Michigan Technological University
1400 Townsend Drive
Houghton, Michigan
Interim Financial Statements
for the three months ending
June 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. Despite any 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
Accounts Receivable:
Increased by $1.2 million (7%) due to an increase in research billings and miscellaneous
receivable from the UPPCO remodeling projects and sponsored scholarships.
For a detailed analysis see the supplementary schedule - Accounts and Notes receivable.
Deposits:
Decreased by $617,000 (97%) because prior to January 1, 2009, Blue Cross Blue Shield of
Michigan (BCBS) required the University to maintain a $560,000 deposit. Aetna, our new
healthcare administrator, does not require a deposit.
Investments:
After significant loss of market value in the first three quarters of FY09, the fourth quarter saw
recovery of value. The net result for the year is a net loss (primarily in unrealized market value
declines) of $668,000 (11%).
Capital Assets:
Additions to buildings and equipment of $13 million exceeded the charge for depreciation of $11
million for the fiscal year.
Current Liabilities:
Accounts Payable decreased by $680,000 (12%)
Payroll Taxes payable and Benefits payable increased by $1.0 million (12%)
Research activity deferred revenue increased by $524,000 (21%)
Current portion of long term debt decreased by $542,000 (13%)
Total Current liabilities increased by only $317,000 (2%)
Notes and Bonds Payable:
The University issued 2008 Series bonds of $15.8 million and used $10 million of this new issue
to refund the outstanding 1998 series bonds.
Capital Lease Obligations:
This decrease represents payment on the four-year Dell Lease.
Income Statement Variances
Student Tuition and Fees:
An increase of $8.6 million (16%) due primarily to a tuition increase to offset the loss of state
appropriation funding and a very strong enrollment increase.
Grants and Contracts:
A decrease of $1.5 million (4%) primarily as a result in decreased funding from Federal sources.
Student Resident Fees:
An increase of $1.6 million (10%) due to stronger enrollment this academic year.
Salaries and wages:
Increase by $6.1 million (7%) due to both salary increases and additional employees.
Fringe Benefits:
Increase by $954,000 (3%), this is a very modest increase and reflects the changes made to the
health care benefits offered to employees. Most significantly, in January 2009, the university
began offering a Health Savings Account program with the intention to decrease employee
participation in traditional PPO programs.
Supplies and Services:
An increase of $7.7 million (17%) primarily from the Institutional Support departments.
Scholarships and Fellowships:
An increase of $755,000 (14%) as additional institutional resources are committed to helping
students attend Michigan Tech.
The Bottom Line:
The University had a decrease in Net Assets of $4.8 million in fiscal year 2007-08 and a
decrease in Net Assets of $3.5 million in fiscal year 2008-09; and improvement in performance
of $1.3 million.
Questions?
Visit our Frequently Asked Questions section at the following address:
http://www.admin.mtu.edu/acct/reports/faq.htm
Combined Balance Sheet (Statement of Net Assets)
As of:
Assets
Cash and cash equivalents
Accounts and notes receivable/net
Inventories
Deposits
Prepaid expenses
Total current assets
Student loans receivable/net
Investments
Capital assets/net of depreciation
Other assets
Total non-current assets
Total assets
6/30/09
Current Year
$
Liabilities
Accounts payable
Other accrued liabilities
Deferred revenue
Current portion of L/T liabilities
Total current liabilities
Funds held for others
Insurance and benefits reserves
Notes and bonds payable
Capital lease obligations
Funds due Michigan Tech Fund
Total non-current liabilities
Total liabilities
Net (increase) decrease in net assets
Net (Assets), July 1
Total net assets
Total liabilites and net assets
$
15,888,798
18,821,279
1,449,149
20,000
56,849
36,236,075
13,309,009
5,589,624
224,310,713
978,544
244,187,890
280,423,965
Change
Amount
Percent
6/29/08
Prior Year
$
15,620,066
17,613,964
1,488,790
637,597
43,482
35,403,899
13,294,348
6,257,214
222,248,552
978,544
242,778,658
278,182,557
$
268,732
1,207,315
(39,641)
(617,597)
13,367
832,176
14,661
(667,590)
2,062,161
1,409,232
2,241,408
2%
7%
-3%
-97%
31%
2%
0%
-11%
1%
0%
1%
1%
(5,050,905)
(9,523,511)
(3,078,776)
(3,568,436)
(21,221,628)
(713,500)
(2,146,523)
(54,520,719)
(437,024)
(600,000)
(58,417,766)
(79,639,394)
(5,731,865)
(8,507,893)
(2,554,640)
(4,109,948)
(20,904,346)
(719,500)
(2,015,317)
(49,013,728)
(641,970)
(600,000)
(52,990,515)
(73,894,861)
680,960
(1,015,618)
(524,136)
541,512
(317,282)
6,000
(131,206)
(5,506,991)
204,946
(5,427,251)
(5,744,533)
-12%
12%
21%
-13%
2%
-1%
7%
11%
-32%
0%
10%
8%
3,503,129
(204,287,697)
(200,784,568)
4,799,543
(209,087,237)
(204,287,694)
(1,296,414)
4,799,540
3,503,126
-27%
-2%
-2%
(2,241,407)
1%
(280,423,962) $ (278,182,555)
$
Combined Income Statement by Object
Combined Income Statement by Object
(Statement of revenues, Expenses, and Changes in Net Assets)
As of:
Student Tuition and Fees
Federal Grants and Contracts
State/Local Grants and Contracts
Nongovernmental Grants and Contracts
Educational Activities
Student Resident Fees
Sales and Services of Dept Activities
OPERATING REVENUES
Salaries & Wages
Fringe Benefits
Supplies and Services
Scholarships and Fellowships
Utilities
Depreciation
OPERATING EXPENSES
Operating loss
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
Capital Appropriations
Capital Grants and Gifts
OTHER REVENUES
Net increase (decrease) in Net Assets
Net Assets, Beginning of Year
Net Assets, End of Period
06/30/09
Current Year
$ 63,397,018
25,571,465
3,834,922
11,467,090
4,716,367
18,790,398
9,828,212
137,605,472
06/30/08
Prior Year
$ 54,819,982
28,008,026
3,206,824
11,201,299
4,722,510
17,158,228
10,135,162
129,252,010
Variance
Amount
Percent
$ 8,577,036
16%
(2,436,561)
-9%
628,098
20%
265,791
2%
(6,143)
0%
1,632,170
10%
(306,950)
-3%
8,353,462
6%
(95,705,159)
(36,591,152)
(53,705,412)
(6,213,004)
( ,
,
)
(8,747,452)
(11,457,741)
(212,419,920)
(74,814,448)
(89,640,024)
(35,636,712)
(45,962,803)
(5,458,333)
((8,475,171)
,
,
)
(11,504,971)
(196,678,014)
(67,426,004)
(6,065,135)
(954,440)
(7,742,609)
(754,671)
((272,281)
,
)
47,230
(15,741,906)
(7,388,444)
7%
3%
17%
14%
3%
0%
8%
11%
3,931,592
49,518,500
11,663,306
(686,066)
(2,582,943)
7,515,588
69,359,977
(5,454,471)
3,229,124
49,028,200
9,874,251
(20,330)
(2,095,550)
812,405
60,828,100
(6,597,904)
702,468
490,300
1,789,055
(665,736)
(487,393)
6,703,183
8,531,877
1,143,433
22%
1%
18%
3275%
23%
825%
14%
-17%
1,951,343
1,951,343
1,798,341
1,798,341
153,002
153,002
(3,503,128)
(4,799,563)
204,287,697
209,087,237
$ 200,784,569 $ 204,287,674 $
1,296,435
(4,799,540)
(3,503,105)
0%
9%
9%
-27%
-2%
-2%
Combined Income Statement by Function
(Statement of Revenues, Expenses, and Changes in Net Assets)
As of Date
Student Tuition and Fees
Federal Grants and Contracts
State/Local Grants and Contracts
Nongovernmental Grants and Contract
Educational Activities
Student Resident Fees
Sales and Services of Dept Activities
OPERATING REVENUES
Instruction
Research
Public Service
Academic Support
Student Services
Institutional Support
Operation & Maintenance of Plant
Student Financial Support
y Activities
Auxiliary
Sales and Services of Dept Activities
Student Residents
Depreciation
OPERATING EXPENSES
Operating loss
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
Capital Appropriations
Capital Grants and Gifts
OTHER REVENUES
Net increase (decrease) in Net Assets
Net Assets, Beginning of Year
Net Assets, End of Period
06/30/09
Current
$ 63,397,018
25,571,465
3,834,922
11,467,090
4,716,367
18,790,398
9,828,212
137,605,472
06/30/08
Prior
$ 54,819,982
28,008,026
3,206,824
11,201,299
4,722,510
17,158,228
10,135,162
129,252,031
Variance
Amount
Percent
$ 8,577,036
16%
(2,436,561)
-9%
628,098
20%
265,791
2%
(6,143)
0%
1,632,170
10%
(306,950)
-3%
8,353,441
6%
(55,922,291)
(45,025,654)
(7,039,087)
(10,326,852)
(7,746,137)
(38,393,970)
(9,414,759)
(2,127,549)
(12,591,079)
(12,374,802)
(11,457,741)
(212,419,920)
(74,814,448)
(51,886,659)
(44,954,075)
(5,877,473)
(11,254,577)
(7,212,864)
(24,355,202)
(13,933,823)
(1,786,982)
(12,045,571)
(11,865,820)
(11,504,971)
(196,678,016)
(67,425,985)
(4,035,632)
(71,579)
(1,161,614)
927,725
(533,273)
(14,038,768)
4,519,064
(340,567)
(545,508)
(508,982)
47,230
(15,741,904)
(7,388,463)
8%
0%
20%
-8%
7%
58%
-32%
19%
0%
5%
4%
0%
8%
11%
3,931,592
49,518,500
11,663,306
(686,066)
(2,582,943)
7,515,588
69,359,977
(5,454,471)
3,229,124
49,028,200
9,874,251
(20,330)
(2,095,550)
812,405
60,828,100
(6,597,885)
702,468
490,300
1,789,055
(665,736)
(487,393)
6,703,183
8,531,877
1,143,414
22%
1%
18%
3275%
23%
825%
14%
-17%
1,951,343
1,951,343
1,798,341
1,798,341
153,002
153,002
(3,503,128)
(4,799,544)
1,296,416
204,287,697
209,087,237
(4,799,540)
$ 200,784,569 $ 204,287,693 $ (3,503,124)
0%
9%
9%
-27%
-2%
-2%
FINANCIAL STATEMENTS - SUPPLEMENTARY SCHEDULES
CASH AND CASH EQUIVALENTS:
06/30/09
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
2008 BOND ISSUE FUNDS
TOTAL
($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)
6,824,242
3,480,717
3,299,360
1,169,210
(1,680,363)
422,993
1,709,504
(821,750)
350,965
1,543,960
(423,745)
118,481
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
$15,888,797
$15 888 797
$15,620,066
$15 620 066
$15,408,460
$15 408 460
$115,352
0
10,038,933
3,000,000
565,302
$112,728
0
16,124,317
0
(2,326,483)
$89,789
0
13,091,973
10,076
652,804
13,719,587
13,910,562
13,844,642
0
1,169,210
0
0
1,000,000
0
1,709,504
0
0
0
0
1,543,960
0
19,857
0
2,169,210
1,709,504
1,563,817
$15,888,797
$15,620,066
$15,408,460
FINANCIAL STATEMENTS - SUPPLEMENTARY SCHEDULES
06/30/09
ACCOUNTS AND NOTES RECEIVABLE:
ALL ACCOUNTS RECEIVABLE:
STATE OF MICHIGAN-APPROPRIATIONS
STATE OF MICHIGAN-OTHER
RESEARCH:
BILLED
UNBILLED (mostly current month)
9,003,362
109,554
STUDENT RELATED
VENDOR RELATED
MISCELLANEOUS
ALLOWANCE FOR DOUBTFUL A/C'S
TOTAL ACCOUNTS RECEIVABLE
06/30/08
06/30/07
8,914,217
116,773
8,046,161
91,885
2,841,639
4,416,290
7,257,928
2,781,682
4,093,766
6,875,448
2,722,785
4,464,483
7,187,268
295,031
263,697
1,956,828
(65,122)
318,020
309,032
1,145,597
(65,122)
400,862
368,761
3,349,638
(65,122)
18,821,279
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
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
2,841,639
2,781,682
2,722,784
RESEARCH BILLED - AGING OF ACCOUNTS RECEIVABLE:
(IN PERCENTAGE)
06/30/09
CURRENT ACCOUNTS
73%
0 TO 30 DAYS PAST DUE
13%
31 TO 60 DAYS PAST DUE
8%
61 TO 90 DAYS PAST DUE
5%
OVER 90 DAYS PAST DUE
1%
06/30/08
59%
22%
9%
6%
5%
06/30/07
65%
17%
6%
4%
7%
AGED ACCOUNTS RECEIVABLE - RESEARCH ACTIVITY AS OF JUNE 30, 2009
Company
Alcoa Aluminum Company
AmericaView, Inc.
Argonne National Laboratory
Aspen Products Group, Inc
BMT Designers & Planners Inc
Boeing Company
Caterpillar
CFD Research Corporation
Consortium Plant Biotechnology Research Inc
Cornell University
Craft Engineering Associates Inc
Daimler-Chrysler
DCM Research Resources, LLC
Delphi Steering Systems
Dynetics, Inc.
City of East Tawas
Eaton Corporation
ElectroSonics
ERC, Inc.
EverWood Solutions, Inc.
Florida Institute of Phosphate Research
General Dynamics Advanced Information Systems
Huron Mountain Wildlife Foundation
Integrity Applications Incorporated
International Truck & Engine Corporation
Internet 2
John Deere Waterloo Works
LANXESS Corporation
Lawrence Livermore National Security, LLC
Lesktech, Limited
Massachusetts Institute of Technology
Mayo Clinic Rochester
University of Michigan
Michigan Department of Environmental Quality
Michigan Economic Development Corporation
Michigan Dept of Management & Budget
Michigan Public Service Commission
Mississippi State University
Michigan Department of Transportation
Morton Salt Company
National Academies
North Dakota State Universtiy
Nostrium Energy
Office of Naval Research
Ohio State Univ Research Foundation
Oregon State University
PCB Piezotronics Inc
Pennsylvania State University
Proteos Inc
Rochester Institute of Technology
Science Applications International Corporation
Seperation Technology Group
SET Corporation
SINTEF Energy Research
Somero Enterprises Inc
South Florida Water Management District
Svalbard Environmental Protection Fund
Teledyne Scientific Company, LLC
Tenneco, Inc.
Titan Tire
Trex Company Inc
Tropical Forestry Services Limited
UChicago Argonne, LLC
University of Alaska Fairbanks
University of Arizona
University of Arkansas
University of Central Florida
University of Illinois at Urbana-Champaign
University of Maryland, College Park
University of Michigan
University of Nevada, Reno
Current
0.00
1,319.11
5,646.63
6,362.36
20,587.93
0.00
870.00
0.00
0.00
2,050.00
16,666.25
0.00
10,000.00
0.00
909.54
0.00
0.00
14,124.24
13,170.00
0.00
0.00
21,011.72
400.00
6,000.00
30,363.75
25,548.00
14,372.39
0.00
543.17
1,416.67
7,767.44
14,754.83
0.00
0.00
0.00
29,961.60
174,398.04
4,410.62
183,363.16
0.00
0.00
280.00
0.00
622,894.65
16,350.39
6,518.24
0.00
4,503.81
19,071.18
0.00
24,236.14
0.00
11,702.66
9,690.52
2,116.41
0.00
0.00
12,721.04
0.00
23,946.00
0.00
0.00
4,025.23
53,656.48
1,928.72
2,490.56
11,467.00
1,529.11
7,436.00
117,875.32
0.00
0 to 30
0.00
0.00
0.00
0.00
3,311.28
45,000.00
0.00
2,720.63
1,525.79
0.00
0.00
2,483.22
0.00
18,855.00
0.00
2,900.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
15,075.00
0.00
0.00
0.00
0.00
4,620.59
0.00
0.00
0.00
0.00
0.00
16,729.49
0.00
0.00
650.16
9,974.00
159,615.77
0.00
3,685.51
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
537.43
26,146.00
2,810.00
0.00
5,400.00
0.00
0.00
25.00
1,969.76
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1,224.00
31 to 60
0.00
0.00
0.00
0.00
31,343.54
0.00
0.00
0.00
0.00
0.00
16,666.25
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
8,480.00
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
19,974.40
0.00
0.00
122.35
2,481.00
37,757.04
0.00
0.00
0.00
21,144.67
0.00
10,904.10
0.00
0.00
10,828.25
0.00
5,000.00
21,791.04
0.00
335.90
0.00
0.00
0.00
0.00
0.00
13,980.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
61 to 90
7,200.00
0.00
0.00
0.00
45,389.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
11,837.00
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
29,611.00
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
34,219.62
0.00
0.00
0.00
0.00
0.00
6,745.00
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
Over 90
Account Balance
0.00
7,200
0.00
1,319
0.00
5,647
0.00
6,362
0.00
100,632
0.00
45,000
0.00
870
0.00
2,721
0.00
1,526
0.00
2,050
0.00
33,333
0.00
2,483
0.00
10,000
0.00
18,855
0.00
910
0.00
2,900
0.00
11,837
0.00
14,124
0.00
13,170
9,529.00
9,529
0.00
8,480
0.00
21,012
0.00
400
0.00
6,000
0.00
30,364
0.00
25,548
0.00
14,372
0.00
15,075
0.00
543
0.00
1,417
0.00
7,767
0.00
14,755
0.00
4,621
10,166.46
10,166
0.00
29,611
0.00
49,936
0.00
174,398
0.00
4,411
0.00
200,215
0.00
2,481
0.00
37,757
0.00
930
0.00
9,974
0.00
782,510
0.00
37,495
0.00
10,204
0.00
10,904
0.00
4,504
0.00
19,071
0.00
45,048
0.00
24,236
0.00
5,000
0.00
33,494
0.00
9,691
0.00
2,990
0.00
32,891
0.00
2,810
0.00
12,721
0.00
5,400
0.00
23,946
5,400.00
19,380
0.00
25
0.00
5,995
0.00
53,656
0.00
1,929
0.00
2,491
0.00
11,467
0.00
1,529
0.00
7,436
0.00
117,875
0.00
1,224
Company
University of Nevada-Reno
University of Rhode Island
UOP LLC
UP Steel
US Department of Agriculture
USDA Forest Service
U S Fish & Wildlife Service
US Forest Service
US National Park Service
Federal Highway Administration
US Department of Transportation
US Dept of Transportation
Water Environment Research Foundation
Wolverine Power Cooperative
Xcel Energy Services Inc
-
Current
297.36
7,600.02
16,628.50
8,227.35
21,235.85
176,155.00
2,368.96
278.36
11,331.13
27,923.12
122,336.84
38,816.42
985.89
14,294.75
65,401.00
2,074,337.46
0 to 30
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
35,734.21
0.00
0.00
0.00
0.00
0.00
360,992.84
31 to 60
2,294.96
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5,973.44
15,939.89
5,332.57
0.00
0.00
0.00
0.00
230,349.40
61 to 90
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
15,861.86
0.00
0.00
0.00
0.00
0.00
150,863.48
Over 90
Account Balance
0.00
2,592
0.00
7,600
0.00
16,629
0.00
8,227
0.00
21,236
0.00
176,155
0.00
2,369
0.00
278
0.00
17,305
0.00
95,459
0.00
127,669
0.00
38,816
0.00
986
0.00
14,295
0.00
65,401
25,095.46
2,841,639
FINANCIAL STATEMENTS - SUPPLEMENTARY SCHEDULES
06/30/09
06/30/08
06/30/07
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
$1,449,149
$1,488,790
$1,466,564
20,000
0
20,000
617,597
20,000
561,229
20,000
637,597
581,229
43,324
13,524
0
0
29,957
13,524
0
0
34,784
13,524
0
14,760
56,848
43,481
63,068
$1,525,997
$2,169,868
$2,110,861
$12,171,052
1,137,957
$12,061,145
1,233,203
$12,176,622
1,327,648
$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
06/30/09
06/30/08
06/30/07
CURRENT LIABILITIES:
Accounts payable
VOUCHERS
MISCELLANEOUS
SALES TAX & MISC
BENEFITS PAYABLE
ACCRUAL
TOTAL
$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
$5,050,904
$5,731,864
$5,412,558
$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
$3,078,776
$2,554,640
$3,487,937
$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
$21,220,679
$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
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
GASB 45
TOTAL
DUE TO MICHIGAN TECH FUND
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
Beginning Balance
July 1, 2008
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
Additions,
net of Disposals
Ending Balance
JUNE 2009
$9,113,443
4,702,610
368,394
1,867,133
16,051,580
(24,357.00)
346,532.00
0.00
2,088,186.64
2,410,362
$9,089,086
5,049,142
368,394
3,955,320
18,461,941
1,323,100
4,848,127
293,665,452
2,037,304
29,601,254
882,923
0.00
61,827.89
6,126,245.58
47,914.88
4,128,155.88
125,078.69
1,323,100
4,909,955
299,791,697
2,085,219
33,729,409
1,008,001
332,358,159
10,489,223
342,847,382
348,409,739
12,899,585
361,309,323
(126,161,186)
(10,837,424)
(136,998,610)
$222,248,552
$2,062,160
$224,310,713
NOTES AND BONDS PAYABLE
FY09
FY08
FY07
LONG TERM PORTION OF BONDS PAYABLE:
2003 ISSUE
4,295,000
4,500,000
4,600,000
2004 ISSUE
30,145,000
31,525,000
32,195,000
2006 ISSUE
2,840,000
2,940,000
2,940,000
2008 ISSUE
15,785,000
38,965,000
39,735,000
TOTAL
53,065,000