Detroit Free Press: Michigan universities using unrestricted funds for projects, not tuition cuts
AnnArbor.com photo | Joseph Tobianski
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.