Michigan Technological University
1400 Townsend Drive
Houghton, Michigan
Interim Financial Statements
for the six months ending
December 31, 2009 and 2008
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 $12.1 million after issuance of Series 2009 A and B general revenue bonds of
$18.2 million in November 2009.
Accounts receivable:
Increased by $913,000 due to an increase in research billings.
Investments:
Increased by $2.5 million as financial markets continue their recovery after the significant loss of
value in the last quarter of 2008.
Capital Assets:
Increased by $6.1 million as construction continues on the student apartment building and the
remodeling of the Lakeshore Center nears completion.
Deferred revenue:
Increased by $4.5 million after billing for Spring 2010 semester has been computed, but will not
be recognized until January 2010, the beginning of the semester.
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 $2.9 million (9%) due to tuition rate and enrollment
increases.
Grants and contracts:
Total research revenues increased by $741,000 (3.9%).
Salaries and wages:
Increase by $3.1 million (6.4%) due to both salary increases and additional employees.
Fringe benefits:
Decrease by $745,000 that reflects a change in accrual adjustments and we also believe we are
seeing the cost reduction benefits of the Health Savings Account (HSA) benefit option.
Supplies and services:
A decrease of $2.3 million (9.3%) as spending appears to be down throughout the institution.
Scholarships and fellowships:
An increase of $2.3 million (58.8%) as additional institutional resources are committed to
helping students attend Michigan Tech.
Federal Pell Grants:
Increase by $899,000 (46.1%) as federal government spending in aid of higher education is
increased.
Gift Income:
Decrease by $2.3 million (34.1%) as spendable income drawn from the Michigan Tech Fund
has decreased.
Investment income
For the first six months of fiscal year 2009-2010, investments have increased in market value by
$1.5 million as opposed to loosing $1.6 million in market value in the first six months of fiscal
year 2008-2009.
Capital grants and gifts:
Increase by $2.5 million as several significant gifts have been received for facility improvements.
The Bottom Line:
The University had a decrease in Net Assets of $8.1 million in the first half of fiscal year 2009-10
compared to a decrease in Net Assets of $12.8 million in the first half of fiscal year 2008-09; an
improvement in performance of $4.7 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, 2009 and 2008
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
Current Funds
Auxiliary
Retirement
Activities
Insurance
Designated
Combined Total
Expendable
Restricted
Total Current
Funds
$ 1,274,969
143,288
20,000
1,438,257
$
$ 18,912,919
$ 17,247,665
$ 22,048,193
6,906,273
6,906,273
$ 8,344,530
$ 6,410,903
0
6,906,273
0
0
6,906,273
$ 72,964,210
13,045,970
13,045,970
$ 13,806,018
230,531,607
978,544
231,510,151
$ 245,864,761
$
$
$
$
395,357
238,616
8,260,000
8,893,973
$ 2,413,491
645,912
3,361,645
6,421,048
$
$
$
$
$
42,610
194,218
2,500,598
2,737,426
2,413,491
1,310,680
7,578,250
51,604,257
62,906,678
760,048
760,048
-
$
14,321,852
32,758
14,354,610
Agency
$ 19,719,673
232,894
2,095,626
22,048,193
26,502
83,712
110,214
$
Plant
$ (26,347,030) $ 17,217,405
43,216,107
16,735
223,842
1,820,000
13,525
18,912,919
17,247,665
200,299
3,700,059
40,843,659
44,744,017
(253,241) $ 11,611,776
6,664,144
50,273,168
2,319,468
20,000
1,833,525
6,410,903
66,057,937
Student Loan
1,183,961
21,260
7,758
481,250
1,694,229
$
(75,519) $
10,055
388
(65,076)
- $
(936)
(64,140)
(65,076)
110,214
8,893,973
2,146,523
2,146,523
8,567,571
2,737,426
2,146,523
0
0
624,900
0
2,771,423
65,678,101
-
71,706,649
223,164
600,000
72,529,813
74,224,042
(65,076)
(15,336,306)
(11,119,692)
(26,455,998)
(485,485)
17,622,936
17,137,451
3,745,540
9,408,680
13,154,220
2,875,744
(3,098,785)
(223,041)
851,834
2,821,643
3,673,477
(8,348,673)
15,634,782
7,286,109
74,016
13,732,002
13,806,018
222,932
171,417,787
171,640,719
-
13,806,018
$ 245,864,761
$ 17,247,665
$ 22,048,193
$ 8,344,530
$ 6,410,903
$ 72,964,210
$
$
FY 2009
26,618,157 $
50,315,981
2,319,856
20,000
1,833,525
81,107,519
14,483,337
49,402,509
2,293,447
20,000
1,769,409
67,968,702
13,045,970
6,906,273
230,531,607
978,544
251,462,394
(65,076) $ 332,569,913
624,900
624,900
45,368,917
$ 18,912,919
FY 2010
13,321,916
4,396,478
224,422,166
978,544
243,119,104
$ 311,087,806
3,597,452 $
1,331,004
7,521,868
52,085,507
64,535,831
3,613,832
1,322,591
8,652,294
47,596,670
61,185,387
2,146,523
71,706,649
223,164
624,900
600,000
75,301,236
139,837,067
2,664,700
54,558,786
437,024
628,900
100,000
58,389,410
119,574,797
(8,051,725)
200,784,571
192,732,846
(12,774,689)
204,287,698
191,513,009
(65,076) $ 332,569,913
$ 311,087,806
Schedule of Revenues, Expenses and Changes in Net Assets by Fund by Object
For the Six Months Ended December 31, 2009 and 2008
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
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
$ 47,789,802 $
75
4,559,715
250,152
52,599,744
Designated
Current Funds
Auxiliary
Retirement
Activities
Insurance
- $ 2,030,741 $
1,273,687
301,888
9,866,552
97,709
5,060,417
1,371,396
17,259,598
14,180,937
18,485,266
1,783,506
798,477
14,226,078
7,279,115
14,386,034
1,754,618
72,894,031
(20,294,287)
2,125,481
271,284
298,224
355,499
899,243
3,859,793
160,154
56,998
8,026,676
(6,655,280)
3,833,412
1,549
151,520
879,790
1,469,627
5,894,460
282,687
1,354,864
13,867,909
3,391,689
(495,253)
1,461,895
(12,014,693)
(11,048,051)
(212,181)
7,957,609
(3,588,624)
4,156,804
15,956,931
49,101
16,006,032
(15,336,306)
2,012,991
2,012,991
(485,485)
Combined Totals
Expendable
Restricted
-
$
Total Current
Funds
- $
12,618,299
1,714,516
5,550,233
(4,559,715)
74,944
16,148
15,414,425
Student Loan
49,820,543 $
12,618,374
1,714,516
5,550,233
1,900,671
9,866,552
5,174,274
86,645,163
-
$
3,456,252
1,550,477
1,900,404
652,352
1,823,564
5,895,586
5,667,909
13,928
20,960,472
(5,546,047)
24,480,169
20,309,415
4,133,654
2,686,118
19,367,226
23,173,691
20,496,784
3,180,408
117,827,465
(31,182,302)
(1,596,242)
2,523,118
(1,245,199)
(318,323)
3,668,550
(27,832)
3,640,718
1,106,052
(461,349)
1,998,374
(941,261)
1,701,816
1,106,052
(2,765,025)
17,609,546
(17,817,609)
(1,867,036)
-
19,898,450
(18,239,477)
1,676,414
(1,468,351)
1,867,036
630,435
41,739
672,174
3,745,540
1,313,403
1,313,403
2,875,744
2,850,000
1,849,448
(3,383)
4,696,065
851,834
2,850,000
15,956,931
4,541,975
1,351,759
24,700,665
(8,348,673)
120,228
120,228
74,016
3,637
(625,989)
(622,352)
(17,434,432)
2,875,744
(3,098,785)
$
(223,041) $
851,834
2,821,643
3,673,477
(8,348,673)
74,016
15,634,782
13,732,002
7,286,109 $ 13,806,018
2,865,672
14,791,692
17,657,364
222,932
171,417,787
$ 171,640,719
$
Eliminations
- $ (14,390,166) $
116,463
116,463
(14,390,166)
884,087
839
948,714
244,737
2,078,377
(2,078,377)
(15,336,306)
(485,485)
3,745,540
(11,119,692)
17,622,936
9,408,680
$ (26,455,998) $ 17,137,451 $ 13,154,220
46,212
46,212
(46,212)
Plant
13,020,579
5,775,000
18,795,579
(18,679,116)
FY 2010
FY 2009
35,430,377 $
12,618,374
1,714,516
5,550,233
2,017,134
9,866,552
5,174,274
72,371,460
32,495,526
12,160,777
1,841,968
5,139,435
1,946,683
9,937,171
5,412,123
68,933,683
(27,909,768)
13,519,602
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)
23,415,314
18,770,898
3,720,367
2,562,909
20,112,034
25,042,877
3,844,542
2,860,732
4,625,000
104,954,673
(36,020,990)
-
21,004,502
(21,004,502)
19,285,960
(19,285,960)
-
20,360,573
(20,360,573)
34,867,137
(34,867,137)
-
1,272,090
1,272,090
14,791,692
2,850,000
15,956,931
4,541,975
1,475,624
(625,989)
1,272,090
25,470,631
(10,917,397)
1,950,739
16,506,165
6,887,795
(1,611,983)
(830,943)
22,901,773
(13,119,217)
(13,519,602)
(14,390,166)
2,865,672
344,528
(14,791,692)
(14,791,692)
2,865,672
344,528
(8,051,725)
(12,774,689)
200,784,571
204,287,698
$
- $ 192,732,846 $ 191,513,009
Schedule of Revenues, Expenses and Changes in Net Assets by Fund by Function
For the Six Months Ended December 31, 2009 and 2008
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
Student financial support
Operations and maintenance of plant
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
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
$ 47,789,802 $
75
4,559,715
250,152
52,599,744
Designated
Current Funds
Auxiliary
Retirement
Activities
Insurance
- $ 2,030,741 $
1,273,687
301,888
9,866,552
97,709
5,060,417
1,371,396
17,259,598
30,413,490
8,014,296
238,037
4,150,593
3,314,562
10,107,491
11,426,030
5,229,532
72,894,031
(20,294,287)
1,032,597
3,999,451
462,155
94,757
370,270
1,814,379
253,067
8,026,676
(6,655,280)
13,867,909
13,867,909
3,391,689
(495,253)
1,461,895
(12,014,693)
(11,048,051)
(212,181)
7,957,609
(3,588,624)
4,156,804
15,956,931
49,101
16,006,032
(15,336,306)
2,012,991
2,012,991
(485,485)
Combined Totals
Expendable
Restricted
-
$
Total Current
Funds
- $
12,618,299
1,714,516
5,550,233
(4,559,715)
74,944
16,148
15,414,425
Student Loan
49,820,543 $
12,618,374
1,714,516
5,550,233
1,900,671
9,866,552
5,174,274
86,645,163
-
$
124,620
12,715,347
3,137,550
4,309
(98,207)
6,258
5,070,595
20,960,472
(5,546,047)
31,570,707
24,729,094
3,837,742
4,249,659
3,586,625
14,025,553
16,496,625
5,463,551
13,867,909
117,827,465
(31,182,302)
(1,596,242)
2,523,118
(1,245,199)
(318,323)
3,668,550
(27,832)
3,640,718
1,106,052
(461,349)
1,998,374
(941,261)
1,701,816
1,106,052
(2,765,025)
17,609,546
(17,817,609)
(1,867,036)
630,435
41,739
672,174
3,745,540
1,313,403
1,313,403
2,875,744
2,850,000
1,849,448
(3,383)
4,696,065
851,834
2,850,000
15,956,931
4,541,975
1,351,759
24,700,665
(8,348,673)
120,228
74,016
3,637
(625,989)
(622,352)
(17,434,432)
2,875,744
(3,098,785)
$
(223,041) $
851,834
2,821,643
3,673,477
(8,348,673)
74,016
15,634,782
13,732,002
7,286,109 $ 13,806,018
2,865,672
14,791,692
17,657,364
222,932
171,417,787
$ 171,640,719
$
120,228
Eliminations
- $ (14,390,166) $
116,463
116,463
(14,390,166)
2,097,425
(19,048)
2,078,377
(2,078,377)
(15,336,306)
(485,485)
3,745,540
(11,119,692)
17,622,936
9,408,680
$ (26,455,998) $ 17,137,451 $ 13,154,220
46,212
46,212
(46,212)
Plant
1,444,064
11,576,514
5,775,000
18,795,578
(18,679,115)
19,898,449
(18,239,477)
1,676,414
(1,468,351)
1,867,035
(67,389)
(1,003,433)
(40,478)
(14,390,166)
(12,197,702)
(7,015,473)
6,804,873
(27,909,768)
13,519,602
FY 2010
FY 2009
35,430,377 $
12,618,374
1,714,516
5,550,233
2,017,134
9,866,552
5,174,274
72,371,460
32,495,526
12,160,777
1,841,968
5,139,435
1,946,683
9,937,171
5,412,123
68,933,683
31,503,318
23,725,661
3,837,742
4,249,659
3,586,625
15,429,139
2,152,671
4,842,363
6,852,436
6,804,873
5,775,000
108,759,487
(36,388,027)
30,646,187
22,214,690
3,465,075
4,662,767
3,789,484
14,984,756
588,104
6,281,771
7,028,775
6,668,064
4,625,000
104,954,673
(36,020,990)
-
21,004,501
(21,004,502)
19,285,960
(19,285,960)
(1)
20,360,573
(20,360,573)
34,867,137
(34,867,137)
-
1,272,090
1,272,090
14,791,692
2,850,000
15,956,931
4,541,975
1,475,624
(625,989)
1,272,090
25,470,631
(10,917,397)
1,950,739
16,506,165
6,887,795
(1,611,983)
(830,943)
22,901,773
(13,119,217)
2,865,672
344,528
(14,791,692)
(14,791,692)
2,865,672
344,528
(8,051,725)
(12,774,689)
200,784,571
204,287,698
$
- $ 192,732,846 $ 191,513,009
CASH AND CASH EQUIVALENTS:
12/31/09
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
FIFTH/THIRD BANK
RANGE BANK-CALUMET & LL
SUPERIOR NATIONAL BANK
Comingled cash total
Designated/Restricted cash and equivalents:
R&I FUND - SCUDDER MONEY MKT
2009 BOND ISSUE FUNDS
2009 BOND INVESTMENTS
TOTAL
06/30/09
06/30/08
06/30/07
($26,347,030)
17,217,405
19,719,673
104,249
(5,715,963)
0
4,978,334
($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
1,170,720
(253,241)
760,049
20,037,813
(75,519)
21,639,822
$26,618,156
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
$158,202
5,059,443
0
2,471,429
7,689,074
$115,352
10,038,933
4,000,000
565,302
14,719,587
$112,728
16,124,317
0
(2,326,483)
13,910,562
$89,789
13,091,973
10,076
652,804
13,844,642
1,170,720
6,258,362
11,500,000
18,929,082
$26,618,156
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
12/31/09
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
2,901,260
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
3,675,803
2,729,861
6,405,664
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
40,061,848
42,324
945,281
(40,397)
50,315,981
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
12/31/09
1,684,041
967,261
547,288
296,917
180,296
3,675,803
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
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
TOTAL RESEARCH BILLED
RESEARCH BILLED - AGING OF ACCOUNTS RECEIVABLE:
(IN PERCENTAGE)
12/31/09
CURRENT ACCOUNTS
46%
0 TO 30 DAYS PAST DUE
26%
31 TO 60 DAYS PAST DUE
15%
61 TO 90 DAYS PAST DUE
8%
OVER 90 DAYS PAST DUE
5%
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
December 31, 2009
Company
AmericaView, Inc.
American Engineering Testing, Inc.
American Institute of Chemical Engineers
American Process Incorporated
Arch Corporation
Arch Wood Protection
Argonne National Laboratory
Arizona State University
BAE Systems
Battelle Columbus Operations
Bendix Commercial Vehicle Systems LLC
BMT Designers & Planners Inc
Boeing Company
BorgWarner Inc.
Cliff Natural Resources, Inc
Colorado State University
Copper Country Intermediate School District
Craft Engineering Associates Inc
Daimler-Chrysler
DERTINS - Tocantins State Govt
Dynetics, Inc.
Eaton Corporation
ElectroSonics
Elm Consulting, LLC
ERC, Inc.
EverWood Solutions, Inc.
Ford Motor Company
GE Global Research Center
General Dynamics
General Dynamics Advanced Information Systems
General Motors Corporation
Georgia Institute of Technology
Great Lakes Fishery Trust
The Henry M. Jackson Foundation for the
Huron Mountain Wildlife Foundation
Hydro Aluminum Technology Center
Incitor, LLC
Integrated Photonics Inc
Internet 2
Janssen Pharmaceutica N V
John Deere Waterloo Works
LANXESS Corporation
Lawrence Livermore National Security, LLC
Current
0 - 30
4,166.70
0.00
860.00
0.00
8,125.00
0.00
8,152.43 13,412.13
68,794.00
0.00
6,000.00
6,667.00
5,613.08
0.00
6,580.50
0.00
0.00
0.00
0.00
0.00
185,384.00
0.00
354.21 77,653.12
50,000.00
0.00
0.00 17,725.00
25,000.00
0.00
16,370.17
0.00
18,481.00
0.00
16,666.25
0.00
0.00 117,412.00
0.00
0.00
5,220.66
0.00
36,480.00
0.00
0.00
0.00
0.00
626.00
2,928.00
0.00
0.00
0.00
0.00
0.00
0.00 30,142.93
20,158.94 27,156.87
0.00
201.20
15,021.00
0.00
1,919.47
0.00
0.00
0.00
5,750.02
3,706.56
0.00
0.00
0.00 25,000.00
0.00
0.00
2,628.84
0.00
12,774.00
0.00
0.00
5,040.00
4,021.44
0.00
7,538.00
0.00
2,174.92
0.00
31 - 60
0.00
0.00
0.00
3,374.97
41,692.00
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
28.77
0.00
0.00
0.00
0.00
0.00
0.00
0.00
62,863.00
11,237.25
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1,600.00
0.00
0.00
0.00
0.00
0.00
189.84
61 - 90 91 Plus Days
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
1,282.93
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
10,233.22
35,347.20
0.00
0.00
0.00
0.00
0.00
16,338.02
0.00
0.00
0.00
0.00
0.00
0.00
9,529.00
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
12,093.15
0.00
0.00
0.00
400.00
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
Account
Balance
4,166.70
860.00
8,125.00
24,939.53
110,486.00
12,667.00
5,613.08
6,580.50
1,282.93
0.01
185,384.00
78,007.33
50,000.00
17,725.00
25,000.00
16,370.17
18,481.00
16,666.25
127,673.99
35,347.20
5,220.66
36,480.00
16,338.02
626.00
2,928.00
9,529.00
62,863.00
41,380.18
47,315.81
201.20
15,021.00
1,919.47
12,093.15
9,456.58
400.00
25,000.00
1,600.00
2,628.84
12,774.00
5,040.00
4,021.44
7,538.00
2,364.76
Billed Research
Lesktech, Limited
Los Alamos National Laboratory
Mayo Clinic Rochester
Mississippi State University
Michigan Department of Transportation
Montana Tech of the University of Montana
National Academies
North Dakota State Universtiy
Nostrium Energy
Office of Naval Research
Office of Naval Research (DARPA)
Ohio State Univ Research Foundation
Oshkosh Truck Corporation
Osmose Inc
Pennsylvania State University
Rio Tinto Minerals (U.S. Borax)
Rochester Institute of Technology
Science Applications International Corporation
Sensis
Serco Services Inc.
SET Corporation
John Simmons
SINTEF Energy Research
Teledyne Scientific Company, LLC
Tenneco, Inc.
UChicago Argonne, LLC
Universidad del Turabo
University of Alaska Fairbanks
University of Arizona
University of Arkansas
University of Maryland, College Park
University of Michigan
University of Minnesota-Duluth
University of Nevada, Reno
University of Pittsburgh
UP Steel
US Department of Agriculture
U.S. Bureau of Land Management
US Civilian Research & Development Foundation
US Forest Service
US National Park Service
Federal Highway Administration
US Department of Transportation
US Dept of Transportation
Water Environment Research Foundation
Weyerhaeuser Technology Center
Working Bugs, LLC
Total Grant & Contract Receivables
0.00
4,499.94
0.00
0.00
4,292.50
0.00
0.00
0.00
3,955.11
0.00
0.00
0.00
0.00
36.43
0.00
0.00
119,067.82 56,811.41 14,517.56
9,979.19
10,145.50
0.00
0.00
0.00
12,588.60
2,407.21 31,071.27
0.00
4,500.00
2,082.32
0.00
0.00
9,973.00
0.00
0.00
0.00
633,012.46 253,600.21 234,006.45 222,320.81
96,652.04
0.00
0.00
0.00
7,308.52
1,998.78
0.00
0.00
0.00
5,640.00
0.00
0.00
0.00 10,780.00 27,000.00
0.00
2,160.98
0.00
0.00
0.00
29,382.00
0.00
0.00
0.00
16,316.77
0.00
0.00
0.00
7,897.79 17,635.30 23,714.02
0.00
4,123.60
2,624.08
0.00
0.00
3,838.94 24,534.81
0.00
0.00
0.00
0.00
6,881.78
0.00
0.00
0.00 50,000.00
0.00
11,165.50
0.00
0.00
0.00
2,382.02
0.00
0.00
0.00
0.00
5,850.00
0.00
0.00
4,705.10
0.00
0.00
0.00
0.00
0.00
0.00
4,407.31
32,740.83
0.00
0.00
0.00
2,037.80
0.00
0.00
0.00
0.00
4,613.14
2,051.28
2,480.50
2,007.07
0.00
0.00
0.00
1,935.96
0.00
0.00
0.00
0.00
2,000.00
0.00
0.00
9,660.00
0.00
0.00
0.00
4,743.76
0.00
0.00
0.00
18,469.86 60,841.41
0.00
0.00
28,955.45
0.00
0.00
0.00
3,723.30
0.00
0.00
4,760.90
3,645.16
0.00
0.00
0.00
595.00
0.00
0.00
0.00
10,057.02
0.00 37,059.57
0.00
22,935.32
0.00
0.00
0.00
0.00 122,336.84
0.00
0.00
20,055.84 34,225.94
0.00
0.00
198.00
0.00
0.00
0.00
1,650.00
0.00
0.00
0.00
0.00 30,000.00
0.00
0.00
1,684,041.25 967,260.63 547,287.77 296,916.86
0.00
0.00
0.00
0.00
24,346.23
0.00
0.00
0.00
0.00
112,895.12
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
0.00
0.00
0.00
5,467.19
0.00
0.00
0.00
0.00
5,332.57
0.00
0.00
0.00
0.00
180,296.48
4,499.94
4,292.50
3,955.11
36.43
224,722.21
10,145.50
46,067.08
6,582.32
9,973.00
1,455,835.05
96,652.04
9,307.30
5,640.00
37,780.00
2,160.98
29,382.00
16,316.77
49,247.11
6,747.68
28,373.75
6,881.78
50,000.00
11,165.50
2,382.02
5,850.00
4,705.10
4,407.31
32,740.83
2,037.80
9,144.92
2,007.07
1,935.96
2,000.00
9,660.00
4,743.76
79,311.27
28,955.45
13,951.39
3,645.16
595.00
47,116.59
22,935.32
127,669.41
54,281.78
198.00
1,650.00
30,000.00
3,675,802.99
12/31/09
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
PLANT FUND BUILDING MATERIALS
TOTAL DEFERRED EXPENSES
TOTAL CURRENT OTHER ASSETS
STUDENT LOANS:
FEDERAL PERKINS LOANS, net
TECHAID LOANS
TOTAL STUDENT LOANS
$1,435,443
148,407
223,842
191,181
0
118,832
202,151
$2,319,856
$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
1,820,000
13,524
0
1,833,524
$4,173,380
43,324
13,524
0
56,848
$1,525,997
29,957
13,524
0
43,481
$2,169,868
34,784
13,524
14,760
63,068
$2,110,861
$11,900,069
1,145,901
$13,045,970
$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
12/31/09
06/30/09
06/30/08
06/30/07
CURRENT LIABILITIES:
Accounts payable
VOUCHERS
MISCELLANEOUS
SALES TAX & MISC
BENEFITS PAYABLE
ACCRUAL
TOTAL
$294,898
222,600
17,593
595,912
200,000
$1,331,003
$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
$3,270,342
38,970
9,723
806,633
1,286,890
$5,412,558
$1,596,700
175,338
2,274,315
1,646
(159,486)
3,633,355
$7,521,868
$52,085,507
$3,150,811
427,804
1,570,381
(2,495)
742,707
3,633,355
$9,522,563
$3,148,776
$2,586,580
393,648
1,544,254
(2,185)
638,023
3,347,574
$8,507,894
$2,554,640
$2,820,535
479,612
1,459,023
(2,167)
737,615
2,964,550
$8,459,168
$3,487,937
$0
970,000
213,961
0
1,183,961
207,911
1,435,144
452,436
318,000
$3,597,452
$64,535,830
$0
950,000
204,945
0
1,154,945
207,911
1,435,144
452,436
318,000
$3,568,436
$21,290,679
$0
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
$0
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
BANK LINE OF CREDIT
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
12/31/09
06/30/09
06/30/08
06/30/07
NONCURRENT LIABILITIES:
Insurance and benefit reserves
ACCRUED CLAIMS
MISC - LONG TERM PORTION
ESP LONG TERM PORTION
OTHER POST EMPLOYMENT BENEFITS
TOTAL
DUE TO MICHIGAN TECH FUND
$0
267,690
623,733
1,255,099
$2,146,522
$
600,000
$0
267,690
623,733
1,255,099
$2,146,522
$
600,000
$0
267,876
792,342
955,099
$2,015,317
$
600,000
$0
216,766
980,813
0
$1,197,579
$
750,000
PROPERTY, PLANT and EQUIPMENT
Nondepreciable capital assets
LAND
MINERAL MUSEUM EXHIBITS
TIMBER
CONSTRUCTION IN PROGRESS
SUBTOTAL
Depreciable capital assets
LAND IMPROVEMENTS
INFRASTRUCTURE
BUILDINGS
DEFERRED FINANCING COSTS
EQUIPMENT
LIBRARY BOOKS
SUBTOTAL
Total cost of capital assets
Less Accumulated Depreciation
CAPITAL ASSETS, net
Beginning Balance
JUL 1, 2009
$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
131,649.78
0.00
7,967,765.15
8,099,415
66,746.24
138,994.00
68,877.87
0.00
3,513,829.67
0.44
3,788,448
11,887,863
(5,666,968)
$6,220,896
Ending Balance
DEC 31 2009
$9,089,086
5,180,792
368,394
11,923,085
26,561,357
1,389,846
5,048,949
299,860,575
2,085,219
37,243,239
1,008,001
346,635,829
373,197,186
(142,665,578)
$230,531,608
NOTES AND BONDS PAYABLE
12/31/09
6/30/09
6/30/08
6/30/07
2003 ISSUE
$4,190,000
$4,295,000
$4,500,000
$4,600,000
2004 ISSUE
29,430,000
30,145,000
31,525,000
32,195,000
2006 ISSUE
2,790,000
2,840,000
2,940,000
2,940,000
2008 ISSUE
15,685,000
15,785,000
0
0
2009 ISSUE
18,235,000
0
0
0
$70,330,000
$53,065,000
$38,965,000
$39,735,000
LONG TERM PORTION OF BONDS
PAYABLE:
TOTAL