Financial Statements

Lake Superior State University is an institution of higher education and is considered to be a component unit of the State of Michigan because the Governor of the State of Michigan appoints the University’s Board of Trustees. The University is included in the State’s financial statements as a discrete component unit. Transactions with the State of Michigan primarily relate to appropriations for operations, appropriations for Charter Schools, receipt of grants, payments to State retirement programs on behalf of certain University employees, and reimbursements for capital outlay projects.

The basic financial statements include not only the University itself, but also a legally separate entity, the Lake Superior State University Foundation, for which the University is financially accountable. Financial statement information for this component unit is reported separately from the financial information presented for the University.

Annual Financial Statement for the Period Ended

Uniform Guidance (previously known as A-133 Single Audit Report)