Michigan Technological University
1400 Townsend Drive
Houghton, Michigan
Interim Financial Statements
for the three months ending
September 30, 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 interim
reports can be found at the following address: http://www.mtf.mtu.edu/trustee_site/financial.php
Financial Highlights
Balance Sheet Variances
Cash and cash equivalents:
Decreased by $3.0 million as construction on the student residential building has begun prior to
the issuance of bonds.
Accounts receivable:
Increased by $1.1 million due to an increase in research billings.
Notes and bonds payable:
Noncurrent notes and bonds payable increased by a net of $2.0 million after issuing the 2008
Series bonds of $15.8 million, refunding $10 million the outstanding 1998 series bonds and
issuing semi-annual payments on the remaining bond issues.
Income Statement Variances
Student tuition and fees:
An increase of $2.7 million (8%) due primarily to a tuition increase
Salaries and wages:
Increase by $1.8 million (8%) due to both salary increases and additional employees.
Fringe benefits:
Increase by $1.4 million that reflects a change in accrual adjustments.
Supplies and services:
An decrease of $4.2 million (28%) primarily from the Institutional Support departments.
Scholarships and fellowships:
An increase of $2.4 million as additional institutional resources are committed to helping
students attend Michigan Tech.
Investment income
Increased $870,000 as the markets continue to recover through the first quarter of the fiscal
year.
The Bottom Line:
The University had an increase in Net Assets of $7.8 million in the first quarter of fiscal year
2009-10 compared to an increase in Net Assets of $5.7 million in the first quarter of fiscal year
2008-09; and improvement in performance of $2.1 million.
Questions?
Visit our Frequently Asked Questions section at the following address:
http://www.admin.mtu.edu/acct/reports/faq.htm
Schedule of Net Assets by Fund
September 30, 2009 and 2008
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
Current Funds
Auxiliary Retirement Activities
Insurance
Combined Total
Expendable Restricted
Total Current Funds
General
Designated
Student Loan
Plant
Agency
$ (3,004,335)
3,413,056
226,122
‐
‐
634,843
$ 16,958,783
66,543
‐
‐
13,525
17,038,851
$ 16,466,238
186,600
1,391,059
‐
‐
18,043,897
$ (3,129,825)
119,253
‐
20,000
‐
(2,990,572)
$ (2,194,581) $ 25,096,280 $ 379,209 $ (1,796,428)
6,712,357
10,497,809 ‐ 912,457
‐
1,617,181 ‐ ‐
‐
20,000 ‐ ‐
‐
13,525 ‐ ‐
4,517,776 37,244,795 379,209 (883,971)
‐
‐
‐
‐
‐
$ 634,843
‐
‐
‐
‐
‐
$ 17,038,851
‐
‐
‐
‐
‐
$ 18,043,897
‐
6,527,619
‐
‐
6,527,619
$ 3,537,047
‐
‐
‐
‐
‐
$ 4,517,776
0 13,384,505
6,527,619 ‐
0 ‐
0 ‐
6,527,619 13,384,505
$ 43,772,414 $ 13,763,714
‐ ‐
‐ ‐
224,701,976 ‐
978,544 ‐
225,680,520 ‐
$ 224,796,549 $ (435,185)
13,384,505
6,527,619
224,701,976
978,544
245,592,644
$ 281,897,492
$ (442,362)
6,789
388
‐
‐
(435,185)
2009
2008
$ 23,236,699 $ 26,190,388
11,417,055 10,250,269
1,617,569 1,669,476
20,000 637,597
13,525 13,525
36,304,848 38,761,255
13,641,355
6,311,779
224,038,715
978,544
244,970,393
$ 283,731,648
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
$ ‐
440,328
3,601,933
122,579
4,164,840
$ ‐ $ ‐ $ 2,413,491
104,826 448,627 916,497
193,392 447,780 3,016,609
‐ ‐ ‐
298,218 896,407 6,346,597
$ ‐
139,451
479,722
2,500,598
3,119,771
$ 2,413,491
2,049,729
7,739,436
2,623,177
14,825,833
$ ‐
‐
‐
‐
‐
$ 1,183,961
66,593
7,758
481,250
1,739,562
$ ‐
23,868
(459,053)
‐
(435,185)
$ 3,597,452 $ 3,707,723
2,140,190 2,597,744
7,288,141 6,249,570
3,104,427 2,581,955
16,130,210 15,136,992
‐
‐
‐
715,900
‐
715,900
4,880,740
‐
‐
‐
‐
‐
‐
298,218
2,146,523
‐
‐
‐
‐
2,146,523
8,493,120
‐
‐
‐
‐
‐
‐
3,119,771
2,146,523
0
0
715,900
0
2,862,423
17,688,256
‐
‐
‐
‐
‐
‐
‐
53,471,649
223,164
‐
600,000
54,294,813
56,034,375
‐
‐
‐
‐
‐
‐
(435,185)
2,146,523
53,471,649
223,164
715,900
600,000
57,157,236
73,287,446
1,664,700
55,508,786
641,970
731,400
100,000
58,646,856
73,783,848
Net assets
Net increase (decrease) in net assets
Net assets, beginning of year
Total net assets
6,873,795 (882,303) 7,738,810
(11,119,692) 17,622,936 9,408,680
(4,245,897) 16,740,633 17,147,490
7,825,475
200,784,571
208,610,046
5,660,102
204,287,698
209,947,800
Total liabilities and net assets
‐
‐
‐
‐
‐
‐
896,407
(1,857,288) (1,423,638)
10,449,376 31,712
(3,098,785) 2,821,643
15,634,782 13,732,002
(4,956,073) 1,398,005 26,084,158 13,763,714
(2,655,613) ‐
171,417,787 ‐
168,762,174 ‐
$ 634,843 $ 17,038,851 $ 18,043,897 $ 3,537,047 $ 4,517,776 $ 43,772,414 $ 13,763,714 $ 224,796,549 $ (435,185) $ 281,897,492 $ 283,731,648
Schedule of Revenues, Expenses and Changes in Net Assets by Fund by Object
For the Year Ended June 30, 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
Scholarships and fellowships
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 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
Designated
Current Funds
Auxiliary Retirement Activities
Insurance
Combined Totals
Expendable Restricted
Total Current Funds
Student Loan
Plant
Eliminations
2009
2008
$ 45,548,263
75
‐
‐
2,249,953
137,771
‐
‐
47,936,062
$ ‐ $ 1,055,125 $ ‐ $ ‐
‐ ‐ ‐ 5,934,040
‐ ‐ ‐ 824,602
‐ ‐ ‐ 3,164,549
‐ ‐ ‐ (2,249,953)
949,421 185,559 ‐ 33,944
‐ 9,634,299 ‐ ‐
74,979 3,379,949 ‐ 3,250
1,024,400 14,254,932 ‐ 7,710,432
$ 46,603,388 $ ‐ $ ‐ $ (13,460,923)
5,934,115 ‐ ‐ ‐
824,602 ‐ ‐ ‐
3,164,549 ‐ ‐ ‐
‐ ‐ ‐ ‐
1,306,695 ‐ 100 ‐
9,634,299 ‐ ‐ ‐
3,458,178 ‐ ‐ ‐
70,925,826 ‐ 100 (13,460,923)
6,968,610
7,276,682
664,067
384,803
5,895,374
3,623,346
13,676,585
578,779
‐
39,068,246
8,867,816
1,088,301
222,977
179,180
269,221
450,831
1,626,554
45,328
24,975
‐
3,907,367
(2,882,967)
1,899,804
790
80,557
504,266
692,940
3,077,105
146,288
438,487
‐
6,840,237
7,414,695
569,889
‐
‐
‐
2,122,630
81,112
‐
‐
‐
2,773,631
(2,773,631)
1,778,656
1,107,992
1,000,470
447,558
951,186
2,548,672
4,566,863
7,353
‐
12,408,750
(4,698,318)
12,305,260
8,608,441
1,924,274
1,605,848
10,112,961
10,956,789
18,435,064
1,049,594
‐
64,998,231
5,927,595
‐
‐
‐
‐
‐
35,743
‐
‐
‐
35,743
(35,743)
‐
‐
‐
‐
‐
6,882,939
‐
‐
2,865,000
9,747,939
(9,747,839)
‐
(368,265)
872,814
(2,504,152)
(1,999,603)
‐
(229,755)
3,637,149
(2,168,848)
1,238,546
‐
(30,741)
107,795 9,100
(385,187) (27,832)
(308,133) (18,732)
805,087
(205,798)
935,057
(416,962)
1,117,384
805,087
(834,559)
5,561,915
(5,502,981)
29,462
‐
‐
‐
‐
‐
29,472
‐
59,418
(118,351)
(29,461) ‐
834,559
(834,559)
5,621,333
(5,621,332)
1
17,719,163
(17,719,163)
21,387,702
(21,387,702)
‐
‐
‐
5,582
‐
‐
‐
5,582
6,873,795
‐
‐
762,118
‐
‐
‐
762,118
(882,303)
‐
‐
598,107
34,141
‐
‐
632,248
7,738,810
‐
‐
‐
935,075
‐
‐
935,075
(1,857,288)
2,000,000
‐
160,346
(3,050)
‐
‐
2,157,296
(1,423,638)
2,000,000
‐
1,526,153
966,166
‐
‐
4,492,319
10,449,376
‐
‐
‐
67,455
‐
2,000,000
‐
‐
‐
1,526,153
(40,206)
993,415
(709,536)
(709,536)
‐ (1) (1)
(749,742) (1) 3,810,031
(10,527,042) 7,196,932 7,150,978
1,700,000
‐
1,892,413
125,519
(830,943)
‐
2,886,989
5,403,732
‐
‐
‐
6,873,795
(11,119,692)
$ (4,245,897)
‐
‐
‐
(882,303)
17,622,936
$ 16,740,633
‐ ‐
‐ ‐
‐ ‐
7,738,810 (1,857,288)
9,408,680 (3,098,785)
$ 17,147,490 $ (4,956,073)
‐
‐
‐
(1,423,638)
2,821,643
$ 1,398,005
‐ ‐ 674,497
‐ ‐ 7,196,932
‐ ‐ 7,871,429
10,449,376 31,712 (2,655,613)
15,634,782 13,732,002 171,417,787
$ 26,084,158 $ 13,763,714 $ 168,762,174
‐
67,455
31,712
$ 33,142,465 $ 30,363,384
5,934,115 6,415,303
824,602 835,365
3,164,549 2,732,033
‐ 8,522
1,306,795 1,346,271
9,634,299 9,771,335
3,458,178 3,506,791
57,465,003 54,979,004
12,305,260
8,608,441
1,924,274
1,605,848
10,112,961
(7,196,933) 10,678,538
(13,460,923) 4,974,141
1,049,594
‐ 2,865,000
(20,657,856) 54,124,057
7,196,933 3,340,946
‐
(7,196,932)
(7,196,932)
‐
‐
$ ‐
11,615,506
7,872,748
1,641,613
1,463,109
8,694,964
14,836,625
2,604,059
958,637
2,775,000
52,462,261
2,516,743
674,497 256,370
‐ ‐
674,497 256,370
7,825,475 5,660,102
200,784,571 204,287,698
$ 208,610,046 $ 209,947,800
Schedule of Revenues, Expenses and Changes in Net Assets by Fund by Function
For the Three Months Ended September 30, 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
Designated
Current Funds
Auxiliary Retirement Activities
Insurance
Combined Totals
Expendable Restricted
Total Current Funds
Student Loan
Plant
Eliminations
2009
2008
$ 45,548,263
75
‐
‐
2,249,953
137,771
‐
‐
47,936,062
$ ‐ $ 1,055,125 $ ‐ $ ‐
‐ ‐ ‐ 5,934,040
‐ ‐ ‐ 824,602
‐ ‐ ‐ 3,164,549
‐ ‐ ‐ (2,249,953)
949,421 185,559 ‐ 33,944
‐ 9,634,299 ‐ ‐
74,979 3,379,949 ‐ 3,250
1,024,400 14,254,932 ‐ 7,710,432
$ 46,603,388 $ ‐ $ ‐ $ (13,460,923)
5,934,115 ‐ ‐
824,602 ‐ ‐
3,164,549 ‐ ‐
‐ ‐ ‐
1,306,695 ‐ 100
9,634,299 ‐ ‐
3,458,178 ‐ ‐
70,925,826 ‐ 100 (13,460,923)
$ 33,142,465 $ 30,363,384
5,934,115 6,415,303
824,602 835,365
3,164,549 2,732,033
‐ 8,522
1,306,795 1,346,271
9,634,299 9,771,335
3,458,178 3,506,791
57,465,003 54,979,004
13,976,384
2,714,743
125,328
1,885,421
1,468,940
5,275,400
11,322,352
2,299,678
‐
‐
‐
39,068,246
8,867,816
518,966
1,992,782
203,971
42,081
187,143
847,856
‐
114,568
‐
‐
‐
3,907,367
(2,882,967)
‐
‐
‐
‐
‐
‐
‐
‐
6,840,237
‐
‐
6,840,237
7,414,695
‐
‐
‐
‐
‐
2,768,711
‐
4,920
‐
‐
‐
2,773,631
(2,773,631)
48,678
6,074,794
1,603,119
2,950
(28,957)
3,439
4,704,727
‐
‐
‐
‐
12,408,750
(4,698,318)
14,544,028
10,782,319
1,932,418
1,930,452
1,627,126
8,895,406
16,027,079
2,419,166
6,840,237
‐
‐
64,998,231
5,927,595
14,544,028
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
54,124,056
3,340,947
13,841,613
10,506,828
1,604,465
1,957,432
1,782,122
18,579,860
574,676
3,833,955
1,679,595
5,041,863
(6,940,148)
52,462,261
2,516,743
‐
(368,265)
872,814
(2,504,152)
(1,999,603)
‐
(229,755)
3,637,149
(2,168,848)
1,238,546
‐
(30,741)
107,795 9,100
(385,187) (27,832)
(308,133) (18,732)
805,087
(205,798)
935,057
(416,962)
1,117,384
805,087
(834,559)
5,561,915
(5,502,981)
29,462 ‐
834,559
(834,559)
5,621,333
(5,621,333)
‐
17,719,163
(17,719,163)
21,387,702
(21,387,702)
‐
‐
‐
5,582
‐
‐
‐
5,582
6,873,795
‐
‐
762,118
‐
‐
‐
762,118
(882,303)
‐
‐
598,107
34,141
‐
‐
632,248
7,738,810
2,000,000
‐
160,346
(3,050)
‐
‐
‐
‐
67,455
‐
2,000,000
‐
‐
‐
1,526,153
(40,206)
993,415
(709,536)
(709,536)
‐ (1) (1)
(749,742) (1) 3,810,031
(10,527,042) 7,196,932 7,150,978
1,700,000
‐
1,892,413
125,519
(830,943)
‐
2,886,989
5,403,732
‐
‐
‐
6,873,795
(11,119,692)
$ (4,245,897)
‐
‐
‐
(882,303)
17,622,936
$ 16,740,633
‐ ‐
‐ ‐
‐ ‐
7,738,810 (1,857,288)
9,408,680 (3,098,785)
$ 17,147,490 $ (4,956,073)
‐
‐
‐
935,075
‐
‐
935,075
(1,857,288)
2,000,000
‐
1,526,153
966,166
‐
‐
2,157,296 4,492,319
(1,423,638) 10,449,376
‐
‐
‐
(1,423,638)
2,821,643
$ 1,398,005
‐
‐
‐
‐
‐
‐
35,743
‐
‐
‐
‐
35,743
(35,743)
‐
67,455
31,712
‐
‐
‐
‐
‐
1,172,024
‐
5,710,914
‐
‐
2,865,000
9,747,938
(9,747,838)
‐
(350,340)
‐
‐
‐
‐
(13,460,923)
(6,748,278)
(4,332,624)
4,234,309
‐
(20,657,856)
7,196,933
29,472
‐
59,418
(118,352)
(29,462) ‐
‐ ‐ 674,497
‐ ‐ 7,196,932
‐ ‐ 7,871,429
10,449,376 31,712 (2,655,613)
15,634,782 13,732,002 171,417,787
$ 26,084,158 $ 13,763,714 $ 168,762,174
‐
(7,196,932)
(7,196,932)
‐
‐
$ ‐
674,497 256,370
‐ ‐
674,497 256,370
7,825,475 5,660,102
200,784,571 204,287,698
$ 208,610,046 $ 209,947,800
FINANCIAL STATEMENTS - SUPPLEMENTARY SCHEDULES
CASH AND CASH EQUIVALENTS:
09/30/09
UNRESTRICTED BY FUND GROUPS:
GENERAL FUND
DESIGNATED FUND
AUXILIARY FUND
RETIREMENT FUND
PLANT FUND (Unrestricted funds)
BANK FUND
DESIGNATED/RESTRICTED BY FUND GROUPS:
RETIREMENT FUND
EXPENDABLE RESTRICTED FUND
STUDENT LOAN FUND
PLANT FUND (includes new construction outlays, 2003 & 2004
bond proceeds plus debt service reserves for the 1998 bond
series)
AGENCY FUND
TOTAL CASH & EQUIVALENTS
BY GENERAL LEDGER ACCOUNT:
Commingled cash and equivalents:
PETTY CASH
WELLS FARGO BANK
FIFTH/THIRD BANK
RANGE BANK-CALUMET & LL
SUPERIOR NATIONAL BANK
Comingled cash total
Designated/Restricted cash and equivalents:
FIFTH THIRD BANK
R&I FUND - SCUDDER MONEY MKT
2003 BOND ISSUE FUNDS
2006 BOND ISSUE FUNDS
TOTAL
($3,004,334)
16,958,783
16,466,238
(4,300,098)
(5,047,766)
06/30/09
($14,228,035)
17,420,055
8,880,897
(1,646,984)
(3,601,691)
06/30/08
($12,847,810)
14,275,568
8,230,824
(2,102,048)
(4,075,817)
06/30/07
($12,041,032)
12,580,735
7,013,945
(537,331)
(3,716,957)
21,072,823
6,824,242
3,480,717
3,299,360
1,170,272
(2,194,581)
379,209
1,169,210
(1,680,363)
422,993
1,709,504
(821,750)
350,965
1,543,960
(423,745)
118,481
3,251,338
(442,362)
2,163,876
7,938,637
1,214,078
9,064,555
9,906,060
994,570
12,139,349
9,123,801
1,746,603
12,109,100
$23,236,699
$15,888,797
$15,620,066
$15,408,460
$109,673
0
20,056,306
1,000,000
900,448
$115,352
0
10,038,933
4,000,000
565,302
$112,728
0
16,124,317
0
(2,326,483)
$89,789
0
13,091,973
10,076
652,804
22,066,427
14,719,587
13,910,562
13,844,642
0
1,170,272
0
0
0
1,169,210
0
0
0
1,709,504
0
0
0
1,543,960
0
19,857
1,170,272
1,169,210
1,709,504
1,563,817
$23,236,699
$15,888,797
$15,620,066
$15,408,460
FINANCIAL STATEMENTS - SUPPLEMENTARY SCHEDULES
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
9/30/09
06/30/09
(1)
0
9,003,362
109,554
3,208,894
3,276,012
3,362,775
79,734
1,535,626
(45,984)
TOTAL ACCOUNTS RECEIVABLE
11,417,056
2,841,639
3,417,294
6,258,932
300,881
322,194
484,610
(65,685)
16,413,848
06/30/08
06/30/07
8,914,217
116,773
8,046,161
91,885
2,781,682
4,093,766
6,875,448
2,722,785
4,464,483
7,187,268
318,020
309,032
1,145,597
(65,122)
400,862
368,761
3,349,638
(65,122)
17,613,965
19,379,453
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
09/30/09
1,358,352
903,357
448,916
215,349
282,919
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
06/30/07
1,769,498
474,309
167,890
107,517
203,570
TOTAL RESEARCH BILLED
3,208,894
2,841,639
2,781,682
2,722,784
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
09/30/09
42%
28%
14%
7%
9%
06/30/09
73%
13%
8%
5%
1%
06/30/08
59%
22%
9%
6%
5%
06/30/07
65%
17%
6%
4%
7%
FINANCIAL STATEMENTS - SUPPLEMENTARY SCHEDULES
Accounts Receivable Aging Report
Billed Research
September 30, 2009
Current
Age 30 Date
Age 60 Date
Age 90 Date
91 Plus Days Account Balance
Company
AmericaView, Inc.
American Process Incorporated
Applied Pavement Technologies, Inc
Arch Wood Protection
BAE Systems
Battelle Columbus Operations
BMT Designers & Planners Inc
Boeing Company
Consortium Plant Biotechnology Research Inc
Cornell University
Craft Engineering Associates Inc
Daimler-Chrysler
Delphi Steering Systems
DERTINS - Tocantins State Govt
Dong-A Consultants Co., Ltd.
Dynetics, Inc.
ElectroSonics
EverWood Solutions, Inc.
Franklin Township
General Dynamics Advanced Information Systems
General Motors Corporation
Georgia Institute of Technology
Great Lakes Fishery Trust
GS Engineering
Huron Mountain Wildlife Foundation
Integrity Applications Incorporated
International Truck & Engine Corporation
Internet 2
John Deere Waterloo Works
Lawrence Livermore National Security, LLC
Lesktech, Limited
Massachusetts Institute of Technology
Mayo Clinic Rochester
Michigan Department of Environmental Quality
Michigan Economic Development Corporation
Michigan Department of Labor & Economic Growth
Michigan Dept of State Police
Michigan Department of Transportation
Morton Salt Company
National Academies
National Sanitation Foundation
North Dakota State Universtiy
Nostrium Energy
Office of Naval Research
Office of Naval Research (DARPA)
Ohio State Univ Research Foundation
Oregon State University
PCB Piezotronics Inc
Proteos Inc
Rio Tinto Minerals
Rochester Institute of Technology
Savannah River Nuclear Solutions LLC
Scenic Hudson Inc
Science Applications International Corporation
Seperation Technology Group
Serco Services Inc.
SET Corporation
SINTEF Energy Research
Somero Enterprises Inc
1,937
4,785
1,283
34,737
657
16,666
18,850
35,347
3,000
35,057
16,338
2,283
3,985
57,975
5,832
3,579
30,364
12,774
17,353
2,942
1,417
1,059
2,206
21,115
132,631
2,997
1,686
1,312
478,632
7,884
4,061
6,197
2,797
20,606
40,236
5,000
12,665
20,879
10,670
235
57,000
19,026
3,521
10,292
31,166
7,750
5,592
5,993
42,000
19,038
6,972
11
2,481
661
9,974
557,396
64,191
9,209
20,494
3,635
22,975
6,164
974
-
44,225
6,000
22,448
12,093
27
124,286
6,000
-
16,666
14,124
400
23,113
10,786
-
45,000
1,526
2,483
9,529
29,611
135
37,757
151,546
-
1,937
68,036
3,521
6,000
1,283
34,737
32,740
45,000
32,692
657
33,333
10,233
18,850
35,347
3,000
35,057
30,462
9,529
7,875
3,985
63,968
5,832
12,093
3,579
400
42,000
30,364
12,774
17,353
2,942
1,417
1,059
2,206
21,115
29,611
19,038
6,972
155,916
2,481
41,415
1,686
1,312
9,974
1,322,646
64,191
17,094
24,555
3,635
6,197
2,797
20,606
6,000
22,975
46,399
5,000
12,665
20,879
10,670
1,210
57,000
Current
South Florida Water Management District
Teledyne Scientific Company, LLC
Traverse City Light and Power
UChicago Argonne, LLC
Universidad del Turabo
University of Alaska Fairbanks
University of Arkansas
University of Georgia
University of Michigan
University of Nevada, Reno
University of Nevada-Reno
University of Rhode Island
UOP LLC
UP Steel
US Department of Agriculture
USDA Forest Service
U.S. Bureau of Land Management
US National Park Service
Federal Highway Administration
US Department of Transportation
Water Environment Research Foundation
Wolverine Power Cooperative
7,697
2,016
4,407
47,986
2,481
9,360
16,265
108
540
9,666
16,629
16,487
9,647
4,761
34,746
24,006
227
14,295
1,358,352
Age 30 Date
410
2,812
12,860
5,864
5,467
25,578
853
903,357
Age 60 Date
10,489
18,604
130,661
25,685
7,530
40,869
448,916
Age 90 Date
27,923
122,337
215,349
91 Plus Days Account Balance
7,697
10,489
2,016
4,817
47,986
2,481
9,360
19,076
108
540
9,666
16,629
47,951
146,172
25,685
10,228
42,276
118,376
5,333
127,669
1,080
14,295
282,919
3,208,894
FINANCIAL STATEMENTS - SUPPLEMENTARY SCHEDULES
09/30/09
06/30/09
06/30/08
06/30/07
727,736
167,917
226,122
191,181
0
118,832
185,781
559,460
173,398
226,886
191,181
0
118,832
179,392
577,469
153,454
236,716
210,586
0
114,667
195,898
$467,672
143,701
259,378
206,295
114,549
108,435
166,534
$1,617,569
$1,449,149
$1,488,790
$1,466,564
20,000
0
20,000
0
20,000
617,597
20,000
561,229
20,000
20,000
637,597
581,229
0
13,525
0
0
43,324
13,524
0
0
29,957
13,524
0
0
34,784
13,524
0
14,760
13,525
56,848
43,481
63,068
$1,651,094
$1,525,997
$2,169,868
$2,110,861
$12,198,475
1,186,030
$12,171,052
1,137,957
$12,061,145
1,233,203
$12,176,622
1,327,648
$13,384,505
$13,309,009
$13,294,348
$13,504,270
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
FINANCIAL STATEMENTS - SUPPLEMENTARY SCHEDULES
09/30/09
06/30/09
06/30/08
06/30/07
CURRENT LIABILITIES:
Accounts payable
VOUCHERS
MISCELLANEOUS
SALES TAX & MISC
BENEFITS PAYABLE
ACCRUAL
TOTAL
$915,984
127,010
31,934
865,262
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
$2,140,190
$5,050,904
$5,731,864
$5,412,558
$3,343,129
156,338
694,890
(5)
(539,566)
3,633,355
,
,
$7,288,141
$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
$3,104,427
$3,148,776
$2,554,640
$3,487,937
$0
970,000
0
0
213,961
0
1,183,961
207,911
1,435,144
452,436
318,000
0
$3,597,452
$0
950,000
0
0
204,945
0
1,154,945
207,911
1,435,144
452,436
318,000
0
$3,568,436
$0
1,050,000
0
0
198,836
400,000
1,648,836
208,088
1,432,799
502,225
318,000
0
$4,109,948
$0
1,030,000
0
0
0
322,310
1,352,310
208,088
1,225,629
572,517
300,000
0
$3,658,544
$16,130,210
$21,290,679
$20,904,346
$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
MITEL EQUIPMENT NOTES
TELEPHONE SYSTEM NOTE
OTHER CAPITAL LEASES
NOTE PAYABLE
SUBTOTAL
HEALTH & LIABILITY - CURRENT (& ESP)
HEALTH & LIABILITY - IBNR
HEALTH & LIABILITY - RSVP
HEALTH & LIABILITY - W/C (& MUSIC)
TIAA/CREF PAYABLE
TOTAL
TOTAL CURRENT LIABILITIES
FINANCIAL STATEMENTS - SUPPLEMENTARY SCHEDULES
09/30/09
06/30/08
06/30/07
NONCURRENT LIABILITIES:
Insurance and benefit reserves
ACCRUED CLAIMS
MISC - LONG TERM PORTION
ESP LONG TERM PORTION
GASB 45
TOTAL
DUE TO MICHIGAN TECH FUND
0
267,691
623,733
1,255,099
$2,146,523
$
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
Depreciable capital assets
LAND IMPROVEMENTS
INFRASTRUCTURE
BUILDINGS
DEFERRED FINANCING COSTS
EQUIPMENT
LIBRARY BOOKS
Total cost of capital assets
Less Accumulated Depreciation
CAPITAL ASSETS, net
Beginning Balance
JUL 1, 2009
Additions,
net of Disposals
Ending Balance
SEPT 30 2009
$9,089,086
5,049,142
368,394
3,955,320
18,461,942
0.00
14,650.00
0.00
2,645,648.00
2,660,298
$9,089,086
5,063,792
368,394
6,600,968
21,122,240
1,323,100
4,909,955
299,791,697
2,085,219
33,729,409
1,008,001
0.35
138,994.00
0.00
0.00
456,971.00
0.00
1,323,100
5,048,949
299,791,697
2,085,219
34,186,380
1,008,001
342,847,381
595,965
343,443,346
361,309,323
3,256,263
364,565,586
(136,998,610)
(2,865,000)
(139,863,610)
$224,310,713
$391,263
$224,701,976
NOTES AND BONDS PAYABLE
FY10
FY09
FY08
LONG TERM PORTION OF BONDS PAYABLE:
2003 ISSUE
4,190,000
4,295,000
4,500,000
2004 ISSUE
29,430,000
30,145,000
31,525,000
2006 ISSUE
2,790,000
2,840,000
2,940,000
2008 ISSUE
15,685,000
15,785,000
52,095,000
53,065,000
TOTAL
38,965,000