Year Financial Forecast

8/3/2019 Year Financial Forecast

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2004 2005ASSETS

Current assets

Cash & Short-Term Investments 140,321 123,099

Accounts receivable 14,279 16,926

Inventories 1,954 1,673

Prepaid expense 3,770 3,429

160,324 145,127

Investments 212,275 243,380

Property and equipment 414,549 494,560Prepaid Lease

Unamortized debt discount and issue costs 11074 10,785

TOTAL ASSETS 798,222 893,852

LIABILITIES AND NET ASSETS

Current Liabilities

Accounts payable and accrued liabilities 22,476 41,708

Current portion of long-term debt 6,176 6,323

28,652 48,031

Employee future benefits 27,481 30,493

Long Term Debt 162,567 161,735

Deferred Contributions 46,009 39,448

Deferred Contributions for property and equipment 222,121 250,290

Deferred lease proceeds 0 13,754

486,830 543,751

NET ASSETS

Operating -17,120 -18,892Internally restricted for commitments 75,646 88,777

operating

capital, lease, and other

Invested in property and equipment 150,665 164,166

226,311 252,943

Endowment 102,201 116,050

Simon F


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311,392 350,101

TOTAL LIABILITIES AND NET ASSETS 798,222 893,852

2004 2005

REVENUE

Government grants and contracts

Province of British Columbia 177,578 175,354

Government of Canada 32,224 48,208

Other governments 1,553 1,684

Tuition - credit courses 83,513 103,741

Non-credit courses 8,595 8,312

Other 6,190 7,330

Sales of goods and services 27,156 31,835

Gifts, grants, and contracts 25,872 22,076

Investment income 14,583 13,509

Amortization of deferred contributions: property & equipment 4,042 8,312

Miscellaneous income 8,453 4,260

389,759 424,621

EXPENSES

Salaries 189,699 203,221

Employee benefits 36,341 36,708

226,040 239,929

Amortization of property & equipment 26,438 29,122

Scholarships, bursaries, & prizes 16,794 21,672

Other operational expenses 18,032 19,213

Travel & personnel expenses 11,311 12,855

Professional fees 14,268 17,938

Materials and supplies 13,513 14,320

Cost of goods sold 8,835 10,177

Interest on long-term debt 8,383 8,749

Contract services 3,965 4,721

Renovations and alterations 5,120 5,569

Utilities 5,058 5,307

Equipment rental and maintenance 3,240 3,448

INCOM


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Grants to other agencies 3,099 4,836

Amortization of bond discount 289

Communications 1,331 1,441

365,427 399,586

Net revenue 24,332 25,035

Other useful information

2004 2005

Graduate students enrolled at SFU 3,337 3,190

Undergraduate students at SFU 22,098 23,480

Total enrollment 25,435 26,670


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Historical Forecast

2006 2007 2008 2009 2010 2011 2012ok ok ok ok

73,305 33,940 29,426 -136,946 -332,234 -527,853 -747,432

31,050 14,811 16,944 15,878 17,916 18,866 20,090

1,973 2,050 1,563 1,594 1,626 1,659 1,692

3,540 3,484 2,294 2,340 2,387 2,434 2,483

109,868 54,285 50,227 -117,134 -310,306 -504,894 -723,166

265,196 300,635 352,731 289,781 326,959 344,310 366,647

600,693 699,932 767,267 811,089 857,801 886,576 936,7550 3,066 3,127 3,190 3,254 3,319

10,497 0 0 0 0 0 0

986,254 1,054,852 1,173,291 986,864 877,644 729,245 583,554

56,868 43,874 48,923 67,063 69,952 73,636 78,391

8,796 7,345 11,158 7,963 8,042 8,123 8,204

65,664 51,219 60,081 75,025 77,994 81,758 86,595

33,122 34,869 36,729 60,497 62,965 66,568 71,264

159,410 152,560 157,674 159,251 160,843 162,452 164,076

46,664 46,165 58,719 48,297 54,493 57,385 61,108

276,366 324,676 363,776 381,212 403,166 416,691 440,275

14,665 16,710 17,904 18,262 18,627 19,000 19,380

595,891 626,199 694,883 742,544 778,089 803,853 842,697

-20,33195,383

13,881 3,160

41,941 36,619

182,332 225,164 261,727

277,715 280,986 301,506 85,108 -99,459 -293,524 -499,951

132,979 147,667 176,902 159,212 199,015 218,916 240,808

aser University

BALANCE SHEET


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390,363 428,653 478,408 244,320 99,555 -74,608 -259,143

986,254 1,054,852 1,173,291 986,864 877,644 729,245 583,554

Historical Forecast

2006 2007 2008 2009 2010 2011 2012

274,280 282,508 299,713 324,140

209,920 203,536 211,811

46,916 62,017 60,941

2,209 1,902 1,528

113,604 118,330 125,450 147,673 156,651 164,578 172,905

7,984 6,894 7,341

8,696 8,774 9,202

36,949 38,048 40,075 41,678 43,345 45,079 46,882

19,555 27,395 25,614 25,614 26,382 27,174 28,533

19,829 20,492 19,185 -23,981 17,986 18,885 19,829

9,208 9,454 10,822 11,038 11,259 11,484 11,714

4,138 4,890 6,536 6,667 6,800 6,936 7,075

479,008 501,732 518,505 482,969 544,932 573,849 611,078

233,436 242,634 258,900 421,953 439,160 464,291 497,045

42,315 45,195 49,387 78,061 81,245 85,894 91,953

275,751 287,829 308,287 500,014 520,404 550,185 588,999

31,758 39,873 41,858 38,637 43,595 45,908 48,886

22,896 23,802 25,828 25,317 26,350 27,857 29,823

22,785 24,734 25,810 25,317 26,350 27,857 29,823

15,745 15,540 17,837 16,878 17,566 18,572 19,882

14,613 16,703 17,683 18,037 18,397 18,765 19,141

17,030 14,595 15,246 15,551 15,862 16,179 16,503

11,092 11,218 12,163 12,659 13,175 13,929 14,911

7,933 6,888 10,316 9,460 9,555 9,651 9,747

7,276 8,226 10,135 10,338 10,544 10,755 10,970

9,751 12,313 8,411 8,579 8,751 8,926 9,104

7,130 6,796 7,801 7,957 8,116 8,278 8,444

3,992 4,620 5,098 5,200 5,304 5,410 5,518

STATEMENT


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5,978 4,695 5,018 5,118 5,221 5,325 5,432

288 298 298 304 310 316 323

1,468 0 0 0 0 0 0

455,486 478,130 511,789 699,367 729,500 767,914 817,505

23,522 23,602 6,716 -216,398 -184,567 -194,065 -206,427

Historical Forecast

2006 2007 2008 2009 2010 2011 2012

3,420 3,805 3,981

24,368 25,009 26,332

27,788 28,814 30,313 31,526 32,787 33,770 34,783


7/28

2013ok

-989,522

21,624 Confirmed as formulas

1,726 Look for comment

2,533

-963,639

394,632

998,0853,385

0

432,463

84,437

8,286

92,723

77,282

165,717

65,772

469,100

19,767

890,361

-722,786

264,889


8/28

-457,898

432,463

2013

357,364

181,654

48,757

29,959

20,821

11,948

7,216

657,721

539,019

99,718

638,737

52,618

32,341

32,341

21,561

19,523

16,833

16,171

9,845

11,190

9,286

8,613

5,629


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5,540

329

0

880,556

-222,835

2013

35,827


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Simon Fraser University

Ratios and drivers

for the years ended March 31, 2008 Historic

CAD millions 2004 2005 2006 2007 2008

Income statement Confirmed as inputs

Faculty employed at SFU 759 823 871 911 942

Government grants & contracts per faculty member 278,465 273,689 297,411 293,584 291,168FacultyGrowthPercent 8.43% 5.83% 4.59% 3.40%

GovernmentGrantGrowthPercent -1.72% 8.67% -1.29% -0.82%

Students enrolled at SFU 25,435 26,670 27,788 28,814 30,313

Tuition revenue per student 3,865 4,476 4,688 4,650 4,684

StudentEnrollmentGrowthPercent 4.86% 4.19% 3.69% 5.20%

TuitionRevenuePerStudentGrowthPercent 15.83% 4.74% -0.81% 0.73%

Sales of goods & services 27,156 31,835 36,949 38,048 40,075

Gifts, grants, and contracts 25,872 22,076 19,555 27,395 25,614

Investment income 14,583 13,509 19,829 20,492 19,185

SalesofGoods&ServicesGrowthPercent 17.23% 16.06% 2.97% 5.33%

Gifts,Grants,&ContractsGrowthPercent -14.67% -11.42% 40.09% -6.50%

InvestmentIncomeGrowthPercent -7.36% 46.78% 3.34% -6.38%

AmortizationofDeferredContributionsGrowthPercent

MiscellaneousIncomeGrowthPercent

ProfessionalFeesGrowthPercent

Materials&SuppliesGrowthPercent

ContractServicesGrowthPercent

Renovations&AlterationsGrowthPercent

Management Development Associates (NA) Inc. - 21317


11/28


Ratios and drivers


CAD millions 2004 2005 2006 2007 2008

UtilitiesGrowthPercent

EquipmentRental&MaintenanceGrowthPercent

GrantsToOtherAgenciesGrowthPercent

AmortizationBondDiscountGrowthPercent

InterestonLongTermDebtPercentLongTermDebt 5.16% 5.41% 4.98% 4.51% 6.54%

SalariesExpensePercentofGrant&TuitionRevenue 61.26% 58.97% 59.96% 60.44% 62.19%

BenefitsExpensePercentofSalaries 19.16% 18.06% 18.13% 18.63% 19.08%

ScholarshipExpensePercentofGrant&TuitionRevenue 5.42% 6.29% 5.88% 5.93% 6.20%

OtherExpensePercentofGrant&TuitionRevenue 5.82% 5.57% 5.85% 6.16% 6.20%

TravelExpensePercentofGrant&TuitionRevenue 3.65% 3.73% 4.04% 3.87% 4.28%

AmortizationPercentRevenue 6.78% 6.86% 6.63% 7.95% 8.07%

CostofGoodsSoldPercentofGrant&TuitionRevenue 2.85% 2.95% 2.85% 2.79% 2.92%

Balance sheet

ReceivableDaysSalesBasis 13.37 14.55 23.66 10.77 11.93

InvestmentsPercentRevenues 54.46% 57.32% 55.36% 59.92% 68.03%DisposalsPercentofGrossAssets 2.21% 2.40%

InventoriesGrowthRate

PrepaidExpenseGrowthRate

PrepaidLeaseGrowthRate

PayableDaysExpenseBasis 22.45 38.10 45.57 33.49 34.89

RepaymentofLongTermDebtPercentOpeningLongTermDebt 6.12% 6.13% 8.62% 3.41%

CurrentPortionLongTermDebtPercentageLongTermDebt 3.80% 3.91% 5.52% 4.81% 7.08%

EmployeeFutureBenefitsPercentBenefits 75.62% 83.07% 78.27% 77.15% 77.50%



12/28


Ratios and drivers


CAD millions 2004 2005 2006 2007 2008

DeferredContributionsPercentRevenues 11.80% 9.29% 9.74% 9.20% 11.32%

DeferredContributionsforPropertyandEquipmentPercentPropertyandEquipment 53.58% 50.61% 46.01% 46.39% 47.41%

DeferredLeaseProceedsGrowthRate

EndowmentGrowthRate 13.55% 14.59% 11.05% 19.80%



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Forecast

2009 2010 2011 2012 2013

942 942 970 999 1,049

291,168 299,903 308,900 324,345 340,5620% 0% 3% 3% 5%

0% 3% 3% 5% 5%

31,526 32,787 33,770 34,783 35,827

4,684 4,778 4,873 4,971 5,070

4.0% 4.0% 3.0% 3.0% 3.0%

0.0% 2.0% 2.0% 2.0% 2.0%

4.0% 4.0% 4.0% 4.0% 4.0%

0.0% 3.0% 3.0% 5.0% 5.0%

-225.0% -175.0% 5.0% 5.0% 5.0%

2.0% 2.0% 2.0% 2.0% 2.0%

2.0% 2.0% 2.0% 2.0% 2.0%

2.0% 2.0% 2.0% 2.0% 2.0%

2.0% 2.0% 2.0% 2.0% 2.0%

2.0% 2.0% 2.0% 2.0% 2.0%

2.0% 2.0% 2.0% 2.0% 2.0%



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Forecast

2009 2010 2011 2012 2013

2.0% 2.0% 2.0% 2.0% 2.0%

2.0% 2.0% 2.0% 2.0% 2.0%

2.0% 2.0% 2.0% 2.0% 2.0%

2.0% 2.0% 2.0% 2.0% 2.0%

6.0% 6.0% 6.0% 6.0% 6.0%

100.0% 100.0% 100.0% 100.0% 100.0%

18.5% 18.5% 18.5% 18.5% 18.5%

6.00% 6.00% 6.00% 6.00% 6.00%

6.00% 6.00% 6.00% 6.00% 6.00%

4.00% 4.00% 4.00% 4.00% 4.00%

8.00% 8.00% 8.00% 8.00% 8.00%

3.00% 3.00% 3.00% 3.00% 3.00%

12 12 12 12 12

60% 60% 60% 60% 60%2.40% 2.40% 2.40% 2.40% 2.40%

2.0% 2.0% 2.0% 2.0% 2.0%

2.0% 2.0% 2.0% 2.0% 2.0%

2.0% 2.0% 2.0% 2.0% 2.0%

35 35 35 35 35

5.00% 5.00% 5.00% 5.00% 5.00%

5.00% 5.00% 5.00% 5.00% 5.00%

77.50% 77.50% 77.50% 77.50% 77.50%



15/28

Forecast

2009 2010 2011 2012 2013

10.00% 10.00% 10.00% 10.00% 10.00%

47.00% 47.00% 47.00% 47.00% 47.00%

2.0% 2.0% 2.0% 2.0% 2.0%

-10.00% 25.00% 10.00% 10.00% 10.00%

Management Development Associa


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2008 2009 2010

Faculty employed 942 942 942

FacultyGrowthPercent 0% 0.00% 0.00%

ForecastFaculty 942 942 942

Grants and contracts per faculty 291,168$ 291,168$ 291,168$GrantGrowthPercent 0% 0.00% 3.00%

ForecastGrantsandContractsPerFaculty 291,168$ 291,168$ 299,903$

ForecastGrantsandContractRevenue 274,280,000$ 282,508,400$

Scenario Summary: forecasted grants and co

Current Values:

Faculty employed$G$4 0.00%

$H$4 0.00%

$I$4 3.00%

$J$4 3.00%

$K$4 5.00%

Grant growth percent$G$8 0.00%

$H$8 3.00%$I$8 3.00%

$J$8 5.00%$K$8 5.00%

Result Cells:$G$11 274,280,000$$H$11 282,508,400$$I$11 299,713,162$$J$11 324,139,784$$K$11 357,364,112$

Notes: Current Values column represents values of chtime Scenario Summary Report was created. Changinscenario are highlighted in gray.scenario are highlighted in gray.


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Forecast2011 2012 2013

942 970.26 999.3678 Identified as inputs

3.00% 3.00% 5.00%

970 999 1049

299,903$ 308,900$ 324,345$3.00% 5.00% 5.00%

308,900$ 324,345$ 340,562$

299,713,162$ 324,139,784$ 357,364,112$

tract revenue

Base case Best case Worst case

Created by on

17/05/2009

Modified by on

17/05/2009

Created by on

17/05/2009

Modified by on

17/05/2009

Created by on

17/05/2009

Modified by on

17/05/2009

0.00% 3.00% -3.00%0.00% 3.00% -3.00%3.00% 6.00% 0.00%3.00% 6.00% 3.00%5.00% 8.00% 3.00%

0.00% 3.00% -3.00%

3.00% 5.00% 0.00%3.00% 7.00% 3.00%

5.00% 7.00% 3.00%5.00% 7.00% 3.00%

274,280,000$ 290,983,652$ 258,070,052$282,508,400$ 314,698,820$ 250,327,950$299,713,162$ 356,931,401$ 257,837,789$324,139,784$ 404,831,595$ 273,540,110$357,364,112$ 467,823,392$ 290,198,703$

anging cells atcells for each


18/28

2008 2009 2010

Enrollment at SFU 30313 30,313 31,526

EnrollmentGrowthPercent 0% 4.0% 4.0%

ForecastEnrollment 30313 31,526 32,787

Tuition Revenue Per Student at SFU 4,684$ 4,684$ 4,684$

TuitionGrowthPercent 0% 0% 2.0%ForecastTuitionRevenuePerStudent 4,684$ 4,684$ 4,778$

ForecastTuitionRevenue 147,672,720$ 156,651,221$

Scenario Summary: forecasted tuition revenue

Current Values:

Enrollment at SFU$G$4 4.0%$H$4 4.0%$I$4 3.0%$J$4 3.0%$K$4 3.0%

Tuition growth percent

$G$8 2%$H$8 2.0%$I$8 2.0%$J$8 2.0%$K$8 2.0%

Result Cells:

$G$11 150,626,174$$H$11 159,784,246$$I$11 167,869,329$$J$11 176,363,517$$K$11 185,287,511$

Notes: Current Values column represents values of chtime Scenario Summary Report was created. Changinscenario are highlighted in gray.scenario are highlighted in gray.


19/28

Forecast2011 2012 2013

32,787 33,770 34,783

3.0% 3.0% 3.0%

33,770 34,783 35,827

4,778$ 4,873$ 4,971$

2.0% 2.0% 2.0%4,873$ 4,971$ 5,070$

164,577,773$ 172,905,409$ 181,654,422$

Base case Best case Worst case

Created by on

17/05/2009

Modified by on

17/05/2009

Created by on

17/05/2009

Modified by on

17/05/2009

0.04

4.0% 6.0% 2.0%4.0% 6.0% 2.0%3.0% 4.0% 0.0%3.0% 4.0% 1.0%3.0% 4.0% 1.0%

0% 2% -2%2.0% 3.0% 0.0%2.0% 5.0% 1.0%2.0% 5.0% 1.0%2.0% 5.0% 1.0%

147,672,720$ 153,522,832$ 141,936,203$156,651,221$ 167,616,228$ 144,774,927$164,577,773$ 183,036,920$ 147,684,903$172,905,409$ 199,876,317$ 150,653,369$181,654,422$ 218,264,938$ 153,681,502$

anging cells atg cells for each


20/28

Capital forecasting

Historical

2004 2005 2006 2007 2008 2009

Property and equipment

Gross

At 1st January 808,738 927,376 1,012,245

Acquisitions 139,112 109,193 82,460Disposals (20,474) (24,324) (24,294)

Gross value property and equipment 927,376 1,012,245 1,070,411

Accumulated depreciation

At 1st January 208,045 227,444 244,978Current year's expense 39873 41858 38,637

Disposals (20,474) (24,324) (24,294)

Accumulated depreciation, end of year 227,444 244,978 259,322

Property and equipment, net 699,932 767,267 811,089

Gross Value of property & equipment 2005 2006 2007 2008 2009 2010

Concrete buildings 443,775 535,366 629,937 686,496 741,416 800,729

Wood buildings 21,644 23,294 22,486 22,567 23,470 24,408Site services 25,857 33,011 34,420 35,017 36,418 37,874

Leasehold improvements 11,803 11,902 11,975 11,869 11,952 12,036

Computer equipment 30,633 29,953 28,296 32,494 32,494 32,494

Equipment and furnishings 66,781 82,402 99,522 110,250 126,788 145,806

Library books 64,786 68,493 72,357 76,300 80,115 84,121

Special collections 6,417 6,549 6,574 7,151 7,437 7,735Land and property rights 16,143 17,768 21,809 30,101 34,616 39,809

687,839 808,738 927,376 1,012,245 1,094,705 1,185,011

Estimated growth per year 2005 2006 2007 2008 2009 2010

ConcreteBuildingGrowthPercent 20.64% 17.66% 8.98% 8.00% 8.00%WoodBuildingGrowthPercent 7.62% -3.47% 0.36% 4.00% 4.00%

SiteServicesGrowthPercent 27.67% 4.27% 1.73% 4.00% 4.00%

Management Development


21/28

LeaseholdImprovementsGrowthPercent 0.84% 0.61% -0.89% 0.70% 0.70%ComputerEquipmentGrowthPercent -2.22% -5.53% 14.84% 0.00% 0.00%EquipmentandFurnishingsGrowthPercent 23.39% 20.78% 10.78% 15.00% 15.00%LibraryBooksGrowthPercent 5.72% 5.64% 5.45% 5.00% 5.00%SpecialCollectionsGrowthPercent 2.06% 0.38% 8.78% 4.00% 4.00%LandandPropertyRightsGrowthPercent 10.07% 22.74% 38.02% 15.00% 15.00%

2005 2006 2007 2008 2009 2010

Planned capital additionsBuildings

TASC - SurreyRenew Phase 2 - ChemistrySFU Burnaby - Public Safety BuildingSFU Burnaby - Art GalleryTASC 3 - Burnaby

Management Develo


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Long term debt

Movement in debt 2004 2005 2006 2007 2008Opening debt 162,567 162,567 161,375 159,410 152,560Interest charge 8749 7933 6888 10316

Repayment 0 9,941 9,898 13,738 5,202Closing debt 162,567 161,375 159,410 152,560 157,674



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2009 2010 2011 2012 2013157,674 159,251 160,843 162,452 164,076

9,460 9,555 9,651 9,747 9,845

7,884 7,963 8,042 8,123 8,204159,251 160,843 162,452 164,076 165,717



24/28

Scenario Planning Balance sheet Assumptions

Balance sheet

typeBalance sheet item Assumptions

Cash & Short-Term Investments Adjusted to have assets equal liabiltiies plus net assets

Accounts receivable

Estimate days sales in accounts receivable to be 12 days.

Inventories

Consistent with forecasting at other universities, revenues,

expenses, assets, and liabilities not specifically identified to grow at

2% per year

Prepaid expense



2% per year

InvestmentsInvestments estimated to be 60% of revenues

Property and equipment Based on capital forecast

Prepaid Lease



2% per year

Unamortized debt discount and

issue costs


expenses, assets, and liabilities not specifically identified to grow at2% per year

Accounts payable and accrued

liabilitiesEstimate days payable to be 35 days.

Current portion of long-term debtEstimate to be 5% of Long term debt

Employee future benefitsEstimated to be 77.5% of Employee Benefits.

Long Term DebtBased on Long term debt forecast

Deferred ContributionsDeferred contributions have historically been around 10% of total

revenues

Deferred Contributions for

property and equipment

Deferred contributions for property and equipment havehistorically been around 47% of net property and equipmentbalance

Deferred lease proceeds



2% per year

Current assets

Current liabilities


25/28

Scenario Planning Revenue Assumptions

Income type Income item Assumptions

Province of British Columbia

BC government announced in December 2008 that provincialfunding would be decreased by 2.6% for all public universities and

colleges. Lower provincial funding should continue into 2010 as the

economy is expected to continue to underperform.

Government of Canada Hiring freeze at SFU will prevent hiring of additional professors.

Other governments

Expect growth rate in grant revenue per faculty member to increase

in 2010 year and beyond as Dr. Pinto's strategic plan starts to bear

fruit.

Funding from all levels of government should increase in 2011 as

the economy should be better by then.

Credit courses

More people tend to attend University when the economy is doing

poorly. The recession is expected to linger on until 2010. New

programs offered at SFU, along with new downtown Vancouver

campus should also attract a greater number of students.

Non-credit courses

Once the economy picks up in the 2011 year, students will be

tempted to leave university and enter the workforce again. The

growth rate for enrollment should thus be expected to decline slightly

in the 2011 year and beyond.

Other

Revenue per student has been pretty constant. Tuition increases

not likely to occur due to their political unpopularity.

Sales of goods and services

Gifts, grants, and contracts

umn an o er con r u ers w ave ess scre onary ncome

due to worsening economic conditions. The amount gifted to SFU

should be expected to continue to decline until the economy shows

Investment income

Loss on investments of between 20-30% is expected for 2009 year

due to worldwide recession. Market expected to rebound in 2010

year.

Amortization of deferred

contributions: property &

equipment



2% per year

Miscellaneous income



2% per year

Grand total revenues

Salaries and

employee

benefits

Tuition

Other


26/28

Scenario Planning Expense Assumptions

Expense type Expense item Assumptions

SalariesEstimated to be 61.5% of total revenue from government grants a

tuition.

A decrease in salary expenses in the year 2009 compared to 200

to be expected as there is currently a hiring freeze at SFU.

Additionally, 30 faculty and 50 other staff terminations should fruth

reduce salary costs in 2009.

Employee benefits Estimated to be 18.5% of salaries expense

Amortization of property & equipment Estimated to be 8% of total revenues

Scholarships, bursaries, & prizes Estimated to be 6% of revenue from government grants and tuitio

Other operational expenses Estimated to be 6% of revenue from government grants and tuitio

Travel and personnel expenses Estimated to be 4% of revenue from government grants and tuitio

Professional fees


expenses, assets, and liabilities not specifically identified to grow a2% per year

Materials and suppliesConsistent with forecasting at other universities, revenues,

expenses, assets, and liabilities not specifically identified to grow a

2% per year

Cost of goods sold Estimated to be 3% of revenue from government grants and tuitio

Interest on long term debtInterest charge of 6% of opening long term debt balance reasona

based on past history

Contract servicesConsistent with forecasting at other universities, revenues,


2% per year

Renovations and alterationsConsistent with forecasting at other universities, revenues,


2% per year

UtilitiesConsistent with forecasting at other universities, revenues,


2% per year

Equipment rental and maintenanceConsistent with forecasting at other universities, revenues,


2% per year

Grants to other agenciesConsistent with forecasting at other universities, revenues,


2% per year

Amortization of bond discount and issues costsConsistent with forecasting at other universities, revenues,


2% per year

Salaries &

wages


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Key ratios

2004 2005 2006 2007Return on net assetsNet revenue $24,332 $25,035 $23,522 $23,602

Net assets $311,392 $350,101 $390,363 $428,653

The return on net assets is: 7.81% 7.15% 6.03% 5.51%

CURRENT RATIO

Current Assets $160,324 $145,127 $109,868 $54,285Current Liabilities $28,652 $48,031 $65,664 $51,219

The current ratio is: 5.59556 3.02153 1.67318 1.05986

Physical asset reinvestment ratioAnnual levels of capital expenditures 100,219.00$ 109,133.00$ 137,891.00$ 139,112.00$Depreciation expense 26,438.00$ 29,122.00$ 31,758.00$ 39,873.00$

The physical asset reinvestment ratio is:3.79 3.75 4.34 3.49

Tuition revenue er studentTotal tuition revenue 98,298$ 119,383$ 130,284$ 133,998$Total enrollment 25,435 26,670 27,788 28,814

The tuition revenue per student is: 3,864.67$ 4,476.30$ 4,688.50$ 4,650.45$

Grants and contract revenue per faculty

memberTotal grant and contract revenue 211,355$ 225,246$ 259,045$ 267,455$Faculty members 759 823 871 911

The grant and contract revenue per

faculty member is: 278,465.09$ 273,688.94$ 297,411.02$ 293,583.97$


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2008 2009 2010 2011 2012 2013

$6,716 ($216,398) ($184,567) ($194,065) ($206,427) ($222,835)

$478,408 $244,320 $99,555 ($74,608) ($259,143) ($457,898)

1.40% -88.57% -185.39% 260.11% 79.66% 48.66%

$50,227 ($117,134) ($310,306) ($504,894) ($723,166) ($963,639)$60,081 $75,025 $77,994 $81,758 $86,595 $92,723

0.83599 (1.56126) (3.97858) (6.17546) (8.35116) (10.39270)

99,212.00$ 82,459.81$ 90,306.19$ 74,683.11$ 99,064.85$ 113,948.04$41,858.00$ 38,637.49$ 43,594.59$ 45,907.95$ 48,886.26$ 52,617.66$

2.37 2.13 2.07 1.63 2.03 2.17

141,993$ 147,673$ 156,651$ 164,578$ 172,905$ 181,654$30,313 31,526 32,787 33,770 34,783 35,827

4,684.23$ 4,684.23$ 4,777.91$ 4,873.47$ 4,970.94$ 5,070.36$

274,280$ 274,280$ 282,508$ 299,713$ 324,140$ 357,364$942 942 942 970.26 999.3678 1049.33619

291,167.73$ 291,167.73$ 299,902.76$ 308,899.84$ 324,344.84$ 340,562.08$

Year Financial Forecast

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