FGQMPBB1 - Exhibit B2 10/06/2003

MICHIGAN TECHNOLOGICAL UNIVERSITY Combined Statement of Revenues, Expenses, Transfers, and Changes in Net Assets

	For the period ended
	06/30/2003	06/30/2002	Change
Student Tuition and Fees	51,452,072	48,440,698	3,011,374
Federal Grants and Contracts	15,880,873	15,925,805	-44,932
State/Local Grants and Contracts	2,288,267	3,371,757	-1,083,490
Nongovernmental Grants and Contracts	10,475,947	9,749,733	726,214
Educational Activities	4,995,931	4,418,205	577,726
Student Resident Fees	12,379,237	12,059,785	319,452
Sales and Services of Dept Activities	7,599,730	8,145,895	-546,165
OPERATING REVENUES	105,072,057	102,111,878	2,960,179
Instruction	54,099,943	51,606,846	2,493,097
Research	22,697,239	20,176,044	2,521,195
Public Service	5,058,355	4,800,508	257,847
Academic Support	11,214,852	10,150,474	1,064,378
Student Services	5,983,701	5,294,845	688,856
Institutional Support	16,229,981	13,057,879	3,172,102
Operation & Maintenance of Plant	12,447,324	9,193,866	3,253,458
Student Financial Support	18,750,097	18,775,260	-25,163
Auxiliary Activities	20,266,131	18,658,840	1,607,291
Depreciation	10,811,442	10,798,001	13,441
OPERATING EXPENSES	177,559,065	162,512,563	15,046,502
OPERATING INCOME (LOSS)	72,487,008-	60,400,685-	12,086,323-
State appropriations, Operating	53,308,106	55,241,596	-1,933,490
Gift Income	6,152,208	6,431,138	-278,930
Investment Income (loss)	-120,849	-1,043,851	923,002
Interest Expense	-290,836	-281,949	-8,887
Other Nonoperating Revenues		977,686	-977,686
Capital Grants and Gifts	3,189,344	2,035,379	1,153,965
NONOPERATING REVENUES (EXPENSES)	62,237,973	63,359,999	-1,122,026
Capital appropriations	541,007	405,655	135,352
Fund Additions, Net of Disposals	8,281,181	-667,421	8,948,602
OTHER REVENUE	8,822,188	-261,766	9,083,954
NET INCREASE (DECREASE) IN NET ASSETS	-1,426,846	2,697,548	-4,124,394
NET ASSETS, Beg. of Year	183,010,963	179,601,212	3,409,750
NET ASSETS, End of Period	181,584,117	182,298,760	714,643-