Michigan TechnologicalUniversity
1400TownsendDrive
IloughtonoMichigan
Interim Financial Statements
for the nine months ending
March 31r 2009 and 2008
Preparedand Submitted
by
Michigan TechAccountingServices
edu/acctlreports/FY2OO9
More information can be found at: www.admin.mtu.
GeneralInformation
Since199Bthe mostrecentquarterly
financialreportshavebeenpostedto thiswebsite. Althoughthe
reportformatsare not as "dressedup"as our annualauditedfinancialstatements,
theyfairlyreflectthe
University's
financialcondition.The formatof theseinterimreportsreflectsthe adoptionof the
GovernmentalAccountinq
StandardsBoard('GASB')Statement
No.35 financial
reporting.Fund
accountinqreportsare alsoprovidedfor managerial
review.
Sincetheseareonlyunaudited
interimfinancial
statements,
immaterial
discrepancies
maybe included
in thesestatements.
However,
thesediscrepancies
havebeennotedandthe appropriate
corrections
will be madein thesubsequent
month.
The University
hasadoptedGASB39 (inclusion
of the Michigan
TechFund(MTF)financial
statements).However,
we are includingMTFonlyon our year-endfinancialstatements.Thereis no
inclusionof (MTF)activityin the MichiganTechinterimfinancialreporting.lf youwouldliketo see the
MTF interimreports,clickhere: http://www.mtf.mtu.edu/trustee
site/financial.php
Have any questions?
Visitour FrequentlvAsked Questions section.
Financial Highlights
The Bottom Line:
The University
had$2.5millionof net incomefor the ninemonthsendingMarch31,2009.Thisis $1.4
period'snetincomeof $3.9million.
millionlessthanthe FY08equivalent
Thedifference
is dueto the
increasein operatingexpensesbeinggreaterthanthe increasein operatingrevenues.
BaI ance Sheef Varian ces:
Accounts Receivable:
For a detailedanalysissee the Supportinq
Schedules- Accounts
receivable.
Deposits:
BlueCrossBlueShieldof Michigan
(BCBS)required
the University
to maintain
a $560thousand
deposit.Aetna,our newhealthcare
administrator,
doesnot requirea deposit.
Investments:
The Universitypreviously
dollar-cost-averaged
approximately
$7 milliondollarsof R&lfundcashback
intothe equitymarkets.Thiswasconsistent
withthe University
SenateProposal:
http://wwr,rtr.ad
min.mtu.edu/usenate/propose/8-05.
htm
Withthe marketadjusting
downward,
investments
havedecreased
$1.5millionfromJune30,2008.
Deferredrevenue:
Researchactivitydeferredrevenueis down$gqZthousand.
Insuranceand BenefitsReserves:
The University
hasbookedits GASB45 projected
AnnualRequiredContribution
(ARC)of $1 million.
This is the secondyearof the GASB45 (Accounting
and FinanciatReportingby Emptoyersfor
Postemployment
BenefitsOtherThanPensions)
implementation.
The University
is exploringoptionsto
decrease
the FY09annualrequired
contribution.
lf successful,
thenwe willalsoreduceour liability.
Notesand BondsPayable:The University
issueda newbondfor $6.15million.
GapitalLeaseObligations:
paymenton thefour-yearDellLease.
Thisdecreaserepresents
FundsDueto MichiganTech Fund:
Decreaserepresents
MichiganTech'srepayment
to the MichiganTechFundfor the moniesadvanced
to acquireMTRI,ourAnn Arborresearchfacility.
lncome StatementVariances:
NaturalGlassificationReporting
Safariesand wagesare up 7Yo.Thisis a functionof bothraisesand additional
employees.
Frinqebenefits:
ffi tfre FY09Combined
fundssummaryfringebenefitshaveincreased
(9%)whichis
greaterthanthe increasein salaries(7Vo).The University
hasredesigned
its healthcareplansto
betterpositionitselfto addressfuturehealthcareexpenditures.
Beginningon January1,2OOg
approximately
one-thirdof the University
employees
decidedto participate
in the newHealthSavings
Account(HSA).
Suppliesand Services:
Thisincreasein expenseis due to the increaseof sponsored
researchactivity.
CombinedBalanceSheet(Statementof NetAssets)
As of:
3t31t09
CurrentYear
Assets
Cashandcashequivalents
Accountsand notesreceivable/net
Inventories
Deposits
Prepaidexpenses
Totalcurrentassets
Studentloansreceivable/net
lnvestments
of depreciation
Capitalassets/net
Otherassets
assets
Totalnon-current
Totalassets
25,941,630 $
13,185,571
1,486,419
20,000
708,967
41,342,587
13,770,936
4,757,071
222,717,454
978,544
242,224,005
293,566,592
Liabilities
Accountspayable
Otheraccruedliabilities
Deferredrevenue
Currentportionof L/T liabilities
Totalcurrentliabilities
Fundsheldfor others
Insurance
and benefitsreserves
Notesand bondspayable
Capitalleaseobligations
TechFund
FundsdueMichigan
liabilities
Totalnon-current
Totalliabilities
24,881,310
14,325,921
1,528,344
581,229
660,990
41,977,794
13,595,498
6,390,657
220,981,124
978,544
241,945,823
283,923,617
(2,011,843)
(1,875,924)
(9,414,427)
(10,351
,089)
(2,468,458)
(3,463,529)
(3,613,832)
(2,982,553)
(18,309,303) (17,872,352)
(725,800)
(734,950)
(1,614,842)
(2,664,700)
(54,558,786) (49,051,794)
(641,e70)
(437,024)
Change
Amount
$
(2,483,284)
47,977
(635,207)
175,438
(1,633,586)
1,736,330
1o/o
-260/o
1o/o
0%
as?,0n
oy"
135,919
(936,662)
995.071
(631,279)
(436,951)
-7o/o
10o/o
-29o/o
21o/o
2To
9,150
(1,049,858)
(5,506,992)
204,946
900,000
't,437,184
6,236,724
(283,566,594)
$ (283'923,613)
7o/o
-2o/o
Ao/o
278,182
4,799,540
$
Percent
4o/o
r,060,320
( 1 , 1 4 0 , 3 5 0 ) '8o/o
-3%
(41,925)
-97Yo
(561,22s)
(5,442,754\
(5,879,705)
Net(increase)decreasein netassets
July1
Net(Assets),
Total net assets
Total liabilitesand net assets
3/30/08
PriorYear
357,019
-1o/o
6SVo
11%
-32%
-90%
10o/o
8Yo
-37o/o
-2Yo
-!Yo
GombinedIncomeStatementby Object
(Statementof revenues,Expenses,and Ghangesin Net Assets)
As of:
03/31/09
GurrentYear
03/31/08
PriorYear
Variance
Amount
Percent
StudentTuitionand Fees
$ 5 9 , 2 6 1 , 0 1 3$ 5 1 , 0 4 9 , 1 9 6$ 8,211,816
16%
-1Oo/o
FederalGrantsand Contracts
17,879,597 1 9 , 7 6 3 , 3 1 3 (1,883,726)
State/LocalGrantsand Contracts
2,651,162
2,077,064
574,098
28%
Nongovernmental
Grantsand Contracts
8,216,643
8,041,446
175.197
2%
-9%
EducationalActivities
2 , 8 1 5 , 9 8 0 3,089,244
(273,264)
g%
StudentResidentFees
1 8 , 1 0 6 , 6 4 6 16,620,899
1,485,747
Salesand Servicesof DeptActivities
I
2,300
OPERATINGREVENUES
Salaries& Wages
FringeBenefits
Suppliesand Services
Scholarships
and Fellowships
Utilities
Depreciation
OPERATINGEXPENSES
Operating loss
FederalGrants
Stateappropriations,
Operating
Gift lncome
Investment
Income(loss)
InterestExpense
Loss on Disposalof CapitalAssets
NET NONOPERATING
REVENUES
Income (loss) before other revenues
CapitalAppropriations
CapitalGrantsand Gifts
OTHERREVENUES
Net increase(decrease)in Net Assets
Net Assets,Beginningof Year
Net Assets,End of Period
( 7 3 , 5 9 1 , 8 9 7 )( 6 9 , 0 6 1 , 9 3 1 ) (4,530,056)
(28,092,676) (25,659,949)
(2,432,727)
(35,946,749) (34,035,095) ( 1 , 9 1 1 , 6 6 4 )
(5,950,191) (4,951,611)
(998,579)
(5,733,272) (6,012,719)
279,446
I
(40,268,2441 (38,722,2321 (1,546,0121
3,676,513 3,075,475
33,012,330 32,695,464
8,907,763 7,434,077
(1,673,655)
(2,045,607)
0
41,877,3M
1,609,100
(179,424)
(1,664,743)
(90,337)
41,260,512
2,539,290
601,038
326,866
1,473,686
(1,494,231)
(380,864)
4o/o
2oo/o
1o/o
200/o
833o/o
23o/o
90,337
-100o/o
616,832
(929,180)
-37%
1o/o
o%
874.186
2,483,296
-37%
1,382,165
3,920,45
(1,437,159)
4,799
-37%
CombinedIncomeStatementby Function
(Statementof Revenues,Expenses,and Changesin NetAssets)
As of Date
StudentTuitionand Fees
FederalGrantsand Contracts
State/Local
GrantsandContracts
Nongovernmental
Grantsand Contract
Educational
Activities
StudentResidentFees
SalesandServicesof DeptActivities
OPERATING
REVENUES
03/31/09
Gurrent
$ 5 9 , 2 6 1 , 0 1 3$
17,879,587
2,651,162
8,216,643
2,815,980
18,106,646
8,440,500
117,371,531
03/31/08
Prior
5 1 , 0 4 9 , 1 9 6$
Variance
Amount
Percent
8,211,816
1 9 , 7 6 3 , 3 1 3 (1,883,726)
2,077,064
574,098
8,041,446
175,197
(273,264)
3,089,244
16,620,899 1,485,747
8,682,800
109,323,962
(242,300)
9,047,569
16%
-10o/o
28%
ZYo
-9o/o
9Yo
-3o/o
7%
Instruction
Research
PublicService
Academic
Support
StudentServices
Institutional
Support
Operation
& Maintenance
of Plant
Student
Financial
Support
Auxiliary
Activities
SalesandServicesof DeptActivities
StudentResidents
Depreciation
OPERATING
EXPENSES
Operatingloss
(45,493,582) (41,794,003)
(3,699,579)
9%
(34,261,677) (34,144,178)
(117,499)
0o/o
(4,927,804) (3,909,897) (1,017,9O7) 26Yo
-7o/o
(7,488,552) (8,046,578)
558,026
(5,576,778) (5,464,938)
(111,840)
2%
(21,837,090) ( 1 7 , 1 5 5 , 7 5 3 ) (4,681,337) 27o/o
-15o/o
(7,255,357) (8,500,914) 1,245,557
(2,145,494\ (1,472,264)
(673,229)
46%
FederalGrants
Stateappropriations,
Operating
Giftlncome
lnvestment
Income(loss)
InterestExpense
Losson Disposalof CapitalAssets
NETNONOPERATING
REVENUES
Income(loss) beforeother revenues
3,676,513
3,O75,475
601,038
33,012,330 32,685,464
326,866
8,907,763
7,434,077
1,473,686
(1,673,655)
(179,424) (1,494,231)
(2,045,607) (1,664,743)
(380,864)
(e0,337)
0
90,337
CapitalAppropriations
CapitalGrants
andGifts
OTHERREVENUES
Net increase(decrease)
in NetAssets
NetAssets,Beginning
of Year
NetAssets,Endof Period
(10,272,194',) (9,706,199)
(10,056,262) (9,526,448\
(565,985)
(529,814)
0o/o
6%
6%
20%
1%
200/o
g33o/o
23o/o
-100%
s74JB;
874,186
1382:.6;
1,382,165
(507,979)
0o/o
-37o/o
(507,979)
-37%
2,483,292
3,920,467
(1,437,1851
-37o/o
-2o/o
4,
- SUPPLEMENTARY
FINANCIAL
STATEMENTS
SCHEDULES
CASHAND CASHEQUIVALENTS:
03/31/09
UNRESTRICTED
BY FUNDGROUPS:
GENERAL
FUND
DESIGNATED
FUND
AUXILIARY
FUND
RETIREMENT
FUND
PLANTFUND(Unrestricted
funds)
BANKFUND
DESIGNATED/RESTRICTED
BY FUNDGROUPS:
RETIREMENT
FUND
EXPENDABLE
RESTR]CTED
FUND
STUDENTLOANFUND
PLANTFUND(includesnewconstruction
outlays,2003& 2004
bondproceedsplusdebtservicereservesfor the 1gg8bond
series)
AGENCYFUND
TOTALCASH& EQUIVALENTS
BY GENERALLEDGERAGGOUNT:
Gommingledcash and equivalents:
PETTYCASH
WELLSFARGOBANK
FIFTH/THIRD
BANK
MNGE BANK-CALUMET
& LL
BANK
SUPERIOR
NATIONAL
Comingled
cashtotal
Designated/Restricted
cash and equivalents:
FIFTHTHIRDBANK
MONEYMKT
R&IFUND- SCUDDER
BONDISSUEFUNDS
2OO3
2006BONDISSUEFUNDS
TOTAL
(12,297,749.0O)
't5,812,124.00
06/30/07
06/30/06
06/30/05
16,192,967.00
(451,203.'t1)
(5,060,721.00)
(12,041,032.00)
12,580,735.00
7,013,945.00
(537,331.00)
(3,716,957.00)
14,205,417.89
3,299,360.00
4,483,795.64
3,885,306.57
1,178,834.95
1,391,737.O0
(38,757.00)
1,543,960.00
(423,745.00)
118,481.00
1,477,510.69
(504,284.00)
761,386.00
2,746,942.32
(155,530.00)
850,747.00
8,230,163.00
974,233.00
9,123,801.00
1,746,603,00
7,357,935.00 14,534,743.00
1,106,035.00 1,296.512.00
(15,343,859.00) (14,371,965.00)
11,963,505.00
12,154,843.00
8,217,248.0O
6,s96,882.00
(120,526.36)
1,654,761.57
(3,556,404.00)
(2,149,215.00)
3,323,832.00
11,736,210.95
12,109,100.00
10,198,582.69
19,273.414.32
25,941,628.84
15,409,460.00
14,682,378.33
23,158,720.99
108,323.00
0.00
21,216,386.51
4,000,000.00
(561,e15.47)
89,789.00
0.00
13,091,973.00
10,076.33
652,804.00
76,589.25
91,218.75
0.00
0.00
0.00
0.00
12,855,768.00 10,907,210.88
191,354.75
2,390.78
24,762,794.04
13,844,642.33
12.949.377.53
11,175,154.88
0.00
1,178,834.95
0.00
0.00
0.00
1,543,960.00
0.00
19,857.26
255,489.74
1,477,510.69
0.00
0.00
641,926.35
2,746,942.32
0.00
8,594,697.54
1,178,834.95
1,563,817.26
1,733,000.43
11,983,566.21
25,941,628.99
15,408,459.59
14,692,377.96
23,158,721.O9
. SUPPLEMENTARY
FINANCIAL
STATEMENTS
SCHEDULES
ACCOUNTS
AND NOTESREGEIVA,BLE:
ALL ACCOUNTSRECEIVABLE:
STATEOF MICHIGAN-APPROPRIATIONS
STATEOF MICHIGAN-OTHER
RESEARCH:
BILLED
(mostlycurrentmonth)
UNBILLED
STUDENTRELATED
VENDORRELATED
MISCELLANEOUS
ALLOWANCE
FORDOUBTFUL
A/C'S
TOTALACCOUNTS
RECEIVABLE
03/31/09
06/30/08
06/30/07
6,002,237
959,919
8,914,217
116,773
8,046,161
91,885
2,604,689
2,037,962
4,642,651
2,781,692
093,766
6,875,449
2,722,785
4,464,483
7,187,269
318,020
309,032
1,145,597
(6s,122)
400,862
368,761
3,349,639
(65,122)
967,942
312,602
364,885
(64,663)
13,185,572
17,613,965
19.379.453
06,30108
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
2,781,682$
2,722,784
RESEARCH
BILLED. AGINGOFACCOUNTS
RECEIVABLE:
(rNDOLLARS)
03131/09
CURRENT
ACCOUNTS
1,374,624
OTO 30 DAYSPASTDUE
747,718
31 TO 60 DAYSPASTDUE
289,276
61 TO 90 DAYSPASTDUE
102,781
OVER90 DAYSPASTDUE
90,289
TOTALRESEARCH
B]LLED
2,604,689$
RESEARGH
BILLED.AGINGOFACCOUNTS
RECEIVABLE:
(rNPERCENTAGE)
03/31/09
CURRENT
ACCOUNTS
53o/o
OTO 30 DAYSPASTDUE
29%
31 TO 60 DAYSPASTDUE
11Yo
61 TO 90 DAYSPASTDUE
40h
OVER90 DAYSPASTDUE
3%
06/30/08
59%
22o/o
9o/o
6Yo
5o/o
P:\MonthEnd Support\FY20O9\Mar
2009\Mar09 ReceivablesFlNAL.xls
06/30/07
65%
17%
6%
4o/o
7%
Gompanv
ArchWoodProtection
Argonne
NationalLaboratory
AspenProducts
Group,Inc
BMTDesigners
lnc
& Planners
Central
Michigan
University
CFDResearch
Corporation
Cleveland
MedicalDeviceslnc
ConnorSportsFlooring
Corporation
Daimler-Chrysler
DanaCorporation
DelphiSteeringSystems
Dynetics,
Inc.
EatonCorporation
ElectroSonics
EverWood
Solutions,
Inc.
GeneralDynamicsAdvancedInformation
Systems
Institute
Georgia
of Technology
GreatLakesCommission
Integrity
Applications
Incorporated
International
Truck& EngineCorporation
lnternet2
JohnDeereWaterlooWorks
Lesktech,
Limited
LogosTechnologies,
Inc.
Louisiana-Pacific
Corporation
Marquette
GeneralHealthSystem
Massachusetts
Institute
of Technology
MayoClinic
MayoClinicRochester
MichiganDepartmentof Environmental
Quality
Michigan
EconomicDevelopment
Corporation
Michigan
Department
of Labor& Economic
Growth
Minnesota
Power
Michigan
PublicServiceCommission
Mississippi
StateUniversity
Michigan
Department
of Transportation
National
Academies
Officeof NavalResearch
OregonStateUniversity
Pennsylvania
StateUniversity
ProteosInc
RochesterInstituteof Technology
Science
Applications
International
Corporation
SETCorporation
SomeroEnterprises
Inc
SRICOlnc
Syracuse
University
Teledyne
LLC
Scientific
Company,
TitanTire
TrexCompanyInc
TropicalForestryServicesLimited
TycoFireand Security
Argonne,LLC
UChicago
Universidad
del Turabo
University
of AlaskaFairbanks
University
of Arkansas
University
of CentralFlorida
University
of Georgia
University
of Maryland,
CollegePark
University
of Michigan
University
of Nevada-Reno
University
of Rhodelsland
Universi$of Texasat Austin
University
of Wisconsin-Milwaukee
of Agriculture
US Department
of theArmy
US Department
U.S.Bureauof LandManagement
Current
0to30
31 to 60
61 to 90
Over90
32,895.00
7,253.08
414.84
45,389.00
759.'18
2,720.67
-
4,852.00
11 5 , 4 1 0 . 0 8
4,398.39
3,695.00
18,855.00
2,277.44
11,837.00
27,895.74
9,384.46
2,381.00
,,rtl*
13,108.00
.
-
7,148.00
4,672.U
4,014.52
7,636.18
12,000.00
60,727.50
5'1,096.00
7,273.11
1,416.67
6,577.37
8,586.62
20,000.00
8,020.00
52,377.00
9,211.25
15,000.00
624.99
10,166.46
29,611.00
8,562.48
2,000.00
77,850.09
12,536.95
1,972.44
221,629.76 72,853.98 200J20.0'l
26,476.16
378,034.16 305,778.85
5,619.60
8,142.30
4,859.81
34,219.62
59,945.05
13,557.68
101.05
9,442.40
16,024.39
18,994.80
23,946.00
5,400.00
25.00
10,000.00
3,828.76
2,689.61
21,804.44
9,518.70
7,258.00
1,579.09
12,558.06
31,480.17
3,082.70
2,724.19
1,464.42
53,671.80
10,055.02
16,874.35
39,949.74
5,153.97
1o,o00.oo
4,556.76
22,937.36
1,740.20
14.731.65
Account
Balance
32,895.00
7,253.08
414.84
45,389.00
759.1
8
2,720.67
13,108.00
4,852.00
123,814.36
3,695.00
18,855.00
2,277.44
11,837.00
37,280.20
9,529.00
4,672.84
4,014.52
7,636.18
12,000.00
60,727.50
51,096.00
27,273.11
1,416.67
6,577.37
8,020.00
52,377.00
17,797.87
15,000.00
624.99
10,166.46
29,61
1.00
8,562.48
2,000.00
90,387.04
1,972.44
558,330.57
26,476.16
700,687.36
5,619.60
8,142.30
4,859.81
34,219.62
59,945.05
13,557.68
101.05
49,392.14
16,024.39
18,994.80
23,946.00
5,400.00
25.00
10,000.00
3,828.76
7,843.58
21,804.44
9,518.70
7,258.00
1,579.09
12,558.06
31,480.17
3,082.70
2,724.19
1,464.42
10,000.00
4,556.76
22,937.36
16,471.85
Comoanv
US NationalParkService
FederalHighwayAdministration
US Department
of Transportation
US Deptof Transportation
V . l . O .I,n c .
WaterEnvironment
Research
Foundation
WestEd
Weyerhauser
Company
Wolverine
PowerCooperative
XcelEnergyServicesInc
Current
2,651.39
1 5 , 8 6.18 6
1,360.67
23,026.74
0to30
-
31to60
14,963.37
16,768.55
11,686.18 26,899.30
10,087.50
6,270.58
5,742.87
2,632.00
14,294.75
00
Over90
Account
Balance
17,614.76
15,861
.86
18j29.22
61,612.22
10,087.50
6,270.58
5,742.87
2,632.00
14,294.75
33,000.00
FINANCIALSTATEMENTS- SUPPLEMENTARYSGHEDULES
OTHERGURRENT
ASSETSANDSTUDENTLOANS:
OTHERCURRENT
ASSETS
INVENTORIES:
BOOKSTORE
UNIVERSITY
IMAGES
CENTML HEATING
OIL
IT TELCOM
CENTRALSTORES
CHEMISTRY
STORES
oTHER(UNDER$70K)
TOTALINVENTORIES
TOTALDEPOSITS
DEFERRED
EXPENSES:
LIBMRY PERIODICALS
& OTHER
MTRIRENT
AETNAHEALTHSAVINGSPAYMENT
PLANTFUNDBUILDING
MATERIALS
TOTALDEFERRED
EXPENSES
STUDENTLOANS:
FEDERAL
PERKINS
LOANS.net
TECHAIDLOANS
TOTALSTUDENTLOANS
06/30/08
06/30/07
06/30/06
535,464
188,735
228,292
210,586
0
114,667
208,675
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
$1,466,564
$465,036
194,327
271,268
256,093
82,750
108,173
212,679
$t
419
DEPOSITS:
WORKER'S
COMP
BC/BSOF MICHADVANCE
TOTALCURRENTOTHERASSETS
03/31/09
$1
20,000
0
20,000
617,597
20,000
561,229
20,000
466,526
20.000
637.597
581.229
486.526
695,442
13,525
0
0
29,957
13,524
0
0
34,784
13,524
0
14,760
36,675
0
0
14,760
708,967
43,481
63,068
51,435
$2,215,386
$2,169,969
$2,110,961
$2,128,297
$12,558,474
1,212,462
$12,061
,145
1.233.203
$12,176,622
1,327,648
$11,493,323
1,261,627
$1
$1
936
FINANCIALSTATEMENTS- SUPPLEMENTARYSCHEDULES
03/31/09
06/30/08
06/30/07
06/30/06
$812,555
87,764
9,519
766,085
200,000
1,
$4,244,075
40,831
4,253
399,836
1,042,869
731
$3,270,342
38,970
9,723
806,633
1,286,890
412,558
$3,818,473
13,243
71
794,724
2,647,667
$2,697,388
133,755
3,243,006
(3,825)
934,878
3,347,574
$10,352,776
$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
$2,675,877
389,837
1,443,846
1,899
720,731
2,706,704
$7,e38,894
$2,468,458
$2,554,640
$3,487,937
$2,720,689
CURRENTLIABILITIES:
Accounts pavable
VOUCHERS
MISCELLANEOUS
SALESTAX & MISC
BENEFITSPAYABLE
ACCRUAL
TOTAL
$7,274,178
Other accrued liabilities
ACCRUEDPAYROLL& TAXES
DEDUCTIONSPAYABLE
DEFERREDPAYROLLLIABILIry
BENEFITSPAYABLE
DEPOSITSPAYABLE& MISC
VACATIONACCRUAL
TOTAL
DeferredRevenue
Gurrentoortion of lonq term liabilities
BANKLINEOF CREDIT
BONDSPAYABLE- UNDER1 YR
MITELEQUIPMENT
NOTES
TELEPHONESYSTEMNOTE
OTHERCAPITALLEASES
NOTEPAYABLE
SUBTOTAL
- CURRENT(& ESP)
HEALTH& LIABTLTTY
- IBNR
HEALTH& LIABILITY
HEALTH&LIABILIry-RSVP
- W/C (& MUSIC)
HEALTH& LTABTLTTY
TIAA/CREFPAYABLE
TOTAL
TOTAL CURRENTLIABILITIES
$o
950,000
0
0
204,945
500,000
1,654,945
208,088
1,432,799
0
318,000
0
$18,310,989
$o
1,050,000
0
0
198,836
400,000
1,648,836
208,088
1,432,799
502,225
318,000
0
109,948
$20,904,346
$0
1,030,000
0
0
0
322,310
1,352,310
208,088
1,225,629
572,517
300,000
0
$21,018,207
$o
955,000
0
285,290
0
0
1,240,290
333,027
1,288,309
595,898
323,000
0
780,524
$21,714,285
. SUPPLEMENTARY
FINANCIAL
STATEMENTS
SGHEDULES
NONCURRENT
LIABILITIES:
Insuranceand benefitreserves
ACCRUED
CLAIMS
MISC- LONGTERMPORTION
ESPLONGTERMPORTION
GASB45
TOTAL
DUETO MICHIGAN
TECHFUND
0
267,876
792,342
099
$2,015,3't7
$0
216,766
980,813
0
$o
211,565
1,165,588
0
PROPERW, PLANT and EQUIPMENT
Nondepreciable
capitalassets
LAND
MINERAL
MUSEUMEXHIBITS
TIMBER
CONSTRUCTION
IN PROGRESS
Depreciablecapitalassets
LANDIMPROVEMENTS
INFRASTRUCTURE
BUILDINGS
DEFERRED
FINANCING
COSTS
EOUIPMENT
LIBRARYBOOKS
Total cost of capital assets
LessAccumulatedDepreciation
CAPITALASSETS,net
BeginningBalance
Julv 1. 2008
EndingBalance
MAR2OO9
$9,113,443
4,702,610
368.394
1,867,133
16,051,580
2,259,240.57
2,565,611
1,323,100
4,848,127
293,665,452
2,037,304
29,601,254
882.923
0.00
174,890.26
4,777,204.29
338,9s1.88
2,428,688.67
0.00
$9,113,443
5,009,980
368,394
4,125,374
18,617,190
1, 3 2 3 , 1 0 0
5,023,018
298,442,656
2,376,256
32,029,942
882,923
332,358,159
7,719,735
340,077,894
349,409,739
10,285,346
358,695,084
(126,161,186)
(4,625,000)
(130,786,186)
$222,248,552
$5,660,346
$227,909,899
NOTESAND BONDSPAYABLE
FYO9
LONGTERMPORTIONOF BONDSPAYABLE:
2OO3ISSUE
4,295,000
4,600,000
4,700,000
2004tssuE
30,145,000
32,195,000
33,865,608
2006tssuE
2,840,000
2,940,000
2OOSISSUE
15,785,000
TOTAL
53,065,000
38,965,000
1
39,735,000
I
0
39,565,609