.00
0.00
13,154.00
6,736.44
4,675.00
5,085.00
21,580.53
0.00
5,720.00
28,975.88
0 - 30
0.00
2,711.04
3,320.00
17,820.00
0.00
3,139.70
0.00
0.00
0.00
813.92
17,725.00
6,144.00
0.00
0.00
10,491.06
0.00
29,353.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
31 - 60
0.00
5,159.98
4,150.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
9,579.29
0.00
0.00
0.00
0.00
0.00
0.00
3,400.00
1,008.03
0.00
0.00
10,150.00
0.00
0.00
0.00
0.00
0.00
61 - 90
0.00
8,152.43
0.00
6,000.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
25,000.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
91 Plus Days
0.00
16,787.10
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
10,261.99
35,347.20
0.00
16,338.02
0.00
9,529.00
41,380.18
0.00
0.00
0.00
400.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
4,499.94
0.00
0.00
Account
Balance
5,676.86
43,297.74
23,763.34
23,820.00
1,290.24
3,139.70
9,418.61
83,926.95
185,384.00
813.92
17,725.00
6,144.00
25,000.00
10,862.52
10,491.06
555.50
39,614.99
42,263.00
11,947.18
16,338.02
9,579.29
9,529.00
41,380.18
27,503.00
2,408.89
9,963.57
400.00
3,400.00
1,008.03
13,154.00
6,736.44
14,825.00
5,085.00
21,580.53
4,499.94
5,720.00
28,975.88
Company
MATSYS Inc.
Michelin North America
Michigan Department of Environmental Quality
Mississippi State University
Michigan Department of Transportation
Morton Salt Company
National Academies
National Institute of Aerospace
The Nature Conservancy
North Dakota State Universtiy
Nostrium Energy
NTNU
Office of Naval Research
Ohio State Univ Research Foundation
Pratt & Whitney
Rio Tinto Minerals (U.S. Borax)
Rochester Institute of Technology
Science Applications International Corporation
Sensis
Serco Services Inc.
SET Corporation
Somero Enterprises Inc
Teledyne Scientific Company, LLC
UChicago Argonne, LLC
Universidad del Turabo
University of Alaska Fairbanks
University of Central Florida
University of Maryland, College Park
University of Michigan
University of Wisconsin-Superior
Universal Forest Products
US Department of Agriculture
US National Park Service
Federal Highway Administration
US Department of Transportation
US Dept of Transportation
Water Environment Research Foundation
Western Michigan University
Wilcox Professional Services LLC
Working Bugs, LLC
Total Grant & Contracts Receivable
Current
11,554.21
65,115.00
0.00
0.00
166,441.90
0.00
3,067.03
7,077.79
8,188.00
1,750.00
0.00
0.00
321,280.91
12,460.52
8,755.94
0.00
25,470.23
24,594.31
743.29
692.67
5,270.12
142.16
9,884.85
8,097.48
10,950.64
24,680.55
461.97
536.11
165,395.56
437.21
0.00
7,829.39
0.00
35,583.21
0.00
74,758.39
0.00
0.00
0.00
0.00
1,469,779.94
0 - 30
0.00
0.00
0.00
0.00
215,814.01
0.00
13,258.99
0.00
0.00
0.00
19,984.50
58,938.28
261,091.60
0.00
3,480.71
0.00
0.00
56,650.58
743.23
5,708.85
0.00
0.00
5,835.19
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
803.67
4,997.00
0.00
0.00
738,824.33
31 - 60
0.00
0.00
2,868.94
0.00
85,723.54
0.00
21,621.04
0.00
0.00
0.00
9,984.50
0.00
150,604.35
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
7,838.00
0.00
0.00
0.00
1,700.00
0.00
17,635.50
35,454.32
0.00
0.00
0.00
0.00
4,652.56
30,000.00
401,530.05
61 - 90
0.00
0.00
0.00
0.00
0.00
18,000.00
0.00
0.00
0.00
0.00
9,973.00
0.00
13,973.44
0.00
0.00
5,518.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
86,616.87
91 Plus Days
0.00
0.00
0.00
36.43
32,982.82
0.00
31,071.27
0.00
0.00
0.00
0.00
0.00
50,587.75
0.00
0.00
0.00
0.00
23,714.02
0.00
0.00
6,881.78
0.00
0.00
0.00
4,407.31
0.00
0.00
0.00
0.00
0.00
0.00
0.00
18,207.80
0.00
127,669.41
0.00
0.00
0.00
0.00
0.00
430,102.02
Account
Balance
11,554.21
65,115.00
2,868.94
36.43
500,962.27
18,000.00
69,018.33
7,077.79
8,188.00
1,750.00
39,942.00
58,938.28
797,538.05
12,460.52
12,236.65
5,518.00
25,470.23
104,958.91
1,486.52
6,401.52
12,151.90
142.16
15,720.04
8,097.48
15,357.95
24,680.55
8,299.97
536.11
165,395.56
437.21
1,700.00
7,829.39
35,843.30
71,037.53
127,669.41
74,758.39
803.67
4,997.00
4,652.56
30,000.00
3,126,853.21
03/31/10
06/30/09
06/30/08
06/30/07
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
604,133
132,441
222,027
191,181
0
118,832
183,390
$1,452,004
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
$467,672
143,701
259,378
206,295
114,549
108,435
166,534
$1,466,564
20,000
0
20,000
20,000
0
20,000
20,000
617,597
637,597
20,000
561,229
581,229
910,001
13,525
0
0
923,526
$2,395,530
43,324
13,524
0
0
56,848
$1,525,997
29,957
13,524
0
0
43,481
$2,169,868
34,784
13,524
0
14,760
63,068
$2,110,861
$11,868,026
1,190,932
$13,058,958
$12,171,052
1,137,957
$13,309,009
$12,061,145
1,233,203
$13,294,348
$12,176,622
1,327,648
$13,504,270
03/31/10
06/30/09
06/30/08
06/30/07
CURRENT LIABILITIES:
Accounts payable
VOUCHERS
MISCELLANEOUS
SALES TAX & MISC
BENEFITS PAYABLE
ACCRUAL
TOTAL
$1,077,511
71,038
9,835
864,928
200,000
$3,310,432
72,507
4,519
453,430
1,210,016
$4,244,075
40,831
4,253
399,836
1,042,869
$3,270,342
38,970
9,723
806,633
1,286,890
$2,223,312
$5,050,904
$5,731,864
$5,412,558
$3,343,403
139,920
3,646,024
(38,227)
(99,942)
3,633,355
$10,624,533
$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
$2,820,535
479,612
1,459,023
(2,167)
737,615
2,964,550
$8,459,168
$3,001,597
$3,148,776
$2,554,640
$3,487,937
970,000
213,961
0
1,183,961
207,911
1,435,144
452,436
318,000
$3,597,452
$19,446,894
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
1,030,000
0
322,310
1,352,310
208,088
1,225,629
572,517
300,000
$3,658,544
$21,018,207
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
03/31/10
06/30/09
06/30/08
06/30/07
NONCURRENT LIABILITIES:
Insurance and benefit reserves
MISC - LONG TERM PORTION
ESP LONG TERM PORTION
GASB 45
TOTAL
DUE TO MICHIGAN TECH FUND
267,691
623,733
1,255,099
$2,146,523
$
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
216,766
980,813
0
$1,197,579
$
750,000
PROPERTY, PLANT and EQUIPMENT
Beginning Balance
JUL 1, 2009
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
5,049,142
368,394
3,955,320
18,461,942
1,323,100
4,909,955
299,791,697
2,085,219
33,729,409
1,008,001
342,847,381
361,309,323
(136,998,610)
$224,310,713
Additions,
net of Disposals
0.00
131,650.00
0.00
12,752,324.00
12,883,974
66,746.35
138,994.00
68,878.00
0.00
4,214,964.00
0.00
4,489,582
17,373,556
(5,666,968)
$11,706,589
Ending Balance
MAR 31, 2010
$9,089,086
5,180,792
368,394
16,707,644
31,345,916
1,389,846
5,048,949
299,860,575
2,085,219
37,944,373
1,008,001
347,336,963
378,682,879
(145,575,577)
$233,107,302
NOTES AND BONDS PAYABLE
LONG TERM PORTION OF BONDS PAYABLE:
March 31, 2010
June 30, 2009
June 30, 2008
June 30, 2007
REFUNDING BONDS
0
0
0
220,000
1998 ISSUE
0
0
10,000,000
10,000,000
2003 ISSUE
4,190,000
4,295,000
4,400,000
4,500,000
2004 ISSUE
29,430,000
30,145,000
30,845,000
31,525,000
798,381
832,235
866,088
899,942
2,790,000
2,840,000
2,890,000
2,940,000
4,213
8,426
12,640
16,853
15,685,000
15,785,000
0
0
574,055
615,058
0
0
18,235,000
0
0
0
71,706,649
54,520,719
49,013,728
50,101,795
2004 ISSUE PREMIUM
2006 ISSUE
2006 ISSUE PREMIUM
2008 ISSUE
2008 ISSUE PREMIUM
2009 ISSUE
TOTAL