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) 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

The Bottom Line:
The University's FY07 ($7.7 million) combined net income (Increase  in Net Assets) is $10.7 million greater than the FY06 combined net loss ($2.9 million).  The comparative net change is attributable to the increase in Capital appropriations and  Capital gifts ($8.7 million) and the Gift income ($2.5 million).

Capital appropriations and Capital gifts (Capital revenues) are one-time non-operating revenues received for a specific purpose. The FY07 increase is due to this past summer's general campus renovation.

Balance Sheet Variances:

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

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

Income Statement Variances:

Natural Classification Reporting

Salaries and wages are up 9%. This is a function of both raises and additional employees. We have hired new employees as well as added some of the Michigan Tech Fund advancement employees (mid year FY06) and 22 Michigan Tech Research Institute employees (October 2006).