University of Michigan Diag.
AnnArbor.com photo | Joseph Tobianski
Fourteen of Michigan's 15 public universities boast $4.1 billion in unrestricted net assets that are earmarked for building projects and not tuition cuts, the Detroit Free Press reports.
The figure is down about $100 million from the year before and does not include Wayne State University, which reports using a different financial year from other schools.
"I know we keep repeating this, but it's very important: Net assets (are) not a substitute for recurring operational revenue or spending cuts," University of Michigan spokesman Rick Fitzgerald said in an e-mail to the Free Press. He went on to say that net assets are best used for one-time expenses.
Read the full article at the Free Press.
Kellie Woodhouse covers higher education for AnnArbor.com. Reach her at kelliewoodhouse@annarbor.com or 734-623-4602 and follow her on twitter.