Unaudited Interim Financial Reports for FY2004 - Final Closing
Frequently Asked Questions
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Financial Highlights
The Bottom Line:
The University's FY04 $9.4 million combined net
income (a/k/a Increase in Net Assets) is $10.8 million greater than the
FY03 combined net loss ($1.4 million). Since expenses (adjusted for capital
expenditures) are relatively flat, the Increase in Net Assets is
attributable to two items - the increase in Tuition revenue ($4.0
million) and the increase in Capital appropriations and Capital
gifts ($8.9 million).
Balance Sheet Variances:
The June 2004 cash and
equivalents is significantly greater than the June 2003 cash and
equivalents. This is primarily due to the remaining balance of the $33 million
of bond proceeds for the Wadsworth Hall renovation. See also the Supporting Schedules - Cash and
equivalents.
The comparative fiscal year's June accounts receivables increase is
primarily due to the $1.9 million receivable we have from the State of Michigan
for the construction of the CILIT (Plant fund). See also the Supporting Schedules - Accounts
receivable.
Income Statement Variances:
Fringe
benefit: 
Remarkably,
the FY04 Combined funds and the General fund fringe benefits are less than the
corresponding FY03 fringe benefits. This is a function of both the furlough
days and the decrease in health care costs. See also the Supporting Schedules - Accounts
receivable.
Forward Looking Statements
State Appropriation: Beginning in January, the State of Michigan implemented a 5% mid-year appropriation reduction. The university recognized the entire 5% reduction over the period from January 1 to June 30, 2004.
Capital appropriation for the CILIT is estimated to increase by another $1.8 million per month until completion.
Monthly Reports
Combined Comparative Financial Statements
Combined Balance Sheet (Statement of Net
Assets)
Combined Income Statement (by object) (Statements of
Revenues, Expenses, and Changes in Net Assets)
Combined Income Statement (by function) (Statements
of Revenues, Expenses, and Changes in Net Assets)
Combining Balance Sheets (GASB35 Approach)
These comparative Combining Balance Sheets are presented only as supporting
information for the Combined Balance Sheet presented above. As previously noted,
the FY04 significant increase in Cash and cash equivalents line is
primarily due to the additional debt proceeds.
Combining Income Statements
Two combining income statement formats are provided below. The "By Function" income statement is the format used in our audited financial statements. The "By Object" income statement is the traditional accounting format where the expenses are grouped by categories such as Salaries, Supplies, etc. (Hint: Use the landscape duplex option if you choose to print either of the combining income statement formats.)
|
by Function |
by Object |
Current Funds Income Statement
General Fund - Current Year Actual to Budget Comparison
Two budget comparisons are provided. The "By Function" comparison is the format used in our audited financial statements. The "By Object" comparison is the traditional or "natural" classification of accounts where the expenses are grouped by categories such as Salaries, Supplies, etc.The Budget column amounts include both the most recently approved Board of Control carryforwards plus the FY04 balanced budget. Although there are still reconciling items, the budget has been balanced by the Office of Planning and Budgeting.
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By Function (Program)
By Object (Account Type)
General Fund - Current vs. Prior Year Income Statement
By Function (Program)
By Object (Account Type)
Other Supporting Schedules
Financial Statements - Supplementary Schedules (all in Excel format)
Cash and equivalents (June-2004)
Accounts receivable
(June-2004)
Other assets
(June-2004)
Fixed assets
(June-2004)
Current
liabilities (June-2004)
Other longterm
liabilities (June-2004)
Debt
(June-2004)
