General Information

Since 1998 the most recent month-end financial reports have been posted to this web site no later than the fifth business day of the following month.  Although the report formats are not as "dressed up" as our annual audited financial statements, they fairly reflect the University's financial condition.  The format of these interim reports reflects the adoption of the Governmental Accounting Standards Board ("GASB") Statement No. 35 financial reporting.  Fund accounting reports are also provided for managerial review.

Since these are only unaudited interim financial statements, immaterial discrepancies may be included in these statements. However, these discrepancies have been noted and the appropriate corrections will be made in the subsequent month.

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 statements.  There is no inclusion of (MTF) FY05 activity in the MTU interim financial reporting.  If you would like to see the MTF interim reports, click here:  http://www.mtf.mtu.edu/trustee_site/financial.php

Have any questions?

Visit our Frequently Asked Questions section.

Financial Highlights

We received $1.5 million as our State appropriation, operating "rebate" for holding FY05 tuition to the State defined standard.

The Bottom Line:
The University's FY05 ($15.9 million) combined net income (a/k/a Increase in Net Assets) is $6.5 million greater than the FY04 combined net income ($9.4 million).  The comparative net change is attributable to two items - the increase in the State appropriation operating revenue ($2.2 million) and the increase in Capital appropriations and Capital gifts ($4.1 million).

Keep in mind that the Capital appropriations and Capital gifts are one-time non-operating revenues received for a specific purpose.

Balance Sheet Variances:
The June 2005 cash and equivalents is significantly less than the June 2004 cash and equivalents. This is due to the $8.6 million versus $27.8 million remaining balance of the Wadsworth Hall renovation bond proceeds.   See also the Supporting Schedules - Cash and equivalents.

Accounts Receivable:
The primary differences between these two fiscal years is the State of Michigan billing for the CILIT. See also the Supporting Schedules - Accounts receivable.

The FY05 tuition and fees revenue is less than the FY04 tuition and fees revenue because of the FY04 change in accounting methodology for deferring summer term revenue.

The Instruction functional expenses (favorable) variance and the Research functional expenses (unfavorable) variance partially net each other out.  There has been a reclass of faculty payroll from Instruction to Research to more appropriately account for departmental research.

Fringe benefit:   The FY05 Combined funds summary and the Current funds fringe benefits are down slightly from the corresponding  FY04 fringe benefits.