Financial Ratios and Benchmarks

Fiscal Year 2005

Peer Institutions

• Eastern Oregon University• Henderson State University• Lander University• Longwood College• Mary Washington College• SUNY College at Old Westbury• University of Minnesota – Morris• University of North Carolina at Asheville• University of Wisconsin - Parkside

Net Tuition Per Student

Sum of:

Gross tuition and fees revenue

Less Scholarship discount and allowances

Less Scholarship expense

Divided by total FTEs

Indication:

Shepherd: Positive

Peers: Negative

Shepherd 2005

Shepherd 2004

Peer Average

Shepherd 2005 3,250

Shepherd 2004 3,025

Peer Average 4,110

Net Tuition

State Appropriations Per Student FTE

State appropriations

Divided by total FTEs

Indication: Shepherd: Negative Peers: Negative

Shepherd 2005

Shepherd 2004

Peer Average

Shepherd 2005 2,895

Shepherd 2004 2,937

Peer Average 5,545

State Appropriations

Educational Expense Per FTE

Total operating expenses

Divided by total FTEs

Indication:

Shepherd: Positive

Peers: Negative

Shepherd 2005

Shepherd 2004

Peer Average

Shepherd 2005 11,434

Shepherd 2004 11,204

Peer Average 14,683

Educational Expense

Capital Expense to Operations

The sum of:

Depreciation expense

Plus Interest expense

Divided by total operating expenses

Indication:

Peers: Positive

Shepherd 2005

Peer Average

Shepherd 2005 10.01%

Peer Average 8.57%

Capital Expense

Unrestricted Financial Resources to Operations

Unrestricted Net Assets

Divided by total operating expenses

Indication:

Peers: Positive

Shepherd 2005

Peer Average

Shepherd 2005 0.21

Peer Average 0.06

Unrestricted Financial Resources

Expendable Financial Resources to Operations

The sum of:

Unrestricted net assets

Plus Restricted Expendable net assets

Divided by total operating expenses

Indication:

Peers: Positive

0.19

0.20

0.20

0.21

0.21

0.22

0.22

0.23

0.23

0.24

0.24

Shepherd 2005

Peer Average

Shepherd 2005 0.23

Peer Average 0.21

Expendable Financial Resources

Direct Debt Per FTE

Direct Debt

Divided By Total FTEs

Indication:

Shepherd: Negative

Peers: Negative

Shepherd 2005

Shepherd 2004

Peer Average

Shepherd 2005 11,299

Shepherd 2004 3,381

Peer Average 8,317

Direct Debt

Net Operating Margin

Operating surplus (deficit)

Divided by total operating

Revenue plus State

Appropriations

Indication:

Shepherd: Negative

Peers: Negative

FY 2005

FY 2004

Peer Average

FY 2005 5.18%

FY 2004 8.78%

Peer Average 10.70%

Annual Operating Margin

Return on Net Assets

(Increase ) decrease in net assets

Divided by average total net assets

(the sum of beginning and ending net assets divided by 2)

Indication:

Peers: Negative

FY 2005

Peer Average

FY 2005 5.18%

Peer Average 9.80%

Return on Net Assets

Revenue Distribution

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

Shepherd 2005

Shepherd 2004

Peer Average

Shepherd 2005 11,932 10,180 370 40 746 4,661 9,242 680

Shepherd 2004 10,858 8,944 156 34 503 4,079 8,876 710

Peer Average 11,830 9,300 239 0 706 4,986 17,349 1,352

Net Tuition and Fees

Auxiliary Enterprises

Investment income

Sales and Services of Educational

Gifts and Pledges

Grants and Contracts

State Appropriation

Other

Tuition 2005

48%

52%

In State

Out of State