Central Michigan University saw slight increases in total assets and operating revenue for the 2011-12 fiscal year, according to a report issued at Thursday's Board of Trustees meeting.

Plante Moran, one of the nation's largest certified public accounting firms, was selected to do the audit for the fiscal year — starting on June 30, 2012 — and was awarded a five-year contract from the university.

Representatives from the accounting firm were on hand Thursday to issue the report. Results showed that there was a $7.4 million increase in total assets, offsetting a decrease in receivables, following a $4.6 million increase in deferred outflows and a $3.4 million increase in current assets.

There was a $1.3 million increase in total liabilities due to the addition of graduate student housing on campus and the Anspach Hall renovations, a $5.4 million increase in operating revenue due to increased student enrollment and fees, and a $39.6 million increase in operating expenses due to increases in supplies and maintenance, as well as an increase in the costs of compensation.

There was a $44.3 million decrease in non-operating revenue, due to a $12 million decrease in state operating appropriations and unrealized losses on investments of $42.4 million.

Overall, there was a $6.1 million increase in the net position, or net assets, to $641.1 million. CMU saw its nets assets increase by $89.7 million in 2011.

"(CMU is) consistent from year to year," said a representative from Plante Moran who spoke to the board. "(The university is) tuition reliant, which is good because 66 to 67 percent of your revenue comes from tuition."

Of current operating revenues, 2 percent was gained from federal grants and contracts, 6 percent was gained from departmental activities, 2 percent was gained from state and local grants and contracts, 23 percent was gained from auxiliary enterprises and 67 percent was gained from tuition and fees, bringing the 2012 operating revenue total to $321.5 million.

The 2011 operating revenue totaled $316.1 million, while total operating expenses reached $381.6 million. The 2012 operating expense total is expected to be $421.2 million.

Of the 2012 operating expense total, 58 percent was spent on compensation, 5 percent was spent scholarships and fellowships, 2 percent was spent on utilities, 20 percent was spent on supplies and other things, 9 percent was spent on operations and maintenance and 6 percent went to depreciation.

"From a financial standpoint, your assets are very solid," the representative from Plante Moran said.

CMU's 2011 independent financial audit was conducted on June 30 by Andrews Hooper Pavlik, PLC, of Saginaw.

At the time of the audit, CMU had $276 million in unrestricted funds, which was a $47.8 million increase from the previous year. Of those funds, $29.2 million was set aside to use for construction projects including the graduate housing project, the College of Medicine, the Bovee University Center renovation and the Anspach Hall renovation.