Combined Balance Sheet (Statement of Net Assets)

As of:

30-Jun

30-Jun

Change

Current Year

Prior Year

Amount

Percent

Assets

Cash and cash equivalents

$ 15,408,462

$ 14,682,408

$ 726,054

5%

Accounts and Notes Receivable/net

19,379,452

16,148,934

3,230,518

20%

Other Current Assets

2,110,862

2,128,287

(17,425)

-1%

Total Current Assets

36,898,776

32,959,629

3,939,147

12%

Student Loans Receivable/net

13,504,270

12,754,950

749,320

6%

Investments

7,391,331

6,159,751

1,231,580

20%

Capital assets/net of depreciation

224,062,347

221,537,171

2,525,176

1%

Total Non-Current Assets

245,936,492

240,451,872

5,484,620

2%

Total Assets

282,835,268

273,411,501

9,423,767

3%

Liabilities

Accounts Payable

(5,412,558)

(7,274,178)

1,861,620

-26%

Other accrued liabilities

(8,781,478)

(7,938,895)

(842,583)

11%

Deferred revenue

(3,487,937)

(2,720,690)

(767,247)

28%

Current Portion of L/T Liabilities

(3,336,234)

(3,780,524)

444,290

-12%

Total Current Liabilities

(21,018,207)

(21,714,287)

696,080

-3%

Funds Held for Others

(680,450)

(707,050)

26,600

-4%

Insurance and Benefits Reserves

(1,197,579)

(1,377,153)

179,574

-13%

Notes and Bonds Payable

(50,101,794)

(48,158,795)

(1,942,999)

4%

Capital Lease Obligations

-

(118,871)

118,871

-100%

Funds due Michigan Tech Fund

(750,000)

-

(750,000)

0%

Total Non-Current Liabilities

(52,729,823)

(50,361,869)

(2,367,954)

5%

Total Liabilities

(73,748,030)

(72,076,156)

(1,671,874)

2%

Net (increase) decrease in Net Assets

(7,751,451)

2,937,740

(10,689,191)

-364%

Net (Assets), July 1

(201,335,786)

(204,273,124)

2,937,338

-1%

Total Net (Assets)

(209,087,237)

(201,335,384)

(7,751,853)

4%

Total Liabilities and Net Assets

$ (282,835,267)

$(273,411,540)

$ (9,423,727)

3%