University's unrestricted funds increase by nearly $50 million from last year
Central Michigan University gained $47.8 million in unrestricted funds from last year, up to about $276 million on June 30.
The increases are composed mainly from capital projects in various stages of planning.
The reserve balances include funds from operational activities that have not been restricted by donors, grant agencies or other parties external to the university.
It includes funds that have been designated by the governing board for specific purposes and amounts that have been contractually committed for goods and services not yet been received.
According to the financial report, on June 30, there was about $31.3 million more in unrestricted net assets than 2010 that related to capital projects in various stages of planning; $15.2 million related to unrealized gains; $7.5 million related to debt stabilization and insurance reserves; $5.9 million related to endowment; $1.6 million related to working capital balances maintained for departmental and auxiliary enterprise activities; and about $500,000 related to Central Health Advancement Solutions, which was added to the fund this year.
The unrestricted fund also had a decrease of $13.2 million from contractual commitments.
According to the independent audit by Andrews Hooper Pavlik, PLC of Saginaw on Aug. 29, about $29.2 million is required to complete construction projects already in process as of June 30.
These construction projects include $10.7 million for the College of Medicine addition to the Health Professions Building, $3 million for the Bovee University Center renovation, $0.8 million for the Events Center, $500,000 for Anspach Hall renovation and $500,000 for the graduate housing project.
About $8.9 million will go toward other projects, including maintenance and remodeling.
From 2009 to 2010, the unrestricted funds increased by $37.8 million, mainly for construction projects.