General Information

Since 1998 the most recent month-end financial reports have been posted to this web site.  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) FY06 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

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Financial Highlights

The Bottom Line:
The University's FY06 ($2.9 million) combined net loss (Decrease in Net Assets) is $16.2 million less than the FY05 combined net income ($13.3 million).  The comparative net change is attributable to two items - the decrease in the state and local grants and contracts ($1.0 million) and the decrease in Capital appropriations and Capital gifts ($13.1 million).

Capital appropriations and Capital gifts (Capital revenues) are one-time non-operating revenues received for a specific purpose. We knew this was going to happen as the CILIT construction project came to completion.

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

Balance Sheet Variances:
The June 2006 cash and equivalents is significantly less than the June 2005 cash and equivalents. This is primarily due to the $0 thousand versus $8.6 million remaining net balance of the Wadsworth Hall renovation bond proceeds.   Dollar cost averaging on R&I fund Investments has also decreased our cash.

Accounts Receivable:
 For a detailed analysis see the Supporting Schedules - Accounts receivable.

Investments:
The University is dollar-cost-averaging approximately $7 million dollars of R&I fund cash back into the equity markets. This is consistent with the University Senate Proposal:  http://www.admin.mtu.edu/usenate/propose/8-05.htm

Income Statement Variances:

Fringe benefits: Requires Microsoft Excel  The FY06 Combined funds summary and the Current funds fringe benefits are both significantly up ($2.5 million) from the corresponding FY05 fringe benefits.  We have seen a significant increase in our health care expense.