Combined Balance Sheet (Statement of Net Assets)

As of:

6/30/08

6/30/07

Change

Current Year

Prior Year

Amount

Percent

Assets

Cash and cash equivalents

$ 15,620,066

$ 15,408,462

$ 211,604

1%

Accounts and notes receivable/net

17,613,964

19,379,452

(1,765,488)

-9%

Inventories

1,488,790

1,466,564

22,226

2%

Deposits

637,597

581,229

56,368

10%

Prepaid expenses

43,482

63,069

(19,587)

-31%

Total current assets

35,403,899

36,898,776

(1,494,877)

-4%

Student loans receivable/net

13,294,348

13,504,270

(209,922)

-2%

Investments

6,257,214

7,391,331

(1,134,117)

-15%

Capital assets/net of depreciation

222,248,552

224,062,347

(1,813,795)

-1%

Other assets

978,544

978,544

-

0%

Total non-current assets

242,778,658

245,936,492

(3,157,834)

-1%

Total assets

278,182,557

282,835,268

(4,652,711)

-2%

Liabilities

Accounts payable

(5,731,865)

(5,412,558)

(319,307)

6%

Other accrued liabilities

(8,507,893)

(8,781,478)

273,585

-3%

Deferred revenue

(2,554,640)

(3,487,937)

933,297

-27%

Current portion of L/T liabilities

(4,109,948)

(3,336,234)

(773,714)

23%

Total current liabilities

(20,904,346)

(21,018,207)

113,861

-1%

Funds held for others

(719,500)

(680,450)

(39,050)

6%

Insurance and benefits reserves

(1,815,317)

(1,197,579)

(617,738)

52%

Notes and bonds payable

(49,013,728)

(50,101,794)

1,088,066

-2%

Capital lease obligations

(641,970)

-

(641,970)

0%

Funds due Michigan Tech Fund

(600,000)

(750,000)

150,000

-20%

Total non-current liabilities

(52,790,515)

(52,729,823)

(60,692)

0%

Total liabilities

(73,694,861)

(73,748,030)

53,169

0%

Net (increase) decrease in net assets

4,599,543

(7,751,451)

12,350,994

-159%

Net (Assets), July 1

(209,087,237)

(201,335,786)

(7,751,451)

4%

Total net assets

(204,487,694)

(209,087,237)

4,599,543

-2%

Total liabilites and net assets

$ (278,182,555)

$(282,835,267)

$ 4,652,712

-2%