DETROIT — A review of Michigan’s public universities found their unrestricted net assets rose to $4.2 billion this year, according to an Associated Press story on Mlive.com. That figure represents a 24 percent increase over last year.
The University of Michigan had the most unrestricted assets, at $2.6 billion between its three campuses and health system, according to the AP. Wayne State University’s information was not included because it operates on a different fiscal year.
The AP reports that some parents and students say schools should spend down those unrestricted assets to lower tuition costs. But in most cases schools have already designated that money for future projects, such as construction.
The Associated Press, “Michigan public universities list $4.2B unrestricted,” Jan. 16, 2011
Mackinac Center for Public Policy, “University of Michigan: More Staff, Higher Revenue, Higher Pay ... Wants More Money From Taxpayers,” Jan. 6, 2012