FGQGEN35B Exhibit B1 10/03/2003

MICHIGAN TECHNOLOGICAL UNIVERSITY Combined Statement of Net Assets Current Vs. Prior Year As of 6/30/03

Description			07/01/2002	6/30/03 Period 14	Prior Year Period 14
ASSETS
Cash and cash equivalents			5,060,372	22,654,296	5,060,372
Accounts and Notes Receivable/net			17,782,315	16,140,298	17,782,315
Inventories			1,455,876	1,242,297	1,455,876
Deposits			244,000	244,000	264,500
Prepaid Expenses			73,463	64,611	73,463
Current Assets			24,616,027	40,345,504	24,636,527
Student Loans Receivable/net			10,744,716	10,948,289	10,724,216
Investments			7,242,186		7,242,186
Capital assets/net of depreciation			168,170,616	165,764,084	168,776,290
Non-Current Assets			186,157,519	176,712,374	186,742,693
TOTAL ASSETS			210,773,546	217,057,878	211,379,221
LIABILITIES
Accounts Payable			3,345,715	2,216,315	3,345,715
Accrued Liabilities			6,855,518	6,136,850	6,855,518
Unearned revenue			2,862,194	4,685,771	2,862,194
Current Portion of L/T Liabilities			2,437,559	2,580,604	3,755,430
Current Liabilities			15,500,987	15,619,541	16,818,858
Funds Held for Others			490,120	537,795	490,120
Accrued Health & Liability Claims			375,000	2,118,460	375,000
Notes and Bonds Payable			11,170,000	15,900,000	11,170,000
Capital Lease Obligations			226,475	1,297,952	226,475
Non-Current Liabilities			12,261,595	19,854,207	12,261,595
TOTAL LIABILITIES			27,762,583	35,473,748	29,080,454
NET ASSETS
Increase (Decrease) in Net Assets				1,426,833-	2,697,554
Cum Effect of Change Acctg Principl			700,061	696,831
Unrestricted Net Assets, July 1			4,337,643	4,340,872	1,441,855-
Restricted Net Assets, July 1			20,875,255	20,875,255	20,543,977
Invested in capital assets, July 1			157,098,003	157,098,003	160,499,090
			183,010,963	181,584,129	182,298,766
TOTAL NET ASSETS			183,010,963	181,584,129	182,298,766