2010 A-133 Report - Finance - University of Michigan

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THE UNIVERSITY OF MICHIGAN Management's Discussion and Analysis (Unaudited)--Continued Total scholarships and fellowships provided to students aggregated $365 million in 2010, as compared to $327 million in 2009 and $300 million in 2008, an increase of 22 percent over the past two years. Tuition, housing and fees revenues are reported net of aid applied to students’ accounts, while amounts paid directly to students are reported as scholarship and fellowship expense. Scholarships and fellowships for the three years ended June 30, 2010 are summarized as follows: 2010 2009 2008 (in millions) Paid directly to students $ 113.8 $ 107.1 $ 98.8 Applied to tuition and fees 233.6 202.9 184.1 Applied to University Housing 17.4 16.5 16.7 $ 364.8 $ 326.5 $ 299.6 The following graphic illustrations present total expenses by function, with and without the University’s Health System and other similar activities: 24
Statement of Cash Flows THE UNIVERSITY OF MICHIGAN Management's Discussion and Analysis (Unaudited)--Continued The statement of cash flows provides additional information about the University’s financial results by reporting the major sources and uses of cash. A comparative summary of the statement of cash flows for the years ended June 30, 2010 and 2009 is as follows: 25 2010 2009 (in millions) Cash received from operations $ 4,584.1 $ 4,310.3 Cash expended for operations (4,881.0) (4,699.3) Net cash used in operating activities (296.9) (389.0) Net cash provided by investing activities 212.0 256.1 Net cash used in capital and related financing activities (658.7) (575.0) Net cash provided by noncapital financing activities 579.8 571.2 Net decrease in cash and cash equivalents (163.8) (136.7) Cash and cash equivalents, beginning of year 358.4 495.1 Cash and cash equivalents, end of year $ 194.6 $ 358.4 Cash received from operations primarily consists of student tuition, sponsored program grants and contracts, and patient care revenues. Significant sources of cash provided by noncapital financing activities, as defined by GASB, include state appropriations, state fiscal stabilization funds, federal Pell grants and private gifts used to fund operating activities. Cash and cash equivalents decreased $164 million and $137 million in 2010 and 2009 respectively, primarily due to planned capital additions.
Page 1 and 2: The University of Michigan Reports
Page 3 and 4: Report of Independent Auditors The
Page 5 and 6: Introduction THE UNIVERSITY OF MICH
Page 7 and 8: THE UNIVERSITY OF MICHIGAN Manageme
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Page 31 and 32: THE UNIVERSITY OF MICHIGAN Consolid
Page 33 and 34: THE UNIVERSITY OF MICHIGAN Consolid
Page 35 and 36: THE UNIVERSITY OF MICHIGAN Notes to
Page 41 and 42: Note 2--Cash and Investments THE UN
Page 51 and 52: Note 6--Long-term Debt THE UNIVERSI
Page 55 and 56: Note 7--Derivative Instruments THE
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The University of Michigan Schedule
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University of Michigan Notes to Sch
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The University of Michigan Notes to
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This report is intended solely for
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In our opinion, based on our audit
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failures to the National Student Cl
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2010 A-133 Report - Finance - University of Michigan

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