Mich. Comp. Laws § 393.61

Sec. 11. The board of trustees shall, in proper books for that purpose, cause to be kept a regular account of all moneys received and disbursed, and the receipts from and expenditures for and on account of each department of business, or for the construction of buildings or the improvement of the premises; and the accounts shall be so kept as to show as near as practicable the cost of carrying on the farm and garden, and of the several shops or industries of said institution in all respects, as provided by section 4, Act 146, laws 1891.