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Pro Forma Financial Projections for New University 1 Sep 2011

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Pro Forma Financial Projections for New University 1 Sep 2011 Powered By Docstoc
					ACADEMIC REFORM

NOTE TO USERS


This worksheet shows the calculations summarized in Chapter 5 of
Academic Reform .

"New university -- base case" shows the calculations for the Teaching-
oriented university, as summarized in Chapter 5, Table 8.
"New university -- BB -- class size" is a Balanced Budget scenario, i.e. the
accumulated surplus is approximately zero at the end of year 7. Average
class size is adjusted to achieve this Balanced Budget.
"New university -- BB -- PT fac" is a Balanced Budget scenario, i.e. the
accumulated surplus is approximately zero at the end of year 7. The share
of teaching done by part-time faculty is adjusted to achieve this Balanced
Budget.
"New university -- BB --tch load" is a Balanced Budget scenario, i.e. the
accumulated surplus is approximately zero at the end of year 7. The
teaching load of FT faculty is reduced to 7, and a balance budget is still
"New university -- BB --low tuit" is a Balanced Budget scenario, i.e. the
accumulated surplus is approximately zero at the end of year 7. Tuition is
reduced, and a balance budget is still achieved.
"New university -- BB --lowest tuit" is a Balanced Budget scenario, i.e. the
accumulated surplus is approximately zero at the end of year 7. Tuition is
reduced to a very low level, average class size is increased, and a balance
budget is still achieved.

"Trad university - base case" shows the calculations for the Traditional
research university, as summarized in Chapter 5, Table 8. These
calculations do not include any revenue or expense related to graduate
students.
"Trad university -- BB --tuition" is a Balanced Budget scenario, i.e. the
accumulated surplus is approximately zero at the end of year 7. Tuition is
increased, and a balance budget is achieved.
"Trad university -- BB --class sz" is a Balanced Budget scenario, i.e. the
accumulated surplus is approximately zero at the end of year 7. Tuition is
increased, and a balance budget is achieved.
"Trad university -- 3+2 load" shows the effect of increasing the teaching load
to 3+2. A balanced budget is not achieved.
"Trad university -- BB --PT faculty" is a Balanced Budget scenario, i.e. the
accumulated surplus is approximately zero at the end of year 7. The share
of teaching done by PT faculty is increased, and a balance budget is

"Traditional university - grad students" shows the calculations for the
additional government grant that would need to be paid for graduate student
enrolments, as described in the text following Table 9.
Inquiries: David Trick (david.trick@gmail.com)
                       A                         B             C                   D                E            F            G                    H                I                J           K         L
 1            NEW UNIVERSITY                               TRANSITION                                       START-UP PERIOD
 2              PRO FORMA                                    Year 0              Year 1        Year 2          Year 3       Year 4             Year 5             Year 6           Year 7
 3      FINANCIAL PROJECTIONS
 4     all figures in constant 2011 $
 5   ENROLMENTS:
 6   Bachelor of Fine Arts                                                             400            960           1,564          2,108               2,334            2,407            2,407
 7   Bachelor of Business Admin.                                                       450          1,105           1,795          2,416               2,678            2,751            2,751
 8   Bachelor of Arts                                                                  400            960           1,574          2,127               2,361            2,442            2,442
 9   Bachelor of Technology                                                            200            580           1,222          1,800               2,189            2,407            2,407
10
11
12
13    Total Enrolments                                                               1,450          3,605           6,155          8,451               9,562        10,007           10,007
14
15   REVENUE:
16    Operating grant                                                 -        $8,030,000    $17,075,000      $31,411,400    $46,288,800     $53,782,900        $56,952,500      $56,952,500
17    Tuition fees                                                    -         7,685,000     19,106,500       32,621,500     44,790,300      50,678,600         53,037,100       53,037,100
18    Incidental fees                                                 -           874,350      2,173,815        3,711,465      5,095,953       5,765,886          6,034,221        6,034,221
19    Distance Learning course fees                                   -           304,500        757,050        1,292,550      1,774,710       2,008,020          2,101,470        2,101,470
20    'In lieu of Municipal tax' grant                                -           108,750        270,375          461,625        633,825         717,150            750,525          750,525
21    Interest income                                                 -               -              -                -              -               -               21,660          657,654
22    Total Revenue                                                   -       $17,002,600    $39,382,740      $69,498,540    $98,583,588    $112,952,556       $118,897,476     $119,533,470
23
24   EXPENSE:
25    Teaching and related                                  $1,267,000        $10,916,420    $21,344,795      $35,564,415    $47,437,846     $51,252,866        $54,153,476      $54,570,560
26    Academic Services                                      2,236,250          7,113,388     12,118,780       15,687,155     19,468,586      21,215,057         21,960,577       21,960,577
27    Institutional Services                                 1,192,065          5,755,595     11,945,736       16,157,501     29,627,541      32,118,847         31,679,119       21,670,919
28    Total Expense                                         $4,695,315        $23,785,403    $45,409,311      $67,409,071    $96,533,973    $104,586,770       $107,793,172      $98,202,056
29
30   ANNUAL SURPLUS (DEFICIT)                               ($4,695,315) ($6,782,803) ($6,026,571)             $2,089,469     $2,049,615      $8,365,786        $11,104,304      $21,331,414
31   Annual surplus (deficit) per student                           -        ($4,678)     ($1,672)                   $339           $243            $875             $1,110           $2,132
32
33   ACCUMULATED SURPLUS (DEFICIT)                          ($4,695,315) ($11,478,118) ($17,504,689)         ($15,415,220) ($13,365,605)     ($4,999,819)        $6,104,485      $27,435,899
34   Accumulated Enrolments                                         -           1,450         5,055                11,210        19,661           29,223             39,230           49,237
35   Accumulated surplus (deficit) per student                      -         ($7,916)      ($3,463)              ($1,375)        ($680)           ($171)              $156             $557
36
37                                                                            CONTENTS:
38                    1.   Revenue & expense summary             7.       Distance education                13. Bursaries
39                    2.   Enrolment projections                 8.       Library services                  14. Admin, I.T., Credit Card fees,
40                    3.   Student cohorts                       9.       Student Services                      Capital equipment
41                    4.   Grant & tuition revenue              10.       Registrar                         14. Debt servicing, Interest income
42                    5.   Teaching staff, base salaries        11.       Direct staffing summary           15. Facilities
43                    6.   Expense summary                      12.       Student aid set-aside             16. Expense distribution-percentages
44
45




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                                           3 of 493
                 A                    B           C            D           E          F           G           H           I           J         K         L
46          PRO FORMA                           Year 0       Year 1      Year 2     Year 3      Year 4      Year 5      Year 6      Year 7
47         ENROLMENTS
48                                          retention
49      Bachelor of Fine Arts         1                            400        600         700         700         700         700         700
50                                    2          90%                          360         540         630         630         630         630
51                                    3          90%                            0         324         486         567         567         567
52                                    4          90%                            0           0         292         437         510         510
53                                                                 400        960        1564        2108        2334        2407        2407
54   Bachelor of Business Admin.      1                            450        700         800         800         800         800         800
55                                    2          90%                          405         630         720         720         720         720
56                                    3          90%                            0         365         567         648         648         648
57                                    4          90%                            0           0         329         510         583         583
58                                                                 450       1105        1795        2416        2678        2751        2751
59        Bachelor of Arts            1                            400        600         710         710         710         710         710
60                                    2          90%                          360         540         639         639         639         639
61                                    3          90%                            0         324         486         575         575         575
62                                    4          90%                            0           0         292         437         518         518
63                                                                 400        960        1574        2127        2361        2442        2442
64     Bachelor of Technology         1                            200        400         700         700         700         700         700
65                                    2          90%                          180         360         630         630         630         630
66                                    3          90%                            0         162         324         567         567         567
67                                    4          90%                            0           0         146         292         510         510
68                                                                 200        580        1222        1800        2189        2407        2407
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84      TOTAL ENROLMENTS                  1st year              1,450       2,300       2,910      2,910        2,910      2,910       2,910
85                                        2nd year                -         1,305       2,070      2,619        2,619      2,619       2,619
86                                        3rd year                -           -         1,175      1,863        2,357      2,357       2,357
87                                        4th year                -           -           -        1,059        1,676      2,121       2,121
88                                         Totals               1,450       3,605       6,155      8,451        9,562     10,007      10,007
89




          3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                               4 of 493
                    A                   B           C            D         E        F        G        H        I        J      K         L
90           PRO FORMA                           Year 0        Year 1    Year 2   Year 3   Year 4   Year 5   Year 6   Year 7
91       STUDENT COHORTS
92 Maximum cohort sizes:
93 Bachelor of Fine Arts                                         50       50       50       50       50       50       50
94 Bachelor of Business Admin.                                   50       50       50       50       50       50       50
95 Bachelor of Arts                                              50       50       50       50       50       50       50
96 Bachelor of Technology                                        50       50       50       50       50       50       50
97
98
99
100
101 NUMBER COHORTS (rounded up)
102      Bachelor of Fine Arts          1                        8        12       14       14       14       14       14
103                                     2                        0         8       11       13       13       13       13
104                                     3                        0         0        7       10       12       12       12
105                                     4                        0         0        0        6        9       11       11
106                                                              8        20       32       43       48       50       50
107   Bachelor of Business Admin.       1                        9        14       16       16       16       16       16
108                                     2                        0         9       13       15       15       15       15
109                                     3                        0         0        8       12       13       13       13
110                                     4                        0         0        0        7       11       12       12
111                                                              9        23       37       50       55       56       56
112        Bachelor of Arts             1                        8        12       15       15       15       15       15
113                                     2                        0         8       11       13       13       13       13
114                                     3                        0         0        7       10       12       12       12
115                                     4                        0         0        0        6        9       11       11
116                                                              8        20       33       44       49       51       51
117     Bachelor of Technology          1                        4         8       14       14       14       14       14
118                                     2                        0         4        8       13       13       13       13
119                                     3                        0         0        4        7       12       12       12
120                                     4                        0         0        0        3        6       11       11
121                                                              4        12       26       37       45       50       50
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137   TOTALS BY PROGRAM YEAR            1                        29       46        59      59       59        59       59
138                                     2                        0        29        43      54       54        54       54
139                                     3                        0         0        26      39       49        49       49
140                                     4                        0         0         0      22       35        45       45
141                                                              29       75       128      174      197      207      207
           3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                             5 of 493
                       A                   B              C              D              E              F               G               H                I               J         K         L
142              PRO FORMA              Program         Year 0         Year 1         Year 2         Year 3          Year 4          Year 5           Year 6          Year 7
143     GRANT & TUITION REVENUE         Weights
144   Grant per FTE by program weight        1.0   $       3,100   $      3,100   $      3,100   $       3,100   $      3,100   $         3,100   $       3,100   $       3,100
145                                          1.5   $       5,800   $      5,800   $      5,800   $       5,800   $      5,800   $         5,800   $       5,800   $       5,800
146                                          2.0   $       8,500   $      8,500   $      8,500   $       8,500   $      8,500   $         8,500   $       8,500   $       8,500
147
148
149                                     Program        1st year
150   Basic Income Units:               Weights        Students
151    Bachelor of Fine Arts              1.5            1.0                400          1,140           1,996          2,812             3,151           3,261           3,261
152    Bachelor of Business Admin.        1.5            1.5                675          1,658           2,693          3,624             4,017           4,127           4,127
153    Bachelor of Arts                   1.5            1.0                400          1,140           2,006          2,836             3,187           3,308           3,308
154    Bachelor of Technology             2.0            1.0                200            760           1,744          2,900             3,678           4,114           4,114
155
156
157
158   Total Basic Income Units                                            1,675          4,698           8,439         12,172            14,033         14,809          14,809
159      average program weight                                           1.16           1.30          1.37            1.44             1.47            1.48            1.48
160
161   GRANT FUNDING                                                $8,030,000     $17,075,000    $31,411,400     $46,288,800        $53,782,900   $56,952,500     $56,952,500
162
163   Tuition- 2 semesters                                             $5,300          $5,300         $5,300          $5,300             $5,300        $5,300          $5,300
164   Total students                                                    1,450           3,605          6,155           8,451              9,562        10,007          10,007
165   TUITION FEES                                                 $7,685,000     $19,106,500    $32,621,500     $44,790,300        $50,678,600   $53,037,100     $53,037,100
166
167   Other fees:
168   Incidental fee (2 semesters)                                         $603           $603           $603            $603              $603           $603            $603
169   Distance Learning course fee                                          $70            $70            $70             $70               $70            $70             $70
170




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                            6 of 493
                    A                             B             C                  D               E               F                  G                  H                  I                  J                K                   L
171            PRO FORMA                                      Year 0             Year 1          Year 2          Year 3             Year 4             Year 5             Year 6             Year 7
172        TEACHING STAFF DATA
173
174   Student course load/cohort/semester                                                5               5               5                  5                  5                  5                  5
175   Total courses one semester                                                       145             375             640                870                985               1035               1035
176   Total courses 2 semesters - nominal                                              290             750            1280               1740               1970               2070               2070
177   Adjustment for vacant seats                                                      5%              5%             10%                10%                10%                10%                10%
178   Total courses 2 semesters - real                                                 305           787.5            1408               1914               2167               2277               2277
179   share taught by sessional instructors                                           30%             30%             30%                30%                30%                30%                30%
180   Courses taught by sessional instructors                                           91             236             422                574                650                683                683
181   Courses taught by FT faculty                                                     214           551.5             986               1340               1517               1594               1594
182
183   Avg course load per year - FT faculty                                              8               8                8                 8                   8                  8                  8
184   Avg class size                                                                 47.6            45.8             43.7              44.2                44.1               43.9               43.9
185
186   Avg FT faculty required                                        0                 27              69              123               168                 190                199                199
187   Adjustment: 50% release for chairs                             5                  5              10               10                10                  10                 10                 10
188   Adjustment for sabbaticals                                 1.000              1.000           1.000            1.133             1.133               1.133              1.133              1.133
189   Total FT faculty required                                      5                 32              79              151               201                 226                237                237
190
191   Deans/Assoc. Deans                                               2.0            4.0             4.0                 4.0                4.0                4.0                4.0                4.0
192
193   Administrative clerical support (0.5 per program)                5.0           10.0            10.0             10.0              10.0                10.0               10.0               10.0
194   FT Faculty- (new July starts)                                    0.0           20.0            35.4             54.1              37.6                18.8                8.2                0.0
195   FT Faculty- (ongoing)                                            0.0            0.0            31.7             78.9             151.0               201.2              226.2              237.2
196
197                                                                                                                                                                                                         1 staff for:
198   Faculty clerical support                                         0.0            1.0             3.0              6.0               8.0                 9.0                9.0                9.0                  25    faculty
199   Classroom support techn- B. Tech.                                0.0            3.0             9.0             19.0              28.0                34.0               37.0               37.0                  65    students
200   Classroom support techn- all other programs                      0.0            6.0            15.0             25.0              33.0                37.0               38.0               38.0                 200    students
201   Common computer technicians                                      0.0            5.0            12.0             21.0              28.0                32.0               33.0               33.0                 300    students
202   Total Teaching staff                                             7.0           49.0           120.1            218.0             299.6               346.0              365.4              368.2
203
204   AVERAGE SALARY RATES:
205   Deans/Assoc. Deans                      $170,000        $170,000           $170,000        $170,000        $170,000           $170,000           $170,000           $170,000           $170,000
206
207   Administrative clerical support          $50,000         $50,000            $50,000         $50,000         $50,000            $50,000            $50,000            $50,000            $50,000
208   FT Faculty                              $110,000        $110,000           $110,000        $110,000        $110,000           $110,000           $110,000           $110,000           $110,000
209
210   Faculty clerical support                  $50,000        $50,000            $50,000         $50,000         $50,000            $50,000             $50,000           $50,000            $50,000
211   Classroom support technicians             $60,000        $60,000            $60,000         $60,000         $60,000            $60,000             $60,000           $60,000            $60,000
212   Common computer technicians               $60,000        $60,000            $60,000         $60,000         $60,000            $60,000             $60,000           $60,000            $60,000
213   Sessional instructors (per course)                  $      6,000       $      6,000    $      6,000    $      6,000       $      6,000       $       6,000      $      6,000       $      6,000
214
215   Note: New faculty hires are assumed to be July 1st.




                3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                                                                  7 of 493
                        A                        B      C              D             E             F              G             H               I             J                K                 L
216                PRO FORMA                          Year 0         Year 1        Year 2        Year 3         Year 4        Year 5          Year 6        Year 7
217                 EXPENSE
218
219   Deans/Assoc. Deans                              $340,000       $680,000      $680,000       $680,000      $680,000       $680,000       $680,000       $680,000
220
221   Administrative clerical support                  250,000         500,000       500,000       500,000        500,000        500,000        500,000       500,000
222   FT Faculty                                             0       2,200,000     7,379,625    14,634,125     20,747,833     24,196,333     25,788,583    26,086,500
223
224   PT Faculty                                               0      546,000      1,416,000     2,532,000      3,444,000      3,900,000      4,098,000     4,098,000
225
226
227   Faculty clerical support                               0          50,000       150,000       300,000        400,000        450,000        450,000       450,000
228   Classroom support technicians                          0         540,000     1,440,000     2,640,000      3,660,000      4,260,000      4,500,000     4,500,000
229   'Commons' computer technicians                         0         300,000       720,000     1,260,000      1,680,000      1,920,000      1,980,000     1,980,000
230   TOTAL TEACHING SALARIES                          590,000       4,816,000    12,285,625    22,546,125     31,111,833     35,906,333     37,996,583    38,294,500
231   Employee benefits FT                             147,500       1,067,500     2,717,406     5,003,531      6,916,958      8,001,583      8,474,646     8,549,125              25.0% of FT salary
232   Employee benefits PT                                   0          65,520       169,920       303,840        413,280        468,000        491,760       491,760              12.0% of PT salary
233   Non-salary teaching costs                         88,500         722,400     1,842,844     3,381,919      4,666,775      5,385,950      5,699,487     5,744,175              15.0% Teach salary
234
235   Distance Education- develop/deliver              441,000       1,407,000     1,491,000     1,491,000      1,491,000      1,491,000      1,491,000     1,491,000    see page 7
236   Curriculum development                                 0       1,750,000     1,750,000     1,750,000      1,750,000              0              0             0            $7,000 per course
237   Distance content                                       0       1,088,000     1,088,000     1,088,000      1,088,000              0              0             0           $20,000 per course
238
239   Total Teaching and Related Expense              1,267,000     10,916,420    21,344,795    35,564,415     47,437,846     51,252,866     54,153,476    54,570,560 c/f to page 1
240
241   Library Services expense                          316,250    1,168,688      2,265,500       2,622,575     2,880,750      3,125,125      3,125,125     3,125,125 see page 8
242   Student Services expense                                0      787,500      1,537,500       2,212,500     3,127,500      3,367,500      3,607,500     3,607,500 see page 9
243   Registrar/recruitment                           1,800,000    2,875,000      3,860,000       3,860,000     3,860,000      3,860,000      3,860,000     3,860,000 see page 10
244   Bursaries                                               0      922,200      2,292,780       3,914,580     5,374,836      6,081,432      6,364,452     6,364,452 see page 13
245   Student Aid set-aside                                                               0
                                                              0 Included in "Bursaries Expense" below     0             0              0              0             0 see page 12
246   Information Technology                                  0    1,160,000      2,163,000       3,077,500     4,225,500      4,781,000      5,003,500     5,003,500 see page 14
247   Registrarial systems development                  120,000      200,000              0               0             0              0              0             0
248   Academic Services expense                       2,236,250    7,113,388     12,118,780      15,687,155    19,468,586     21,215,057     21,960,577    21,960,577 c/f to page 1
249
250   General Administration                                 0       1,450,000     2,703,750     3,693,000      5,070,600      5,737,200      6,004,200     6,004,200 see page 14
251   Facilities                                             0       1,600,000     3,200,000     4,800,000      6,400,000      8,480,000      8,480,000     8,480,000 see page 16
252   Faculty recruitment                                    0          20,000        35,400        54,100         37,600         18,800          8,200             0           $1,000    per new faculty
253   Municipal levy in lieu of realty tax                   0         108,750       270,375       461,625        633,825        717,150        750,525       750,525           $75.00    per student
254   Capital equipment                                500,000         500,000       500,000       500,000        500,000        500,000        500,000       500,000 see row 541
255   Equipment renewal                                      0               0       400,000       400,000        400,000        400,000        400,000       400,000           $2,000    x 200 PC's
256   Building renovations                                   0         160,000       320,000       480,000        640,000        848,000        848,000       848,000            $1.00    per sq ft
257   Contingency fund                                 600,000       1,500,000     2,500,000     3,500,000      4,000,000      4,000,000      4,000,000     4,000,000
258   Credit card service fees                               0          99,718       247,920       423,287        581,186        657,591        688,194       688,194 see page 14
259   Interest on capital debt                                                     1,200,000     1,200,000        800,000        400,000              0             0 4%                  interest rate
260   Contribution to capital debt - principal                                                           0     10,000,000     10,000,000     10,000,000             0 $     30,000,000
261
262   Debt servicing cost                                92,065        317,127       568,291       645,489        564,330        360,106              0             0 see page 15
263   Institutional Services expense                  1,192,065      5,755,595    11,945,736    16,157,501     29,627,541     32,118,847     31,679,119    21,670,919 c/f to page 1
264   TOTAL EXPENSE                                  $4,695,315    $23,785,403   $45,409,311   $67,409,071    $96,533,973   $104,586,770   $107,793,172   $98,202,056


                3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                              8 of 493
                    A                         B        C             D              E             F              G             H               I              J                 K                L
265            PRO FORMA                             Year 0        Year 1         Year 2        Year 3         Year 4        Year 5          Year 6         Year 7
266        DISTANCE EDUCATION
267
268   No. classroom courses to be developed                             250            250            250           250                0              0              0              1000 courses
269   No. distance courses to be developed                               54             54             54            54                                                              272 courses
270   No. distance courses to be delivered                    0          29             75            128           174               197         207            207
271
272   Number of staff:
273   Distance Learning specialists                           3              7              7             7              7             7               7              7
274   Project Coordinator                                     1              1              1             1              1             1               1              1
275   Technical Support                                       0              3              3             3              3             3               3              3
276   Copyright Assistant                                     0              1              1             1              1             1               1              1
277   Production Coordinator                                  0              1              1             1              1             1               1              1
278   Technical Help Support                                  0              1              2             2              2             2               2              2
279   Administration Support                                  0              1              1             1              1             1               1              1
280                                                           4             15             16            16             16            16              16             16
281   Base salaries rates:
282   Distance Learning specialists                   $75,000       $75,000        $75,000        $75,000       $75,000        $75,000        $75,000        $75,000
283   Project Coordinator                             $90,000       $90,000        $90,000        $90,000       $90,000        $90,000        $90,000        $90,000
284   Technical Support                               $60,000       $60,000        $60,000        $60,000       $60,000        $60,000        $60,000        $60,000
285   Copyright Assistant                             $50,000       $50,000        $50,000        $50,000       $50,000        $50,000        $50,000        $50,000
286   Production Coordinator                          $50,000       $50,000        $50,000        $50,000       $50,000        $50,000        $50,000        $50,000
287   Technical Help Support                          $60,000       $60,000        $60,000        $60,000       $60,000        $60,000        $60,000        $60,000
288   Administration Support                          $50,000       $50,000        $50,000        $50,000       $50,000        $50,000        $50,000        $50,000
289
290
291
292   Distance Education expense:
293   Distance Learning specialists                  $225,000       $525,000      $525,000        $525,000      $525,000       $525,000      $525,000        $525,000
294   Project Coordinator                             $90,000         90,000         90,000         90,000        90,000         90,000         90,000         90,000
295   Technical Support                                     0        180,000        180,000        180,000       180,000        180,000        180,000        180,000
296   Copyright Assistant                                   0         50,000         50,000         50,000        50,000         50,000         50,000         50,000
297   Production Coordinator                                0         50,000         50,000         50,000        50,000         50,000         50,000         50,000
298   Technical Help Support                                0         60,000        120,000        120,000       120,000        120,000        120,000        120,000
299   Administration Support                                0         50,000         50,000         50,000        50,000         50,000         50,000         50,000
300   TOTAL SALARIES                                  315,000      1,005,000      1,065,000      1,065,000     1,065,000      1,065,000      1,065,000      1,065,000
301   Employee benefits                                78,750        251,250        266,250        266,250       266,250        266,250        266,250        266,250               25.0% of salaries
302   Non-salary office/travel/other                   47,250        150,750        159,750        159,750       159,750        159,750        159,750        159,750               15.0% of salaries
303   Distance Education Services expense            $441,000     $1,407,000     $1,491,000     $1,491,000    $1,491,000     $1,491,000     $1,491,000     $1,491,000     c/f to page 6




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                                9 of 493
                      A                     B           C               D            E           F             G           H             I            J               K               L
304              PRO FORMA                            Year 0          Year 1       Year 2      Year 3        Year 4      Year 5        Year 6       Year 7
305           LIBRARY SERVICES
306
307   Number of staff:
308   Librarian                                                1.0          3.0          4.0          5.0          6.0          7.0          7.0          7.0
309   IT support position                                      0.0          0.5          0.5          1.0          1.0          1.0          1.0          1.0
310   Library technician                                       1.0          3.0          4.0          5.0          6.0          7.0          7.0          7.0
311   Library clerk                                            1.0          0.5          1.0          2.0          2.0          2.0          2.0          2.0
312                                                            3.0          7.0          9.5         13.0         15.0         17.0         17.0         17.0
313   Base salaries rates:
314   Librarian                                       $110,000        $110,000     $110,000     $110,000     $110,000     $110,000     $110,000     $110,000
315   IT support position                              $60,000         $60,000      $60,000      $60,000      $60,000      $60,000      $60,000      $60,000
316   Library technician                               $60,000         $60,000      $60,000      $60,000      $60,000      $60,000      $60,000      $60,000
317   Library clerk                                    $50,000         $50,000      $50,000      $50,000      $50,000      $50,000      $50,000      $50,000
318
319   Library Services expense:
320   Librarian                                       $110,000         $330,000    $440,000      $550,000     $660,000     $770,000    $770,000      $770,000
321   IT support position                                    0           30,000       30,000       60,000       60,000       60,000       60,000       60,000
322   Library technician                                60,000          180,000      240,000      300,000      360,000      420,000      420,000      420,000
323   Library clerk                                     50,000           25,000       50,000      100,000      100,000      100,000      100,000      100,000
324   TOTAL SALARIES                                   220,000          565,000      760,000    1,010,000    1,180,000    1,350,000    1,350,000    1,350,000
325   Employee benefits                                 55,000          141,250      190,000      252,500      295,000      337,500      337,500      337,500             25.0% of salary
326   Library acquisitions                                   0          300,000    1,000,000    1,000,000    1,000,000    1,000,000    1,000,000    1,000,000
327   Courier/Van delivery                                   0           10,000       20,000       18,000       30,000       30,000       30,000       30,000
328   Non-salary office/travel/other                    41,250          152,438      295,500      342,075      375,750      407,625      407,625      407,625            15.0% of above
329   Library Services expense                        $316,250       $1,168,688   $2,265,500   $2,622,575   $2,880,750   $3,125,125   $3,125,125   $3,125,125   c/f to page 6




                3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                   10 of 493
                    A                         B        C            D           E           F             G           H             I            J               K                L
330            PRO FORMA                             Year 0       Year 1      Year 2      Year 3        Year 4      Year 5        Year 6       Year 7
331         STUDENT SERVICES
332
333   Number of staff:
334   Housing off-campus coordinator                                   1.0          1.0          1.0          1.0          1.0          1.0          1.0
335   Orientation                                                      0.5          0.5          0.5          0.5          0.5          0.5          0.5
336   Peer tutoring coordinator                                        1.0          3.0          4.0          5.0          5.0          5.0          5.0
337   Program counsellor- Academic advising                            2.0          3.0          5.0          7.0          7.0          7.0          7.0
338   Employment advisor- Career services                              1.0          1.0          2.0          5.0          5.0          5.0          5.0
339   Counsellors- Counselling staff                                   1.0          3.0          4.0          5.0          6.0          7.0          7.0
340   LD Consultant- Disability Services                               1.0          3.0          4.0          5.0          6.0          7.0          7.0
341                                                                    7.5         14.5         20.5         28.5         30.5         32.5         32.5
342   Base salaries rates:
343   Clerical support- Housing off-campus                         $50,000     $50,000      $50,000      $50,000      $50,000      $50,000      $50,000
344   Clerical support- Orientation                                $50,000     $50,000      $50,000      $50,000      $50,000      $50,000      $50,000
345   Clerical support- Peer tutoring                              $50,000     $50,000      $50,000      $50,000      $50,000      $50,000      $50,000
346   Program counsellor- Academic advising                        $80,000     $80,000      $80,000      $80,000      $80,000      $80,000      $80,000
347   Employment advisor- Career services                          $80,000     $80,000      $80,000      $80,000      $80,000      $80,000      $80,000
348   Counsellors- Counselling staff                               $80,000     $80,000      $80,000      $80,000      $80,000      $80,000      $80,000
349   LD Consultant- Disability Services                           $80,000     $80,000      $80,000      $80,000      $80,000      $80,000      $80,000
350
351   EXPENSE:
352   Clerical support- Housing off-campus                         $50,000      $50,000      $50,000      $50,000      $50,000      $50,000      $50,000
353   Clerical support- Orientation                                 25,000       25,000       25,000       25,000       25,000       25,000       25,000
354   Clerical support- Peer tutoring                               50,000      150,000      200,000      250,000      250,000      250,000      250,000
355   Program counsellor- Academic advising                        160,000      240,000      400,000      560,000      560,000      560,000      560,000
356   Employment advisor- Career services                           80,000       80,000      160,000      400,000      400,000      400,000      400,000
357   Counsellors- Counselling staff                                80,000      240,000      320,000      400,000      480,000      560,000      560,000
358   LD Consultant- Disability Services                            80,000      240,000      320,000      400,000      480,000      560,000      560,000
359   TOTAL SALARIES                                               525,000    1,025,000    1,475,000    2,085,000    2,245,000    2,405,000    2,405,000
360   Employee benefits                                            131,250      256,250      368,750      521,250      561,250      601,250      601,250             25.0% of salary
361   Non-salary expenses incl. work-study                         131,250      256,250      368,750      521,250      561,250      601,250      601,250             25.0% of salary
362
363   Student Services expense                                    $787,500   $1,537,500   $2,212,500   $3,127,500   $3,367,500   $3,607,500   $3,607,500   c/f to page 6




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                 11 of 493
                      A                    B           C             D             E             F              G             H              I              J                 K                    L
364              PRO FORMA                           Year 0        Year 1        Year 2        Year 3         Year 4        Year 5         Year 6         Year 7
365              REGISTRAR
366
367   Number of staff:
368   Registrar                                               1             1              1             1              1             1              1              1
369   Admin Assistant/Office mgr                              1             1              1             1              1             1              1              1
370   Registration                                            1             3              6             6              6             6              6              6
371   Financial Aid officer                                   1             2              4             4              4             4              4              4
372                                                           4             7             12            12             12            12             12             12
373   Base salary rates:
374   Registrar                                      $110,000      $110,000      $110,000       $110,000      $110,000       $110,000      $110,000       $110,000
375   Admin Assistant/Office mgr                      $50,000       $50,000       $50,000        $50,000       $50,000        $50,000       $50,000        $50,000
376   Registration                                    $60,000       $60,000       $60,000        $60,000       $60,000        $60,000       $60,000        $60,000
377   Financial Aid officer                           $60,000       $60,000       $60,000        $60,000       $60,000        $60,000       $60,000        $60,000
378
379   REGISTRAR EXPENSE:
380   Registrar                                       $110,000       110,000       110,000        110,000       110,000        110,000       110,000        110,000
381   Admin Assistant/Office mgr                        50,000        50,000        50,000         50,000        50,000         50,000        50,000         50,000
382   Registration                                      60,000       180,000       360,000        360,000       360,000        360,000       360,000        360,000
383   Financial Aid officer                             60,000       120,000       240,000        240,000       240,000        240,000       240,000        240,000
384   Employee benefits                                 70,000       115,000       190,000        190,000       190,000        190,000       190,000        190,000               25.0% of salary
385   Sub-total Registrar                              350,000       575,000       950,000        950,000       950,000        950,000       950,000        950,000
386   Recruitment non-salary                         1,450,000     2,300,000     2,910,000      2,910,000     2,910,000      2,910,000     2,910,000      2,910,000     $           1,000 per Year 1 student
387                                                                                                                                                                                       in following Sept.
388
389
390
391
392
393
394
395
396
397
398
399
400
401
402   Sub-total Recruitment                         1,450,000      2,300,000     2,910,000      2,910,000     2,910,000      2,910,000     2,910,000      2,910,000
403   Total Registrar / recruitment                $1,800,000     $2,875,000    $3,860,000     $3,860,000    $3,860,000     $3,860,000    $3,860,000     $3,860,000     c/f to page 6




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                              12 of 493
                   A                         B        C              D          E          F              G              H              I              J                    K                L
404           PRO FORMA                             Year 0         Year 1     Year 2     Year 3         Year 4         Year 5         Year 6         Year 7
405      DIRECT STAFFING (FTE)
406
407   Deans/Assoc. Deans                                     2.0        4.0        4.0            4.0            4.0            4.0            4.0            4.0
408
409   Administrative clerical support                        5.0       10.0       10.0        10.0          10.0            10.0           10.0           10.0
410   FT Faculty- (new July starts)                          0.0       20.0       35.4        54.1          37.6            18.8            8.2            0.0
411   FT Faculty- (ongoing)                                  0.0        0.0       31.7        78.9         151.0           201.2          226.2          237.2
412
413
414   Faculty clerical support                               0.0        1.0        3.0         6.0           8.0             9.0            9.0            9.0
415   Classroom support techn- B.Tech.                       0.0        3.0        9.0        19.0          28.0            34.0           37.0           37.0
416   Classroom support techn- all other programs            0.0        6.0       15.0        25.0          33.0            37.0           38.0           38.0
417   'Commons" computer technicians                         0.0        5.0       12.0        21.0          28.0            32.0           33.0           33.0
418                Teaching                                  7.0       49.0      120.1       218.0         299.6           346.0          365.4          368.2
419   Distance Learning specialists                          3.0        7.0        7.0         7.0           7.0             7.0            7.0            7.0
420   Project Coordinator                                    1.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
421   Technical Support                                      0.0        3.0        3.0         3.0           3.0             3.0            3.0            3.0
422   Copyright Assistant                                    0.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
423   Production Coordinator                                 0.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
424   Technical Help Support                                 0.0        1.0        2.0         2.0           2.0             2.0            2.0            2.0
425   Administration Support                                 0.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
426          Distance Education                              4.0       15.0       16.0        16.0          16.0            16.0           16.0           16.0
427   Librarian                                              1.0        3.0        4.0         5.0           6.0             7.0            7.0            7.0
428   IT support position                                    0.0        0.5        0.5         1.0           1.0             1.0            1.0            1.0
429   Library technician                                     1.0        3.0        4.0         5.0           6.0             7.0            7.0            7.0
430   Library clerk                                          1.0        0.5        1.0         2.0           2.0             2.0            2.0            2.0
431            Library Services                              3.0        7.0        9.5        13.0          15.0            17.0           17.0           17.0
432   Clerical support- Housing off-campus                   0.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
433   Clerical support- Orientation                          0.0        0.5        0.5         0.5           0.5             0.5            0.5            0.5
434   Clerical support- Peer tutoring                        0.0        1.0        3.0         4.0           5.0             5.0            5.0            5.0
435   Program counsellor- Academic advising                  0.0        2.0        3.0         5.0           7.0             7.0            7.0            7.0
436   Employment advisor- Career services                    0.0        1.0        1.0         2.0           5.0             5.0            5.0            5.0
437   Counsellors- Counselling staff                         0.0        1.0        3.0         4.0           5.0             6.0            7.0            7.0
438   LD Consultant- Disability Services                     0.0        1.0        3.0         4.0           5.0             6.0            7.0            7.0
439           Student Services                               0.0        7.5       14.5        20.5          28.5            30.5           32.5           32.5
440   Registrar                                              1.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
441   Admin Assistant/Office mgr                             1.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
442   Registration                                           1.0        3.0        6.0         6.0           6.0             6.0            6.0            6.0
443   Financial Aid officer                                  1.0        2.0        4.0         4.0           4.0             4.0            4.0            4.0
444                Registrar                                 4.0        7.0       12.0        12.0          12.0            12.0           12.0           12.0
445                                                                                                                                                                 Excludes Admin and IT (p. 14)
446            TOTAL STAFF                               18.0          85.5      172.1       279.5         371.1           421.5          442.9          445.7 and Facilities (p. 15)




              3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                          13 of 493
                   A                           B          C         D              E             F             G              H              I             J           K          L
447           PRO FORMA                                 Year 0    Year 1         Year 2        Year 3        Year 4         Year 5         Year 6        Year 7
448       STUDENT AID SET-ASIDE
449
450   Tuition fee increases over base year:
451   Bachelor of Fine Arts                                       base year         $0.00          $0.00            $0.00       $0.00          $0.00         $0.00
452   Bachelor of Business Admin.                                 base year         $0.00          $0.00            $0.00       $0.00          $0.00         $0.00
453   Bachelor of Arts                                            base year         $0.00          $0.00            $0.00       $0.00          $0.00         $0.00
454   Bachelor of Technology                                      base year         $0.00          $0.00            $0.00       $0.00          $0.00         $0.00
455
456
457
458
459   Percent of tuition increase to be set aside                                   30.0%          30.0%            30.0%       30.0%          30.0%         30.0%
460
461   Amount of tuition increase to be set aside- per student:
462   Bachelor of Fine Arts                                                           n/a            n/a             n/a             n/a        n/a           n/a
463   Bachelor of Business Admin.                                                     n/a            n/a             n/a             n/a        n/a           n/a
464   Bachelor of Arts                                                                n/a            n/a             n/a             n/a        n/a           n/a
465   Bachelor of Technology                                                          n/a            n/a             n/a             n/a        n/a           n/a
466
467
468
469
470   Student Aid Set-Aside:
471   Bachelor of Fine Arts                                                $0             $0            $0            $0              $0            $0            $0
472   Bachelor of Business Admin.                                           0              0             0             0               0             0             0
473   Bachelor of Arts                                                      0              0             0             0               0             0             0
474   Bachelor of Technology                                                0              0             0             0               0             0             0
475
476
477
478   Total Student Aid Set-Aside:                                          Included in "Bursaries Expense" below
479




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                 14 of 493
                       A                      B         C            D            E             F             G            H              I             J               K                L
480               PRO FORMA                           Year 0       Year 1       Year 2        Year 3        Year 4       Year 5         Year 6        Year 7
481               BURSARIES
482
483   Tuition fee
484   Bachelor of Fine Arts                                          $5,300       $5,300        $5,300        $5,300        $5,300        $5,300        $5,300
485   Bachelor of Business Admin.                                    $5,300       $5,300        $5,300        $5,300        $5,300        $5,300        $5,300
486   Bachelor of Arts                                               $5,300       $5,300        $5,300        $5,300        $5,300        $5,300        $5,300
487   Bachelor of Technology                                         $5,300       $5,300        $5,300        $5,300        $5,300        $5,300        $5,300
488
489
490
491
492   Enrolments:
493   Bachelor of Fine Arts                                             400          960          1564          2108          2334          2407          2407
494   Bachelor of Business Admin.                                       450         1105          1795          2416          2678          2751          2751
495   Bachelor of Arts                                                  400          960          1574          2127          2361          2442          2442
496   Bachelor of Technology                                            200          580          1222          1800          2189          2407          2407
497
498
499
500     Total enrolments                                              1,450         3,605         6,155         8,451         9,562       10,007        10,007
501
502   Total value of tuition fees:
503   Bachelor of Fine Arts                                       2,120,000     5,088,000     8,289,200    11,172,400    12,370,200    12,757,100    12,757,100
504   Bachelor of Business Admin.                                 2,385,000     5,856,500     9,513,500    12,804,800    14,193,400    14,580,300    14,580,300
505   Bachelor of Arts                                            2,120,000     5,088,000     8,342,200    11,273,100    12,513,300    12,942,600    12,942,600
506   Bachelor of Technology                                      1,060,000     3,074,000     6,476,600     9,540,000    11,601,700    12,757,100    12,757,100
507
508
509
510   Total tuition fees                                         $7,685,000   $19,106,500   $32,621,500   $44,790,300   $50,678,600   $53,037,100   $53,037,100
511
512   12% of Total tuition fees value                              $922,200    $2,292,780    $3,914,580    $5,374,836    $6,081,432    $6,364,452    $6,364,452
513   Less- Student Aid set-aside (page 12)                               0             0             0             0             0             0             0
514   Bursaries expense                                            $922,200    $2,292,780    $3,914,580    $5,374,836    $6,081,432    $6,364,452    $6,364,452   c/f to page 6
515




                3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                       15 of 493
                     A                          B          C             D             E              F              G              H               I              J               K                L
516            PRO FORMA                                 Year 0        Year 1        Year 2         Year 3         Year 4         Year 5          Year 6         Year 7
517          ADMIN & INFO TECH
518
519   Total students                                -             -        1,450         3,605          6,155          8,451           9,562        10,007         10,007
520
521   Cost per student:
522
523   Admin cost per student (allowance)                                 $1,000          $750           $600           $600            $600           $600           $600
524
525   Info Tech cost per student (allowance)                               $800          $600           $500           $500            $500           $500           $500
526
527   total Administration expense                      $1,000,000    $1,450,000    $2,703,750     $3,693,000     $5,070,600      $5,737,200     $6,004,200     $6,004,200   c/f to page 6
528   Information Technology expense                      $500,000    $1,160,000    $2,163,000     $3,077,500     $4,225,500      $4,781,000     $5,003,500     $5,003,500   c/f to page 6
529
530                                                      Year 0        Year 1        Year 2         Year 3         Year 4         Year 5          Year 6         Year 7
531          CAPITAL EQUIPMENT
532   Distance Education
533   Registrar
534   Library Services
535   Student Services
536   Total Capital Equipment                            $500,000      $500,000      $500,000       $500,000       $500,000        $500,000       $500,000       $500,000    c/f to page 6
537
538                                                      Year 0        Year 1        Year 2         Year 3         Year 4         Year 5          Year 6         Year 7
539     CREDIT CARD SERVICE FEES
540   Total all student fees                                          $8,863,850   $22,037,365    $37,625,515    $51,660,963     $58,452,506    $61,172,791    $61,172,791
541   Estimated fees paid by credit card       60%                     5,318,310    13,222,419     22,575,309     30,996,578      35,071,504     36,703,675     36,703,675
542   Estimated service fees                   1.5%                      $79,775      $198,336       $338,630       $464,949        $526,073      $550,555        $550,555   c/f to page 6
543
544                                                      Year 0        Year 1        Year 2         Year 3         Year 4         Year 5          Year 6         Year 7
545    Debt servicing / Interest income
546
547   Revenue before interest income                            $0 $17,002,600 $39,382,740        $69,498,540    $98,583,588    $112,952,556 $118,875,816 $118,875,816
548   Expense before debt servicing cost                (4,603,250) (23,468,276) (44,841,020)     (66,763,582)   (95,969,643)   (104,226,664) (107,793,172) (98,202,056)
549   Net before interest calculation                   (4,603,250) (6,465,676) (5,458,280)         2,734,958      2,613,945       8,725,892    11,082,644   20,673,760
550   Interest on current year net             2.0%        (92,065)    (129,314)    (109,166)          54,699         52,279         174,518       221,653      413,475
551
552   Accumulated prior years net                                 -   (4,695,315) (11,478,118)    (17,504,689)   (15,415,220)    (13,365,605)    (4,999,819)     6,104,485
553   Interest on prior years net              4.0%               -     (187,813)    (459,125)       (700,188)      (616,609)       (534,624)      (199,993)       244,179
554
555   Debt servicing expense                              ($92,065)   ($317,127)     ($568,291)     ($645,489)     ($564,330)      ($360,106)           $0             $0    c/f to page 6
556   Interest income revenue                                   $0           $0             $0             $0             $0              $0       $21,660       $657,654    c/f to page 1
557




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                       A                       B         C                D              E                    F                G                  H                   I                   J               K                L
558                                                    Year 0           Year 1         Year 2               Year 3           Year 4             Year 5              Year 6              Year 7
559               FACILITIES
560   Area used (net assignable square feet)                               100,000        200,000            300,000          400,000             530,000            530,000             530,000
561   Area used (gross square feet)                             nil        160,000        320,000            480,000          640,000             848,000            848,000             848,000                1.6 gross-to-net
562
563
564   Cost per sq ft
565    Building maintenance
566    Custodial
567    Security
568    Grounds
569    Electric energy
570    Fossil fuel
571    Plant admin/eng
572    total                                       $      10.00        $     10.00    $     10.00       $       10.00    $      10.00       $       10.00       $       10.00       $       10.00
573
574
575
576
577
578
579
580
581
582
583
584
585
586
587
588
589
590
591
592   TOTAL FACILITIES EXPENSE                                        $ 1,600,000    $ 3,200,000    $       4,800,000   $ 6,400,000     $       8,480,000   $       8,480,000   $       8,480,000   c/f to page 6
593
594   cost/gross sq ft incl. Staff costs                                   $ 10.00         $10.00            $ 10.00          $ 10.00            $ 10.00             $ 10.00             $ 10.00
595
596




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                        A                        B      C            D          E         F        G         H        I         J       K          L
597               PRO FORMA                           Year 0       Year 1     Year 2    Year 3   Year 4    Year 5   Year 6    Year 7
598     EXPENDITURE DISTRIBUTION
599   Deans/Assoc. Deans                               7.2%          2.9%      1.5%     1.0%      0.7%     0.7%      0.6%      0.7%
600   Program co-ordinators                            0.0%          0.0%      0.0%     0.0%      0.0%     0.0%      0.0%      0.0%
601   Administrative clerical support                  5.3%          2.1%      1.1%     0.7%      0.5%     0.5%      0.5%      0.5%
602   FT Faculty                                       0.0%          9.2%      16.3%    21.7%     21.5%    23.1%     23.9%     26.6%
603
604   PT Faculty                                       0.0%          2.3%      3.1%     3.8%      3.6%     3.7%      3.8%      4.2%
605
606
607   Faculty clerical support                         0.0%          0.2%      0.3%     0.4%      0.4%     0.4%      0.4%      0.5%
608   Classroom support technicians                    0.0%          2.3%      3.2%     3.9%      3.8%     4.1%      4.2%      4.6%
609   'Commons' computer technicians                   0.0%          1.3%      1.6%     1.9%      1.7%     1.8%      1.8%      2.0%
610   TOTAL TEACHING SALARIES                          12.6%         20.2%     27.1%    33.4%     32.2%    34.3%     35.2%     39.0%
611   Employee benefits FT                             3.1%          4.5%      6.0%     7.4%      7.2%     7.7%      7.9%      8.7%
612   Employee benefits PT                             0.0%          0.3%      0.4%     0.5%      0.4%     0.4%      0.5%      0.5%
613   Non-salary teaching costs                        1.9%          3.0%      4.1%     5.0%      4.8%     5.1%      5.3%      5.8%
614   Research/study leave                             0.0%          0.0%      0.0%     0.0%      0.0%     0.0%      0.0%      0.0%
615   Distance Education- service                      9.4%          5.9%      3.3%     2.2%      1.5%     1.4%      1.4%      1.5%
616   Curriculum development                           0.0%          7.4%      3.9%     2.6%      1.8%     0.0%      0.0%      0.0%
617   Distance content                                 0.0%          4.6%      2.4%     1.6%      1.1%     0.0%      0.0%      0.0%
618
619     Total Teaching expense                         27.0%         45.9%     47.0%    52.8%     49.1%    49.0%     50.2%     55.6%
620
621   Library Services expense                         6.7%          4.9%      5.0%     3.9%      3.0%     3.0%      2.9%      3.2%
622   Student Services expense                         0.0%          3.3%      3.4%     3.3%      3.2%     3.2%      3.3%      3.7%
623   Registrar expense                                38.3%         12.1%     8.5%     5.7%      4.0%     3.7%      3.6%      3.9%
624   Bursaries                                        0.0%          3.9%      5.0%     5.8%      5.6%     5.8%      5.9%      6.5%
625   Student Aid set-aside                            0.0%          0.0%      0.0%     0.0%      0.0%     0.0%      0.0%      0.0%
626   Information Technology                           0.0%          4.9%      4.8%     4.6%      4.4%     4.6%      4.6%      5.1%
627   Registrarial systems development                 2.6%          0.8%      0.0%     0.0%      0.0%     0.0%      0.0%      0.0%
628     Academic Services expense                      47.6%         29.9%     26.7%    23.3%     20.2%    20.3%     20.4%     22.4%
629
630   General Administration                           0.0%          6.1%      6.0%     5.5%      5.3%     5.5%      5.6%      6.1%
631   Facilities                                       0.0%          6.7%      7.0%     7.1%      6.6%     8.1%      7.9%      8.6%
632   Faculty recruitment                              0.0%          0.1%      0.1%     0.1%      0.0%     0.0%      0.0%      0.0%
633   Municipal levy in lieu of realty tax             0.0%          0.5%      0.6%     0.7%      0.7%     0.7%      0.7%      0.8%
634   Capital equipment                                10.6%         2.1%      1.1%     0.7%      0.5%     0.5%      0.5%      0.5%
635   Equipment renewal                                0.0%          0.0%      0.9%     0.6%      0.4%     0.4%      0.4%      0.4%
636   Building renovations                             0.0%          0.7%      0.7%     0.7%      0.7%     0.8%      0.8%      0.9%
637   Contingency fund                                 12.8%         6.3%      5.5%     5.2%      4.1%     3.8%      3.7%      4.1%
638   Credit card service fees                         0.0%          0.4%      0.5%     0.6%      0.6%     0.6%      0.6%      0.7%
639   Interest on capital debt                         0.0%          0.0%      2.6%     1.8%      0.8%     0.4%      0.0%      0.0%
640   Contribution to capital debt - principal         0.0%          0.0%      0.0%     0.0%      10.4%    9.6%      9.3%      0.0%
641   Project start-up and transition                  0.0%          0.0%      0.0%     0.0%      0.0%     0.0%      0.0%      0.0%
642   Debt servicing cost                              2.0%          1.3%      1.3%     1.0%      0.6%     0.3%      0.0%      0.0%
643     Institutional Services expense                 25.4%         24.2%     26.3%    24.0%     30.7%    30.7%     29.4%     22.1%
644
645     Total Expense                                100.0%        100.0%      100.0%   100.0%    100.0%   100.0%    100.0%    100.0%


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                      A                    B           C             D               E             F              G              H              I              J           K          L
646
647   CHECK:
648   teaching                                       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%
649   acad services                                  0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%
650   institutional                                  0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%
651   total                                          0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%
652
653   COST PER STUDENT:
654   Teaching                                                  $     7,529    $     5,921    $     5,778    $     5,613    $     5,360    $     5,412    $        5,453
655   Academic Services                                               4,906          3,362          2,549          2,304          2,219          2,195             2,195
656   Institutional Services                                          3,969          3,314          2,625          3,506          3,359          3,166             2,166
657                                                             $    16,404    $    12,596    $    10,952    $    11,423    $    10,938    $    10,772    $        9,813




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                       A                         B             C                   D                E            F            G                    H                I                J           K          L
 1            NEW UNIVERSITY                               TRANSITION                                       START-UP PERIOD
 2              PRO FORMA                                    Year 0              Year 1        Year 2          Year 3       Year 4             Year 5             Year 6           Year 7
 3      FINANCIAL PROJECTIONS
 4     all figures in constant 2011 $
 5   ENROLMENTS:
 6   Bachelor of Fine Arts                                                             400            960           1,564          2,108               2,334            2,407            2,407
 7   Bachelor of Business Admin.                                                       450          1,105           1,795          2,416               2,678            2,751            2,751
 8   Bachelor of Arts                                                                  400            960           1,574          2,127               2,361            2,442            2,442
 9   Bachelor of Technology                                                            200            580           1,222          1,800               2,189            2,407            2,407
10
11
12
13    Total Enrolments                                                               1,450          3,605           6,155          8,451               9,562        10,007           10,007
14
15   REVENUE:
16    Operating grant                                                 -        $8,030,000    $17,075,000      $31,411,400    $46,288,800     $53,782,900        $56,952,500      $56,952,500
17    Tuition fees                                                    -         7,685,000     19,106,500       32,621,500     44,790,300      50,678,600         53,037,100       53,037,100
18    Incidental fees                                                 -           874,350      2,173,815        3,711,465      5,095,953       5,765,886          6,034,221        6,034,221
19    Distance Learning course fees                                   -           304,500        757,050        1,292,550      1,774,710       2,008,020          2,101,470        2,101,470
20    'In lieu of Municipal tax' grant                                -           108,750        270,375          461,625        633,825         717,150            750,525          750,525
21    Interest income                                                 -               -              -                -              -               -                  -                -
22    Total Revenue                                                   -       $17,002,600    $39,382,740      $69,498,540    $98,583,588    $112,952,556       $118,875,816     $118,875,816
23
24   EXPENSE:
25    Teaching and related                                  $1,267,000        $11,431,280    $22,394,085      $37,846,651 $51,085,634        $55,347,014        $58,283,556      $58,700,640
26    Academic Services                                      2,236,250          7,113,388     12,118,780       15,687,155   19,468,586        21,215,057         21,960,577       21,960,577
27    Institutional Services                                 1,192,065          5,768,646     11,989,979       16,273,919   29,867,217        32,517,951         32,236,093       21,780,247
28    Total Expense                                         $4,695,315        $24,313,314    $46,502,844      $69,807,725 $100,421,437      $109,080,022       $112,480,226     $102,441,464
29
30   ANNUAL SURPLUS (DEFICIT)                               ($4,695,315) ($7,310,714) ($7,120,104)              ($309,185)   ($1,837,849)     $3,872,534         $6,395,590      $16,434,352
31   Annual surplus (deficit) per student                           -        ($5,042)     ($1,975)                   ($50)         ($217)           $405               $639           $1,642
32
33   ACCUMULATED SURPLUS (DEFICIT)                          ($4,695,315) ($12,006,029) ($19,126,133)         ($19,435,318) ($21,273,167)    ($17,400,633) ($11,005,043)           $5,429,309
34   Accumulated Enrolments                                         -           1,450         5,055                11,210        19,661           29,223        39,230                49,237
35   Accumulated surplus (deficit) per student                      -         ($8,280)      ($3,784)              ($1,734)      ($1,082)           ($595)        ($281)                 $110
36
37                                                                            CONTENTS:
38                    1.   Revenue & expense summary             7.       Distance education                13. Bursaries
39                    2.   Enrolment projections                 8.       Library services                  14. Admin, I.T., Credit Card fees,
40                    3.   Student cohorts                       9.       Student Services                      Capital equipment
41                    4.   Grant & tuition revenue              10.       Registrar                         14. Debt servicing, Interest income
42                    5.   Teaching staff, base salaries        11.       Direct staffing summary           15. Facilities
43                    6.   Expense summary                      12.       Student aid set-aside             16. Expense distribution-percentages
44
45




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                                           42 of 493
                 A                    B           C            D           E          F           G           H           I           J         K          L
46          PRO FORMA                           Year 0       Year 1      Year 2     Year 3      Year 4      Year 5      Year 6      Year 7
47         ENROLMENTS
48                                          retention
49      Bachelor of Fine Arts         1                            400        600         700         700         700         700         700
50                                    2          90%                          360         540         630         630         630         630
51                                    3          90%                            0         324         486         567         567         567
52                                    4          90%                            0           0         292         437         510         510
53                                                                 400        960        1564        2108        2334        2407        2407
54   Bachelor of Business Admin.      1                            450        700         800         800         800         800         800
55                                    2          90%                          405         630         720         720         720         720
56                                    3          90%                            0         365         567         648         648         648
57                                    4          90%                            0           0         329         510         583         583
58                                                                 450       1105        1795        2416        2678        2751        2751
59        Bachelor of Arts            1                            400        600         710         710         710         710         710
60                                    2          90%                          360         540         639         639         639         639
61                                    3          90%                            0         324         486         575         575         575
62                                    4          90%                            0           0         292         437         518         518
63                                                                 400        960        1574        2127        2361        2442        2442
64     Bachelor of Technology         1                            200        400         700         700         700         700         700
65                                    2          90%                          180         360         630         630         630         630
66                                    3          90%                            0         162         324         567         567         567
67                                    4          90%                            0           0         146         292         510         510
68                                                                 200        580        1222        1800        2189        2407        2407
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84      TOTAL ENROLMENTS                  1st year              1,450       2,300       2,910      2,910        2,910      2,910       2,910
85                                        2nd year                -         1,305       2,070      2,619        2,619      2,619       2,619
86                                        3rd year                -           -         1,175      1,863        2,357      2,357       2,357
87                                        4th year                -           -           -        1,059        1,676      2,121       2,121
88                                         Totals               1,450       3,605       6,155      8,451        9,562     10,007      10,007
89




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                    A                   B           C            D         E        F        G        H        I        J      K          L
90           PRO FORMA                           Year 0        Year 1    Year 2   Year 3   Year 4   Year 5   Year 6   Year 7
91       STUDENT COHORTS
92 Maximum cohort sizes:
93 Bachelor of Fine Arts                                         45       45       45       45       45       45       45
94 Bachelor of Business Admin.                                   45       45       45       45       45       45       45
95 Bachelor of Arts                                              45       45       45       45       45       45       45
96 Bachelor of Technology                                        45       45       45       45       45       45       45
97
98
99
100
101 NUMBER COHORTS (rounded up)
102      Bachelor of Fine Arts          1                        9        14       16       16       16       16       16
103                                     2                        0         8       12       14       14       14       14
104                                     3                        0         0        8       11       13       13       13
105                                     4                        0         0        0        7       10       12       12
106                                                              9        22       36       48       53       55       55
107   Bachelor of Business Admin.       1                        10       16       18       18       18       18       18
108                                     2                        0         9       14       16       16       16       16
109                                     3                        0         0        9       13       15       15       15
110                                     4                        0         0        0        8       12       13       13
111                                                              10       25       41       55       61       62       62
112        Bachelor of Arts             1                        9        14       16       16       16       16       16
113                                     2                        0         8       12       15       15       15       15
114                                     3                        0         0        8       11       13       13       13
115                                     4                        0         0        0        7       10       12       12
116                                                              9        22       36       49       54       56       56
117     Bachelor of Technology          1                        5         9       16       16       16       16       16
118                                     2                        0         4        8       14       14       14       14
119                                     3                        0         0        4        8       13       13       13
120                                     4                        0         0        0        4        7       12       12
121                                                              5        13       28       42       50       55       55
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137   TOTALS BY PROGRAM YEAR            1                        33       53        66      66       66        66       66
138                                     2                        0        29        46      59       59        59       59
139                                     3                        0         0        29      43       54        54       54
140                                     4                        0         0         0      26       39        49       49
141                                                              33       82       141      194      218      228      228
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                       A                   B              C              D              E              F               G               H                I               J         K          L
142              PRO FORMA              Program         Year 0         Year 1         Year 2         Year 3          Year 4          Year 5           Year 6          Year 7
143     GRANT & TUITION REVENUE         Weights
144   Grant per FTE by program weight        1.0   $       3,100   $      3,100   $      3,100   $       3,100   $      3,100   $         3,100   $       3,100   $       3,100
145                                          1.5   $       5,800   $      5,800   $      5,800   $       5,800   $      5,800   $         5,800   $       5,800   $       5,800
146                                          2.0   $       8,500   $      8,500   $      8,500   $       8,500   $      8,500   $         8,500   $       8,500   $       8,500
147
148
149                                     Program        1st year
150   Basic Income Units:               Weights        Students
151    Bachelor of Fine Arts              1.5            1.0                400          1,140           1,996          2,812             3,151           3,261           3,261
152    Bachelor of Business Admin.        1.5            1.5                675          1,658           2,693          3,624             4,017           4,127           4,127
153    Bachelor of Arts                   1.5            1.0                400          1,140           2,006          2,836             3,187           3,308           3,308
154    Bachelor of Technology             2.0            1.0                200            760           1,744          2,900             3,678           4,114           4,114
155
156
157
158   Total Basic Income Units                                            1,675          4,698           8,439         12,172            14,033         14,809          14,809
159      average program weight                                           1.16           1.30          1.37            1.44             1.47            1.48            1.48
160
161   GRANT FUNDING                                                $8,030,000     $17,075,000    $31,411,400     $46,288,800        $53,782,900   $56,952,500     $56,952,500
162
163   Tuition- 2 semesters                                             $5,300          $5,300         $5,300          $5,300             $5,300        $5,300          $5,300
164   Total students                                                    1,450           3,605          6,155           8,451              9,562        10,007          10,007
165   TUITION FEES                                                 $7,685,000     $19,106,500    $32,621,500     $44,790,300        $50,678,600   $53,037,100     $53,037,100
166
167   Other fees:
168   Incidental fee (2 semesters)                                         $603           $603           $603            $603              $603           $603            $603
169   Distance Learning course fee                                          $70            $70            $70             $70               $70            $70             $70
170




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                    A                             B             C                  D               E               F                  G                  H                  I                  J                K                  L
171            PRO FORMA                                      Year 0             Year 1          Year 2          Year 3             Year 4             Year 5             Year 6             Year 7
172        TEACHING STAFF DATA
173
174   Student course load/cohort/semester                                                5               5               5                  5                  5                  5                  5
175   Total courses one semester                                                       165             410             705                970               1090               1140               1140
176   Total courses 2 semesters - nominal                                              330             820            1410               1940               2180               2280               2280
177   Adjustment for vacant seats                                                      5%              5%             10%                10%                10%                10%                10%
178   Total courses 2 semesters - real                                                 347             861            1551               2134               2398               2508               2508
179   share taught by sessional instructors                                           30%             30%             30%                30%                30%                30%                30%
180   Courses taught by sessional instructors                                          104             258             465                640                719                752                752
181   Courses taught by FT faculty                                                     243             603            1086               1494               1679               1756               1756
182
183   Avg course load per year - FT faculty                                              8               8                8                 8                   8                  8                  8
184   Avg class size                                                                 41.8            41.9             39.7              39.6                39.9               39.9               39.9
185
186   Avg FT faculty required                                        0                 30              75              136               187                 210                220                220
187   Adjustment: 50% release for chairs                             5                  5              10               10                10                  10                 10                 10
188   Adjustment for sabbaticals                                 1.000              1.000           1.000            1.133             1.133               1.133              1.133              1.133
189   Total FT faculty required                                      5                 35              85              165               223                 249                260                260
190
191   Deans/Assoc. Deans                                               2.0            4.0             4.0                 4.0                4.0                4.0                4.0                4.0
192
193   Administrative clerical support (0.5 per program)                5.0           10.0            10.0             10.0              10.0                10.0               10.0               10.0
194   FT Faculty- (new July starts)                                    0.0           22.7            37.5             59.9              43.4                19.7                8.2                0.0
195   FT Faculty- (ongoing)                                            0.0            0.0            35.3             85.4             165.2               223.0              249.2              260.1
196
197                                                                                                                                                                                                         1 staff for:
198   Faculty clerical support                                         0.0            1.0             3.0              7.0               9.0                10.0               10.0               10.0                  25   faculty
199   Classroom support techn- B. Tech.                                0.0            3.0             9.0             19.0              28.0                34.0               37.0               37.0                  65   students
200   Classroom support techn- all other programs                      0.0            6.0            15.0             25.0              33.0                37.0               38.0               38.0                 200   students
201   Common computer technicians                                      0.0            5.0            12.0             21.0              28.0                32.0               33.0               33.0                 300   students
202   Total Teaching staff                                             7.0           51.7           125.8            231.3             320.6               369.7              389.4              392.1
203
204   AVERAGE SALARY RATES:
205   Deans/Assoc. Deans                      $170,000        $170,000           $170,000        $170,000        $170,000           $170,000           $170,000           $170,000           $170,000
206
207   Administrative clerical support          $50,000         $50,000            $50,000         $50,000         $50,000            $50,000            $50,000            $50,000            $50,000
208   FT Faculty                              $110,000        $110,000           $110,000        $110,000        $110,000           $110,000           $110,000           $110,000           $110,000
209
210   Faculty clerical support                  $50,000        $50,000            $50,000         $50,000         $50,000            $50,000             $50,000           $50,000            $50,000
211   Classroom support technicians             $60,000        $60,000            $60,000         $60,000         $60,000            $60,000             $60,000           $60,000            $60,000
212   Common computer technicians               $60,000        $60,000            $60,000         $60,000         $60,000            $60,000             $60,000           $60,000            $60,000
213   Sessional instructors (per course)                  $      6,000       $      6,000    $      6,000    $      6,000       $      6,000       $       6,000      $      6,000       $      6,000
214
215   Note: New faculty hires are assumed to be July 1st.




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                        A                        B      C              D             E             F             G             H               I              J                K                L
216                PRO FORMA                          Year 0         Year 1        Year 2        Year 3        Year 4        Year 5          Year 6         Year 7
217                 EXPENSE
218
219   Deans/Assoc. Deans                              $340,000       $680,000      $680,000       $680,000     $680,000       $680,000       $680,000        $680,000
220
221   Administrative clerical support                  250,000         500,000       500,000       500,000       500,000        500,000        500,000        500,000
222   FT Faculty                                             0       2,497,000     8,009,375    15,980,250    22,944,167     26,695,167     28,313,083     28,611,000
223
224   PT Faculty                                               0      624,000      1,548,000     2,790,000     3,840,000      4,314,000      4,512,000      4,512,000
225
226
227   Faculty clerical support                               0          50,000       150,000       350,000       450,000        500,000        500,000        500,000
228   Classroom support technicians                          0         540,000     1,440,000     2,640,000     3,660,000      4,260,000      4,500,000      4,500,000
229   'Commons' computer technicians                         0         300,000       720,000     1,260,000     1,680,000      1,920,000      1,980,000      1,980,000
230   TOTAL TEACHING SALARIES                          590,000       5,191,000    13,047,375    24,200,250    33,754,167     38,869,167     40,985,083     41,283,000
231   Employee benefits FT                             147,500       1,141,750     2,874,844     5,352,563     7,478,542      8,638,792      9,118,271      9,192,750              25.0% of FT salary
232   Employee benefits PT                                   0          74,880       185,760       334,800       460,800        517,680        541,440        541,440              12.0% of PT salary
233   Non-salary teaching costs                         88,500         778,650     1,957,106     3,630,038     5,063,125      5,830,375      6,147,762      6,192,450              15.0% Teach salary
234
235   Distance Education- develop/deliver              441,000       1,407,000     1,491,000     1,491,000     1,491,000      1,491,000      1,491,000      1,491,000    see page 7
236   Curriculum development                                 0       1,750,000     1,750,000     1,750,000     1,750,000              0              0              0            $7,000 per course
237   Distance content                                       0       1,088,000     1,088,000     1,088,000     1,088,000              0              0              0           $20,000 per course
238
239   Total Teaching and Related Expense              1,267,000     11,431,280    22,394,085    37,846,651    51,085,634     55,347,014     58,283,556     58,700,640 c/f to page 1
240
241   Library Services expense                          316,250    1,168,688      2,265,500       2,622,575    2,880,750      3,125,125      3,125,125      3,125,125 see page 8
242   Student Services expense                                0      787,500      1,537,500       2,212,500    3,127,500      3,367,500      3,607,500      3,607,500 see page 9
243   Registrar/recruitment                           1,800,000    2,875,000      3,860,000       3,860,000    3,860,000      3,860,000      3,860,000      3,860,000 see page 10
244   Bursaries                                               0      922,200      2,292,780       3,914,580    5,374,836      6,081,432      6,364,452      6,364,452 see page 13
245   Student Aid set-aside                                                               0
                                                              0 Included in "Bursaries Expense" below     0            0              0              0              0 see page 12
246   Information Technology                                  0    1,160,000      2,163,000       3,077,500    4,225,500      4,781,000      5,003,500      5,003,500 see page 14
247   Registrarial systems development                  120,000      200,000              0               0            0              0              0              0
248   Academic Services expense                       2,236,250    7,113,388     12,118,780      15,687,155   19,468,586     21,215,057     21,960,577     21,960,577 c/f to page 1
249
250   General Administration                                 0       1,450,000     2,703,750     3,693,000     5,070,600      5,737,200      6,004,200      6,004,200 see page 14
251   Facilities                                             0       1,600,000     3,200,000     4,800,000     6,400,000      8,480,000      8,480,000      8,480,000 see page 16
252   Faculty recruitment                                    0          22,700        37,500        59,900        43,400         19,700          8,200              0           $1,000   per new faculty
253   Municipal levy in lieu of realty tax                   0         108,750       270,375       461,625       633,825        717,150        750,525        750,525           $75.00   per student
254   Capital equipment                                500,000         500,000       500,000       500,000       500,000        500,000        500,000        500,000 see row 541
255   Equipment renewal                                      0               0       400,000       400,000       400,000        400,000        400,000        400,000           $2,000   x 200 PC's
256   Building renovations                                   0         160,000       320,000       480,000       640,000        848,000        848,000        848,000            $1.00   per sq ft
257   Contingency fund                                 600,000       1,500,000     2,500,000     3,500,000     4,000,000      4,000,000      4,000,000      4,000,000
258   Credit card service fees                               0          99,718       247,920       423,287       581,186        657,591        688,194        688,194 see page 14
259   Interest on capital debt                                                     1,200,000     1,200,000       800,000        400,000              0              0 4%                 interest rate
260   Contribution to capital debt - principal                                                           0    10,000,000     10,000,000     10,000,000              0 $     30,000,000
261
262   Debt servicing cost                                92,065        327,478       610,434       756,107      798,206         758,310        556,974        109,328 see page 15
263   Institutional Services expense                  1,192,065      5,768,646    11,989,979    16,273,919   29,867,217      32,517,951     32,236,093     21,780,247 c/f to page 1
264   TOTAL EXPENSE                                  $4,695,315    $24,313,314   $46,502,844   $69,807,725 $100,421,437    $109,080,022   $112,480,226   $102,441,464


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                    A                         B        C             D              E             F              G             H               I              J                 K                L
265            PRO FORMA                             Year 0        Year 1         Year 2        Year 3         Year 4        Year 5          Year 6         Year 7
266        DISTANCE EDUCATION
267
268   No. classroom courses to be developed                             250            250            250           250                0              0              0              1000 courses
269   No. distance courses to be developed                               54             54             54            54                                                              272 courses
270   No. distance courses to be delivered                    0          33             82            141           194               218         228            228
271
272   Number of staff:
273   Distance Learning specialists                           3              7              7             7              7             7               7              7
274   Project Coordinator                                     1              1              1             1              1             1               1              1
275   Technical Support                                       0              3              3             3              3             3               3              3
276   Copyright Assistant                                     0              1              1             1              1             1               1              1
277   Production Coordinator                                  0              1              1             1              1             1               1              1
278   Technical Help Support                                  0              1              2             2              2             2               2              2
279   Administration Support                                  0              1              1             1              1             1               1              1
280                                                           4             15             16            16             16            16              16             16
281   Base salaries rates:
282   Distance Learning specialists                   $75,000       $75,000        $75,000        $75,000       $75,000        $75,000        $75,000        $75,000
283   Project Coordinator                             $90,000       $90,000        $90,000        $90,000       $90,000        $90,000        $90,000        $90,000
284   Technical Support                               $60,000       $60,000        $60,000        $60,000       $60,000        $60,000        $60,000        $60,000
285   Copyright Assistant                             $50,000       $50,000        $50,000        $50,000       $50,000        $50,000        $50,000        $50,000
286   Production Coordinator                          $50,000       $50,000        $50,000        $50,000       $50,000        $50,000        $50,000        $50,000
287   Technical Help Support                          $60,000       $60,000        $60,000        $60,000       $60,000        $60,000        $60,000        $60,000
288   Administration Support                          $50,000       $50,000        $50,000        $50,000       $50,000        $50,000        $50,000        $50,000
289
290
291
292   Distance Education expense:
293   Distance Learning specialists                  $225,000       $525,000      $525,000        $525,000      $525,000       $525,000      $525,000        $525,000
294   Project Coordinator                             $90,000         90,000         90,000         90,000        90,000         90,000         90,000         90,000
295   Technical Support                                     0        180,000        180,000        180,000       180,000        180,000        180,000        180,000
296   Copyright Assistant                                   0         50,000         50,000         50,000        50,000         50,000         50,000         50,000
297   Production Coordinator                                0         50,000         50,000         50,000        50,000         50,000         50,000         50,000
298   Technical Help Support                                0         60,000        120,000        120,000       120,000        120,000        120,000        120,000
299   Administration Support                                0         50,000         50,000         50,000        50,000         50,000         50,000         50,000
300   TOTAL SALARIES                                  315,000      1,005,000      1,065,000      1,065,000     1,065,000      1,065,000      1,065,000      1,065,000
301   Employee benefits                                78,750        251,250        266,250        266,250       266,250        266,250        266,250        266,250               25.0% of salaries
302   Non-salary office/travel/other                   47,250        150,750        159,750        159,750       159,750        159,750        159,750        159,750               15.0% of salaries
303   Distance Education Services expense            $441,000     $1,407,000     $1,491,000     $1,491,000    $1,491,000     $1,491,000     $1,491,000     $1,491,000     c/f to page 6




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                                48 of 493
                      A                     B           C               D            E           F             G           H             I            J               K               L
304              PRO FORMA                            Year 0          Year 1       Year 2      Year 3        Year 4      Year 5        Year 6       Year 7
305           LIBRARY SERVICES
306
307   Number of staff:
308   Librarian                                                1.0          3.0          4.0          5.0          6.0          7.0          7.0          7.0
309   IT support position                                      0.0          0.5          0.5          1.0          1.0          1.0          1.0          1.0
310   Library technician                                       1.0          3.0          4.0          5.0          6.0          7.0          7.0          7.0
311   Library clerk                                            1.0          0.5          1.0          2.0          2.0          2.0          2.0          2.0
312                                                            3.0          7.0          9.5         13.0         15.0         17.0         17.0         17.0
313   Base salaries rates:
314   Librarian                                       $110,000        $110,000     $110,000     $110,000     $110,000     $110,000     $110,000     $110,000
315   IT support position                              $60,000         $60,000      $60,000      $60,000      $60,000      $60,000      $60,000      $60,000
316   Library technician                               $60,000         $60,000      $60,000      $60,000      $60,000      $60,000      $60,000      $60,000
317   Library clerk                                    $50,000         $50,000      $50,000      $50,000      $50,000      $50,000      $50,000      $50,000
318
319   Library Services expense:
320   Librarian                                       $110,000         $330,000    $440,000      $550,000     $660,000     $770,000    $770,000      $770,000
321   IT support position                                    0           30,000       30,000       60,000       60,000       60,000       60,000       60,000
322   Library technician                                60,000          180,000      240,000      300,000      360,000      420,000      420,000      420,000
323   Library clerk                                     50,000           25,000       50,000      100,000      100,000      100,000      100,000      100,000
324   TOTAL SALARIES                                   220,000          565,000      760,000    1,010,000    1,180,000    1,350,000    1,350,000    1,350,000
325   Employee benefits                                 55,000          141,250      190,000      252,500      295,000      337,500      337,500      337,500             25.0% of salary
326   Library acquisitions                                   0          300,000    1,000,000    1,000,000    1,000,000    1,000,000    1,000,000    1,000,000
327   Courier/Van delivery                                   0           10,000       20,000       18,000       30,000       30,000       30,000       30,000
328   Non-salary office/travel/other                    41,250          152,438      295,500      342,075      375,750      407,625      407,625      407,625            15.0% of above
329   Library Services expense                        $316,250       $1,168,688   $2,265,500   $2,622,575   $2,880,750   $3,125,125   $3,125,125   $3,125,125   c/f to page 6




                3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                   49 of 493
                    A                         B        C            D           E           F             G           H             I            J               K                L
330            PRO FORMA                             Year 0       Year 1      Year 2      Year 3        Year 4      Year 5        Year 6       Year 7
331         STUDENT SERVICES
332
333   Number of staff:
334   Housing off-campus coordinator                                   1.0          1.0          1.0          1.0          1.0          1.0          1.0
335   Orientation                                                      0.5          0.5          0.5          0.5          0.5          0.5          0.5
336   Peer tutoring coordinator                                        1.0          3.0          4.0          5.0          5.0          5.0          5.0
337   Program counsellor- Academic advising                            2.0          3.0          5.0          7.0          7.0          7.0          7.0
338   Employment advisor- Career services                              1.0          1.0          2.0          5.0          5.0          5.0          5.0
339   Counsellors- Counselling staff                                   1.0          3.0          4.0          5.0          6.0          7.0          7.0
340   LD Consultant- Disability Services                               1.0          3.0          4.0          5.0          6.0          7.0          7.0
341                                                                    7.5         14.5         20.5         28.5         30.5         32.5         32.5
342   Base salaries rates:
343   Clerical support- Housing off-campus                         $50,000     $50,000      $50,000      $50,000      $50,000      $50,000      $50,000
344   Clerical support- Orientation                                $50,000     $50,000      $50,000      $50,000      $50,000      $50,000      $50,000
345   Clerical support- Peer tutoring                              $50,000     $50,000      $50,000      $50,000      $50,000      $50,000      $50,000
346   Program counsellor- Academic advising                        $80,000     $80,000      $80,000      $80,000      $80,000      $80,000      $80,000
347   Employment advisor- Career services                          $80,000     $80,000      $80,000      $80,000      $80,000      $80,000      $80,000
348   Counsellors- Counselling staff                               $80,000     $80,000      $80,000      $80,000      $80,000      $80,000      $80,000
349   LD Consultant- Disability Services                           $80,000     $80,000      $80,000      $80,000      $80,000      $80,000      $80,000
350
351   EXPENSE:
352   Clerical support- Housing off-campus                         $50,000      $50,000      $50,000      $50,000      $50,000      $50,000      $50,000
353   Clerical support- Orientation                                 25,000       25,000       25,000       25,000       25,000       25,000       25,000
354   Clerical support- Peer tutoring                               50,000      150,000      200,000      250,000      250,000      250,000      250,000
355   Program counsellor- Academic advising                        160,000      240,000      400,000      560,000      560,000      560,000      560,000
356   Employment advisor- Career services                           80,000       80,000      160,000      400,000      400,000      400,000      400,000
357   Counsellors- Counselling staff                                80,000      240,000      320,000      400,000      480,000      560,000      560,000
358   LD Consultant- Disability Services                            80,000      240,000      320,000      400,000      480,000      560,000      560,000
359   TOTAL SALARIES                                               525,000    1,025,000    1,475,000    2,085,000    2,245,000    2,405,000    2,405,000
360   Employee benefits                                            131,250      256,250      368,750      521,250      561,250      601,250      601,250             25.0% of salary
361   Non-salary expenses incl. work-study                         131,250      256,250      368,750      521,250      561,250      601,250      601,250             25.0% of salary
362
363   Student Services expense                                    $787,500   $1,537,500   $2,212,500   $3,127,500   $3,367,500   $3,607,500   $3,607,500   c/f to page 6




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                 50 of 493
                      A                    B           C             D             E             F              G             H              I              J                 K                    L
364              PRO FORMA                           Year 0        Year 1        Year 2        Year 3         Year 4        Year 5         Year 6         Year 7
365              REGISTRAR
366
367   Number of staff:
368   Registrar                                               1             1              1             1              1             1              1              1
369   Admin Assistant/Office mgr                              1             1              1             1              1             1              1              1
370   Registration                                            1             3              6             6              6             6              6              6
371   Financial Aid officer                                   1             2              4             4              4             4              4              4
372                                                           4             7             12            12             12            12             12             12
373   Base salary rates:
374   Registrar                                      $110,000      $110,000      $110,000       $110,000      $110,000       $110,000      $110,000       $110,000
375   Admin Assistant/Office mgr                      $50,000       $50,000       $50,000        $50,000       $50,000        $50,000       $50,000        $50,000
376   Registration                                    $60,000       $60,000       $60,000        $60,000       $60,000        $60,000       $60,000        $60,000
377   Financial Aid officer                           $60,000       $60,000       $60,000        $60,000       $60,000        $60,000       $60,000        $60,000
378
379   REGISTRAR EXPENSE:
380   Registrar                                       $110,000       110,000       110,000        110,000       110,000        110,000       110,000        110,000
381   Admin Assistant/Office mgr                        50,000        50,000        50,000         50,000        50,000         50,000        50,000         50,000
382   Registration                                      60,000       180,000       360,000        360,000       360,000        360,000       360,000        360,000
383   Financial Aid officer                             60,000       120,000       240,000        240,000       240,000        240,000       240,000        240,000
384   Employee benefits                                 70,000       115,000       190,000        190,000       190,000        190,000       190,000        190,000               25.0% of salary
385   Sub-total Registrar                              350,000       575,000       950,000        950,000       950,000        950,000       950,000        950,000
386   Recruitment non-salary                         1,450,000     2,300,000     2,910,000      2,910,000     2,910,000      2,910,000     2,910,000      2,910,000     $           1,000 per Year 1 student
387                                                                                                                                                                                       in following Sept.
388
389
390
391
392
393
394
395
396
397
398
399
400
401
402   Sub-total Recruitment                         1,450,000      2,300,000     2,910,000      2,910,000     2,910,000      2,910,000     2,910,000      2,910,000
403   Total Registrar / recruitment                $1,800,000     $2,875,000    $3,860,000     $3,860,000    $3,860,000     $3,860,000    $3,860,000     $3,860,000     c/f to page 6




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                              51 of 493
                   A                         B        C              D          E          F              G              H              I              J                    K                L
404           PRO FORMA                             Year 0         Year 1     Year 2     Year 3         Year 4         Year 5         Year 6         Year 7
405      DIRECT STAFFING (FTE)
406
407   Deans/Assoc. Deans                                     2.0        4.0        4.0            4.0            4.0            4.0            4.0            4.0
408
409   Administrative clerical support                        5.0       10.0       10.0        10.0          10.0            10.0           10.0           10.0
410   FT Faculty- (new July starts)                          0.0       22.7       37.5        59.9          43.4            19.7            8.2            0.0
411   FT Faculty- (ongoing)                                  0.0        0.0       35.3        85.4         165.2           223.0          249.2          260.1
412
413
414   Faculty clerical support                               0.0        1.0        3.0         7.0           9.0            10.0           10.0           10.0
415   Classroom support techn- B.Tech.                       0.0        3.0        9.0        19.0          28.0            34.0           37.0           37.0
416   Classroom support techn- all other programs            0.0        6.0       15.0        25.0          33.0            37.0           38.0           38.0
417   'Commons" computer technicians                         0.0        5.0       12.0        21.0          28.0            32.0           33.0           33.0
418                Teaching                                  7.0       51.7      125.8       231.3         320.6           369.7          389.4          392.1
419   Distance Learning specialists                          3.0        7.0        7.0         7.0           7.0             7.0            7.0            7.0
420   Project Coordinator                                    1.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
421   Technical Support                                      0.0        3.0        3.0         3.0           3.0             3.0            3.0            3.0
422   Copyright Assistant                                    0.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
423   Production Coordinator                                 0.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
424   Technical Help Support                                 0.0        1.0        2.0         2.0           2.0             2.0            2.0            2.0
425   Administration Support                                 0.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
426          Distance Education                              4.0       15.0       16.0        16.0          16.0            16.0           16.0           16.0
427   Librarian                                              1.0        3.0        4.0         5.0           6.0             7.0            7.0            7.0
428   IT support position                                    0.0        0.5        0.5         1.0           1.0             1.0            1.0            1.0
429   Library technician                                     1.0        3.0        4.0         5.0           6.0             7.0            7.0            7.0
430   Library clerk                                          1.0        0.5        1.0         2.0           2.0             2.0            2.0            2.0
431            Library Services                              3.0        7.0        9.5        13.0          15.0            17.0           17.0           17.0
432   Clerical support- Housing off-campus                   0.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
433   Clerical support- Orientation                          0.0        0.5        0.5         0.5           0.5             0.5            0.5            0.5
434   Clerical support- Peer tutoring                        0.0        1.0        3.0         4.0           5.0             5.0            5.0            5.0
435   Program counsellor- Academic advising                  0.0        2.0        3.0         5.0           7.0             7.0            7.0            7.0
436   Employment advisor- Career services                    0.0        1.0        1.0         2.0           5.0             5.0            5.0            5.0
437   Counsellors- Counselling staff                         0.0        1.0        3.0         4.0           5.0             6.0            7.0            7.0
438   LD Consultant- Disability Services                     0.0        1.0        3.0         4.0           5.0             6.0            7.0            7.0
439           Student Services                               0.0        7.5       14.5        20.5          28.5            30.5           32.5           32.5
440   Registrar                                              1.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
441   Admin Assistant/Office mgr                             1.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
442   Registration                                           1.0        3.0        6.0         6.0           6.0             6.0            6.0            6.0
443   Financial Aid officer                                  1.0        2.0        4.0         4.0           4.0             4.0            4.0            4.0
444                Registrar                                 4.0        7.0       12.0        12.0          12.0            12.0           12.0           12.0
445                                                                                                                                                                 Excludes Admin and IT (p. 14)
446            TOTAL STAFF                               18.0          88.2      177.8       292.8         392.1           445.2          466.9          469.6 and Facilities (p. 15)




              3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                          52 of 493
                   A                           B          C         D              E             F             G              H              I             J           K          L
447           PRO FORMA                                 Year 0    Year 1         Year 2        Year 3        Year 4         Year 5         Year 6        Year 7
448       STUDENT AID SET-ASIDE
449
450   Tuition fee increases over base year:
451   Bachelor of Fine Arts                                       base year         $0.00          $0.00            $0.00       $0.00          $0.00         $0.00
452   Bachelor of Business Admin.                                 base year         $0.00          $0.00            $0.00       $0.00          $0.00         $0.00
453   Bachelor of Arts                                            base year         $0.00          $0.00            $0.00       $0.00          $0.00         $0.00
454   Bachelor of Technology                                      base year         $0.00          $0.00            $0.00       $0.00          $0.00         $0.00
455
456
457
458
459   Percent of tuition increase to be set aside                                   30.0%          30.0%            30.0%       30.0%          30.0%         30.0%
460
461   Amount of tuition increase to be set aside- per student:
462   Bachelor of Fine Arts                                                           n/a            n/a             n/a             n/a        n/a           n/a
463   Bachelor of Business Admin.                                                     n/a            n/a             n/a             n/a        n/a           n/a
464   Bachelor of Arts                                                                n/a            n/a             n/a             n/a        n/a           n/a
465   Bachelor of Technology                                                          n/a            n/a             n/a             n/a        n/a           n/a
466
467
468
469
470   Student Aid Set-Aside:
471   Bachelor of Fine Arts                                                $0             $0            $0            $0              $0            $0            $0
472   Bachelor of Business Admin.                                           0              0             0             0               0             0             0
473   Bachelor of Arts                                                      0              0             0             0               0             0             0
474   Bachelor of Technology                                                0              0             0             0               0             0             0
475
476
477
478   Total Student Aid Set-Aside:                                          Included in "Bursaries Expense" below
479




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                 53 of 493
                       A                      B         C            D            E             F             G            H              I             J               K                L
480               PRO FORMA                           Year 0       Year 1       Year 2        Year 3        Year 4       Year 5         Year 6        Year 7
481               BURSARIES
482
483   Tuition fee
484   Bachelor of Fine Arts                                          $5,300       $5,300        $5,300        $5,300        $5,300        $5,300        $5,300
485   Bachelor of Business Admin.                                    $5,300       $5,300        $5,300        $5,300        $5,300        $5,300        $5,300
486   Bachelor of Arts                                               $5,300       $5,300        $5,300        $5,300        $5,300        $5,300        $5,300
487   Bachelor of Technology                                         $5,300       $5,300        $5,300        $5,300        $5,300        $5,300        $5,300
488
489
490
491
492   Enrolments:
493   Bachelor of Fine Arts                                             400          960          1564          2108          2334          2407          2407
494   Bachelor of Business Admin.                                       450         1105          1795          2416          2678          2751          2751
495   Bachelor of Arts                                                  400          960          1574          2127          2361          2442          2442
496   Bachelor of Technology                                            200          580          1222          1800          2189          2407          2407
497
498
499
500     Total enrolments                                              1,450         3,605         6,155         8,451         9,562       10,007        10,007
501
502   Total value of tuition fees:
503   Bachelor of Fine Arts                                       2,120,000     5,088,000     8,289,200    11,172,400    12,370,200    12,757,100    12,757,100
504   Bachelor of Business Admin.                                 2,385,000     5,856,500     9,513,500    12,804,800    14,193,400    14,580,300    14,580,300
505   Bachelor of Arts                                            2,120,000     5,088,000     8,342,200    11,273,100    12,513,300    12,942,600    12,942,600
506   Bachelor of Technology                                      1,060,000     3,074,000     6,476,600     9,540,000    11,601,700    12,757,100    12,757,100
507
508
509
510   Total tuition fees                                         $7,685,000   $19,106,500   $32,621,500   $44,790,300   $50,678,600   $53,037,100   $53,037,100
511
512   12% of Total tuition fees value                              $922,200    $2,292,780    $3,914,580    $5,374,836    $6,081,432    $6,364,452    $6,364,452
513   Less- Student Aid set-aside (page 12)                               0             0             0             0             0             0             0
514   Bursaries expense                                            $922,200    $2,292,780    $3,914,580    $5,374,836    $6,081,432    $6,364,452    $6,364,452   c/f to page 6
515




                3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                       54 of 493
                     A                          B          C             D             E              F              G              H               I              J                K                L
516            PRO FORMA                                 Year 0        Year 1        Year 2         Year 3         Year 4         Year 5          Year 6         Year 7
517          ADMIN & INFO TECH
518
519   Total students                                -             -        1,450         3,605          6,155          8,451           9,562        10,007          10,007
520
521   Cost per student:
522
523   Admin cost per student (allowance)                                 $1,000          $750           $600           $600            $600           $600           $600
524
525   Info Tech cost per student (allowance)                               $800          $600           $500           $500            $500           $500           $500
526
527   total Administration expense                      $1,000,000    $1,450,000    $2,703,750     $3,693,000     $5,070,600      $5,737,200     $6,004,200     $6,004,200    c/f to page 6
528   Information Technology expense                      $500,000    $1,160,000    $2,163,000     $3,077,500     $4,225,500      $4,781,000     $5,003,500     $5,003,500    c/f to page 6
529
530                                                      Year 0        Year 1        Year 2         Year 3         Year 4         Year 5          Year 6         Year 7
531          CAPITAL EQUIPMENT
532   Distance Education
533   Registrar
534   Library Services
535   Student Services
536   Total Capital Equipment                            $500,000      $500,000      $500,000       $500,000       $500,000        $500,000       $500,000       $500,000     c/f to page 6
537
538                                                      Year 0        Year 1        Year 2         Year 3         Year 4         Year 5          Year 6         Year 7
539     CREDIT CARD SERVICE FEES
540   Total all student fees                                          $8,863,850   $22,037,365    $37,625,515    $51,660,963     $58,452,506    $61,172,791    $61,172,791
541   Estimated fees paid by credit card       60%                     5,318,310    13,222,419     22,575,309     30,996,578      35,071,504     36,703,675     36,703,675
542   Estimated service fees                   1.5%                      $79,775      $198,336       $338,630       $464,949        $526,073      $550,555        $550,555    c/f to page 6
543
544                                                      Year 0        Year 1        Year 2         Year 3         Year 4         Year 5          Year 6         Year 7
545    Debt servicing / Interest income
546
547   Revenue before interest income                            $0 $17,002,600 $39,382,740        $69,498,540    $98,583,588    $112,952,556 $118,875,816 $118,875,816
548   Expense before debt servicing cost                (4,603,250) (23,985,836) (45,892,410)     (69,051,618)   (99,623,231)   (108,321,712) (111,923,252) (102,332,136)
549   Net before interest calculation                   (4,603,250) (6,983,236) (6,509,670)           446,922     (1,039,643)      4,630,844     6,952,564    16,543,680
550   Interest on current year net             2.0%        (92,065)    (139,665)    (130,193)           8,938        (20,793)         92,617       139,051       330,874
551
552   Accumulated prior years net                                 -   (4,695,315) (12,006,029)    (19,126,133)   (19,435,318)    (21,273,167)   (17,400,633)   (11,005,043)
553   Interest on prior years net              4.0%               -     (187,813)    (480,241)       (765,045)      (777,413)       (850,927)      (696,025)      (440,202)
554
555   Debt servicing expense                              ($92,065)   ($327,478)     ($610,434)     ($756,107)     ($798,206)      ($758,310)     ($556,974)     ($109,328) c/f to page 6
556   Interest income revenue                                   $0           $0             $0             $0             $0              $0             $0             $0 c/f to page 1
557




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                       A                       B         C                D              E                    F                G                  H                   I                   J               K                L
558                                                    Year 0           Year 1         Year 2               Year 3           Year 4             Year 5              Year 6              Year 7
559               FACILITIES
560   Area used (net assignable square feet)                               100,000        200,000            300,000          400,000             530,000            530,000             530,000
561   Area used (gross square feet)                             nil        160,000        320,000            480,000          640,000             848,000            848,000             848,000                1.6 gross-to-net
562
563
564   Cost per sq ft
565    Building maintenance
566    Custodial
567    Security
568    Grounds
569    Electric energy
570    Fossil fuel
571    Plant admin/eng
572    total                                       $      10.00        $     10.00    $     10.00       $       10.00    $      10.00       $       10.00       $       10.00       $       10.00
573
574
575
576
577
578
579
580
581
582
583
584
585
586
587
588
589
590
591
592   TOTAL FACILITIES EXPENSE                                        $ 1,600,000    $ 3,200,000    $       4,800,000   $ 6,400,000     $       8,480,000   $       8,480,000   $       8,480,000   c/f to page 6
593
594   cost/gross sq ft incl. Staff costs                                   $ 10.00         $10.00            $ 10.00          $ 10.00            $ 10.00             $ 10.00             $ 10.00
595
596




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                        A                        B      C            D          E         F        G         H        I         J       K          L
597               PRO FORMA                           Year 0       Year 1     Year 2    Year 3   Year 4    Year 5   Year 6    Year 7
598     EXPENDITURE DISTRIBUTION
599   Deans/Assoc. Deans                               7.2%          2.8%      1.5%     1.0%      0.7%     0.6%      0.6%      0.7%
600   Program co-ordinators                            0.0%          0.0%      0.0%     0.0%      0.0%     0.0%      0.0%      0.0%
601   Administrative clerical support                  5.3%          2.1%      1.1%     0.7%      0.5%     0.5%      0.4%      0.5%
602   FT Faculty                                       0.0%          10.3%     17.2%    22.9%     22.8%    24.5%     25.2%     27.9%
603
604   PT Faculty                                       0.0%          2.6%      3.3%     4.0%      3.8%     4.0%      4.0%      4.4%
605
606
607   Faculty clerical support                         0.0%          0.2%      0.3%     0.5%      0.4%     0.5%      0.4%      0.5%
608   Classroom support technicians                    0.0%          2.2%      3.1%     3.8%      3.6%     3.9%      4.0%      4.4%
609   'Commons' computer technicians                   0.0%          1.2%      1.5%     1.8%      1.7%     1.8%      1.8%      1.9%
610   TOTAL TEACHING SALARIES                          12.6%         21.4%     28.1%    34.7%     33.6%    35.6%     36.4%     40.3%
611   Employee benefits FT                             3.1%          4.7%      6.2%     7.7%      7.4%     7.9%      8.1%      9.0%
612   Employee benefits PT                             0.0%          0.3%      0.4%     0.5%      0.5%     0.5%      0.5%      0.5%
613   Non-salary teaching costs                        1.9%          3.2%      4.2%     5.2%      5.0%     5.3%      5.5%      6.0%
614   Research/study leave                             0.0%          0.0%      0.0%     0.0%      0.0%     0.0%      0.0%      0.0%
615   Distance Education- service                      9.4%          5.8%      3.2%     2.1%      1.5%     1.4%      1.3%      1.5%
616   Curriculum development                           0.0%          7.2%      3.8%     2.5%      1.7%     0.0%      0.0%      0.0%
617   Distance content                                 0.0%          4.5%      2.3%     1.6%      1.1%     0.0%      0.0%      0.0%
618
619     Total Teaching expense                         27.0%         47.0%     48.2%    54.2%     50.9%    50.7%     51.8%     57.3%
620
621   Library Services expense                         6.7%          4.8%      4.9%     3.8%      2.9%     2.9%      2.8%      3.1%
622   Student Services expense                         0.0%          3.2%      3.3%     3.2%      3.1%     3.1%      3.2%      3.5%
623   Registrar expense                                38.3%         11.8%     8.3%     5.5%      3.8%     3.5%      3.4%      3.8%
624   Bursaries                                        0.0%          3.8%      4.9%     5.6%      5.4%     5.6%      5.7%      6.2%
625   Student Aid set-aside                            0.0%          0.0%      0.0%     0.0%      0.0%     0.0%      0.0%      0.0%
626   Information Technology                           0.0%          4.8%      4.7%     4.4%      4.2%     4.4%      4.4%      4.9%
627   Registrarial systems development                 2.6%          0.8%      0.0%     0.0%      0.0%     0.0%      0.0%      0.0%
628     Academic Services expense                      47.6%         29.3%     26.1%    22.5%     19.4%    19.4%     19.5%     21.4%
629
630   General Administration                           0.0%          6.0%      5.8%     5.3%      5.0%     5.3%      5.3%      5.9%
631   Facilities                                       0.0%          6.6%      6.9%     6.9%      6.4%     7.8%      7.5%      8.3%
632   Faculty recruitment                              0.0%          0.1%      0.1%     0.1%      0.0%     0.0%      0.0%      0.0%
633   Municipal levy in lieu of realty tax             0.0%          0.4%      0.6%     0.7%      0.6%     0.7%      0.7%      0.7%
634   Capital equipment                                10.6%         2.1%      1.1%     0.7%      0.5%     0.5%      0.4%      0.5%
635   Equipment renewal                                0.0%          0.0%      0.9%     0.6%      0.4%     0.4%      0.4%      0.4%
636   Building renovations                             0.0%          0.7%      0.7%     0.7%      0.6%     0.8%      0.8%      0.8%
637   Contingency fund                                 12.8%         6.2%      5.4%     5.0%      4.0%     3.7%      3.6%      3.9%
638   Credit card service fees                         0.0%          0.4%      0.5%     0.6%      0.6%     0.6%      0.6%      0.7%
639   Interest on capital debt                         0.0%          0.0%      2.6%     1.7%      0.8%     0.4%      0.0%      0.0%
640   Contribution to capital debt - principal         0.0%          0.0%      0.0%     0.0%      10.0%    9.2%      8.9%      0.0%
641   Project start-up and transition                  0.0%          0.0%      0.0%     0.0%      0.0%     0.0%      0.0%      0.0%
642   Debt servicing cost                              2.0%          1.3%      1.3%     1.1%      0.8%     0.7%      0.5%      0.1%
643     Institutional Services expense                 25.4%         23.7%     25.8%    23.3%     29.7%    29.8%     28.7%     21.3%
644
645     Total Expense                                100.0%        100.0%      100.0%   100.0%    100.0%   100.0%    100.0%    100.0%


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                      A                    B           C             D               E             F              G              H              I              J         K          L
646
647   CHECK:
648   teaching                                       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%
649   acad services                                  0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%
650   institutional                                  0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%
651   total                                          0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%
652
653   COST PER STUDENT:
654   Teaching                                                  $     7,884    $     6,212    $     6,149    $     6,045    $     5,788    $     5,824    $     5,866
655   Academic Services                                               4,906          3,362          2,549          2,304          2,219          2,195          2,195
656   Institutional Services                                          3,978          3,326          2,644          3,534          3,401          3,221          2,177
657                                                             $    16,768    $    12,900    $    11,342    $    11,883    $    11,408    $    11,240    $    10,237




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                       A                         B             C                   D                E            F            G                    H                I                J           K          L
 1            NEW UNIVERSITY                               TRANSITION                                       START-UP PERIOD
 2              PRO FORMA                                    Year 0              Year 1        Year 2          Year 3       Year 4             Year 5             Year 6           Year 7
 3      FINANCIAL PROJECTIONS
 4     all figures in constant 2011 $
 5   ENROLMENTS:
 6   Bachelor of Fine Arts                                                             400            960           1,564          2,108               2,334            2,407            2,407
 7   Bachelor of Business Admin.                                                       450          1,105           1,795          2,416               2,678            2,751            2,751
 8   Bachelor of Arts                                                                  400            960           1,574          2,127               2,361            2,442            2,442
 9   Bachelor of Technology                                                            200            580           1,222          1,800               2,189            2,407            2,407
10
11
12
13    Total Enrolments                                                               1,450          3,605           6,155          8,451               9,562        10,007           10,007
14
15   REVENUE:
16    Operating grant                                                 -        $8,030,000    $17,075,000      $31,411,400    $46,288,800     $53,782,900        $56,952,500      $56,952,500
17    Tuition fees                                                    -         7,685,000     19,106,500       32,621,500     44,790,300      50,678,600         53,037,100       53,037,100
18    Incidental fees                                                 -           874,350      2,173,815        3,711,465      5,095,953       5,765,886          6,034,221        6,034,221
19    Distance Learning course fees                                   -           304,500        757,050        1,292,550      1,774,710       2,008,020          2,101,470        2,101,470
20    'In lieu of Municipal tax' grant                                -           108,750        270,375          461,625        633,825         717,150            750,525          750,525
21    Interest income                                                 -               -              -                -              -               -                  -                -
22    Total Revenue                                                   -       $17,002,600    $39,382,740      $69,498,540    $98,583,588    $112,952,556       $118,875,816     $118,875,816
23
24   EXPENSE:
25    Teaching and related                                  $1,267,000        $11,313,660    $22,518,275      $38,208,815 $51,479,276        $56,102,226        $59,437,380      $59,948,146
26    Academic Services                                      2,236,250          7,113,388     12,118,780       15,687,155   19,468,586        21,215,057         21,960,577       21,960,577
27    Institutional Services                                 1,192,065          5,768,129     11,993,144       16,287,957   29,893,363        32,568,833         32,325,457       21,919,377
28    Total Expense                                         $4,695,315        $24,195,177    $46,630,199      $70,183,927 $100,841,225      $109,886,116       $113,723,414     $103,828,100
29
30   ANNUAL SURPLUS (DEFICIT)                               ($4,695,315) ($7,192,577) ($7,247,459)              ($685,387)   ($2,257,637)     $3,066,440         $5,152,402      $15,047,716
31   Annual surplus (deficit) per student                           -        ($4,960)     ($2,010)                  ($111)         ($267)           $321               $515           $1,504
32
33   ACCUMULATED SURPLUS (DEFICIT)                          ($4,695,315) ($11,887,892) ($19,135,351)         ($19,820,738) ($22,078,375)    ($19,011,935) ($13,859,533)           $1,188,183
34   Accumulated Enrolments                                         -           1,450         5,055                11,210        19,661           29,223        39,230                49,237
35   Accumulated surplus (deficit) per student                      -         ($8,199)      ($3,785)              ($1,768)      ($1,123)           ($651)        ($353)                  $24
36
37                                                                            CONTENTS:
38                    1.   Revenue & expense summary             7.       Distance education                13. Bursaries
39                    2.   Enrolment projections                 8.       Library services                  14. Admin, I.T., Credit Card fees,
40                    3.   Student cohorts                       9.       Student Services                      Capital equipment
41                    4.   Grant & tuition revenue              10.       Registrar                         14. Debt servicing, Interest income
42                    5.   Teaching staff, base salaries        11.       Direct staffing summary           15. Facilities
43                    6.   Expense summary                      12.       Student aid set-aside             16. Expense distribution-percentages
44
45




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                 A                    B           C            D           E          F           G           H           I           J         K          L
46          PRO FORMA                           Year 0       Year 1      Year 2     Year 3      Year 4      Year 5      Year 6      Year 7
47         ENROLMENTS
48                                          retention
49      Bachelor of Fine Arts         1                            400        600         700         700         700         700         700
50                                    2          90%                          360         540         630         630         630         630
51                                    3          90%                            0         324         486         567         567         567
52                                    4          90%                            0           0         292         437         510         510
53                                                                 400        960        1564        2108        2334        2407        2407
54   Bachelor of Business Admin.      1                            450        700         800         800         800         800         800
55                                    2          90%                          405         630         720         720         720         720
56                                    3          90%                            0         365         567         648         648         648
57                                    4          90%                            0           0         329         510         583         583
58                                                                 450       1105        1795        2416        2678        2751        2751
59        Bachelor of Arts            1                            400        600         710         710         710         710         710
60                                    2          90%                          360         540         639         639         639         639
61                                    3          90%                            0         324         486         575         575         575
62                                    4          90%                            0           0         292         437         518         518
63                                                                 400        960        1574        2127        2361        2442        2442
64     Bachelor of Technology         1                            200        400         700         700         700         700         700
65                                    2          90%                          180         360         630         630         630         630
66                                    3          90%                            0         162         324         567         567         567
67                                    4          90%                            0           0         146         292         510         510
68                                                                 200        580        1222        1800        2189        2407        2407
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84      TOTAL ENROLMENTS                  1st year              1,450       2,300       2,910      2,910        2,910      2,910       2,910
85                                        2nd year                -         1,305       2,070      2,619        2,619      2,619       2,619
86                                        3rd year                -           -         1,175      1,863        2,357      2,357       2,357
87                                        4th year                -           -           -        1,059        1,676      2,121       2,121
88                                         Totals               1,450       3,605       6,155      8,451        9,562     10,007      10,007
89




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                    A                   B           C            D         E        F        G        H        I        J      K          L
90           PRO FORMA                           Year 0        Year 1    Year 2   Year 3   Year 4   Year 5   Year 6   Year 7
91       STUDENT COHORTS
92 Maximum cohort sizes:
93 Bachelor of Fine Arts                                         50       50       50       50       50       50       50
94 Bachelor of Business Admin.                                   50       50       50       50       50       50       50
95 Bachelor of Arts                                              50       50       50       50       50       50       50
96 Bachelor of Technology                                        50       50       50       50       50       50       50
97
98
99
100
101 NUMBER COHORTS (rounded up)
102      Bachelor of Fine Arts          1                        8        12       14       14       14       14       14
103                                     2                        0         8       11       13       13       13       13
104                                     3                        0         0        7       10       12       12       12
105                                     4                        0         0        0        6        9       11       11
106                                                              8        20       32       43       48       50       50
107   Bachelor of Business Admin.       1                        9        14       16       16       16       16       16
108                                     2                        0         9       13       15       15       15       15
109                                     3                        0         0        8       12       13       13       13
110                                     4                        0         0        0        7       11       12       12
111                                                              9        23       37       50       55       56       56
112        Bachelor of Arts             1                        8        12       15       15       15       15       15
113                                     2                        0         8       11       13       13       13       13
114                                     3                        0         0        7       10       12       12       12
115                                     4                        0         0        0        6        9       11       11
116                                                              8        20       33       44       49       51       51
117     Bachelor of Technology          1                        4         8       14       14       14       14       14
118                                     2                        0         4        8       13       13       13       13
119                                     3                        0         0        4        7       12       12       12
120                                     4                        0         0        0        3        6       11       11
121                                                              4        12       26       37       45       50       50
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137   TOTALS BY PROGRAM YEAR            1                        29       46        59      59       59        59       59
138                                     2                        0        29        43      54       54        54       54
139                                     3                        0         0        26      39       49        49       49
140                                     4                        0         0         0      22       35        45       45
141                                                              29       75       128      174      197      207      207
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                       A                   B              C              D              E              F               G               H                I               J         K          L
142              PRO FORMA              Program         Year 0         Year 1         Year 2         Year 3          Year 4          Year 5           Year 6          Year 7
143     GRANT & TUITION REVENUE         Weights
144   Grant per FTE by program weight        1.0   $       3,100   $      3,100   $      3,100   $       3,100   $      3,100   $         3,100   $       3,100   $       3,100
145                                          1.5   $       5,800   $      5,800   $      5,800   $       5,800   $      5,800   $         5,800   $       5,800   $       5,800
146                                          2.0   $       8,500   $      8,500   $      8,500   $       8,500   $      8,500   $         8,500   $       8,500   $       8,500
147
148
149                                     Program        1st year
150   Basic Income Units:               Weights        Students
151    Bachelor of Fine Arts              1.5            1.0                400          1,140           1,996          2,812             3,151           3,261           3,261
152    Bachelor of Business Admin.        1.5            1.5                675          1,658           2,693          3,624             4,017           4,127           4,127
153    Bachelor of Arts                   1.5            1.0                400          1,140           2,006          2,836             3,187           3,308           3,308
154    Bachelor of Technology             2.0            1.0                200            760           1,744          2,900             3,678           4,114           4,114
155
156
157
158   Total Basic Income Units                                            1,675          4,698           8,439         12,172            14,033         14,809          14,809
159      average program weight                                           1.16           1.30          1.37            1.44             1.47            1.48            1.48
160
161   GRANT FUNDING                                                $8,030,000     $17,075,000    $31,411,400     $46,288,800        $53,782,900   $56,952,500     $56,952,500
162
163   Tuition- 2 semesters                                             $5,300          $5,300         $5,300          $5,300             $5,300        $5,300          $5,300
164   Total students                                                    1,450           3,605          6,155           8,451              9,562        10,007          10,007
165   TUITION FEES                                                 $7,685,000     $19,106,500    $32,621,500     $44,790,300        $50,678,600   $53,037,100     $53,037,100
166
167   Other fees:
168   Incidental fee (2 semesters)                                         $603           $603           $603            $603              $603           $603            $603
169   Distance Learning course fee                                          $70            $70            $70             $70               $70            $70             $70
170




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                    A                             B             C                  D               E               F                  G                  H                  I                  J                K                  L
171            PRO FORMA                                      Year 0             Year 1          Year 2          Year 3             Year 4             Year 5             Year 6             Year 7
172        TEACHING STAFF DATA
173
174   Student course load/cohort/semester                                                5               5               5                  5                  5                  5                  5
175   Total courses one semester                                                       145             375             640                870                985               1035               1035
176   Total courses 2 semesters - nominal                                              290             750            1280               1740               1970               2070               2070
177   Adjustment for vacant seats                                                      5%              5%             10%                10%                10%                10%                10%
178   Total courses 2 semesters - real                                                 305           787.5            1408               1914               2167               2277               2277
179   share taught by sessional instructors                                           14%             14%             14%                14%                14%                14%                14%
180   Courses taught by sessional instructors                                           43             110             197                268                303                319                319
181   Courses taught by FT faculty                                                     262           677.5            1211               1646               1864               1958               1958
182
183   Avg course load per year - FT faculty                                              8               8                8                 8                   8                  8                  8
184   Avg class size                                                                 47.6            45.8             43.7              44.2                44.1               43.9               43.9
185
186   Avg FT faculty required                                        0                 33              85              151               206                 233                245                245
187   Adjustment: 50% release for chairs                             5                  5              10               10                10                  10                 10                 10
188   Adjustment for sabbaticals                                 1.000              1.000           1.000            1.133             1.133               1.133              1.133              1.133
189   Total FT faculty required                                      5                 38              95              183               245                 275                289                289
190
191   Deans/Assoc. Deans                                               2.0            4.0             4.0                 4.0                4.0                4.0                4.0                4.0
192
193   Administrative clerical support (0.5 per program)                5.0           10.0            10.0             10.0              10.0                10.0               10.0               10.0
194   FT Faculty- (new July starts)                                    0.0           24.5            42.8             66.2              46.2                23.2               10.0                0.0
195   FT Faculty- (ongoing)                                            0.0            0.0            37.7             94.7             182.9               244.5              275.4              288.7
196
197                                                                                                                                                                                                         1 staff for:
198   Faculty clerical support                                         0.0            2.0             4.0              7.0              10.0                11.0               12.0               12.0                  25   faculty
199   Classroom support techn- B. Tech.                                0.0            3.0             9.0             19.0              28.0                34.0               37.0               37.0                  65   students
200   Classroom support techn- all other programs                      0.0            6.0            15.0             25.0              33.0                37.0               38.0               38.0                 200   students
201   Common computer technicians                                      0.0            5.0            12.0             21.0              28.0                32.0               33.0               33.0                 300   students
202   Total Teaching staff                                             7.0           54.5           134.5            246.9             342.1               395.7              419.4              422.7
203
204   AVERAGE SALARY RATES:
205   Deans/Assoc. Deans                      $170,000        $170,000           $170,000        $170,000        $170,000           $170,000           $170,000           $170,000           $170,000
206
207   Administrative clerical support          $50,000         $50,000            $50,000         $50,000         $50,000            $50,000            $50,000            $50,000            $50,000
208   FT Faculty                              $110,000        $110,000           $110,000        $110,000        $110,000           $110,000           $110,000           $110,000           $110,000
209
210   Faculty clerical support                  $50,000        $50,000            $50,000         $50,000         $50,000            $50,000             $50,000           $50,000            $50,000
211   Classroom support technicians             $60,000        $60,000            $60,000         $60,000         $60,000            $60,000             $60,000           $60,000            $60,000
212   Common computer technicians               $60,000        $60,000            $60,000         $60,000         $60,000            $60,000             $60,000           $60,000            $60,000
213   Sessional instructors (per course)                  $      6,000       $      6,000    $      6,000    $      6,000       $      6,000       $       6,000      $      6,000       $      6,000
214
215   Note: New faculty hires are assumed to be July 1st.




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                        A                        B      C              D             E             F             G             H               I              J                K                L
216                PRO FORMA                          Year 0         Year 1        Year 2        Year 3        Year 4        Year 5          Year 6         Year 7
217                 EXPENSE
218
219   Deans/Assoc. Deans                              $340,000       $680,000      $680,000       $680,000     $680,000       $680,000       $680,000        $680,000
220
221   Administrative clerical support                  250,000         500,000       500,000       500,000       500,000        500,000        500,000        500,000
222   FT Faculty                                             0       2,695,000     8,853,625    17,697,625    25,200,083     29,448,833     31,394,000     31,758,833
223
224   PT Faculty                                               0      258,000       660,000      1,182,000     1,608,000      1,818,000      1,914,000      1,914,000
225
226
227   Faculty clerical support                               0         100,000       200,000       350,000       500,000        550,000        600,000        600,000
228   Classroom support technicians                          0         540,000     1,440,000     2,640,000     3,660,000      4,260,000      4,500,000      4,500,000
229   'Commons' computer technicians                         0         300,000       720,000     1,260,000     1,680,000      1,920,000      1,980,000      1,980,000
230   TOTAL TEACHING SALARIES                          590,000       5,073,000    13,053,625    24,309,625    33,828,083     39,176,833     41,568,000     41,932,833
231   Employee benefits FT                             147,500       1,203,750     3,098,406     5,781,906     8,055,021      9,339,708      9,913,500     10,004,708              25.0% of FT salary
232   Employee benefits PT                                   0          30,960        79,200       141,840       192,960        218,160        229,680        229,680              12.0% of PT salary
233   Non-salary teaching costs                         88,500         760,950     1,958,044     3,646,444     5,074,212      5,876,525      6,235,200      6,289,925              15.0% Teach salary
234
235   Distance Education- develop/deliver              441,000       1,407,000     1,491,000     1,491,000     1,491,000      1,491,000      1,491,000      1,491,000    see page 7
236   Curriculum development                                 0       1,750,000     1,750,000     1,750,000     1,750,000              0              0              0            $7,000 per course
237   Distance content                                       0       1,088,000     1,088,000     1,088,000     1,088,000              0              0              0           $20,000 per course
238
239   Total Teaching and Related Expense              1,267,000     11,313,660    22,518,275    38,208,815    51,479,276     56,102,226     59,437,380     59,948,146 c/f to page 1
240
241   Library Services expense                          316,250    1,168,688      2,265,500       2,622,575    2,880,750      3,125,125      3,125,125      3,125,125 see page 8
242   Student Services expense                                0      787,500      1,537,500       2,212,500    3,127,500      3,367,500      3,607,500      3,607,500 see page 9
243   Registrar/recruitment                           1,800,000    2,875,000      3,860,000       3,860,000    3,860,000      3,860,000      3,860,000      3,860,000 see page 10
244   Bursaries                                               0      922,200      2,292,780       3,914,580    5,374,836      6,081,432      6,364,452      6,364,452 see page 13
245   Student Aid set-aside                                                               0
                                                              0 Included in "Bursaries Expense" below     0            0              0              0              0 see page 12
246   Information Technology                                  0    1,160,000      2,163,000       3,077,500    4,225,500      4,781,000      5,003,500      5,003,500 see page 14
247   Registrarial systems development                  120,000      200,000              0               0            0              0              0              0
248   Academic Services expense                       2,236,250    7,113,388     12,118,780      15,687,155   19,468,586     21,215,057     21,960,577     21,960,577 c/f to page 1
249
250   General Administration                                 0       1,450,000     2,703,750     3,693,000     5,070,600      5,737,200      6,004,200      6,004,200 see page 14
251   Facilities                                             0       1,600,000     3,200,000     4,800,000     6,400,000      8,480,000      8,480,000      8,480,000 see page 16
252   Faculty recruitment                                    0          24,500        42,800        66,200        46,200         23,200         10,000              0           $1,000   per new faculty
253   Municipal levy in lieu of realty tax                   0         108,750       270,375       461,625       633,825        717,150        750,525        750,525           $75.00   per student
254   Capital equipment                                500,000         500,000       500,000       500,000       500,000        500,000        500,000        500,000 see row 541
255   Equipment renewal                                      0               0       400,000       400,000       400,000        400,000        400,000        400,000           $2,000   x 200 PC's
256   Building renovations                                   0         160,000       320,000       480,000       640,000        848,000        848,000        848,000            $1.00   per sq ft
257   Contingency fund                                 600,000       1,500,000     2,500,000     3,500,000     4,000,000      4,000,000      4,000,000      4,000,000
258   Credit card service fees                               0          99,718       247,920       423,287       581,186        657,591        688,194        688,194 see page 14
259   Interest on capital debt                                                     1,200,000     1,200,000       800,000        400,000              0              0 4%                 interest rate
260   Contribution to capital debt - principal                                                           0    10,000,000     10,000,000     10,000,000              0 $     30,000,000
261
262   Debt servicing cost                                92,065        325,161       608,299       763,845      821,552         805,692        644,538        248,458 see page 15
263   Institutional Services expense                  1,192,065      5,768,129    11,993,144    16,287,957   29,893,363      32,568,833     32,325,457     21,919,377 c/f to page 1
264   TOTAL EXPENSE                                  $4,695,315    $24,195,177   $46,630,199   $70,183,927 $100,841,225    $109,886,116   $113,723,414   $103,828,100


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                    A                         B        C             D              E             F              G             H               I              J                 K                L
265            PRO FORMA                             Year 0        Year 1         Year 2        Year 3         Year 4        Year 5          Year 6         Year 7
266        DISTANCE EDUCATION
267
268   No. classroom courses to be developed                             250            250            250           250                0              0              0              1000 courses
269   No. distance courses to be developed                               54             54             54            54                                                              272 courses
270   No. distance courses to be delivered                    0          29             75            128           174               197         207            207
271
272   Number of staff:
273   Distance Learning specialists                           3              7              7             7              7             7               7              7
274   Project Coordinator                                     1              1              1             1              1             1               1              1
275   Technical Support                                       0              3              3             3              3             3               3              3
276   Copyright Assistant                                     0              1              1             1              1             1               1              1
277   Production Coordinator                                  0              1              1             1              1             1               1              1
278   Technical Help Support                                  0              1              2             2              2             2               2              2
279   Administration Support                                  0              1              1             1              1             1               1              1
280                                                           4             15             16            16             16            16              16             16
281   Base salaries rates:
282   Distance Learning specialists                   $75,000       $75,000        $75,000        $75,000       $75,000        $75,000        $75,000        $75,000
283   Project Coordinator                             $90,000       $90,000        $90,000        $90,000       $90,000        $90,000        $90,000        $90,000
284   Technical Support                               $60,000       $60,000        $60,000        $60,000       $60,000        $60,000        $60,000        $60,000
285   Copyright Assistant                             $50,000       $50,000        $50,000        $50,000       $50,000        $50,000        $50,000        $50,000
286   Production Coordinator                          $50,000       $50,000        $50,000        $50,000       $50,000        $50,000        $50,000        $50,000
287   Technical Help Support                          $60,000       $60,000        $60,000        $60,000       $60,000        $60,000        $60,000        $60,000
288   Administration Support                          $50,000       $50,000        $50,000        $50,000       $50,000        $50,000        $50,000        $50,000
289
290
291
292   Distance Education expense:
293   Distance Learning specialists                  $225,000       $525,000      $525,000        $525,000      $525,000       $525,000      $525,000        $525,000
294   Project Coordinator                             $90,000         90,000         90,000         90,000        90,000         90,000         90,000         90,000
295   Technical Support                                     0        180,000        180,000        180,000       180,000        180,000        180,000        180,000
296   Copyright Assistant                                   0         50,000         50,000         50,000        50,000         50,000         50,000         50,000
297   Production Coordinator                                0         50,000         50,000         50,000        50,000         50,000         50,000         50,000
298   Technical Help Support                                0         60,000        120,000        120,000       120,000        120,000        120,000        120,000
299   Administration Support                                0         50,000         50,000         50,000        50,000         50,000         50,000         50,000
300   TOTAL SALARIES                                  315,000      1,005,000      1,065,000      1,065,000     1,065,000      1,065,000      1,065,000      1,065,000
301   Employee benefits                                78,750        251,250        266,250        266,250       266,250        266,250        266,250        266,250               25.0% of salaries
302   Non-salary office/travel/other                   47,250        150,750        159,750        159,750       159,750        159,750        159,750        159,750               15.0% of salaries
303   Distance Education Services expense            $441,000     $1,407,000     $1,491,000     $1,491,000    $1,491,000     $1,491,000     $1,491,000     $1,491,000     c/f to page 6




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                                87 of 493
                      A                     B           C               D            E           F             G           H             I            J               K               L
304              PRO FORMA                            Year 0          Year 1       Year 2      Year 3        Year 4      Year 5        Year 6       Year 7
305           LIBRARY SERVICES
306
307   Number of staff:
308   Librarian                                                1.0          3.0          4.0          5.0          6.0          7.0          7.0          7.0
309   IT support position                                      0.0          0.5          0.5          1.0          1.0          1.0          1.0          1.0
310   Library technician                                       1.0          3.0          4.0          5.0          6.0          7.0          7.0          7.0
311   Library clerk                                            1.0          0.5          1.0          2.0          2.0          2.0          2.0          2.0
312                                                            3.0          7.0          9.5         13.0         15.0         17.0         17.0         17.0
313   Base salaries rates:
314   Librarian                                       $110,000        $110,000     $110,000     $110,000     $110,000     $110,000     $110,000     $110,000
315   IT support position                              $60,000         $60,000      $60,000      $60,000      $60,000      $60,000      $60,000      $60,000
316   Library technician                               $60,000         $60,000      $60,000      $60,000      $60,000      $60,000      $60,000      $60,000
317   Library clerk                                    $50,000         $50,000      $50,000      $50,000      $50,000      $50,000      $50,000      $50,000
318
319   Library Services expense:
320   Librarian                                       $110,000         $330,000    $440,000      $550,000     $660,000     $770,000    $770,000      $770,000
321   IT support position                                    0           30,000       30,000       60,000       60,000       60,000       60,000       60,000
322   Library technician                                60,000          180,000      240,000      300,000      360,000      420,000      420,000      420,000
323   Library clerk                                     50,000           25,000       50,000      100,000      100,000      100,000      100,000      100,000
324   TOTAL SALARIES                                   220,000          565,000      760,000    1,010,000    1,180,000    1,350,000    1,350,000    1,350,000
325   Employee benefits                                 55,000          141,250      190,000      252,500      295,000      337,500      337,500      337,500             25.0% of salary
326   Library acquisitions                                   0          300,000    1,000,000    1,000,000    1,000,000    1,000,000    1,000,000    1,000,000
327   Courier/Van delivery                                   0           10,000       20,000       18,000       30,000       30,000       30,000       30,000
328   Non-salary office/travel/other                    41,250          152,438      295,500      342,075      375,750      407,625      407,625      407,625            15.0% of above
329   Library Services expense                        $316,250       $1,168,688   $2,265,500   $2,622,575   $2,880,750   $3,125,125   $3,125,125   $3,125,125   c/f to page 6




                3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                   88 of 493
                    A                         B        C            D           E           F             G           H             I            J               K                L
330            PRO FORMA                             Year 0       Year 1      Year 2      Year 3        Year 4      Year 5        Year 6       Year 7
331         STUDENT SERVICES
332
333   Number of staff:
334   Housing off-campus coordinator                                   1.0          1.0          1.0          1.0          1.0          1.0          1.0
335   Orientation                                                      0.5          0.5          0.5          0.5          0.5          0.5          0.5
336   Peer tutoring coordinator                                        1.0          3.0          4.0          5.0          5.0          5.0          5.0
337   Program counsellor- Academic advising                            2.0          3.0          5.0          7.0          7.0          7.0          7.0
338   Employment advisor- Career services                              1.0          1.0          2.0          5.0          5.0          5.0          5.0
339   Counsellors- Counselling staff                                   1.0          3.0          4.0          5.0          6.0          7.0          7.0
340   LD Consultant- Disability Services                               1.0          3.0          4.0          5.0          6.0          7.0          7.0
341                                                                    7.5         14.5         20.5         28.5         30.5         32.5         32.5
342   Base salaries rates:
343   Clerical support- Housing off-campus                         $50,000     $50,000      $50,000      $50,000      $50,000      $50,000      $50,000
344   Clerical support- Orientation                                $50,000     $50,000      $50,000      $50,000      $50,000      $50,000      $50,000
345   Clerical support- Peer tutoring                              $50,000     $50,000      $50,000      $50,000      $50,000      $50,000      $50,000
346   Program counsellor- Academic advising                        $80,000     $80,000      $80,000      $80,000      $80,000      $80,000      $80,000
347   Employment advisor- Career services                          $80,000     $80,000      $80,000      $80,000      $80,000      $80,000      $80,000
348   Counsellors- Counselling staff                               $80,000     $80,000      $80,000      $80,000      $80,000      $80,000      $80,000
349   LD Consultant- Disability Services                           $80,000     $80,000      $80,000      $80,000      $80,000      $80,000      $80,000
350
351   EXPENSE:
352   Clerical support- Housing off-campus                         $50,000      $50,000      $50,000      $50,000      $50,000      $50,000      $50,000
353   Clerical support- Orientation                                 25,000       25,000       25,000       25,000       25,000       25,000       25,000
354   Clerical support- Peer tutoring                               50,000      150,000      200,000      250,000      250,000      250,000      250,000
355   Program counsellor- Academic advising                        160,000      240,000      400,000      560,000      560,000      560,000      560,000
356   Employment advisor- Career services                           80,000       80,000      160,000      400,000      400,000      400,000      400,000
357   Counsellors- Counselling staff                                80,000      240,000      320,000      400,000      480,000      560,000      560,000
358   LD Consultant- Disability Services                            80,000      240,000      320,000      400,000      480,000      560,000      560,000
359   TOTAL SALARIES                                               525,000    1,025,000    1,475,000    2,085,000    2,245,000    2,405,000    2,405,000
360   Employee benefits                                            131,250      256,250      368,750      521,250      561,250      601,250      601,250             25.0% of salary
361   Non-salary expenses incl. work-study                         131,250      256,250      368,750      521,250      561,250      601,250      601,250             25.0% of salary
362
363   Student Services expense                                    $787,500   $1,537,500   $2,212,500   $3,127,500   $3,367,500   $3,607,500   $3,607,500   c/f to page 6




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                 89 of 493
                      A                    B           C             D             E             F              G             H              I              J                 K                    L
364              PRO FORMA                           Year 0        Year 1        Year 2        Year 3         Year 4        Year 5         Year 6         Year 7
365              REGISTRAR
366
367   Number of staff:
368   Registrar                                               1             1              1             1              1             1              1              1
369   Admin Assistant/Office mgr                              1             1              1             1              1             1              1              1
370   Registration                                            1             3              6             6              6             6              6              6
371   Financial Aid officer                                   1             2              4             4              4             4              4              4
372                                                           4             7             12            12             12            12             12             12
373   Base salary rates:
374   Registrar                                      $110,000      $110,000      $110,000       $110,000      $110,000       $110,000      $110,000       $110,000
375   Admin Assistant/Office mgr                      $50,000       $50,000       $50,000        $50,000       $50,000        $50,000       $50,000        $50,000
376   Registration                                    $60,000       $60,000       $60,000        $60,000       $60,000        $60,000       $60,000        $60,000
377   Financial Aid officer                           $60,000       $60,000       $60,000        $60,000       $60,000        $60,000       $60,000        $60,000
378
379   REGISTRAR EXPENSE:
380   Registrar                                       $110,000       110,000       110,000        110,000       110,000        110,000       110,000        110,000
381   Admin Assistant/Office mgr                        50,000        50,000        50,000         50,000        50,000         50,000        50,000         50,000
382   Registration                                      60,000       180,000       360,000        360,000       360,000        360,000       360,000        360,000
383   Financial Aid officer                             60,000       120,000       240,000        240,000       240,000        240,000       240,000        240,000
384   Employee benefits                                 70,000       115,000       190,000        190,000       190,000        190,000       190,000        190,000               25.0% of salary
385   Sub-total Registrar                              350,000       575,000       950,000        950,000       950,000        950,000       950,000        950,000
386   Recruitment non-salary                         1,450,000     2,300,000     2,910,000      2,910,000     2,910,000      2,910,000     2,910,000      2,910,000     $           1,000 per Year 1 student
387                                                                                                                                                                                       in following Sept.
388
389
390
391
392
393
394
395
396
397
398
399
400
401
402   Sub-total Recruitment                         1,450,000      2,300,000     2,910,000      2,910,000     2,910,000      2,910,000     2,910,000      2,910,000
403   Total Registrar / recruitment                $1,800,000     $2,875,000    $3,860,000     $3,860,000    $3,860,000     $3,860,000    $3,860,000     $3,860,000     c/f to page 6




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                              90 of 493
                   A                         B        C              D          E          F              G              H              I              J                    K                L
404           PRO FORMA                             Year 0         Year 1     Year 2     Year 3         Year 4         Year 5         Year 6         Year 7
405      DIRECT STAFFING (FTE)
406
407   Deans/Assoc. Deans                                     2.0        4.0        4.0            4.0            4.0            4.0            4.0            4.0
408
409   Administrative clerical support                        5.0       10.0       10.0        10.0          10.0            10.0           10.0           10.0
410   FT Faculty- (new July starts)                          0.0       24.5       42.8        66.2          46.2            23.2           10.0            0.0
411   FT Faculty- (ongoing)                                  0.0        0.0       37.7        94.7         182.9           244.5          275.4          288.7
412
413
414   Faculty clerical support                               0.0        2.0        4.0         7.0          10.0            11.0           12.0           12.0
415   Classroom support techn- B.Tech.                       0.0        3.0        9.0        19.0          28.0            34.0           37.0           37.0
416   Classroom support techn- all other programs            0.0        6.0       15.0        25.0          33.0            37.0           38.0           38.0
417   'Commons" computer technicians                         0.0        5.0       12.0        21.0          28.0            32.0           33.0           33.0
418                Teaching                                  7.0       54.5      134.5       246.9         342.1           395.7          419.4          422.7
419   Distance Learning specialists                          3.0        7.0        7.0         7.0           7.0             7.0            7.0            7.0
420   Project Coordinator                                    1.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
421   Technical Support                                      0.0        3.0        3.0         3.0           3.0             3.0            3.0            3.0
422   Copyright Assistant                                    0.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
423   Production Coordinator                                 0.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
424   Technical Help Support                                 0.0        1.0        2.0         2.0           2.0             2.0            2.0            2.0
425   Administration Support                                 0.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
426          Distance Education                              4.0       15.0       16.0        16.0          16.0            16.0           16.0           16.0
427   Librarian                                              1.0        3.0        4.0         5.0           6.0             7.0            7.0            7.0
428   IT support position                                    0.0        0.5        0.5         1.0           1.0             1.0            1.0            1.0
429   Library technician                                     1.0        3.0        4.0         5.0           6.0             7.0            7.0            7.0
430   Library clerk                                          1.0        0.5        1.0         2.0           2.0             2.0            2.0            2.0
431            Library Services                              3.0        7.0        9.5        13.0          15.0            17.0           17.0           17.0
432   Clerical support- Housing off-campus                   0.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
433   Clerical support- Orientation                          0.0        0.5        0.5         0.5           0.5             0.5            0.5            0.5
434   Clerical support- Peer tutoring                        0.0        1.0        3.0         4.0           5.0             5.0            5.0            5.0
435   Program counsellor- Academic advising                  0.0        2.0        3.0         5.0           7.0             7.0            7.0            7.0
436   Employment advisor- Career services                    0.0        1.0        1.0         2.0           5.0             5.0            5.0            5.0
437   Counsellors- Counselling staff                         0.0        1.0        3.0         4.0           5.0             6.0            7.0            7.0
438   LD Consultant- Disability Services                     0.0        1.0        3.0         4.0           5.0             6.0            7.0            7.0
439           Student Services                               0.0        7.5       14.5        20.5          28.5            30.5           32.5           32.5
440   Registrar                                              1.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
441   Admin Assistant/Office mgr                             1.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
442   Registration                                           1.0        3.0        6.0         6.0           6.0             6.0            6.0            6.0
443   Financial Aid officer                                  1.0        2.0        4.0         4.0           4.0             4.0            4.0            4.0
444                Registrar                                 4.0        7.0       12.0        12.0          12.0            12.0           12.0           12.0
445                                                                                                                                                                 Excludes Admin and IT (p. 14)
446            TOTAL STAFF                               18.0          91.0      186.5       308.4         413.6           471.2          496.9          500.2 and Facilities (p. 15)




              3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                          91 of 493
                   A                           B          C         D              E             F             G              H              I             J           K          L
447           PRO FORMA                                 Year 0    Year 1         Year 2        Year 3        Year 4         Year 5         Year 6        Year 7
448       STUDENT AID SET-ASIDE
449
450   Tuition fee increases over base year:
451   Bachelor of Fine Arts                                       base year         $0.00          $0.00            $0.00       $0.00          $0.00         $0.00
452   Bachelor of Business Admin.                                 base year         $0.00          $0.00            $0.00       $0.00          $0.00         $0.00
453   Bachelor of Arts                                            base year         $0.00          $0.00            $0.00       $0.00          $0.00         $0.00
454   Bachelor of Technology                                      base year         $0.00          $0.00            $0.00       $0.00          $0.00         $0.00
455
456
457
458
459   Percent of tuition increase to be set aside                                   30.0%          30.0%            30.0%       30.0%          30.0%         30.0%
460
461   Amount of tuition increase to be set aside- per student:
462   Bachelor of Fine Arts                                                           n/a            n/a             n/a             n/a        n/a           n/a
463   Bachelor of Business Admin.                                                     n/a            n/a             n/a             n/a        n/a           n/a
464   Bachelor of Arts                                                                n/a            n/a             n/a             n/a        n/a           n/a
465   Bachelor of Technology                                                          n/a            n/a             n/a             n/a        n/a           n/a
466
467
468
469
470   Student Aid Set-Aside:
471   Bachelor of Fine Arts                                                $0             $0            $0            $0              $0            $0            $0
472   Bachelor of Business Admin.                                           0              0             0             0               0             0             0
473   Bachelor of Arts                                                      0              0             0             0               0             0             0
474   Bachelor of Technology                                                0              0             0             0               0             0             0
475
476
477
478   Total Student Aid Set-Aside:                                          Included in "Bursaries Expense" below
479




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                 92 of 493
                       A                      B         C            D            E             F             G            H              I             J               K                L
480               PRO FORMA                           Year 0       Year 1       Year 2        Year 3        Year 4       Year 5         Year 6        Year 7
481               BURSARIES
482
483   Tuition fee
484   Bachelor of Fine Arts                                          $5,300       $5,300        $5,300        $5,300        $5,300        $5,300        $5,300
485   Bachelor of Business Admin.                                    $5,300       $5,300        $5,300        $5,300        $5,300        $5,300        $5,300
486   Bachelor of Arts                                               $5,300       $5,300        $5,300        $5,300        $5,300        $5,300        $5,300
487   Bachelor of Technology                                         $5,300       $5,300        $5,300        $5,300        $5,300        $5,300        $5,300
488
489
490
491
492   Enrolments:
493   Bachelor of Fine Arts                                             400          960          1564          2108          2334          2407          2407
494   Bachelor of Business Admin.                                       450         1105          1795          2416          2678          2751          2751
495   Bachelor of Arts                                                  400          960          1574          2127          2361          2442          2442
496   Bachelor of Technology                                            200          580          1222          1800          2189          2407          2407
497
498
499
500     Total enrolments                                              1,450         3,605         6,155         8,451         9,562       10,007        10,007
501
502   Total value of tuition fees:
503   Bachelor of Fine Arts                                       2,120,000     5,088,000     8,289,200    11,172,400    12,370,200    12,757,100    12,757,100
504   Bachelor of Business Admin.                                 2,385,000     5,856,500     9,513,500    12,804,800    14,193,400    14,580,300    14,580,300
505   Bachelor of Arts                                            2,120,000     5,088,000     8,342,200    11,273,100    12,513,300    12,942,600    12,942,600
506   Bachelor of Technology                                      1,060,000     3,074,000     6,476,600     9,540,000    11,601,700    12,757,100    12,757,100
507
508
509
510   Total tuition fees                                         $7,685,000   $19,106,500   $32,621,500   $44,790,300   $50,678,600   $53,037,100   $53,037,100
511
512   12% of Total tuition fees value                              $922,200    $2,292,780    $3,914,580    $5,374,836    $6,081,432    $6,364,452    $6,364,452
513   Less- Student Aid set-aside (page 12)                               0             0             0             0             0             0             0
514   Bursaries expense                                            $922,200    $2,292,780    $3,914,580    $5,374,836    $6,081,432    $6,364,452    $6,364,452   c/f to page 6
515




                3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                       93 of 493
                     A                          B          C             D             E              F              G              H               I              J                K                L
516            PRO FORMA                                 Year 0        Year 1        Year 2         Year 3         Year 4         Year 5          Year 6         Year 7
517          ADMIN & INFO TECH
518
519   Total students                                -             -        1,450         3,605          6,155          8,451           9,562        10,007          10,007
520
521   Cost per student:
522
523   Admin cost per student (allowance)                                 $1,000          $750           $600           $600            $600           $600           $600
524
525   Info Tech cost per student (allowance)                               $800          $600           $500           $500            $500           $500           $500
526
527   total Administration expense                      $1,000,000    $1,450,000    $2,703,750     $3,693,000     $5,070,600      $5,737,200     $6,004,200     $6,004,200    c/f to page 6
528   Information Technology expense                      $500,000    $1,160,000    $2,163,000     $3,077,500     $4,225,500      $4,781,000     $5,003,500     $5,003,500    c/f to page 6
529
530                                                      Year 0        Year 1        Year 2         Year 3         Year 4         Year 5          Year 6         Year 7
531          CAPITAL EQUIPMENT
532   Distance Education
533   Registrar
534   Library Services
535   Student Services
536   Total Capital Equipment                            $500,000      $500,000      $500,000       $500,000       $500,000        $500,000       $500,000       $500,000     c/f to page 6
537
538                                                      Year 0        Year 1        Year 2         Year 3         Year 4         Year 5          Year 6         Year 7
539     CREDIT CARD SERVICE FEES
540   Total all student fees                                          $8,863,850   $22,037,365    $37,625,515    $51,660,963     $58,452,506    $61,172,791    $61,172,791
541   Estimated fees paid by credit card       60%                     5,318,310    13,222,419     22,575,309     30,996,578      35,071,504     36,703,675     36,703,675
542   Estimated service fees                   1.5%                      $79,775      $198,336       $338,630       $464,949        $526,073      $550,555        $550,555    c/f to page 6
543
544                                                      Year 0        Year 1        Year 2         Year 3         Year 4         Year 5          Year 6         Year 7
545    Debt servicing / Interest income
546
547   Revenue before interest income                            $0 $17,002,600 $39,382,740        $69,498,540 $98,583,588       $112,952,556 $118,875,816 $118,875,816
548   Expense before debt servicing cost                (4,603,250) (23,870,016) (46,021,900)     (69,420,082) (100,019,673)    (109,080,424) (113,078,876) (103,579,642)
549   Net before interest calculation                   (4,603,250) (6,867,416) (6,639,160)            78,458    (1,436,085)       3,872,132     5,796,940    15,296,174
550   Interest on current year net             2.0%        (92,065)    (137,348)    (132,783)           1,569       (28,722)          77,443       115,939       305,923
551
552   Accumulated prior years net                                 -   (4,695,315) (11,887,892)    (19,135,351)   (19,820,738)    (22,078,375)   (19,011,935)   (13,859,533)
553   Interest on prior years net              4.0%               -     (187,813)    (475,516)       (765,414)      (792,830)       (883,135)      (760,477)      (554,381)
554
555   Debt servicing expense                              ($92,065)   ($325,161)     ($608,299)     ($763,845)     ($821,552)      ($805,692)     ($644,538)     ($248,458) c/f to page 6
556   Interest income revenue                                   $0           $0             $0             $0             $0              $0             $0             $0 c/f to page 1
557




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                       A                       B         C                D              E                    F                G                  H                   I                   J               K                L
558                                                    Year 0           Year 1         Year 2               Year 3           Year 4             Year 5              Year 6              Year 7
559               FACILITIES
560   Area used (net assignable square feet)                               100,000        200,000            300,000          400,000             530,000            530,000             530,000
561   Area used (gross square feet)                             nil        160,000        320,000            480,000          640,000             848,000            848,000             848,000                1.6 gross-to-net
562
563
564   Cost per sq ft
565    Building maintenance
566    Custodial
567    Security
568    Grounds
569    Electric energy
570    Fossil fuel
571    Plant admin/eng
572    total                                       $      10.00        $     10.00    $     10.00       $       10.00    $      10.00       $       10.00       $       10.00       $       10.00
573
574
575
576
577
578
579
580
581
582
583
584
585
586
587
588
589
590
591
592   TOTAL FACILITIES EXPENSE                                        $ 1,600,000    $ 3,200,000    $       4,800,000   $ 6,400,000     $       8,480,000   $       8,480,000   $       8,480,000   c/f to page 6
593
594   cost/gross sq ft incl. Staff costs                                   $ 10.00         $10.00            $ 10.00          $ 10.00            $ 10.00             $ 10.00             $ 10.00
595
596




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                        A                        B      C            D          E         F        G         H        I         J       K          L
597               PRO FORMA                           Year 0       Year 1     Year 2    Year 3   Year 4    Year 5   Year 6    Year 7
598     EXPENDITURE DISTRIBUTION
599   Deans/Assoc. Deans                               7.2%          2.8%      1.5%     1.0%      0.7%     0.6%      0.6%      0.7%
600   Program co-ordinators                            0.0%          0.0%      0.0%     0.0%      0.0%     0.0%      0.0%      0.0%
601   Administrative clerical support                  5.3%          2.1%      1.1%     0.7%      0.5%     0.5%      0.4%      0.5%
602   FT Faculty                                       0.0%          11.1%     19.0%    25.2%     25.0%    26.8%     27.6%     30.6%
603
604   PT Faculty                                       0.0%          1.1%      1.4%     1.7%      1.6%     1.7%      1.7%      1.8%
605
606
607   Faculty clerical support                         0.0%          0.4%      0.4%     0.5%      0.5%     0.5%      0.5%      0.6%
608   Classroom support technicians                    0.0%          2.2%      3.1%     3.8%      3.6%     3.9%      4.0%      4.3%
609   'Commons' computer technicians                   0.0%          1.2%      1.5%     1.8%      1.7%     1.7%      1.7%      1.9%
610   TOTAL TEACHING SALARIES                          12.6%         21.0%     28.0%    34.6%     33.5%    35.7%     36.6%     40.4%
611   Employee benefits FT                             3.1%          5.0%      6.6%     8.2%      8.0%     8.5%      8.7%      9.6%
612   Employee benefits PT                             0.0%          0.1%      0.2%     0.2%      0.2%     0.2%      0.2%      0.2%
613   Non-salary teaching costs                        1.9%          3.1%      4.2%     5.2%      5.0%     5.3%      5.5%      6.1%
614   Research/study leave                             0.0%          0.0%      0.0%     0.0%      0.0%     0.0%      0.0%      0.0%
615   Distance Education- service                      9.4%          5.8%      3.2%     2.1%      1.5%     1.4%      1.3%      1.4%
616   Curriculum development                           0.0%          7.2%      3.8%     2.5%      1.7%     0.0%      0.0%      0.0%
617   Distance content                                 0.0%          4.5%      2.3%     1.6%      1.1%     0.0%      0.0%      0.0%
618
619     Total Teaching expense                         27.0%         46.8%     48.3%    54.4%     51.0%    51.1%     52.3%     57.7%
620
621   Library Services expense                         6.7%          4.8%      4.9%     3.7%      2.9%     2.8%      2.7%      3.0%
622   Student Services expense                         0.0%          3.3%      3.3%     3.2%      3.1%     3.1%      3.2%      3.5%
623   Registrar expense                                38.3%         11.9%     8.3%     5.5%      3.8%     3.5%      3.4%      3.7%
624   Bursaries                                        0.0%          3.8%      4.9%     5.6%      5.3%     5.5%      5.6%      6.1%
625   Student Aid set-aside                            0.0%          0.0%      0.0%     0.0%      0.0%     0.0%      0.0%      0.0%
626   Information Technology                           0.0%          4.8%      4.6%     4.4%      4.2%     4.4%      4.4%      4.8%
627   Registrarial systems development                 2.6%          0.8%      0.0%     0.0%      0.0%     0.0%      0.0%      0.0%
628     Academic Services expense                      47.6%         29.4%     26.0%    22.4%     19.3%    19.3%     19.3%     21.2%
629
630   General Administration                           0.0%          6.0%      5.8%     5.3%      5.0%     5.2%      5.3%      5.8%
631   Facilities                                       0.0%          6.6%      6.9%     6.8%      6.3%     7.7%      7.5%      8.2%
632   Faculty recruitment                              0.0%          0.1%      0.1%     0.1%      0.0%     0.0%      0.0%      0.0%
633   Municipal levy in lieu of realty tax             0.0%          0.4%      0.6%     0.7%      0.6%     0.7%      0.7%      0.7%
634   Capital equipment                                10.6%         2.1%      1.1%     0.7%      0.5%     0.5%      0.4%      0.5%
635   Equipment renewal                                0.0%          0.0%      0.9%     0.6%      0.4%     0.4%      0.4%      0.4%
636   Building renovations                             0.0%          0.7%      0.7%     0.7%      0.6%     0.8%      0.7%      0.8%
637   Contingency fund                                 12.8%         6.2%      5.4%     5.0%      4.0%     3.6%      3.5%      3.9%
638   Credit card service fees                         0.0%          0.4%      0.5%     0.6%      0.6%     0.6%      0.6%      0.7%
639   Interest on capital debt                         0.0%          0.0%      2.6%     1.7%      0.8%     0.4%      0.0%      0.0%
640   Contribution to capital debt - principal         0.0%          0.0%      0.0%     0.0%      9.9%     9.1%      8.8%      0.0%
641   Project start-up and transition                  0.0%          0.0%      0.0%     0.0%      0.0%     0.0%      0.0%      0.0%
642   Debt servicing cost                              2.0%          1.3%      1.3%     1.1%      0.8%     0.7%      0.6%      0.2%
643     Institutional Services expense                 25.4%         23.8%     25.7%    23.2%     29.6%    29.6%     28.4%     21.1%
644
645     Total Expense                                100.0%        100.0%      100.0%   100.0%    100.0%   100.0%    100.0%    100.0%


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                      A                    B           C             D               E             F              G              H              I              J         K          L
646
647   CHECK:
648   teaching                                       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%
649   acad services                                  0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%
650   institutional                                  0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%
651   total                                          0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%
652
653   COST PER STUDENT:
654   Teaching                                                  $     7,803    $     6,246    $     6,208    $     6,092    $     5,867    $     5,940    $     5,991
655   Academic Services                                               4,906          3,362          2,549          2,304          2,219          2,195          2,195
656   Institutional Services                                          3,978          3,327          2,646          3,537          3,406          3,230          2,190
657                                                             $    16,686    $    12,935    $    11,403    $    11,932    $    11,492    $    11,364    $    10,376




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                       A                         B             C                   D                E            F            G                    H                I                J           K            L
 1            NEW UNIVERSITY                               TRANSITION                                       START-UP PERIOD
 2              PRO FORMA                                    Year 0              Year 1        Year 2          Year 3       Year 4             Year 5             Year 6           Year 7
 3      FINANCIAL PROJECTIONS
 4     all figures in constant 2011 $
 5   ENROLMENTS:
 6   Bachelor of Fine Arts                                                             400            960           1,564          2,108               2,334            2,407            2,407
 7   Bachelor of Business Admin.                                                       450          1,105           1,795          2,416               2,678            2,751            2,751
 8   Bachelor of Arts                                                                  400            960           1,574          2,127               2,361            2,442            2,442
 9   Bachelor of Technology                                                            200            580           1,222          1,800               2,189            2,407            2,407
10
11
12
13    Total Enrolments                                                               1,450          3,605           6,155          8,451               9,562        10,007           10,007
14
15   REVENUE:
16    Operating grant                                                 -        $8,030,000    $17,075,000      $31,411,400    $46,288,800     $53,782,900        $56,952,500      $56,952,500
17    Tuition fees                                                    -         7,685,000     19,106,500       32,621,500     44,790,300      50,678,600         53,037,100       53,037,100
18    Incidental fees                                                 -           874,350      2,173,815        3,711,465      5,095,953       5,765,886          6,034,221        6,034,221
19    Distance Learning course fees                                   -           304,500        757,050        1,292,550      1,774,710       2,008,020          2,101,470        2,101,470
20    'In lieu of Municipal tax' grant                                -           108,750        270,375          461,625        633,825         717,150            750,525          750,525
21    Interest income                                                 -               -              -                -              -               -                  -                -
22    Total Revenue                                                   -       $17,002,600    $39,382,740      $69,498,540    $98,583,588    $112,952,556       $118,875,816     $118,875,816
23
24   EXPENSE:
25    Teaching and related                                  $1,267,000        $11,363,020    $22,710,320      $38,306,040 $51,412,480        $55,915,000        $59,206,260      $59,678,527
26    Academic Services                                      2,236,250          7,113,388     12,118,780       15,687,155   19,468,586        21,215,057         21,960,577       21,960,577
27    Institutional Services                                 1,192,065          5,767,485     11,996,077       16,294,957   29,902,679        32,574,973         32,324,598       21,909,079
28    Total Expense                                         $4,695,315        $24,243,893    $46,825,177      $70,288,152 $100,783,745      $109,705,030       $113,491,435     $103,548,183
29
30   ANNUAL SURPLUS (DEFICIT)                               ($4,695,315) ($7,241,293) ($7,442,437)              ($789,612)   ($2,200,157)     $3,247,526         $5,384,381      $15,327,633
31   Annual surplus (deficit) per student                           -        ($4,994)     ($2,064)                  ($128)         ($260)           $340               $538           $1,532
32
33   ACCUMULATED SURPLUS (DEFICIT)                          ($4,695,315) ($11,936,608) ($19,379,045)         ($20,168,657) ($22,368,814)    ($19,121,288) ($13,736,907)           $1,590,726
34   Accumulated Enrolments                                         -           1,450         5,055                11,210        19,661           29,223        39,230                49,237
35   Accumulated surplus (deficit) per student                      -         ($8,232)      ($3,834)              ($1,799)      ($1,138)           ($654)        ($350)                  $32
36
37                                                                            CONTENTS:
38                    1.   Revenue & expense summary             7.       Distance education                13. Bursaries
39                    2.   Enrolment projections                 8.       Library services                  14. Admin, I.T., Credit Card fees,
40                    3.   Student cohorts                       9.       Student Services                      Capital equipment
41                    4.   Grant & tuition revenue              10.       Registrar                         14. Debt servicing, Interest income
42                    5.   Teaching staff, base salaries        11.       Direct staffing summary           15. Facilities
43                    6.   Expense summary                      12.       Student aid set-aside             16. Expense distribution-percentages
44
45




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                 A                    B           C            D           E          F           G           H           I           J         K            L
46          PRO FORMA                           Year 0       Year 1      Year 2     Year 3      Year 4      Year 5      Year 6      Year 7
47         ENROLMENTS
48                                          retention
49      Bachelor of Fine Arts         1                            400        600         700         700         700         700         700
50                                    2          90%                          360         540         630         630         630         630
51                                    3          90%                            0         324         486         567         567         567
52                                    4          90%                            0           0         292         437         510         510
53                                                                 400        960        1564        2108        2334        2407        2407
54   Bachelor of Business Admin.      1                            450        700         800         800         800         800         800
55                                    2          90%                          405         630         720         720         720         720
56                                    3          90%                            0         365         567         648         648         648
57                                    4          90%                            0           0         329         510         583         583
58                                                                 450       1105        1795        2416        2678        2751        2751
59        Bachelor of Arts            1                            400        600         710         710         710         710         710
60                                    2          90%                          360         540         639         639         639         639
61                                    3          90%                            0         324         486         575         575         575
62                                    4          90%                            0           0         292         437         518         518
63                                                                 400        960        1574        2127        2361        2442        2442
64     Bachelor of Technology         1                            200        400         700         700         700         700         700
65                                    2          90%                          180         360         630         630         630         630
66                                    3          90%                            0         162         324         567         567         567
67                                    4          90%                            0           0         146         292         510         510
68                                                                 200        580        1222        1800        2189        2407        2407
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84      TOTAL ENROLMENTS                  1st year              1,450       2,300       2,910      2,910        2,910      2,910       2,910
85                                        2nd year                -         1,305       2,070      2,619        2,619      2,619       2,619
86                                        3rd year                -           -         1,175      1,863        2,357      2,357       2,357
87                                        4th year                -           -           -        1,059        1,676      2,121       2,121
88                                         Totals               1,450       3,605       6,155      8,451        9,562     10,007      10,007
89




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                    A                   B           C            D         E        F        G        H        I        J      K            L
90           PRO FORMA                           Year 0        Year 1    Year 2   Year 3   Year 4   Year 5   Year 6   Year 7
91       STUDENT COHORTS
92 Maximum cohort sizes:
93 Bachelor of Fine Arts                                         50       50       50       50       50       50       50
94 Bachelor of Business Admin.                                   50       50       50       50       50       50       50
95 Bachelor of Arts                                              50       50       50       50       50       50       50
96 Bachelor of Technology                                        50       50       50       50       50       50       50
97
98
99
100
101 NUMBER COHORTS (rounded up)
102      Bachelor of Fine Arts          1                        8        12       14       14       14       14       14
103                                     2                        0         8       11       13       13       13       13
104                                     3                        0         0        7       10       12       12       12
105                                     4                        0         0        0        6        9       11       11
106                                                              8        20       32       43       48       50       50
107   Bachelor of Business Admin.       1                        9        14       16       16       16       16       16
108                                     2                        0         9       13       15       15       15       15
109                                     3                        0         0        8       12       13       13       13
110                                     4                        0         0        0        7       11       12       12
111                                                              9        23       37       50       55       56       56
112        Bachelor of Arts             1                        8        12       15       15       15       15       15
113                                     2                        0         8       11       13       13       13       13
114                                     3                        0         0        7       10       12       12       12
115                                     4                        0         0        0        6        9       11       11
116                                                              8        20       33       44       49       51       51
117     Bachelor of Technology          1                        4         8       14       14       14       14       14
118                                     2                        0         4        8       13       13       13       13
119                                     3                        0         0        4        7       12       12       12
120                                     4                        0         0        0        3        6       11       11
121                                                              4        12       26       37       45       50       50
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137   TOTALS BY PROGRAM YEAR            1                        29       46        59      59       59        59       59
138                                     2                        0        29        43      54       54        54       54
139                                     3                        0         0        26      39       49        49       49
140                                     4                        0         0         0      22       35        45       45
141                                                              29       75       128      174      197      207      207
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                       A                   B              C              D              E              F               G               H                I               J         K            L
142              PRO FORMA              Program         Year 0         Year 1         Year 2         Year 3          Year 4          Year 5           Year 6          Year 7
143     GRANT & TUITION REVENUE         Weights
144   Grant per FTE by program weight        1.0   $       3,100   $      3,100   $      3,100   $       3,100   $      3,100   $         3,100   $       3,100   $       3,100
145                                          1.5   $       5,800   $      5,800   $      5,800   $       5,800   $      5,800   $         5,800   $       5,800   $       5,800
146                                          2.0   $       8,500   $      8,500   $      8,500   $       8,500   $      8,500   $         8,500   $       8,500   $       8,500
147
148
149                                     Program        1st year
150   Basic Income Units:               Weights        Students
151    Bachelor of Fine Arts              1.5            1.0                400          1,140           1,996          2,812             3,151           3,261           3,261
152    Bachelor of Business Admin.        1.5            1.5                675          1,658           2,693          3,624             4,017           4,127           4,127
153    Bachelor of Arts                   1.5            1.0                400          1,140           2,006          2,836             3,187           3,308           3,308
154    Bachelor of Technology             2.0            1.0                200            760           1,744          2,900             3,678           4,114           4,114
155
156
157
158   Total Basic Income Units                                            1,675          4,698           8,439         12,172            14,033         14,809          14,809
159      average program weight                                           1.16           1.30          1.37            1.44             1.47            1.48            1.48
160
161   GRANT FUNDING                                                $8,030,000     $17,075,000    $31,411,400     $46,288,800        $53,782,900   $56,952,500     $56,952,500
162
163   Tuition- 2 semesters                                             $5,300          $5,300         $5,300          $5,300             $5,300        $5,300          $5,300
164   Total students                                                    1,450           3,605          6,155           8,451              9,562        10,007          10,007
165   TUITION FEES                                                 $7,685,000     $19,106,500    $32,621,500     $44,790,300        $50,678,600   $53,037,100     $53,037,100
166
167   Other fees:
168   Incidental fee (2 semesters)                                         $603           $603           $603            $603              $603           $603            $603
169   Distance Learning course fee                                          $70            $70            $70             $70               $70            $70             $70
170




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                    A                             B             C                  D               E               F                  G                  H                  I                  J                K                   L
171            PRO FORMA                                      Year 0             Year 1          Year 2          Year 3             Year 4             Year 5             Year 6             Year 7
172        TEACHING STAFF DATA
173
174   Student course load/cohort/semester                                                5               5               5                  5                  5                  5                  5
175   Total courses one semester                                                       145             375             640                870                985               1035               1035
176   Total courses 2 semesters - nominal                                              290             750            1280               1740               1970               2070               2070
177   Adjustment for vacant seats                                                      5%              5%             10%                10%                10%                10%                10%
178   Total courses 2 semesters - real                                                 305           787.5            1408               1914               2167               2277               2277
179   share taught by sessional instructors                                           30%             30%             30%                30%                30%                30%                30%
180   Courses taught by sessional instructors                                           91             236             422                574                650                683                683
181   Courses taught by FT faculty                                                     214           551.5             986               1340               1517               1594               1594
182
183   Avg course load per year - FT faculty                                              7               7                7                 7                   7                  7                  7
184   Avg class size                                                                 47.6            45.8             43.7              44.2                44.1               43.9               43.9
185
186   Avg FT faculty required                                        0                 31              79              141               191                 217                228                228
187   Adjustment: 50% release for chairs                             5                  5              10               10                10                  10                 10                 10
188   Adjustment for sabbaticals                                 1.000              1.000           1.000            1.133             1.133               1.133              1.133              1.133
189   Total FT faculty required                                      5                 36              89              171               228                 257                269                269
190
191   Deans/Assoc. Deans                                               2.0            4.0             4.0                 4.0                4.0                4.0                4.0                4.0
192
193   Administrative clerical support (0.5 per program)                5.0           10.0            10.0             10.0              10.0                10.0               10.0               10.0
194   FT Faculty- (new July starts)                                    0.0           22.9            40.0             61.6              43.0                21.5                9.4                0.0
195   FT Faculty- (ongoing)                                            0.0            0.0            35.5             88.8             171.0               228.3              256.9              269.4
196
197                                                                                                                                                                                                         1 staff for:
198   Faculty clerical support                                         0.0            1.0             4.0              7.0               9.0                10.0               11.0               11.0                  25    faculty
199   Classroom support techn- B. Tech.                                0.0            3.0             9.0             19.0              28.0                34.0               37.0               37.0                  65    students
200   Classroom support techn- all other programs                      0.0            6.0            15.0             25.0              33.0                37.0               38.0               38.0                 200    students
201   Common computer technicians                                      0.0            5.0            12.0             21.0              28.0                32.0               33.0               33.0                 300    students
202   Total Teaching staff                                             7.0           51.9           129.5            236.4             326.0               376.8              399.3              402.4
203
204   AVERAGE SALARY RATES:
205   Deans/Assoc. Deans                      $170,000        $170,000           $170,000        $170,000        $170,000           $170,000           $170,000           $170,000           $170,000
206
207   Administrative clerical support          $50,000         $50,000            $50,000         $50,000         $50,000            $50,000            $50,000            $50,000            $50,000
208   FT Faculty                              $110,000        $110,000           $110,000        $110,000        $110,000           $110,000           $110,000           $110,000           $110,000
209
210   Faculty clerical support                  $50,000        $50,000            $50,000         $50,000         $50,000            $50,000             $50,000           $50,000            $50,000
211   Classroom support technicians             $60,000        $60,000            $60,000         $60,000         $60,000            $60,000             $60,000           $60,000            $60,000
212   Common computer technicians               $60,000        $60,000            $60,000         $60,000         $60,000            $60,000             $60,000           $60,000            $60,000
213   Sessional instructors (per course)                  $      6,000       $      6,000    $      6,000    $      6,000       $      6,000       $       6,000      $      6,000       $      6,000
214
215   Note: New faculty hires are assumed to be July 1st.




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                        A                        B      C              D             E             F             G             H               I              J                K                L
216                PRO FORMA                          Year 0         Year 1        Year 2        Year 3        Year 4        Year 5          Year 6         Year 7
217                 EXPENSE
218
219   Deans/Assoc. Deans                              $340,000       $680,000      $680,000       $680,000     $680,000       $680,000       $680,000        $680,000
220
221   Administrative clerical support                  250,000         500,000       500,000       500,000       500,000        500,000        500,000        500,000
222   FT Faculty                                             0       2,519,000     8,305,000    16,542,429    23,536,857     27,476,429     29,297,714     29,635,048
223
224   PT Faculty                                               0      546,000      1,416,000     2,532,000     3,444,000      3,900,000      4,098,000      4,098,000
225
226
227   Faculty clerical support                               0          50,000       200,000       350,000       450,000        500,000        550,000        550,000
228   Classroom support technicians                          0         540,000     1,440,000     2,640,000     3,660,000      4,260,000      4,500,000      4,500,000
229   'Commons' computer technicians                         0         300,000       720,000     1,260,000     1,680,000      1,920,000      1,980,000      1,980,000
230   TOTAL TEACHING SALARIES                          590,000       5,135,000    13,261,000    24,504,429    33,950,857     39,236,429     41,605,714     41,943,048
231   Employee benefits FT                             147,500       1,147,250     2,961,250     5,493,107     7,626,714      8,834,107      9,376,929      9,461,262              25.0% of FT salary
232   Employee benefits PT                                   0          65,520       169,920       303,840       413,280        468,000        491,760        491,760              12.0% of PT salary
233   Non-salary teaching costs                         88,500         770,250     1,989,150     3,675,664     5,092,629      5,885,464      6,240,857      6,291,457              15.0% Teach salary
234
235   Distance Education- develop/deliver              441,000       1,407,000     1,491,000     1,491,000     1,491,000      1,491,000      1,491,000      1,491,000    see page 7
236   Curriculum development                                 0       1,750,000     1,750,000     1,750,000     1,750,000              0              0              0            $7,000 per course
237   Distance content                                       0       1,088,000     1,088,000     1,088,000     1,088,000              0              0              0           $20,000 per course
238
239   Total Teaching and Related Expense              1,267,000     11,363,020    22,710,320    38,306,040    51,412,480     55,915,000     59,206,260     59,678,527 c/f to page 1
240
241   Library Services expense                          316,250    1,168,688      2,265,500       2,622,575    2,880,750      3,125,125      3,125,125      3,125,125 see page 8
242   Student Services expense                                0      787,500      1,537,500       2,212,500    3,127,500      3,367,500      3,607,500      3,607,500 see page 9
243   Registrar/recruitment                           1,800,000    2,875,000      3,860,000       3,860,000    3,860,000      3,860,000      3,860,000      3,860,000 see page 10
244   Bursaries                                               0      922,200      2,292,780       3,914,580    5,374,836      6,081,432      6,364,452      6,364,452 see page 13
245   Student Aid set-aside                                                               0
                                                              0 Included in "Bursaries Expense" below     0            0              0              0              0 see page 12
246   Information Technology                                  0    1,160,000      2,163,000       3,077,500    4,225,500      4,781,000      5,003,500      5,003,500 see page 14
247   Registrarial systems development                  120,000      200,000              0               0            0              0              0              0
248   Academic Services expense                       2,236,250    7,113,388     12,118,780      15,687,155   19,468,586     21,215,057     21,960,577     21,960,577 c/f to page 1
249
250   General Administration                                 0       1,450,000     2,703,750     3,693,000     5,070,600      5,737,200      6,004,200      6,004,200 see page 14
251   Facilities                                             0       1,600,000     3,200,000     4,800,000     6,400,000      8,480,000      8,480,000      8,480,000 see page 16
252   Faculty recruitment                                    0          22,900        40,000        61,600        43,000         21,500          9,400              0           $1,000   per new faculty
253   Municipal levy in lieu of realty tax                   0         108,750       270,375       461,625       633,825        717,150        750,525        750,525           $75.00   per student
254   Capital equipment                                500,000         500,000       500,000       500,000       500,000        500,000        500,000        500,000 see row 541
255   Equipment renewal                                      0               0       400,000       400,000       400,000        400,000        400,000        400,000           $2,000   x 200 PC's
256   Building renovations                                   0         160,000       320,000       480,000       640,000        848,000        848,000        848,000            $1.00   per sq ft
257   Contingency fund                                 600,000       1,500,000     2,500,000     3,500,000     4,000,000      4,000,000      4,000,000      4,000,000
258   Credit card service fees                               0          99,718       247,920       423,287       581,186        657,591        688,194        688,194 see page 14
259   Interest on capital debt                                                     1,200,000     1,200,000       800,000        400,000              0              0 4%                 interest rate
260   Contribution to capital debt - principal                                                           0    10,000,000     10,000,000     10,000,000              0 $     30,000,000
261
262   Debt servicing cost                                92,065        326,117       614,032       775,445      834,068         813,532        644,279        238,160 see page 15
263   Institutional Services expense                  1,192,065      5,767,485    11,996,077    16,294,957   29,902,679      32,574,973     32,324,598     21,909,079 c/f to page 1
264   TOTAL EXPENSE                                  $4,695,315    $24,243,893   $46,825,177   $70,288,152 $100,783,745    $109,705,030   $113,491,435   $103,548,183


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                    A                         B        C             D              E             F              G             H               I              J                 K                L
265            PRO FORMA                             Year 0        Year 1         Year 2        Year 3         Year 4        Year 5          Year 6         Year 7
266        DISTANCE EDUCATION
267
268   No. classroom courses to be developed                             250            250            250           250                0              0              0              1000 courses
269   No. distance courses to be developed                               54             54             54            54                                                              272 courses
270   No. distance courses to be delivered                    0          29             75            128           174               197         207            207
271
272   Number of staff:
273   Distance Learning specialists                           3              7              7             7              7             7               7              7
274   Project Coordinator                                     1              1              1             1              1             1               1              1
275   Technical Support                                       0              3              3             3              3             3               3              3
276   Copyright Assistant                                     0              1              1             1              1             1               1              1
277   Production Coordinator                                  0              1              1             1              1             1               1              1
278   Technical Help Support                                  0              1              2             2              2             2               2              2
279   Administration Support                                  0              1              1             1              1             1               1              1
280                                                           4             15             16            16             16            16              16             16
281   Base salaries rates:
282   Distance Learning specialists                   $75,000       $75,000        $75,000        $75,000       $75,000        $75,000        $75,000        $75,000
283   Project Coordinator                             $90,000       $90,000        $90,000        $90,000       $90,000        $90,000        $90,000        $90,000
284   Technical Support                               $60,000       $60,000        $60,000        $60,000       $60,000        $60,000        $60,000        $60,000
285   Copyright Assistant                             $50,000       $50,000        $50,000        $50,000       $50,000        $50,000        $50,000        $50,000
286   Production Coordinator                          $50,000       $50,000        $50,000        $50,000       $50,000        $50,000        $50,000        $50,000
287   Technical Help Support                          $60,000       $60,000        $60,000        $60,000       $60,000        $60,000        $60,000        $60,000
288   Administration Support                          $50,000       $50,000        $50,000        $50,000       $50,000        $50,000        $50,000        $50,000
289
290
291
292   Distance Education expense:
293   Distance Learning specialists                  $225,000       $525,000      $525,000        $525,000      $525,000       $525,000      $525,000        $525,000
294   Project Coordinator                             $90,000         90,000         90,000         90,000        90,000         90,000         90,000         90,000
295   Technical Support                                     0        180,000        180,000        180,000       180,000        180,000        180,000        180,000
296   Copyright Assistant                                   0         50,000         50,000         50,000        50,000         50,000         50,000         50,000
297   Production Coordinator                                0         50,000         50,000         50,000        50,000         50,000         50,000         50,000
298   Technical Help Support                                0         60,000        120,000        120,000       120,000        120,000        120,000        120,000
299   Administration Support                                0         50,000         50,000         50,000        50,000         50,000         50,000         50,000
300   TOTAL SALARIES                                  315,000      1,005,000      1,065,000      1,065,000     1,065,000      1,065,000      1,065,000      1,065,000
301   Employee benefits                                78,750        251,250        266,250        266,250       266,250        266,250        266,250        266,250               25.0% of salaries
302   Non-salary office/travel/other                   47,250        150,750        159,750        159,750       159,750        159,750        159,750        159,750               15.0% of salaries
303   Distance Education Services expense            $441,000     $1,407,000     $1,491,000     $1,491,000    $1,491,000     $1,491,000     $1,491,000     $1,491,000     c/f to page 6




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                      A                     B           C               D            E           F             G           H             I            J               K               L
304              PRO FORMA                            Year 0          Year 1       Year 2      Year 3        Year 4      Year 5        Year 6       Year 7
305           LIBRARY SERVICES
306
307   Number of staff:
308   Librarian                                                1.0          3.0          4.0          5.0          6.0          7.0          7.0          7.0
309   IT support position                                      0.0          0.5          0.5          1.0          1.0          1.0          1.0          1.0
310   Library technician                                       1.0          3.0          4.0          5.0          6.0          7.0          7.0          7.0
311   Library clerk                                            1.0          0.5          1.0          2.0          2.0          2.0          2.0          2.0
312                                                            3.0          7.0          9.5         13.0         15.0         17.0         17.0         17.0
313   Base salaries rates:
314   Librarian                                       $110,000        $110,000     $110,000     $110,000     $110,000     $110,000     $110,000     $110,000
315   IT support position                              $60,000         $60,000      $60,000      $60,000      $60,000      $60,000      $60,000      $60,000
316   Library technician                               $60,000         $60,000      $60,000      $60,000      $60,000      $60,000      $60,000      $60,000
317   Library clerk                                    $50,000         $50,000      $50,000      $50,000      $50,000      $50,000      $50,000      $50,000
318
319   Library Services expense:
320   Librarian                                       $110,000         $330,000    $440,000      $550,000     $660,000     $770,000    $770,000      $770,000
321   IT support position                                    0           30,000       30,000       60,000       60,000       60,000       60,000       60,000
322   Library technician                                60,000          180,000      240,000      300,000      360,000      420,000      420,000      420,000
323   Library clerk                                     50,000           25,000       50,000      100,000      100,000      100,000      100,000      100,000
324   TOTAL SALARIES                                   220,000          565,000      760,000    1,010,000    1,180,000    1,350,000    1,350,000    1,350,000
325   Employee benefits                                 55,000          141,250      190,000      252,500      295,000      337,500      337,500      337,500             25.0% of salary
326   Library acquisitions                                   0          300,000    1,000,000    1,000,000    1,000,000    1,000,000    1,000,000    1,000,000
327   Courier/Van delivery                                   0           10,000       20,000       18,000       30,000       30,000       30,000       30,000
328   Non-salary office/travel/other                    41,250          152,438      295,500      342,075      375,750      407,625      407,625      407,625            15.0% of above
329   Library Services expense                        $316,250       $1,168,688   $2,265,500   $2,622,575   $2,880,750   $3,125,125   $3,125,125   $3,125,125   c/f to page 6




                3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                  127 of 493
                    A                         B        C            D           E           F             G           H             I            J               K               L
330            PRO FORMA                             Year 0       Year 1      Year 2      Year 3        Year 4      Year 5        Year 6       Year 7
331         STUDENT SERVICES
332
333   Number of staff:
334   Housing off-campus coordinator                                   1.0          1.0          1.0          1.0          1.0          1.0          1.0
335   Orientation                                                      0.5          0.5          0.5          0.5          0.5          0.5          0.5
336   Peer tutoring coordinator                                        1.0          3.0          4.0          5.0          5.0          5.0          5.0
337   Program counsellor- Academic advising                            2.0          3.0          5.0          7.0          7.0          7.0          7.0
338   Employment advisor- Career services                              1.0          1.0          2.0          5.0          5.0          5.0          5.0
339   Counsellors- Counselling staff                                   1.0          3.0          4.0          5.0          6.0          7.0          7.0
340   LD Consultant- Disability Services                               1.0          3.0          4.0          5.0          6.0          7.0          7.0
341                                                                    7.5         14.5         20.5         28.5         30.5         32.5         32.5
342   Base salaries rates:
343   Clerical support- Housing off-campus                         $50,000     $50,000      $50,000      $50,000      $50,000      $50,000      $50,000
344   Clerical support- Orientation                                $50,000     $50,000      $50,000      $50,000      $50,000      $50,000      $50,000
345   Clerical support- Peer tutoring                              $50,000     $50,000      $50,000      $50,000      $50,000      $50,000      $50,000
346   Program counsellor- Academic advising                        $80,000     $80,000      $80,000      $80,000      $80,000      $80,000      $80,000
347   Employment advisor- Career services                          $80,000     $80,000      $80,000      $80,000      $80,000      $80,000      $80,000
348   Counsellors- Counselling staff                               $80,000     $80,000      $80,000      $80,000      $80,000      $80,000      $80,000
349   LD Consultant- Disability Services                           $80,000     $80,000      $80,000      $80,000      $80,000      $80,000      $80,000
350
351   EXPENSE:
352   Clerical support- Housing off-campus                         $50,000      $50,000      $50,000      $50,000      $50,000      $50,000      $50,000
353   Clerical support- Orientation                                 25,000       25,000       25,000       25,000       25,000       25,000       25,000
354   Clerical support- Peer tutoring                               50,000      150,000      200,000      250,000      250,000      250,000      250,000
355   Program counsellor- Academic advising                        160,000      240,000      400,000      560,000      560,000      560,000      560,000
356   Employment advisor- Career services                           80,000       80,000      160,000      400,000      400,000      400,000      400,000
357   Counsellors- Counselling staff                                80,000      240,000      320,000      400,000      480,000      560,000      560,000
358   LD Consultant- Disability Services                            80,000      240,000      320,000      400,000      480,000      560,000      560,000
359   TOTAL SALARIES                                               525,000    1,025,000    1,475,000    2,085,000    2,245,000    2,405,000    2,405,000
360   Employee benefits                                            131,250      256,250      368,750      521,250      561,250      601,250      601,250             25.0% of salary
361   Non-salary expenses incl. work-study                         131,250      256,250      368,750      521,250      561,250      601,250      601,250             25.0% of salary
362
363   Student Services expense                                    $787,500   $1,537,500   $2,212,500   $3,127,500   $3,367,500   $3,607,500   $3,607,500   c/f to page 6




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                      A                    B           C             D             E             F              G             H              I              J                 K                    L
364              PRO FORMA                           Year 0        Year 1        Year 2        Year 3         Year 4        Year 5         Year 6         Year 7
365              REGISTRAR
366
367   Number of staff:
368   Registrar                                               1             1              1             1              1             1              1              1
369   Admin Assistant/Office mgr                              1             1              1             1              1             1              1              1
370   Registration                                            1             3              6             6              6             6              6              6
371   Financial Aid officer                                   1             2              4             4              4             4              4              4
372                                                           4             7             12            12             12            12             12             12
373   Base salary rates:
374   Registrar                                      $110,000      $110,000      $110,000       $110,000      $110,000       $110,000      $110,000       $110,000
375   Admin Assistant/Office mgr                      $50,000       $50,000       $50,000        $50,000       $50,000        $50,000       $50,000        $50,000
376   Registration                                    $60,000       $60,000       $60,000        $60,000       $60,000        $60,000       $60,000        $60,000
377   Financial Aid officer                           $60,000       $60,000       $60,000        $60,000       $60,000        $60,000       $60,000        $60,000
378
379   REGISTRAR EXPENSE:
380   Registrar                                       $110,000       110,000       110,000        110,000       110,000        110,000       110,000        110,000
381   Admin Assistant/Office mgr                        50,000        50,000        50,000         50,000        50,000         50,000        50,000         50,000
382   Registration                                      60,000       180,000       360,000        360,000       360,000        360,000       360,000        360,000
383   Financial Aid officer                             60,000       120,000       240,000        240,000       240,000        240,000       240,000        240,000
384   Employee benefits                                 70,000       115,000       190,000        190,000       190,000        190,000       190,000        190,000               25.0% of salary
385   Sub-total Registrar                              350,000       575,000       950,000        950,000       950,000        950,000       950,000        950,000
386   Recruitment non-salary                         1,450,000     2,300,000     2,910,000      2,910,000     2,910,000      2,910,000     2,910,000      2,910,000     $           1,000 per Year 1 student
387                                                                                                                                                                                       in following Sept.
388
389
390
391
392
393
394
395
396
397
398
399
400
401
402   Sub-total Recruitment                         1,450,000      2,300,000     2,910,000      2,910,000     2,910,000      2,910,000     2,910,000      2,910,000
403   Total Registrar / recruitment                $1,800,000     $2,875,000    $3,860,000     $3,860,000    $3,860,000     $3,860,000    $3,860,000     $3,860,000     c/f to page 6




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                           129 of 493
                   A                         B        C              D          E          F              G              H              I              J                    K                L
404           PRO FORMA                             Year 0         Year 1     Year 2     Year 3         Year 4         Year 5         Year 6         Year 7
405      DIRECT STAFFING (FTE)
406
407   Deans/Assoc. Deans                                     2.0        4.0        4.0            4.0            4.0            4.0            4.0            4.0
408
409   Administrative clerical support                        5.0       10.0       10.0        10.0          10.0            10.0           10.0           10.0
410   FT Faculty- (new July starts)                          0.0       22.9       40.0        61.6          43.0            21.5            9.4            0.0
411   FT Faculty- (ongoing)                                  0.0        0.0       35.5        88.8         171.0           228.3          256.9          269.4
412
413
414   Faculty clerical support                               0.0        1.0        4.0         7.0           9.0            10.0           11.0           11.0
415   Classroom support techn- B.Tech.                       0.0        3.0        9.0        19.0          28.0            34.0           37.0           37.0
416   Classroom support techn- all other programs            0.0        6.0       15.0        25.0          33.0            37.0           38.0           38.0
417   'Commons" computer technicians                         0.0        5.0       12.0        21.0          28.0            32.0           33.0           33.0
418                Teaching                                  7.0       51.9      129.5       236.4         326.0           376.8          399.3          402.4
419   Distance Learning specialists                          3.0        7.0        7.0         7.0           7.0             7.0            7.0            7.0
420   Project Coordinator                                    1.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
421   Technical Support                                      0.0        3.0        3.0         3.0           3.0             3.0            3.0            3.0
422   Copyright Assistant                                    0.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
423   Production Coordinator                                 0.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
424   Technical Help Support                                 0.0        1.0        2.0         2.0           2.0             2.0            2.0            2.0
425   Administration Support                                 0.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
426          Distance Education                              4.0       15.0       16.0        16.0          16.0            16.0           16.0           16.0
427   Librarian                                              1.0        3.0        4.0         5.0           6.0             7.0            7.0            7.0
428   IT support position                                    0.0        0.5        0.5         1.0           1.0             1.0            1.0            1.0
429   Library technician                                     1.0        3.0        4.0         5.0           6.0             7.0            7.0            7.0
430   Library clerk                                          1.0        0.5        1.0         2.0           2.0             2.0            2.0            2.0
431            Library Services                              3.0        7.0        9.5        13.0          15.0            17.0           17.0           17.0
432   Clerical support- Housing off-campus                   0.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
433   Clerical support- Orientation                          0.0        0.5        0.5         0.5           0.5             0.5            0.5            0.5
434   Clerical support- Peer tutoring                        0.0        1.0        3.0         4.0           5.0             5.0            5.0            5.0
435   Program counsellor- Academic advising                  0.0        2.0        3.0         5.0           7.0             7.0            7.0            7.0
436   Employment advisor- Career services                    0.0        1.0        1.0         2.0           5.0             5.0            5.0            5.0
437   Counsellors- Counselling staff                         0.0        1.0        3.0         4.0           5.0             6.0            7.0            7.0
438   LD Consultant- Disability Services                     0.0        1.0        3.0         4.0           5.0             6.0            7.0            7.0
439           Student Services                               0.0        7.5       14.5        20.5          28.5            30.5           32.5           32.5
440   Registrar                                              1.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
441   Admin Assistant/Office mgr                             1.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
442   Registration                                           1.0        3.0        6.0         6.0           6.0             6.0            6.0            6.0
443   Financial Aid officer                                  1.0        2.0        4.0         4.0           4.0             4.0            4.0            4.0
444                Registrar                                 4.0        7.0       12.0        12.0          12.0            12.0           12.0           12.0
445                                                                                                                                                                 Excludes Admin and IT (p. 14)
446            TOTAL STAFF                               18.0          88.4      181.5       297.9         397.5           452.3          476.8          479.9 and Facilities (p. 15)




              3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                         130 of 493
                   A                           B          C         D              E             F             G              H              I             J           K            L
447           PRO FORMA                                 Year 0    Year 1         Year 2        Year 3        Year 4         Year 5         Year 6        Year 7
448       STUDENT AID SET-ASIDE
449
450   Tuition fee increases over base year:
451   Bachelor of Fine Arts                                       base year         $0.00          $0.00            $0.00       $0.00          $0.00         $0.00
452   Bachelor of Business Admin.                                 base year         $0.00          $0.00            $0.00       $0.00          $0.00         $0.00
453   Bachelor of Arts                                            base year         $0.00          $0.00            $0.00       $0.00          $0.00         $0.00
454   Bachelor of Technology                                      base year         $0.00          $0.00            $0.00       $0.00          $0.00         $0.00
455
456
457
458
459   Percent of tuition increase to be set aside                                   30.0%          30.0%            30.0%       30.0%          30.0%         30.0%
460
461   Amount of tuition increase to be set aside- per student:
462   Bachelor of Fine Arts                                                           n/a            n/a             n/a             n/a        n/a           n/a
463   Bachelor of Business Admin.                                                     n/a            n/a             n/a             n/a        n/a           n/a
464   Bachelor of Arts                                                                n/a            n/a             n/a             n/a        n/a           n/a
465   Bachelor of Technology                                                          n/a            n/a             n/a             n/a        n/a           n/a
466
467
468
469
470   Student Aid Set-Aside:
471   Bachelor of Fine Arts                                                $0             $0            $0            $0              $0            $0            $0
472   Bachelor of Business Admin.                                           0              0             0             0               0             0             0
473   Bachelor of Arts                                                      0              0             0             0               0             0             0
474   Bachelor of Technology                                                0              0             0             0               0             0             0
475
476
477
478   Total Student Aid Set-Aside:                                          Included in "Bursaries Expense" below
479




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                 131 of 493
                       A                      B         C            D            E             F             G            H              I             J               K              L
480               PRO FORMA                           Year 0       Year 1       Year 2        Year 3        Year 4       Year 5         Year 6        Year 7
481               BURSARIES
482
483   Tuition fee
484   Bachelor of Fine Arts                                          $5,300       $5,300        $5,300        $5,300        $5,300        $5,300        $5,300
485   Bachelor of Business Admin.                                    $5,300       $5,300        $5,300        $5,300        $5,300        $5,300        $5,300
486   Bachelor of Arts                                               $5,300       $5,300        $5,300        $5,300        $5,300        $5,300        $5,300
487   Bachelor of Technology                                         $5,300       $5,300        $5,300        $5,300        $5,300        $5,300        $5,300
488
489
490
491
492   Enrolments:
493   Bachelor of Fine Arts                                             400          960          1564          2108          2334          2407          2407
494   Bachelor of Business Admin.                                       450         1105          1795          2416          2678          2751          2751
495   Bachelor of Arts                                                  400          960          1574          2127          2361          2442          2442
496   Bachelor of Technology                                            200          580          1222          1800          2189          2407          2407
497
498
499
500     Total enrolments                                              1,450         3,605         6,155         8,451         9,562       10,007        10,007
501
502   Total value of tuition fees:
503   Bachelor of Fine Arts                                       2,120,000     5,088,000     8,289,200    11,172,400    12,370,200    12,757,100    12,757,100
504   Bachelor of Business Admin.                                 2,385,000     5,856,500     9,513,500    12,804,800    14,193,400    14,580,300    14,580,300
505   Bachelor of Arts                                            2,120,000     5,088,000     8,342,200    11,273,100    12,513,300    12,942,600    12,942,600
506   Bachelor of Technology                                      1,060,000     3,074,000     6,476,600     9,540,000    11,601,700    12,757,100    12,757,100
507
508
509
510   Total tuition fees                                         $7,685,000   $19,106,500   $32,621,500   $44,790,300   $50,678,600   $53,037,100   $53,037,100
511
512   12% of Total tuition fees value                              $922,200    $2,292,780    $3,914,580    $5,374,836    $6,081,432    $6,364,452    $6,364,452
513   Less- Student Aid set-aside (page 12)                               0             0             0             0             0             0             0
514   Bursaries expense                                            $922,200    $2,292,780    $3,914,580    $5,374,836    $6,081,432    $6,364,452    $6,364,452   c/f to page 6
515




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                     A                          B          C             D             E              F              G              H               I              J                K              L
516            PRO FORMA                                 Year 0        Year 1        Year 2         Year 3         Year 4         Year 5          Year 6         Year 7
517          ADMIN & INFO TECH
518
519   Total students                                -             -        1,450         3,605          6,155          8,451           9,562        10,007          10,007
520
521   Cost per student:
522
523   Admin cost per student (allowance)                                 $1,000          $750           $600           $600            $600           $600           $600
524
525   Info Tech cost per student (allowance)                               $800          $600           $500           $500            $500           $500           $500
526
527   total Administration expense                      $1,000,000    $1,450,000    $2,703,750     $3,693,000     $5,070,600      $5,737,200     $6,004,200     $6,004,200    c/f to page 6
528   Information Technology expense                      $500,000    $1,160,000    $2,163,000     $3,077,500     $4,225,500      $4,781,000     $5,003,500     $5,003,500    c/f to page 6
529
530                                                      Year 0        Year 1        Year 2         Year 3         Year 4         Year 5          Year 6         Year 7
531          CAPITAL EQUIPMENT
532   Distance Education
533   Registrar
534   Library Services
535   Student Services
536   Total Capital Equipment                            $500,000      $500,000      $500,000       $500,000       $500,000        $500,000       $500,000       $500,000     c/f to page 6
537
538                                                      Year 0        Year 1        Year 2         Year 3         Year 4         Year 5          Year 6         Year 7
539     CREDIT CARD SERVICE FEES
540   Total all student fees                                          $8,863,850   $22,037,365    $37,625,515    $51,660,963     $58,452,506    $61,172,791    $61,172,791
541   Estimated fees paid by credit card       60%                     5,318,310    13,222,419     22,575,309     30,996,578      35,071,504     36,703,675     36,703,675
542   Estimated service fees                   1.5%                      $79,775      $198,336       $338,630       $464,949        $526,073      $550,555        $550,555    c/f to page 6
543
544                                                      Year 0        Year 1        Year 2         Year 3         Year 4         Year 5          Year 6         Year 7
545    Debt servicing / Interest income
546
547   Revenue before interest income                            $0 $17,002,600 $39,382,740        $69,498,540    $98,583,588    $112,952,556 $118,875,816 $118,875,816
548   Expense before debt servicing cost                (4,603,250) (23,917,776) (46,211,145)     (69,512,707)   (99,949,677)   (108,891,498) (112,847,156) (103,310,023)
549   Net before interest calculation                   (4,603,250) (6,915,176) (6,828,405)           (14,167)    (1,366,089)      4,061,058     6,028,660    15,565,793
550   Interest on current year net             2.0%        (92,065)    (138,304)    (136,568)            (283)       (27,322)         81,221       120,573       311,316
551
552   Accumulated prior years net                                 -   (4,695,315) (11,936,608)    (19,379,045)   (20,168,657)    (22,368,814)   (19,121,288)   (13,736,907)
553   Interest on prior years net              4.0%               -     (187,813)    (477,464)       (775,162)      (806,746)       (894,753)      (764,852)      (549,476)
554
555   Debt servicing expense                              ($92,065)   ($326,117)     ($614,032)     ($775,445)     ($834,068)      ($813,532)     ($644,279)     ($238,160) c/f to page 6
556   Interest income revenue                                   $0           $0             $0             $0             $0              $0             $0             $0 c/f to page 1
557




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                       A                       B         C                D              E                    F                G                  H                   I                   J               K               L
558                                                    Year 0           Year 1         Year 2               Year 3           Year 4             Year 5              Year 6              Year 7
559               FACILITIES
560   Area used (net assignable square feet)                               100,000        200,000            300,000          400,000             530,000            530,000             530,000
561   Area used (gross square feet)                             nil        160,000        320,000            480,000          640,000             848,000            848,000             848,000                1.6 gross-to-net
562
563
564   Cost per sq ft
565    Building maintenance
566    Custodial
567    Security
568    Grounds
569    Electric energy
570    Fossil fuel
571    Plant admin/eng
572    total                                       $      10.00        $     10.00    $     10.00       $       10.00    $      10.00       $       10.00       $       10.00       $       10.00
573
574
575
576
577
578
579
580
581
582
583
584
585
586
587
588
589
590
591
592   TOTAL FACILITIES EXPENSE                                        $ 1,600,000    $ 3,200,000    $       4,800,000   $ 6,400,000     $       8,480,000   $       8,480,000   $       8,480,000   c/f to page 6
593
594   cost/gross sq ft incl. Staff costs                                   $ 10.00         $10.00            $ 10.00          $ 10.00            $ 10.00             $ 10.00             $ 10.00
595
596




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                        A                        B      C            D          E         F        G         H        I         J       K            L
597               PRO FORMA                           Year 0       Year 1     Year 2    Year 3   Year 4    Year 5   Year 6    Year 7
598     EXPENDITURE DISTRIBUTION
599   Deans/Assoc. Deans                               7.2%          2.8%      1.5%     1.0%      0.7%     0.6%      0.6%      0.7%
600   Program co-ordinators                            0.0%          0.0%      0.0%     0.0%      0.0%     0.0%      0.0%      0.0%
601   Administrative clerical support                  5.3%          2.1%      1.1%     0.7%      0.5%     0.5%      0.4%      0.5%
602   FT Faculty                                       0.0%          10.4%     17.7%    23.5%     23.4%    25.0%     25.8%     28.6%
603
604   PT Faculty                                       0.0%          2.3%      3.0%     3.6%      3.4%     3.6%      3.6%      4.0%
605
606
607   Faculty clerical support                         0.0%          0.2%      0.4%     0.5%      0.4%     0.5%      0.5%      0.5%
608   Classroom support technicians                    0.0%          2.2%      3.1%     3.8%      3.6%     3.9%      4.0%      4.3%
609   'Commons' computer technicians                   0.0%          1.2%      1.5%     1.8%      1.7%     1.8%      1.7%      1.9%
610   TOTAL TEACHING SALARIES                          12.6%         21.2%     28.3%    34.9%     33.7%    35.8%     36.7%     40.5%
611   Employee benefits FT                             3.1%          4.7%      6.3%     7.8%      7.6%     8.1%      8.3%      9.1%
612   Employee benefits PT                             0.0%          0.3%      0.4%     0.4%      0.4%     0.4%      0.4%      0.5%
613   Non-salary teaching costs                        1.9%          3.2%      4.2%     5.2%      5.1%     5.4%      5.5%      6.1%
614   Research/study leave                             0.0%          0.0%      0.0%     0.0%      0.0%     0.0%      0.0%      0.0%
615   Distance Education- service                      9.4%          5.8%      3.2%     2.1%      1.5%     1.4%      1.3%      1.4%
616   Curriculum development                           0.0%          7.2%      3.7%     2.5%      1.7%     0.0%      0.0%      0.0%
617   Distance content                                 0.0%          4.5%      2.3%     1.5%      1.1%     0.0%      0.0%      0.0%
618
619     Total Teaching expense                         27.0%         46.9%     48.5%    54.5%     51.0%    51.0%     52.2%     57.6%
620
621   Library Services expense                         6.7%          4.8%      4.8%     3.7%      2.9%     2.8%      2.8%      3.0%
622   Student Services expense                         0.0%          3.2%      3.3%     3.1%      3.1%     3.1%      3.2%      3.5%
623   Registrar expense                                38.3%         11.9%     8.2%     5.5%      3.8%     3.5%      3.4%      3.7%
624   Bursaries                                        0.0%          3.8%      4.9%     5.6%      5.3%     5.5%      5.6%      6.1%
625   Student Aid set-aside                            0.0%          0.0%      0.0%     0.0%      0.0%     0.0%      0.0%      0.0%
626   Information Technology                           0.0%          4.8%      4.6%     4.4%      4.2%     4.4%      4.4%      4.8%
627   Registrarial systems development                 2.6%          0.8%      0.0%     0.0%      0.0%     0.0%      0.0%      0.0%
628     Academic Services expense                      47.6%         29.3%     25.9%    22.3%     19.3%    19.3%     19.3%     21.2%
629
630   General Administration                           0.0%          6.0%      5.8%     5.3%      5.0%     5.2%      5.3%      5.8%
631   Facilities                                       0.0%          6.6%      6.8%     6.8%      6.4%     7.7%      7.5%      8.2%
632   Faculty recruitment                              0.0%          0.1%      0.1%     0.1%      0.0%     0.0%      0.0%      0.0%
633   Municipal levy in lieu of realty tax             0.0%          0.4%      0.6%     0.7%      0.6%     0.7%      0.7%      0.7%
634   Capital equipment                                10.6%         2.1%      1.1%     0.7%      0.5%     0.5%      0.4%      0.5%
635   Equipment renewal                                0.0%          0.0%      0.9%     0.6%      0.4%     0.4%      0.4%      0.4%
636   Building renovations                             0.0%          0.7%      0.7%     0.7%      0.6%     0.8%      0.7%      0.8%
637   Contingency fund                                 12.8%         6.2%      5.3%     5.0%      4.0%     3.6%      3.5%      3.9%
638   Credit card service fees                         0.0%          0.4%      0.5%     0.6%      0.6%     0.6%      0.6%      0.7%
639   Interest on capital debt                         0.0%          0.0%      2.6%     1.7%      0.8%     0.4%      0.0%      0.0%
640   Contribution to capital debt - principal         0.0%          0.0%      0.0%     0.0%      9.9%     9.1%      8.8%      0.0%
641   Project start-up and transition                  0.0%          0.0%      0.0%     0.0%      0.0%     0.0%      0.0%      0.0%
642   Debt servicing cost                              2.0%          1.3%      1.3%     1.1%      0.8%     0.7%      0.6%      0.2%
643     Institutional Services expense                 25.4%         23.8%     25.6%    23.2%     29.7%    29.7%     28.5%     21.2%
644
645     Total Expense                                100.0%        100.0%      100.0%   100.0%    100.0%   100.0%    100.0%    100.0%


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                      A                    B           C             D               E             F              G              H              I              J         K            L
646
647   CHECK:
648   teaching                                       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%
649   acad services                                  0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%
650   institutional                                  0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%
651   total                                          0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%
652
653   COST PER STUDENT:
654   Teaching                                                  $     7,837    $     6,300    $     6,224    $     6,084    $     5,848    $     5,916    $     5,964
655   Academic Services                                               4,906          3,362          2,549          2,304          2,219          2,195          2,195
656   Institutional Services                                          3,978          3,328          2,647          3,538          3,407          3,230          2,189
657                                                             $    16,720    $    12,989    $    11,420    $    11,926    $    11,473    $    11,341    $    10,348




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                       A                         B             C                   D                E            F            G                    H                I                J           K            L
 1            NEW UNIVERSITY                               TRANSITION                                       START-UP PERIOD
 2              PRO FORMA                                    Year 0              Year 1        Year 2          Year 3       Year 4             Year 5             Year 6           Year 7
 3      FINANCIAL PROJECTIONS
 4     all figures in constant 2011 $
 5   ENROLMENTS:
 6   Bachelor of Fine Arts                                                             400            960           1,564          2,108               2,334            2,407            2,407
 7   Bachelor of Business Admin.                                                       450          1,105           1,795          2,416               2,678            2,751            2,751
 8   Bachelor of Arts                                                                  400            960           1,574          2,127               2,361            2,442            2,442
 9   Bachelor of Technology                                                            200            580           1,222          1,800               2,189            2,407            2,407
10
11
12
13    Total Enrolments                                                               1,450          3,605           6,155          8,451               9,562        10,007           10,007
14
15   REVENUE:
16    Operating grant                                                 -        $8,030,000    $17,075,000      $31,411,400    $46,288,800     $53,782,900        $56,952,500      $56,952,500
17    Tuition fees                                                    -         6,960,000     17,304,000       29,544,000     40,564,800      45,897,600         48,033,600       48,033,600
18    Incidental fees                                                 -           874,350      2,173,815        3,711,465      5,095,953       5,765,886          6,034,221        6,034,221
19    Distance Learning course fees                                   -           304,500        757,050        1,292,550      1,774,710       2,008,020          2,101,470        2,101,470
20    'In lieu of Municipal tax' grant                                -           108,750        270,375          461,625        633,825         717,150            750,525          750,525
21    Interest income                                                 -               -              -                -              -               -                  -                -
22    Total Revenue                                                   -       $16,277,600    $37,580,240      $66,421,040    $94,358,088    $108,171,556       $113,872,316     $113,872,316
23
24   EXPENSE:
25    Teaching and related                                  $1,267,000        $10,916,420    $21,344,795      $35,564,415    $47,437,846     $51,252,866        $54,153,476      $54,570,560
26    Academic Services                                      2,236,250          7,026,388     11,902,480       15,317,855     18,961,526      20,641,337         21,360,157       21,360,157
27    Institutional Services                                 1,192,065          5,760,035     11,982,473       16,266,965     29,856,743      32,509,358         32,233,245       21,788,205
28    Total Expense                                         $4,695,315        $23,702,843    $45,229,748      $67,149,235    $96,256,115    $104,403,561       $107,746,878      $97,718,922
29
30   ANNUAL SURPLUS (DEFICIT)                               ($4,695,315) ($7,425,243) ($7,649,508)              ($728,195)   ($1,898,027)     $3,767,995         $6,125,438      $16,153,394
31   Annual surplus (deficit) per student                           -        ($5,121)     ($2,122)                  ($118)         ($225)           $394               $612           $1,614
32
33   ACCUMULATED SURPLUS (DEFICIT)                          ($4,695,315) ($12,120,558) ($19,770,066)         ($20,498,261) ($22,396,288)    ($18,628,293) ($12,502,855)           $3,650,540
34   Accumulated Enrolments                                         -           1,450         5,055                11,210        19,661           29,223        39,230                49,237
35   Accumulated surplus (deficit) per student                      -         ($8,359)      ($3,911)              ($1,829)      ($1,139)           ($637)        ($319)                  $74
36
37                                                                            CONTENTS:
38                    1.   Revenue & expense summary             7.       Distance education                13. Bursaries
39                    2.   Enrolment projections                 8.       Library services                  14. Admin, I.T., Credit Card fees,
40                    3.   Student cohorts                       9.       Student Services                      Capital equipment
41                    4.   Grant & tuition revenue              10.       Registrar                         14. Debt servicing, Interest income
42                    5.   Teaching staff, base salaries        11.       Direct staffing summary           15. Facilities
43                    6.   Expense summary                      12.       Student aid set-aside             16. Expense distribution-percentages
44
45




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                 A                    B           C            D           E          F           G           H           I           J         K            L
46          PRO FORMA                           Year 0       Year 1      Year 2     Year 3      Year 4      Year 5      Year 6      Year 7
47         ENROLMENTS
48                                          retention
49      Bachelor of Fine Arts         1                            400        600         700         700         700         700         700
50                                    2          90%                          360         540         630         630         630         630
51                                    3          90%                            0         324         486         567         567         567
52                                    4          90%                            0           0         292         437         510         510
53                                                                 400        960        1564        2108        2334        2407        2407
54   Bachelor of Business Admin.      1                            450        700         800         800         800         800         800
55                                    2          90%                          405         630         720         720         720         720
56                                    3          90%                            0         365         567         648         648         648
57                                    4          90%                            0           0         329         510         583         583
58                                                                 450       1105        1795        2416        2678        2751        2751
59        Bachelor of Arts            1                            400        600         710         710         710         710         710
60                                    2          90%                          360         540         639         639         639         639
61                                    3          90%                            0         324         486         575         575         575
62                                    4          90%                            0           0         292         437         518         518
63                                                                 400        960        1574        2127        2361        2442        2442
64     Bachelor of Technology         1                            200        400         700         700         700         700         700
65                                    2          90%                          180         360         630         630         630         630
66                                    3          90%                            0         162         324         567         567         567
67                                    4          90%                            0           0         146         292         510         510
68                                                                 200        580        1222        1800        2189        2407        2407
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84      TOTAL ENROLMENTS                  1st year              1,450       2,300       2,910      2,910        2,910      2,910       2,910
85                                        2nd year                -         1,305       2,070      2,619        2,619      2,619       2,619
86                                        3rd year                -           -         1,175      1,863        2,357      2,357       2,357
87                                        4th year                -           -           -        1,059        1,676      2,121       2,121
88                                         Totals               1,450       3,605       6,155      8,451        9,562     10,007      10,007
89




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                    A                   B           C            D         E        F        G        H        I        J      K            L
90           PRO FORMA                           Year 0        Year 1    Year 2   Year 3   Year 4   Year 5   Year 6   Year 7
91       STUDENT COHORTS
92 Maximum cohort sizes:
93 Bachelor of Fine Arts                                         50       50       50       50       50       50       50
94 Bachelor of Business Admin.                                   50       50       50       50       50       50       50
95 Bachelor of Arts                                              50       50       50       50       50       50       50
96 Bachelor of Technology                                        50       50       50       50       50       50       50
97
98
99
100
101 NUMBER COHORTS (rounded up)
102      Bachelor of Fine Arts          1                        8        12       14       14       14       14       14
103                                     2                        0         8       11       13       13       13       13
104                                     3                        0         0        7       10       12       12       12
105                                     4                        0         0        0        6        9       11       11
106                                                              8        20       32       43       48       50       50
107   Bachelor of Business Admin.       1                        9        14       16       16       16       16       16
108                                     2                        0         9       13       15       15       15       15
109                                     3                        0         0        8       12       13       13       13
110                                     4                        0         0        0        7       11       12       12
111                                                              9        23       37       50       55       56       56
112        Bachelor of Arts             1                        8        12       15       15       15       15       15
113                                     2                        0         8       11       13       13       13       13
114                                     3                        0         0        7       10       12       12       12
115                                     4                        0         0        0        6        9       11       11
116                                                              8        20       33       44       49       51       51
117     Bachelor of Technology          1                        4         8       14       14       14       14       14
118                                     2                        0         4        8       13       13       13       13
119                                     3                        0         0        4        7       12       12       12
120                                     4                        0         0        0        3        6       11       11
121                                                              4        12       26       37       45       50       50
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137   TOTALS BY PROGRAM YEAR            1                        29       46        59      59       59        59       59
138                                     2                        0        29        43      54       54        54       54
139                                     3                        0         0        26      39       49        49       49
140                                     4                        0         0         0      22       35        45       45
141                                                              29       75       128      174      197      207      207
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                       A                   B              C              D              E              F               G               H                I               J         K            L
142              PRO FORMA              Program         Year 0         Year 1         Year 2         Year 3          Year 4          Year 5           Year 6          Year 7
143     GRANT & TUITION REVENUE         Weights
144   Grant per FTE by program weight        1.0   $       3,100   $      3,100   $      3,100   $       3,100   $      3,100   $         3,100   $       3,100   $       3,100
145                                          1.5   $       5,800   $      5,800   $      5,800   $       5,800   $      5,800   $         5,800   $       5,800   $       5,800
146                                          2.0   $       8,500   $      8,500   $      8,500   $       8,500   $      8,500   $         8,500   $       8,500   $       8,500
147
148
149                                     Program        1st year
150   Basic Income Units:               Weights        Students
151    Bachelor of Fine Arts              1.5            1.0                400          1,140           1,996          2,812             3,151           3,261           3,261
152    Bachelor of Business Admin.        1.5            1.5                675          1,658           2,693          3,624             4,017           4,127           4,127
153    Bachelor of Arts                   1.5            1.0                400          1,140           2,006          2,836             3,187           3,308           3,308
154    Bachelor of Technology             2.0            1.0                200            760           1,744          2,900             3,678           4,114           4,114
155
156
157
158   Total Basic Income Units                                            1,675          4,698           8,439         12,172            14,033         14,809          14,809
159      average program weight                                           1.16           1.30          1.37            1.44             1.47            1.48            1.48
160
161   GRANT FUNDING                                                $8,030,000     $17,075,000    $31,411,400     $46,288,800        $53,782,900   $56,952,500     $56,952,500
162
163   Tuition- 2 semesters                                             $4,800          $4,800         $4,800          $4,800             $4,800        $4,800          $4,800
164   Total students                                                    1,450           3,605          6,155           8,451              9,562        10,007          10,007
165   TUITION FEES                                                 $6,960,000     $17,304,000    $29,544,000     $40,564,800        $45,897,600   $48,033,600     $48,033,600
166
167   Other fees:
168   Incidental fee (2 semesters)                                         $603           $603           $603            $603              $603           $603            $603
169   Distance Learning course fee                                          $70            $70            $70             $70               $70            $70             $70
170




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                    A                             B             C                  D               E               F                  G                  H                  I                  J                K                   L
171            PRO FORMA                                      Year 0             Year 1          Year 2          Year 3             Year 4             Year 5             Year 6             Year 7
172        TEACHING STAFF DATA
173
174   Student course load/cohort/semester                                                5               5               5                  5                  5                  5                  5
175   Total courses one semester                                                       145             375             640                870                985               1035               1035
176   Total courses 2 semesters - nominal                                              290             750            1280               1740               1970               2070               2070
177   Adjustment for vacant seats                                                      5%              5%             10%                10%                10%                10%                10%
178   Total courses 2 semesters - real                                                 305           787.5            1408               1914               2167               2277               2277
179   share taught by sessional instructors                                           30%             30%             30%                30%                30%                30%                30%
180   Courses taught by sessional instructors                                           91             236             422                574                650                683                683
181   Courses taught by FT faculty                                                     214           551.5             986               1340               1517               1594               1594
182
183   Avg course load per year - FT faculty                                              8               8                8                 8                   8                  8                  8
184   Avg class size                                                                 47.6            45.8             43.7              44.2                44.1               43.9               43.9
185
186   Avg FT faculty required                                        0                 27              69              123               168                 190                199                199
187   Adjustment: 50% release for chairs                             5                  5              10               10                10                  10                 10                 10
188   Adjustment for sabbaticals                                 1.000              1.000           1.000            1.133             1.133               1.133              1.133              1.133
189   Total FT faculty required                                      5                 32              79              151               201                 226                237                237
190
191   Deans/Assoc. Deans                                               2.0            4.0             4.0                 4.0                4.0                4.0                4.0                4.0
192
193   Administrative clerical support (0.5 per program)                5.0           10.0            10.0             10.0              10.0                10.0               10.0               10.0
194   FT Faculty- (new July starts)                                    0.0           20.0            35.4             54.1              37.6                18.8                8.2                0.0
195   FT Faculty- (ongoing)                                            0.0            0.0            31.7             78.9             151.0               201.2              226.2              237.2
196
197                                                                                                                                                                                                         1 staff for:
198   Faculty clerical support                                         0.0            1.0             3.0              6.0               8.0                 9.0                9.0                9.0                  25    faculty
199   Classroom support techn- B. Tech.                                0.0            3.0             9.0             19.0              28.0                34.0               37.0               37.0                  65    students
200   Classroom support techn- all other programs                      0.0            6.0            15.0             25.0              33.0                37.0               38.0               38.0                 200    students
201   Common computer technicians                                      0.0            5.0            12.0             21.0              28.0                32.0               33.0               33.0                 300    students
202   Total Teaching staff                                             7.0           49.0           120.1            218.0             299.6               346.0              365.4              368.2
203
204   AVERAGE SALARY RATES:
205   Deans/Assoc. Deans                      $170,000        $170,000           $170,000        $170,000        $170,000           $170,000           $170,000           $170,000           $170,000
206
207   Administrative clerical support          $50,000         $50,000            $50,000         $50,000         $50,000            $50,000            $50,000            $50,000            $50,000
208   FT Faculty                              $110,000        $110,000           $110,000        $110,000        $110,000           $110,000           $110,000           $110,000           $110,000
209
210   Faculty clerical support                  $50,000        $50,000            $50,000         $50,000         $50,000            $50,000             $50,000           $50,000            $50,000
211   Classroom support technicians             $60,000        $60,000            $60,000         $60,000         $60,000            $60,000             $60,000           $60,000            $60,000
212   Common computer technicians               $60,000        $60,000            $60,000         $60,000         $60,000            $60,000             $60,000           $60,000            $60,000
213   Sessional instructors (per course)                  $      6,000       $      6,000    $      6,000    $      6,000       $      6,000       $       6,000      $      6,000       $      6,000
214
215   Note: New faculty hires are assumed to be July 1st.




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                        A                        B      C              D             E             F              G             H               I             J                K                L
216                PRO FORMA                          Year 0         Year 1        Year 2        Year 3         Year 4        Year 5          Year 6        Year 7
217                 EXPENSE
218
219   Deans/Assoc. Deans                              $340,000       $680,000      $680,000       $680,000      $680,000       $680,000       $680,000       $680,000
220
221   Administrative clerical support                  250,000         500,000       500,000       500,000        500,000        500,000        500,000       500,000
222   FT Faculty                                             0       2,200,000     7,379,625    14,634,125     20,747,833     24,196,333     25,788,583    26,086,500
223
224   PT Faculty                                               0      546,000      1,416,000     2,532,000      3,444,000      3,900,000      4,098,000     4,098,000
225
226
227   Faculty clerical support                               0          50,000       150,000       300,000        400,000        450,000        450,000       450,000
228   Classroom support technicians                          0         540,000     1,440,000     2,640,000      3,660,000      4,260,000      4,500,000     4,500,000
229   'Commons' computer technicians                         0         300,000       720,000     1,260,000      1,680,000      1,920,000      1,980,000     1,980,000
230   TOTAL TEACHING SALARIES                          590,000       4,816,000    12,285,625    22,546,125     31,111,833     35,906,333     37,996,583    38,294,500
231   Employee benefits FT                             147,500       1,067,500     2,717,406     5,003,531      6,916,958      8,001,583      8,474,646     8,549,125              25.0% of FT salary
232   Employee benefits PT                                   0          65,520       169,920       303,840        413,280        468,000        491,760       491,760              12.0% of PT salary
233   Non-salary teaching costs                         88,500         722,400     1,842,844     3,381,919      4,666,775      5,385,950      5,699,487     5,744,175              15.0% Teach salary
234
235   Distance Education- develop/deliver              441,000       1,407,000     1,491,000     1,491,000      1,491,000      1,491,000      1,491,000     1,491,000    see page 7
236   Curriculum development                                 0       1,750,000     1,750,000     1,750,000      1,750,000              0              0             0            $7,000 per course
237   Distance content                                       0       1,088,000     1,088,000     1,088,000      1,088,000              0              0             0           $20,000 per course
238
239   Total Teaching and Related Expense              1,267,000     10,916,420    21,344,795    35,564,415     47,437,846     51,252,866     54,153,476    54,570,560 c/f to page 1
240
241   Library Services expense                          316,250    1,168,688      2,265,500       2,622,575     2,880,750      3,125,125      3,125,125     3,125,125 see page 8
242   Student Services expense                                0      787,500      1,537,500       2,212,500     3,127,500      3,367,500      3,607,500     3,607,500 see page 9
243   Registrar/recruitment                           1,800,000    2,875,000      3,860,000       3,860,000     3,860,000      3,860,000      3,860,000     3,860,000 see page 10
244   Bursaries                                               0      835,200      2,076,480       3,545,280     4,867,776      5,507,712      5,764,032     5,764,032 see page 13
245   Student Aid set-aside                                                               0
                                                              0 Included in "Bursaries Expense" below     0             0              0              0             0 see page 12
246   Information Technology                                  0    1,160,000      2,163,000       3,077,500     4,225,500      4,781,000      5,003,500     5,003,500 see page 14
247   Registrarial systems development                  120,000      200,000              0               0             0              0              0             0
248   Academic Services expense                       2,236,250    7,026,388     11,902,480      15,317,855    18,961,526     20,641,337     21,360,157    21,360,157 c/f to page 1
249
250   General Administration                                 0       1,450,000     2,703,750     3,693,000      5,070,600      5,737,200      6,004,200     6,004,200 see page 14
251   Facilities                                             0       1,600,000     3,200,000     4,800,000      6,400,000      8,480,000      8,480,000     8,480,000 see page 16
252   Faculty recruitment                                    0          20,000        35,400        54,100         37,600         18,800          8,200             0           $1,000   per new faculty
253   Municipal levy in lieu of realty tax                   0         108,750       270,375       461,625        633,825        717,150        750,525       750,525           $75.00   per student
254   Capital equipment                                500,000         500,000       500,000       500,000        500,000        500,000        500,000       500,000 see row 541
255   Equipment renewal                                      0               0       400,000       400,000        400,000        400,000        400,000       400,000           $2,000   x 200 PC's
256   Building renovations                                   0         160,000       320,000       480,000        640,000        848,000        848,000       848,000            $1.00   per sq ft
257   Contingency fund                                 600,000       1,500,000     2,500,000     3,500,000      4,000,000      4,000,000      4,000,000     4,000,000
258   Credit card service fees                               0          91,562       227,642       388,665        533,649        603,804        631,905       631,905 see page 14
259   Interest on capital debt                                                     1,200,000     1,200,000        800,000        400,000              0             0 4%                 interest rate
260   Contribution to capital debt - principal                                                           0     10,000,000     10,000,000     10,000,000             0 $     30,000,000
261
262   Debt servicing cost                                92,065        329,723       625,306       789,575        841,069        804,404        610,415       173,575 see page 15
263   Institutional Services expense                  1,192,065      5,760,035    11,982,473    16,266,965     29,856,743     32,509,358     32,233,245    21,788,205 c/f to page 1
264   TOTAL EXPENSE                                  $4,695,315    $23,702,843   $45,229,748   $67,149,235    $96,256,115   $104,403,561   $107,746,878   $97,718,922


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                    A                         B        C             D              E             F              G             H               I              J                 K                L
265            PRO FORMA                             Year 0        Year 1         Year 2        Year 3         Year 4        Year 5          Year 6         Year 7
266        DISTANCE EDUCATION
267
268   No. classroom courses to be developed                             250            250            250           250                0              0              0              1000 courses
269   No. distance courses to be developed                               54             54             54            54                                                              272 courses
270   No. distance courses to be delivered                    0          29             75            128           174               197         207            207
271
272   Number of staff:
273   Distance Learning specialists                           3              7              7             7              7             7               7              7
274   Project Coordinator                                     1              1              1             1              1             1               1              1
275   Technical Support                                       0              3              3             3              3             3               3              3
276   Copyright Assistant                                     0              1              1             1              1             1               1              1
277   Production Coordinator                                  0              1              1             1              1             1               1              1
278   Technical Help Support                                  0              1              2             2              2             2               2              2
279   Administration Support                                  0              1              1             1              1             1               1              1
280                                                           4             15             16            16             16            16              16             16
281   Base salaries rates:
282   Distance Learning specialists                   $75,000       $75,000        $75,000        $75,000       $75,000        $75,000        $75,000        $75,000
283   Project Coordinator                             $90,000       $90,000        $90,000        $90,000       $90,000        $90,000        $90,000        $90,000
284   Technical Support                               $60,000       $60,000        $60,000        $60,000       $60,000        $60,000        $60,000        $60,000
285   Copyright Assistant                             $50,000       $50,000        $50,000        $50,000       $50,000        $50,000        $50,000        $50,000
286   Production Coordinator                          $50,000       $50,000        $50,000        $50,000       $50,000        $50,000        $50,000        $50,000
287   Technical Help Support                          $60,000       $60,000        $60,000        $60,000       $60,000        $60,000        $60,000        $60,000
288   Administration Support                          $50,000       $50,000        $50,000        $50,000       $50,000        $50,000        $50,000        $50,000
289
290
291
292   Distance Education expense:
293   Distance Learning specialists                  $225,000       $525,000      $525,000        $525,000      $525,000       $525,000      $525,000        $525,000
294   Project Coordinator                             $90,000         90,000         90,000         90,000        90,000         90,000         90,000         90,000
295   Technical Support                                     0        180,000        180,000        180,000       180,000        180,000        180,000        180,000
296   Copyright Assistant                                   0         50,000         50,000         50,000        50,000         50,000         50,000         50,000
297   Production Coordinator                                0         50,000         50,000         50,000        50,000         50,000         50,000         50,000
298   Technical Help Support                                0         60,000        120,000        120,000       120,000        120,000        120,000        120,000
299   Administration Support                                0         50,000         50,000         50,000        50,000         50,000         50,000         50,000
300   TOTAL SALARIES                                  315,000      1,005,000      1,065,000      1,065,000     1,065,000      1,065,000      1,065,000      1,065,000
301   Employee benefits                                78,750        251,250        266,250        266,250       266,250        266,250        266,250        266,250               25.0% of salaries
302   Non-salary office/travel/other                   47,250        150,750        159,750        159,750       159,750        159,750        159,750        159,750               15.0% of salaries
303   Distance Education Services expense            $441,000     $1,407,000     $1,491,000     $1,491,000    $1,491,000     $1,491,000     $1,491,000     $1,491,000     c/f to page 6




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                      A                     B           C               D            E           F             G           H             I            J               K               L
304              PRO FORMA                            Year 0          Year 1       Year 2      Year 3        Year 4      Year 5        Year 6       Year 7
305           LIBRARY SERVICES
306
307   Number of staff:
308   Librarian                                                1.0          3.0          4.0          5.0          6.0          7.0          7.0          7.0
309   IT support position                                      0.0          0.5          0.5          1.0          1.0          1.0          1.0          1.0
310   Library technician                                       1.0          3.0          4.0          5.0          6.0          7.0          7.0          7.0
311   Library clerk                                            1.0          0.5          1.0          2.0          2.0          2.0          2.0          2.0
312                                                            3.0          7.0          9.5         13.0         15.0         17.0         17.0         17.0
313   Base salaries rates:
314   Librarian                                       $110,000        $110,000     $110,000     $110,000     $110,000     $110,000     $110,000     $110,000
315   IT support position                              $60,000         $60,000      $60,000      $60,000      $60,000      $60,000      $60,000      $60,000
316   Library technician                               $60,000         $60,000      $60,000      $60,000      $60,000      $60,000      $60,000      $60,000
317   Library clerk                                    $50,000         $50,000      $50,000      $50,000      $50,000      $50,000      $50,000      $50,000
318
319   Library Services expense:
320   Librarian                                       $110,000         $330,000    $440,000      $550,000     $660,000     $770,000    $770,000      $770,000
321   IT support position                                    0           30,000       30,000       60,000       60,000       60,000       60,000       60,000
322   Library technician                                60,000          180,000      240,000      300,000      360,000      420,000      420,000      420,000
323   Library clerk                                     50,000           25,000       50,000      100,000      100,000      100,000      100,000      100,000
324   TOTAL SALARIES                                   220,000          565,000      760,000    1,010,000    1,180,000    1,350,000    1,350,000    1,350,000
325   Employee benefits                                 55,000          141,250      190,000      252,500      295,000      337,500      337,500      337,500             25.0% of salary
326   Library acquisitions                                   0          300,000    1,000,000    1,000,000    1,000,000    1,000,000    1,000,000    1,000,000
327   Courier/Van delivery                                   0           10,000       20,000       18,000       30,000       30,000       30,000       30,000
328   Non-salary office/travel/other                    41,250          152,438      295,500      342,075      375,750      407,625      407,625      407,625            15.0% of above
329   Library Services expense                        $316,250       $1,168,688   $2,265,500   $2,622,575   $2,880,750   $3,125,125   $3,125,125   $3,125,125   c/f to page 6




                3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                  166 of 493
                    A                         B        C            D           E           F             G           H             I            J               K               L
330            PRO FORMA                             Year 0       Year 1      Year 2      Year 3        Year 4      Year 5        Year 6       Year 7
331         STUDENT SERVICES
332
333   Number of staff:
334   Housing off-campus coordinator                                   1.0          1.0          1.0          1.0          1.0          1.0          1.0
335   Orientation                                                      0.5          0.5          0.5          0.5          0.5          0.5          0.5
336   Peer tutoring coordinator                                        1.0          3.0          4.0          5.0          5.0          5.0          5.0
337   Program counsellor- Academic advising                            2.0          3.0          5.0          7.0          7.0          7.0          7.0
338   Employment advisor- Career services                              1.0          1.0          2.0          5.0          5.0          5.0          5.0
339   Counsellors- Counselling staff                                   1.0          3.0          4.0          5.0          6.0          7.0          7.0
340   LD Consultant- Disability Services                               1.0          3.0          4.0          5.0          6.0          7.0          7.0
341                                                                    7.5         14.5         20.5         28.5         30.5         32.5         32.5
342   Base salaries rates:
343   Clerical support- Housing off-campus                         $50,000     $50,000      $50,000      $50,000      $50,000      $50,000      $50,000
344   Clerical support- Orientation                                $50,000     $50,000      $50,000      $50,000      $50,000      $50,000      $50,000
345   Clerical support- Peer tutoring                              $50,000     $50,000      $50,000      $50,000      $50,000      $50,000      $50,000
346   Program counsellor- Academic advising                        $80,000     $80,000      $80,000      $80,000      $80,000      $80,000      $80,000
347   Employment advisor- Career services                          $80,000     $80,000      $80,000      $80,000      $80,000      $80,000      $80,000
348   Counsellors- Counselling staff                               $80,000     $80,000      $80,000      $80,000      $80,000      $80,000      $80,000
349   LD Consultant- Disability Services                           $80,000     $80,000      $80,000      $80,000      $80,000      $80,000      $80,000
350
351   EXPENSE:
352   Clerical support- Housing off-campus                         $50,000      $50,000      $50,000      $50,000      $50,000      $50,000      $50,000
353   Clerical support- Orientation                                 25,000       25,000       25,000       25,000       25,000       25,000       25,000
354   Clerical support- Peer tutoring                               50,000      150,000      200,000      250,000      250,000      250,000      250,000
355   Program counsellor- Academic advising                        160,000      240,000      400,000      560,000      560,000      560,000      560,000
356   Employment advisor- Career services                           80,000       80,000      160,000      400,000      400,000      400,000      400,000
357   Counsellors- Counselling staff                                80,000      240,000      320,000      400,000      480,000      560,000      560,000
358   LD Consultant- Disability Services                            80,000      240,000      320,000      400,000      480,000      560,000      560,000
359   TOTAL SALARIES                                               525,000    1,025,000    1,475,000    2,085,000    2,245,000    2,405,000    2,405,000
360   Employee benefits                                            131,250      256,250      368,750      521,250      561,250      601,250      601,250             25.0% of salary
361   Non-salary expenses incl. work-study                         131,250      256,250      368,750      521,250      561,250      601,250      601,250             25.0% of salary
362
363   Student Services expense                                    $787,500   $1,537,500   $2,212,500   $3,127,500   $3,367,500   $3,607,500   $3,607,500   c/f to page 6




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                              167 of 493
                      A                    B           C             D             E             F              G             H              I              J                 K                    L
364              PRO FORMA                           Year 0        Year 1        Year 2        Year 3         Year 4        Year 5         Year 6         Year 7
365              REGISTRAR
366
367   Number of staff:
368   Registrar                                               1             1              1             1              1             1              1              1
369   Admin Assistant/Office mgr                              1             1              1             1              1             1              1              1
370   Registration                                            1             3              6             6              6             6              6              6
371   Financial Aid officer                                   1             2              4             4              4             4              4              4
372                                                           4             7             12            12             12            12             12             12
373   Base salary rates:
374   Registrar                                      $110,000      $110,000      $110,000       $110,000      $110,000       $110,000      $110,000       $110,000
375   Admin Assistant/Office mgr                      $50,000       $50,000       $50,000        $50,000       $50,000        $50,000       $50,000        $50,000
376   Registration                                    $60,000       $60,000       $60,000        $60,000       $60,000        $60,000       $60,000        $60,000
377   Financial Aid officer                           $60,000       $60,000       $60,000        $60,000       $60,000        $60,000       $60,000        $60,000
378
379   REGISTRAR EXPENSE:
380   Registrar                                       $110,000       110,000       110,000        110,000       110,000        110,000       110,000        110,000
381   Admin Assistant/Office mgr                        50,000        50,000        50,000         50,000        50,000         50,000        50,000         50,000
382   Registration                                      60,000       180,000       360,000        360,000       360,000        360,000       360,000        360,000
383   Financial Aid officer                             60,000       120,000       240,000        240,000       240,000        240,000       240,000        240,000
384   Employee benefits                                 70,000       115,000       190,000        190,000       190,000        190,000       190,000        190,000               25.0% of salary
385   Sub-total Registrar                              350,000       575,000       950,000        950,000       950,000        950,000       950,000        950,000
386   Recruitment non-salary                         1,450,000     2,300,000     2,910,000      2,910,000     2,910,000      2,910,000     2,910,000      2,910,000     $           1,000 per Year 1 student
387                                                                                                                                                                                       in following Sept.
388
389
390
391
392
393
394
395
396
397
398
399
400
401
402   Sub-total Recruitment                         1,450,000      2,300,000     2,910,000      2,910,000     2,910,000      2,910,000     2,910,000      2,910,000
403   Total Registrar / recruitment                $1,800,000     $2,875,000    $3,860,000     $3,860,000    $3,860,000     $3,860,000    $3,860,000     $3,860,000     c/f to page 6




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                           168 of 493
                   A                         B        C              D          E          F              G              H              I              J                    K                L
404           PRO FORMA                             Year 0         Year 1     Year 2     Year 3         Year 4         Year 5         Year 6         Year 7
405      DIRECT STAFFING (FTE)
406
407   Deans/Assoc. Deans                                     2.0        4.0        4.0            4.0            4.0            4.0            4.0            4.0
408
409   Administrative clerical support                        5.0       10.0       10.0        10.0          10.0            10.0           10.0           10.0
410   FT Faculty- (new July starts)                          0.0       20.0       35.4        54.1          37.6            18.8            8.2            0.0
411   FT Faculty- (ongoing)                                  0.0        0.0       31.7        78.9         151.0           201.2          226.2          237.2
412
413
414   Faculty clerical support                               0.0        1.0        3.0         6.0           8.0             9.0            9.0            9.0
415   Classroom support techn- B.Tech.                       0.0        3.0        9.0        19.0          28.0            34.0           37.0           37.0
416   Classroom support techn- all other programs            0.0        6.0       15.0        25.0          33.0            37.0           38.0           38.0
417   'Commons" computer technicians                         0.0        5.0       12.0        21.0          28.0            32.0           33.0           33.0
418                Teaching                                  7.0       49.0      120.1       218.0         299.6           346.0          365.4          368.2
419   Distance Learning specialists                          3.0        7.0        7.0         7.0           7.0             7.0            7.0            7.0
420   Project Coordinator                                    1.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
421   Technical Support                                      0.0        3.0        3.0         3.0           3.0             3.0            3.0            3.0
422   Copyright Assistant                                    0.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
423   Production Coordinator                                 0.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
424   Technical Help Support                                 0.0        1.0        2.0         2.0           2.0             2.0            2.0            2.0
425   Administration Support                                 0.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
426          Distance Education                              4.0       15.0       16.0        16.0          16.0            16.0           16.0           16.0
427   Librarian                                              1.0        3.0        4.0         5.0           6.0             7.0            7.0            7.0
428   IT support position                                    0.0        0.5        0.5         1.0           1.0             1.0            1.0            1.0
429   Library technician                                     1.0        3.0        4.0         5.0           6.0             7.0            7.0            7.0
430   Library clerk                                          1.0        0.5        1.0         2.0           2.0             2.0            2.0            2.0
431            Library Services                              3.0        7.0        9.5        13.0          15.0            17.0           17.0           17.0
432   Clerical support- Housing off-campus                   0.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
433   Clerical support- Orientation                          0.0        0.5        0.5         0.5           0.5             0.5            0.5            0.5
434   Clerical support- Peer tutoring                        0.0        1.0        3.0         4.0           5.0             5.0            5.0            5.0
435   Program counsellor- Academic advising                  0.0        2.0        3.0         5.0           7.0             7.0            7.0            7.0
436   Employment advisor- Career services                    0.0        1.0        1.0         2.0           5.0             5.0            5.0            5.0
437   Counsellors- Counselling staff                         0.0        1.0        3.0         4.0           5.0             6.0            7.0            7.0
438   LD Consultant- Disability Services                     0.0        1.0        3.0         4.0           5.0             6.0            7.0            7.0
439           Student Services                               0.0        7.5       14.5        20.5          28.5            30.5           32.5           32.5
440   Registrar                                              1.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
441   Admin Assistant/Office mgr                             1.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
442   Registration                                           1.0        3.0        6.0         6.0           6.0             6.0            6.0            6.0
443   Financial Aid officer                                  1.0        2.0        4.0         4.0           4.0             4.0            4.0            4.0
444                Registrar                                 4.0        7.0       12.0        12.0          12.0            12.0           12.0           12.0
445                                                                                                                                                                 Excludes Admin and IT (p. 14)
446            TOTAL STAFF                               18.0          85.5      172.1       279.5         371.1           421.5          442.9          445.7 and Facilities (p. 15)




              3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                         169 of 493
                   A                           B          C         D              E             F             G              H              I             J           K            L
447           PRO FORMA                                 Year 0    Year 1         Year 2        Year 3        Year 4         Year 5         Year 6        Year 7
448       STUDENT AID SET-ASIDE
449
450   Tuition fee increases over base year:
451   Bachelor of Fine Arts                                       base year         $0.00          $0.00            $0.00       $0.00          $0.00         $0.00
452   Bachelor of Business Admin.                                 base year         $0.00          $0.00            $0.00       $0.00          $0.00         $0.00
453   Bachelor of Arts                                            base year         $0.00          $0.00            $0.00       $0.00          $0.00         $0.00
454   Bachelor of Technology                                      base year         $0.00          $0.00            $0.00       $0.00          $0.00         $0.00
455
456
457
458
459   Percent of tuition increase to be set aside                                   30.0%          30.0%            30.0%       30.0%          30.0%         30.0%
460
461   Amount of tuition increase to be set aside- per student:
462   Bachelor of Fine Arts                                                           n/a            n/a             n/a             n/a        n/a           n/a
463   Bachelor of Business Admin.                                                     n/a            n/a             n/a             n/a        n/a           n/a
464   Bachelor of Arts                                                                n/a            n/a             n/a             n/a        n/a           n/a
465   Bachelor of Technology                                                          n/a            n/a             n/a             n/a        n/a           n/a
466
467
468
469
470   Student Aid Set-Aside:
471   Bachelor of Fine Arts                                                $0             $0            $0            $0              $0            $0            $0
472   Bachelor of Business Admin.                                           0              0             0             0               0             0             0
473   Bachelor of Arts                                                      0              0             0             0               0             0             0
474   Bachelor of Technology                                                0              0             0             0               0             0             0
475
476
477
478   Total Student Aid Set-Aside:                                          Included in "Bursaries Expense" below
479




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                 170 of 493
                       A                      B         C            D            E             F             G            H              I             J               K              L
480               PRO FORMA                           Year 0       Year 1       Year 2        Year 3        Year 4       Year 5         Year 6        Year 7
481               BURSARIES
482
483   Tuition fee
484   Bachelor of Fine Arts                                          $4,800       $4,800        $4,800        $4,800        $4,800        $4,800        $4,800
485   Bachelor of Business Admin.                                    $4,800       $4,800        $4,800        $4,800        $4,800        $4,800        $4,800
486   Bachelor of Arts                                               $4,800       $4,800        $4,800        $4,800        $4,800        $4,800        $4,800
487   Bachelor of Technology                                         $4,800       $4,800        $4,800        $4,800        $4,800        $4,800        $4,800
488
489
490
491
492   Enrolments:
493   Bachelor of Fine Arts                                             400          960          1564          2108          2334          2407          2407
494   Bachelor of Business Admin.                                       450         1105          1795          2416          2678          2751          2751
495   Bachelor of Arts                                                  400          960          1574          2127          2361          2442          2442
496   Bachelor of Technology                                            200          580          1222          1800          2189          2407          2407
497
498
499
500     Total enrolments                                              1,450         3,605         6,155         8,451         9,562       10,007        10,007
501
502   Total value of tuition fees:
503   Bachelor of Fine Arts                                       1,920,000     4,608,000     7,507,200    10,118,400    11,203,200    11,553,600    11,553,600
504   Bachelor of Business Admin.                                 2,160,000     5,304,000     8,616,000    11,596,800    12,854,400    13,204,800    13,204,800
505   Bachelor of Arts                                            1,920,000     4,608,000     7,555,200    10,209,600    11,332,800    11,721,600    11,721,600
506   Bachelor of Technology                                        960,000     2,784,000     5,865,600     8,640,000    10,507,200    11,553,600    11,553,600
507
508
509
510   Total tuition fees                                         $6,960,000   $17,304,000   $29,544,000   $40,564,800   $45,897,600   $48,033,600   $48,033,600
511
512   12% of Total tuition fees value                              $835,200    $2,076,480    $3,545,280    $4,867,776    $5,507,712    $5,764,032    $5,764,032
513   Less- Student Aid set-aside (page 12)                               0             0             0             0             0             0             0
514   Bursaries expense                                            $835,200    $2,076,480    $3,545,280    $4,867,776    $5,507,712    $5,764,032    $5,764,032   c/f to page 6
515




                3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                   171 of 493
                     A                          B          C             D             E              F              G              H               I              J                K              L
516            PRO FORMA                                 Year 0        Year 1        Year 2         Year 3         Year 4         Year 5          Year 6         Year 7
517          ADMIN & INFO TECH
518
519   Total students                                -             -        1,450         3,605          6,155          8,451           9,562        10,007          10,007
520
521   Cost per student:
522
523   Admin cost per student (allowance)                                 $1,000          $750           $600           $600            $600           $600           $600
524
525   Info Tech cost per student (allowance)                               $800          $600           $500           $500            $500           $500           $500
526
527   total Administration expense                      $1,000,000    $1,450,000    $2,703,750     $3,693,000     $5,070,600      $5,737,200     $6,004,200     $6,004,200    c/f to page 6
528   Information Technology expense                      $500,000    $1,160,000    $2,163,000     $3,077,500     $4,225,500      $4,781,000     $5,003,500     $5,003,500    c/f to page 6
529
530                                                      Year 0        Year 1        Year 2         Year 3         Year 4         Year 5          Year 6         Year 7
531          CAPITAL EQUIPMENT
532   Distance Education
533   Registrar
534   Library Services
535   Student Services
536   Total Capital Equipment                            $500,000      $500,000      $500,000       $500,000       $500,000        $500,000       $500,000       $500,000     c/f to page 6
537
538                                                      Year 0        Year 1        Year 2         Year 3         Year 4         Year 5          Year 6         Year 7
539     CREDIT CARD SERVICE FEES
540   Total all student fees                                          $8,138,850   $20,234,865    $34,548,015    $47,435,463     $53,671,506    $56,169,291    $56,169,291
541   Estimated fees paid by credit card       60%                     4,883,310    12,140,919     20,728,809     28,461,278      32,202,904     33,701,575     33,701,575
542   Estimated service fees                   1.5%                      $73,250      $182,114       $310,932       $426,919        $483,044      $505,524        $505,524    c/f to page 6
543
544                                                      Year 0        Year 1        Year 2         Year 3         Year 4         Year 5          Year 6         Year 7
545    Debt servicing / Interest income
546
547   Revenue before interest income                            $0 $16,277,600 $37,580,240        $66,421,040    $94,358,088    $108,171,556 $113,872,316 $113,872,316
548   Expense before debt servicing cost                (4,603,250) (23,373,120) (44,604,442)     (66,359,660)   (95,415,046)   (103,599,157) (107,136,463) (97,545,347)
549   Net before interest calculation                   (4,603,250) (7,095,520) (7,024,202)            61,380     (1,056,958)      4,572,399     6,735,853   16,326,969
550   Interest on current year net             2.0%        (92,065)    (141,910)    (140,484)           1,228        (21,139)         91,448       134,717      326,539
551
552   Accumulated prior years net                                 -   (4,695,315) (12,120,558)    (19,770,066)   (20,498,261)    (22,396,288)   (18,628,293)   (12,502,855)
553   Interest on prior years net              4.0%               -     (187,813)    (484,822)       (790,803)      (819,930)       (895,852)      (745,132)      (500,114)
554
555   Debt servicing expense                              ($92,065)   ($329,723)     ($625,306)     ($789,575)     ($841,069)      ($804,404)     ($610,415)     ($173,575) c/f to page 6
556   Interest income revenue                                   $0           $0             $0             $0             $0              $0             $0             $0 c/f to page 1
557




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                                172 of 493
                       A                       B         C                D              E                    F                G                  H                   I                   J               K               L
558                                                    Year 0           Year 1         Year 2               Year 3           Year 4             Year 5              Year 6              Year 7
559               FACILITIES
560   Area used (net assignable square feet)                               100,000        200,000            300,000          400,000             530,000            530,000             530,000
561   Area used (gross square feet)                             nil        160,000        320,000            480,000          640,000             848,000            848,000             848,000                1.6 gross-to-net
562
563
564   Cost per sq ft
565    Building maintenance
566    Custodial
567    Security
568    Grounds
569    Electric energy
570    Fossil fuel
571    Plant admin/eng
572    total                                       $      10.00        $     10.00    $     10.00       $       10.00    $      10.00       $       10.00       $       10.00       $       10.00
573
574
575
576
577
578
579
580
581
582
583
584
585
586
587
588
589
590
591
592   TOTAL FACILITIES EXPENSE                                        $ 1,600,000    $ 3,200,000    $       4,800,000   $ 6,400,000     $       8,480,000   $       8,480,000   $       8,480,000   c/f to page 6
593
594   cost/gross sq ft incl. Staff costs                                   $ 10.00         $10.00            $ 10.00          $ 10.00            $ 10.00             $ 10.00             $ 10.00
595
596




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                        A                        B      C            D          E         F        G         H        I         J       K            L
597               PRO FORMA                           Year 0       Year 1     Year 2    Year 3   Year 4    Year 5   Year 6    Year 7
598     EXPENDITURE DISTRIBUTION
599   Deans/Assoc. Deans                               7.2%          2.9%      1.5%     1.0%      0.7%     0.7%      0.6%      0.7%
600   Program co-ordinators                            0.0%          0.0%      0.0%     0.0%      0.0%     0.0%      0.0%      0.0%
601   Administrative clerical support                  5.3%          2.1%      1.1%     0.7%      0.5%     0.5%      0.5%      0.5%
602   FT Faculty                                       0.0%          9.3%      16.3%    21.8%     21.6%    23.2%     23.9%     26.7%
603
604   PT Faculty                                       0.0%          2.3%      3.1%     3.8%      3.6%     3.7%      3.8%      4.2%
605
606
607   Faculty clerical support                         0.0%          0.2%      0.3%     0.4%      0.4%     0.4%      0.4%      0.5%
608   Classroom support technicians                    0.0%          2.3%      3.2%     3.9%      3.8%     4.1%      4.2%      4.6%
609   'Commons' computer technicians                   0.0%          1.3%      1.6%     1.9%      1.7%     1.8%      1.8%      2.0%
610   TOTAL TEACHING SALARIES                          12.6%         20.3%     27.2%    33.6%     32.3%    34.4%     35.3%     39.2%
611   Employee benefits FT                             3.1%          4.5%      6.0%     7.5%      7.2%     7.7%      7.9%      8.7%
612   Employee benefits PT                             0.0%          0.3%      0.4%     0.5%      0.4%     0.4%      0.5%      0.5%
613   Non-salary teaching costs                        1.9%          3.0%      4.1%     5.0%      4.8%     5.2%      5.3%      5.9%
614   Research/study leave                             0.0%          0.0%      0.0%     0.0%      0.0%     0.0%      0.0%      0.0%
615   Distance Education- service                      9.4%          5.9%      3.3%     2.2%      1.5%     1.4%      1.4%      1.5%
616   Curriculum development                           0.0%          7.4%      3.9%     2.6%      1.8%     0.0%      0.0%      0.0%
617   Distance content                                 0.0%          4.6%      2.4%     1.6%      1.1%     0.0%      0.0%      0.0%
618
619     Total Teaching expense                         27.0%         46.1%     47.2%    53.0%     49.3%    49.1%     50.3%     55.8%
620
621   Library Services expense                         6.7%          4.9%      5.0%     3.9%      3.0%     3.0%      2.9%      3.2%
622   Student Services expense                         0.0%          3.3%      3.4%     3.3%      3.2%     3.2%      3.3%      3.7%
623   Registrar expense                                38.3%         12.1%     8.5%     5.7%      4.0%     3.7%      3.6%      4.0%
624   Bursaries                                        0.0%          3.5%      4.6%     5.3%      5.1%     5.3%      5.3%      5.9%
625   Student Aid set-aside                            0.0%          0.0%      0.0%     0.0%      0.0%     0.0%      0.0%      0.0%
626   Information Technology                           0.0%          4.9%      4.8%     4.6%      4.4%     4.6%      4.6%      5.1%
627   Registrarial systems development                 2.6%          0.8%      0.0%     0.0%      0.0%     0.0%      0.0%      0.0%
628     Academic Services expense                      47.6%         29.6%     26.3%    22.8%     19.7%    19.8%     19.8%     21.9%
629
630   General Administration                           0.0%          6.1%      6.0%     5.5%      5.3%     5.5%      5.6%      6.1%
631   Facilities                                       0.0%          6.8%      7.1%     7.1%      6.6%     8.1%      7.9%      8.7%
632   Faculty recruitment                              0.0%          0.1%      0.1%     0.1%      0.0%     0.0%      0.0%      0.0%
633   Municipal levy in lieu of realty tax             0.0%          0.5%      0.6%     0.7%      0.7%     0.7%      0.7%      0.8%
634   Capital equipment                                10.6%         2.1%      1.1%     0.7%      0.5%     0.5%      0.5%      0.5%
635   Equipment renewal                                0.0%          0.0%      0.9%     0.6%      0.4%     0.4%      0.4%      0.4%
636   Building renovations                             0.0%          0.7%      0.7%     0.7%      0.7%     0.8%      0.8%      0.9%
637   Contingency fund                                 12.8%         6.3%      5.5%     5.2%      4.2%     3.8%      3.7%      4.1%
638   Credit card service fees                         0.0%          0.4%      0.5%     0.6%      0.6%     0.6%      0.6%      0.6%
639   Interest on capital debt                         0.0%          0.0%      2.7%     1.8%      0.8%     0.4%      0.0%      0.0%
640   Contribution to capital debt - principal         0.0%          0.0%      0.0%     0.0%      10.4%    9.6%      9.3%      0.0%
641   Project start-up and transition                  0.0%          0.0%      0.0%     0.0%      0.0%     0.0%      0.0%      0.0%
642   Debt servicing cost                              2.0%          1.4%      1.4%     1.2%      0.9%     0.8%      0.6%      0.2%
643     Institutional Services expense                 25.4%         24.3%     26.5%    24.2%     31.0%    31.1%     29.9%     22.3%
644
645     Total Expense                                100.0%        100.0%      100.0%   100.0%    100.0%   100.0%    100.0%    100.0%


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                      A                    B           C             D               E             F              G              H              I              J           K            L
646
647   CHECK:
648   teaching                                       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%
649   acad services                                  0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%
650   institutional                                  0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%
651   total                                          0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%
652
653   COST PER STUDENT:
654   Teaching                                                  $     7,529    $     5,921    $     5,778    $     5,613    $     5,360    $     5,412    $        5,453
655   Academic Services                                               4,846          3,302          2,489          2,244          2,159          2,135             2,135
656   Institutional Services                                          3,972          3,324          2,643          3,533          3,400          3,221             2,177
657                                                             $    16,347    $    12,546    $    10,910    $    11,390    $    10,919    $    10,767    $        9,765




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                       A                         B             C                   D                E            F            G                    H               I               J           K            L
 1            NEW UNIVERSITY                               TRANSITION                                       START-UP PERIOD
 2              PRO FORMA                                    Year 0              Year 1        Year 2          Year 3       Year 4             Year 5            Year 6          Year 7
 3      FINANCIAL PROJECTIONS
 4     all figures in constant 2011 $
 5   ENROLMENTS:
 6   Bachelor of Fine Arts                                                             400            960           1,564          2,108               2,334           2,407           2,407
 7   Bachelor of Business Admin.                                                       450          1,105           1,795          2,416               2,678           2,751           2,751
 8   Bachelor of Arts                                                                  400            960           1,574          2,127               2,361           2,442           2,442
 9   Bachelor of Technology                                                            200            580           1,222          1,800               2,189           2,407           2,407
10
11
12
13    Total Enrolments                                                               1,450          3,605           6,155          8,451               9,562       10,007          10,007
14
15   REVENUE:
16    Operating grant                                                 -        $8,030,000    $17,075,000      $31,411,400    $46,288,800     $53,782,900       $56,952,500     $56,952,500
17    Tuition fees                                                    -         4,205,000     10,454,500       17,849,500     24,507,900      27,729,800        29,020,300      29,020,300
18    Incidental fees                                                 -           874,350      2,173,815        3,711,465      5,095,953       5,765,886         6,034,221       6,034,221
19    Distance Learning course fees                                   -           304,500        757,050        1,292,550      1,774,710       2,008,020         2,101,470       2,101,470
20    'In lieu of Municipal tax' grant                                -           108,750        270,375          461,625        633,825         717,150           750,525         750,525
21    Interest income                                                 -               -              -                -              -               -                 -               -
22    Total Revenue                                                   -       $13,522,600    $30,730,740      $54,726,540    $78,301,188     $90,003,756       $94,859,016     $94,859,016
23
24   EXPENSE:
25    Teaching and related                                  $1,267,000         $9,486,940    $16,588,040      $25,643,131    $33,650,451     $35,017,766       $36,759,020     $36,978,471
26    Academic Services                                      2,236,250          6,695,788     11,080,540       13,914,515     17,034,698      18,461,201        19,078,561      19,078,561
27    Institutional Services                                 1,192,065          5,740,568     11,952,907       16,204,458     29,766,129      32,397,799        32,094,315      21,617,437
28    Total Expense                                         $4,695,315        $21,923,296    $39,621,487      $55,762,104    $80,451,278     $85,876,766       $87,931,896     $77,674,469
29
30   ANNUAL SURPLUS (DEFICIT)                               ($4,695,315) ($8,400,696) ($8,890,747)            ($1,035,564)   ($2,150,090)     $4,126,990        $6,927,120     $17,184,547
31   Annual surplus (deficit) per student                           -        ($5,794)     ($2,466)                  ($168)         ($254)           $432              $692          $1,717
32
33   ACCUMULATED SURPLUS (DEFICIT)                          ($4,695,315) ($13,096,011) ($21,986,758)         ($23,022,322) ($25,172,412)    ($21,045,422) ($14,118,302)         $3,066,245
34   Accumulated Enrolments                                         -           1,450         5,055                11,210        19,661           29,223        39,230              49,237
35   Accumulated surplus (deficit) per student                      -         ($9,032)      ($4,350)              ($2,054)      ($1,280)           ($720)        ($360)                $62
36
37                                                                            CONTENTS:
38                    1.   Revenue & expense summary             7.       Distance education                13. Bursaries
39                    2.   Enrolment projections                 8.       Library services                  14. Admin, I.T., Credit Card fees,
40                    3.   Student cohorts                       9.       Student Services                      Capital equipment
41                    4.   Grant & tuition revenue              10.       Registrar                         14. Debt servicing, Interest income
42                    5.   Teaching staff, base salaries        11.       Direct staffing summary           15. Facilities
43                    6.   Expense summary                      12.       Student aid set-aside             16. Expense distribution-percentages
44
45




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                 A                    B           C            D           E          F           G           H           I           J         K            L
46          PRO FORMA                           Year 0       Year 1      Year 2     Year 3      Year 4      Year 5      Year 6      Year 7
47         ENROLMENTS
48                                          retention
49      Bachelor of Fine Arts         1                            400        600         700         700         700         700         700
50                                    2          90%                          360         540         630         630         630         630
51                                    3          90%                            0         324         486         567         567         567
52                                    4          90%                            0           0         292         437         510         510
53                                                                 400        960        1564        2108        2334        2407        2407
54   Bachelor of Business Admin.      1                            450        700         800         800         800         800         800
55                                    2          90%                          405         630         720         720         720         720
56                                    3          90%                            0         365         567         648         648         648
57                                    4          90%                            0           0         329         510         583         583
58                                                                 450       1105        1795        2416        2678        2751        2751
59        Bachelor of Arts            1                            400        600         710         710         710         710         710
60                                    2          90%                          360         540         639         639         639         639
61                                    3          90%                            0         324         486         575         575         575
62                                    4          90%                            0           0         292         437         518         518
63                                                                 400        960        1574        2127        2361        2442        2442
64     Bachelor of Technology         1                            200        400         700         700         700         700         700
65                                    2          90%                          180         360         630         630         630         630
66                                    3          90%                            0         162         324         567         567         567
67                                    4          90%                            0           0         146         292         510         510
68                                                                 200        580        1222        1800        2189        2407        2407
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84      TOTAL ENROLMENTS                  1st year              1,450       2,300       2,910      2,910        2,910      2,910       2,910
85                                        2nd year                -         1,305       2,070      2,619        2,619      2,619       2,619
86                                        3rd year                -           -         1,175      1,863        2,357      2,357       2,357
87                                        4th year                -           -           -        1,059        1,676      2,121       2,121
88                                         Totals               1,450       3,605       6,155      8,451        9,562     10,007      10,007
89




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                    A                   B           C            D         E        F        G        H        I        J      K            L
90           PRO FORMA                           Year 0        Year 1    Year 2   Year 3   Year 4   Year 5   Year 6   Year 7
91       STUDENT COHORTS
92 Maximum cohort sizes:
93 Bachelor of Fine Arts                                         90       90       90       90       90       90       90
94 Bachelor of Business Admin.                                   90       90       90       90       90       90       90
95 Bachelor of Arts                                              90       90       90       90       90       90       90
96 Bachelor of Technology                                        90       90       90       90       90       90       90
97
98
99
100
101 NUMBER COHORTS (rounded up)
102      Bachelor of Fine Arts          1                        5         7        8        8        8       8         8
103                                     2                        0         4        6        7        7       7         7
104                                     3                        0         0        4        6        7       7         7
105                                     4                        0         0        0        4        5       6         6
106                                                              5        11       18       25       27       28       28
107   Bachelor of Business Admin.       1                        5         8        9        9        9       9         9
108                                     2                        0         5        7        8        8       8         8
109                                     3                        0         0        5        7        8       8         8
110                                     4                        0         0        0        4        6       7         7
111                                                              5        13       21       28       31       32       32
112        Bachelor of Arts             1                        5         7        8        8        8       8         8
113                                     2                        0         4        6        8        8       8         8
114                                     3                        0         0        4        6        7       7         7
115                                     4                        0         0        0        4        5       6         6
116                                                              5        11       18       26       28       29       29
117     Bachelor of Technology          1                        3         5        8        8        8       8         8
118                                     2                        0         2        4        7        7       7         7
119                                     3                        0         0        2        4        7       7         7
120                                     4                        0         0        0        2        4       6         6
121                                                              3         7       14       21       26       28       28
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137   TOTALS BY PROGRAM YEAR            1                        18       27       33       33       33        33       33
138                                     2                        0        15       23       30       30        30       30
139                                     3                        0         0       15       23       29        29       29
140                                     4                        0         0        0       14       20        25       25
141                                                              18       42       71       100      112      117      117
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                       A                   B              C              D              E              F               G               H                I               J         K            L
142              PRO FORMA              Program         Year 0         Year 1         Year 2         Year 3          Year 4          Year 5           Year 6          Year 7
143     GRANT & TUITION REVENUE         Weights
144   Grant per FTE by program weight        1.0   $       3,100   $      3,100   $      3,100   $       3,100   $      3,100   $         3,100   $       3,100   $       3,100
145                                          1.5   $       5,800   $      5,800   $      5,800   $       5,800   $      5,800   $         5,800   $       5,800   $       5,800
146                                          2.0   $       8,500   $      8,500   $      8,500   $       8,500   $      8,500   $         8,500   $       8,500   $       8,500
147
148
149                                     Program        1st year
150   Basic Income Units:               Weights        Students
151    Bachelor of Fine Arts              1.5            1.0                400          1,140           1,996          2,812             3,151           3,261           3,261
152    Bachelor of Business Admin.        1.5            1.5                675          1,658           2,693          3,624             4,017           4,127           4,127
153    Bachelor of Arts                   1.5            1.0                400          1,140           2,006          2,836             3,187           3,308           3,308
154    Bachelor of Technology             2.0            1.0                200            760           1,744          2,900             3,678           4,114           4,114
155
156
157
158   Total Basic Income Units                                            1,675          4,698           8,439         12,172            14,033         14,809          14,809
159      average program weight                                           1.16           1.30          1.37            1.44             1.47            1.48            1.48
160
161   GRANT FUNDING                                                $8,030,000     $17,075,000    $31,411,400     $46,288,800        $53,782,900   $56,952,500     $56,952,500
162
163   Tuition- 2 semesters                                             $2,900          $2,900         $2,900          $2,900             $2,900        $2,900          $2,900
164   Total students                                                    1,450           3,605          6,155           8,451              9,562        10,007          10,007
165   TUITION FEES                                                 $4,205,000     $10,454,500    $17,849,500     $24,507,900        $27,729,800   $29,020,300     $29,020,300
166
167   Other fees:
168   Incidental fee (2 semesters)                                         $603           $603           $603            $603              $603           $603            $603
169   Distance Learning course fee                                          $70            $70            $70             $70               $70            $70             $70
170




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                    A                             B             C                  D               E               F                  G                  H                  I                  J                K                   L
171            PRO FORMA                                      Year 0             Year 1          Year 2          Year 3             Year 4             Year 5             Year 6             Year 7
172        TEACHING STAFF DATA
173
174   Student course load/cohort/semester                                                5               5               5                  5                  5                  5                  5
175   Total courses one semester                                                        90             210             355                500                560                585                585
176   Total courses 2 semesters - nominal                                              180             420             710               1000               1120               1170               1170
177   Adjustment for vacant seats                                                      5%              5%             10%                10%                10%                10%                10%
178   Total courses 2 semesters - real                                                 189             441             781               1100               1232               1287               1287
179   share taught by sessional instructors                                           30%             30%             30%                30%                30%                30%                30%
180   Courses taught by sessional instructors                                           57             132             234                330                370                386                386
181   Courses taught by FT faculty                                                     132             309             547                770                862                901                901
182
183   Avg course load per year - FT faculty                                              8               8                8                 8                   8                  8                  8
184   Avg class size                                                                 76.7            81.7             78.8              76.8                77.6               77.8               77.8
185
186   Avg FT faculty required                                        0                 17              39               68                96                 108                113                113
187   Adjustment: 50% release for chairs                             5                  5              10               10                10                  10                 10                 10
188   Adjustment for sabbaticals                                 1.000              1.000           1.000            1.133             1.133               1.133              1.133              1.133
189   Total FT faculty required                                      5                 22              49               89               120                 133                139                139
190
191   Deans/Assoc. Deans                                               2.0            4.0             4.0                 4.0                4.0                4.0                4.0                4.0
192
193   Administrative clerical support (0.5 per program)                5.0           10.0            10.0             10.0              10.0                10.0               10.0               10.0
194   FT Faculty- (new July starts)                                    0.0           12.4            20.3             30.2              23.7                 9.8                4.1                0.0
195   FT Faculty- (ongoing)                                            0.0            0.0            21.5             48.6              88.8               120.4              133.5              139.0
196
197                                                                                                                                                                                                         1 staff for:
198   Faculty clerical support                                         0.0            1.0             2.0              4.0               5.0                 5.0                6.0                6.0                  25    faculty
199   Classroom support techn- B. Tech.                                0.0            3.0             9.0             19.0              28.0                34.0               37.0               37.0                  65    students
200   Classroom support techn- all other programs                      0.0            6.0            15.0             25.0              33.0                37.0               38.0               38.0                 200    students
201   Common computer technicians                                      0.0            5.0            12.0             21.0              28.0                32.0               33.0               33.0                 300    students
202   Total Teaching staff                                             7.0           41.4            93.8            161.8             220.5               252.2              265.6              267.0
203
204   AVERAGE SALARY RATES:
205   Deans/Assoc. Deans                      $170,000        $170,000           $170,000        $170,000        $170,000           $170,000           $170,000           $170,000           $170,000
206
207   Administrative clerical support          $50,000         $50,000            $50,000         $50,000         $50,000            $50,000            $50,000            $50,000            $50,000
208   FT Faculty                              $110,000        $110,000           $110,000        $110,000        $110,000           $110,000           $110,000           $110,000           $110,000
209
210   Faculty clerical support                  $50,000        $50,000            $50,000         $50,000         $50,000            $50,000             $50,000           $50,000            $50,000
211   Classroom support technicians             $60,000        $60,000            $60,000         $60,000         $60,000            $60,000             $60,000           $60,000            $60,000
212   Common computer technicians               $60,000        $60,000            $60,000         $60,000         $60,000            $60,000             $60,000           $60,000            $60,000
213   Sessional instructors (per course)                  $      6,000       $      6,000    $      6,000    $      6,000       $      6,000       $       6,000      $      6,000       $      6,000
214
215   Note: New faculty hires are assumed to be July 1st.




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                        A                        B      C              D             E             F              G            H              I             J                K                L
216                PRO FORMA                          Year 0         Year 1        Year 2        Year 3         Year 4       Year 5         Year 6        Year 7
217                 EXPENSE
218
219   Deans/Assoc. Deans                              $340,000       $680,000      $680,000       $680,000      $680,000      $680,000      $680,000       $680,000
220
221   Administrative clerical support                  250,000         500,000       500,000       500,000        500,000       500,000       500,000       500,000
222   FT Faculty                                             0       1,364,000     4,598,000     8,670,750     12,377,750    14,323,833    15,130,500    15,287,250
223
224   PT Faculty                                               0      342,000       792,000      1,404,000      1,980,000     2,220,000     2,316,000     2,316,000
225
226
227   Faculty clerical support                               0          50,000       100,000       200,000        250,000       250,000       300,000       300,000
228   Classroom support technicians                          0         540,000     1,440,000     2,640,000      3,660,000     4,260,000     4,500,000     4,500,000
229   'Commons' computer technicians                         0         300,000       720,000     1,260,000      1,680,000     1,920,000     1,980,000     1,980,000
230   TOTAL TEACHING SALARIES                          590,000       3,776,000     8,830,000    15,354,750     21,127,750    24,153,833    25,406,500    25,563,250
231   Employee benefits FT                             147,500         858,500     2,009,500     3,487,688      4,786,938     5,483,458     5,772,625     5,811,813              25.0% of FT salary
232   Employee benefits PT                                   0          41,040        95,040       168,480        237,600       266,400       277,920       277,920              12.0% of PT salary
233   Non-salary teaching costs                         88,500         566,400     1,324,500     2,303,213      3,169,163     3,623,075     3,810,975     3,834,488              15.0% Teach salary
234
235   Distance Education- develop/deliver              441,000       1,407,000     1,491,000     1,491,000      1,491,000     1,491,000     1,491,000     1,491,000    see page 7
236   Curriculum development                                 0       1,750,000     1,750,000     1,750,000      1,750,000             0             0             0            $7,000 per course
237   Distance content                                       0       1,088,000     1,088,000     1,088,000      1,088,000             0             0             0           $20,000 per course
238
239   Total Teaching and Related Expense              1,267,000      9,486,940    16,588,040    25,643,131     33,650,451    35,017,766    36,759,020    36,978,471 c/f to page 1
240
241   Library Services expense                          316,250    1,168,688      2,265,500       2,622,575     2,880,750     3,125,125     3,125,125     3,125,125 see page 8
242   Student Services expense                                0      787,500      1,537,500       2,212,500     3,127,500     3,367,500     3,607,500     3,607,500 see page 9
243   Registrar/recruitment                           1,800,000    2,875,000      3,860,000       3,860,000     3,860,000     3,860,000     3,860,000     3,860,000 see page 10
244   Bursaries                                               0      504,600      1,254,540       2,141,940     2,940,948     3,327,576     3,482,436     3,482,436 see page 13
245   Student Aid set-aside                                                               0
                                                              0 Included in "Bursaries Expense" below     0             0             0             0             0 see page 12
246   Information Technology                                  0    1,160,000      2,163,000       3,077,500     4,225,500     4,781,000     5,003,500     5,003,500 see page 14
247   Registrarial systems development                  120,000      200,000              0               0             0             0             0             0
248   Academic Services expense                       2,236,250    6,695,788     11,080,540      13,914,515    17,034,698    18,461,201    19,078,561    19,078,561 c/f to page 1
249
250   General Administration                                 0       1,450,000     2,703,750     3,693,000      5,070,600     5,737,200     6,004,200     6,004,200 see page 14
251   Facilities                                             0       1,600,000     3,200,000     4,800,000      6,400,000     8,480,000     8,480,000     8,480,000 see page 16
252   Faculty recruitment                                    0          12,400        20,300        30,200         23,700         9,800         4,100             0           $1,000   per new faculty
253   Municipal levy in lieu of realty tax                   0         108,750       270,375       461,625        633,825       717,150       750,525       750,525           $75.00   per student
254   Capital equipment                                500,000         500,000       500,000       500,000        500,000       500,000       500,000       500,000 see row 541
255   Equipment renewal                                      0               0       400,000       400,000        400,000       400,000       400,000       400,000           $2,000   x 200 PC's
256   Building renovations                                   0         160,000       320,000       480,000        640,000       848,000       848,000       848,000            $1.00   per sq ft
257   Contingency fund                                 600,000       1,500,000     2,500,000     3,500,000      4,000,000     4,000,000     4,000,000     4,000,000
258   Credit card service fees                               0          60,568       150,585       257,102        353,009       399,417       418,005       418,005 see page 14
259   Interest on capital debt                                                     1,200,000     1,200,000        800,000       400,000             0             0 4%                 interest rate
260   Contribution to capital debt - principal                                                           0     10,000,000    10,000,000    10,000,000             0 $     30,000,000
261
262   Debt servicing cost                                92,065        348,850       687,897       882,531        944,995       906,232       689,485       216,707 see page 15
263   Institutional Services expense                  1,192,065      5,740,568    11,952,907    16,204,458     29,766,129    32,397,799    32,094,315    21,617,437 c/f to page 1
264   TOTAL EXPENSE                                  $4,695,315    $21,923,296   $39,621,487   $55,762,104    $80,451,278   $85,876,766   $87,931,896   $77,674,469


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                    A                         B        C             D              E             F              G             H               I              J                 K                L
265            PRO FORMA                             Year 0        Year 1         Year 2        Year 3         Year 4        Year 5          Year 6         Year 7
266        DISTANCE EDUCATION
267
268   No. classroom courses to be developed                             250            250            250           250                0              0              0              1000 courses
269   No. distance courses to be developed                               54             54             54            54                                                              272 courses
270   No. distance courses to be delivered                    0          18             42             71           100               112         117            117
271
272   Number of staff:
273   Distance Learning specialists                           3              7              7             7              7             7               7              7
274   Project Coordinator                                     1              1              1             1              1             1               1              1
275   Technical Support                                       0              3              3             3              3             3               3              3
276   Copyright Assistant                                     0              1              1             1              1             1               1              1
277   Production Coordinator                                  0              1              1             1              1             1               1              1
278   Technical Help Support                                  0              1              2             2              2             2               2              2
279   Administration Support                                  0              1              1             1              1             1               1              1
280                                                           4             15             16            16             16            16              16             16
281   Base salaries rates:
282   Distance Learning specialists                   $75,000       $75,000        $75,000        $75,000       $75,000        $75,000        $75,000        $75,000
283   Project Coordinator                             $90,000       $90,000        $90,000        $90,000       $90,000        $90,000        $90,000        $90,000
284   Technical Support                               $60,000       $60,000        $60,000        $60,000       $60,000        $60,000        $60,000        $60,000
285   Copyright Assistant                             $50,000       $50,000        $50,000        $50,000       $50,000        $50,000        $50,000        $50,000
286   Production Coordinator                          $50,000       $50,000        $50,000        $50,000       $50,000        $50,000        $50,000        $50,000
287   Technical Help Support                          $60,000       $60,000        $60,000        $60,000       $60,000        $60,000        $60,000        $60,000
288   Administration Support                          $50,000       $50,000        $50,000        $50,000       $50,000        $50,000        $50,000        $50,000
289
290
291
292   Distance Education expense:
293   Distance Learning specialists                  $225,000       $525,000      $525,000        $525,000      $525,000       $525,000      $525,000        $525,000
294   Project Coordinator                             $90,000         90,000         90,000         90,000        90,000         90,000         90,000         90,000
295   Technical Support                                     0        180,000        180,000        180,000       180,000        180,000        180,000        180,000
296   Copyright Assistant                                   0         50,000         50,000         50,000        50,000         50,000         50,000         50,000
297   Production Coordinator                                0         50,000         50,000         50,000        50,000         50,000         50,000         50,000
298   Technical Help Support                                0         60,000        120,000        120,000       120,000        120,000        120,000        120,000
299   Administration Support                                0         50,000         50,000         50,000        50,000         50,000         50,000         50,000
300   TOTAL SALARIES                                  315,000      1,005,000      1,065,000      1,065,000     1,065,000      1,065,000      1,065,000      1,065,000
301   Employee benefits                                78,750        251,250        266,250        266,250       266,250        266,250        266,250        266,250               25.0% of salaries
302   Non-salary office/travel/other                   47,250        150,750        159,750        159,750       159,750        159,750        159,750        159,750               15.0% of salaries
303   Distance Education Services expense            $441,000     $1,407,000     $1,491,000     $1,491,000    $1,491,000     $1,491,000     $1,491,000     $1,491,000     c/f to page 6




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                      A                     B           C               D            E           F             G           H             I            J               K               L
304              PRO FORMA                            Year 0          Year 1       Year 2      Year 3        Year 4      Year 5        Year 6       Year 7
305           LIBRARY SERVICES
306
307   Number of staff:
308   Librarian                                                1.0          3.0          4.0          5.0          6.0          7.0          7.0          7.0
309   IT support position                                      0.0          0.5          0.5          1.0          1.0          1.0          1.0          1.0
310   Library technician                                       1.0          3.0          4.0          5.0          6.0          7.0          7.0          7.0
311   Library clerk                                            1.0          0.5          1.0          2.0          2.0          2.0          2.0          2.0
312                                                            3.0          7.0          9.5         13.0         15.0         17.0         17.0         17.0
313   Base salaries rates:
314   Librarian                                       $110,000        $110,000     $110,000     $110,000     $110,000     $110,000     $110,000     $110,000
315   IT support position                              $60,000         $60,000      $60,000      $60,000      $60,000      $60,000      $60,000      $60,000
316   Library technician                               $60,000         $60,000      $60,000      $60,000      $60,000      $60,000      $60,000      $60,000
317   Library clerk                                    $50,000         $50,000      $50,000      $50,000      $50,000      $50,000      $50,000      $50,000
318
319   Library Services expense:
320   Librarian                                       $110,000         $330,000    $440,000      $550,000     $660,000     $770,000    $770,000      $770,000
321   IT support position                                    0           30,000       30,000       60,000       60,000       60,000       60,000       60,000
322   Library technician                                60,000          180,000      240,000      300,000      360,000      420,000      420,000      420,000
323   Library clerk                                     50,000           25,000       50,000      100,000      100,000      100,000      100,000      100,000
324   TOTAL SALARIES                                   220,000          565,000      760,000    1,010,000    1,180,000    1,350,000    1,350,000    1,350,000
325   Employee benefits                                 55,000          141,250      190,000      252,500      295,000      337,500      337,500      337,500             25.0% of salary
326   Library acquisitions                                   0          300,000    1,000,000    1,000,000    1,000,000    1,000,000    1,000,000    1,000,000
327   Courier/Van delivery                                   0           10,000       20,000       18,000       30,000       30,000       30,000       30,000
328   Non-salary office/travel/other                    41,250          152,438      295,500      342,075      375,750      407,625      407,625      407,625            15.0% of above
329   Library Services expense                        $316,250       $1,168,688   $2,265,500   $2,622,575   $2,880,750   $3,125,125   $3,125,125   $3,125,125   c/f to page 6




                3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                  205 of 493
                    A                         B        C            D           E           F             G           H             I            J               K               L
330            PRO FORMA                             Year 0       Year 1      Year 2      Year 3        Year 4      Year 5        Year 6       Year 7
331         STUDENT SERVICES
332
333   Number of staff:
334   Housing off-campus coordinator                                   1.0          1.0          1.0          1.0          1.0          1.0          1.0
335   Orientation                                                      0.5          0.5          0.5          0.5          0.5          0.5          0.5
336   Peer tutoring coordinator                                        1.0          3.0          4.0          5.0          5.0          5.0          5.0
337   Program counsellor- Academic advising                            2.0          3.0          5.0          7.0          7.0          7.0          7.0
338   Employment advisor- Career services                              1.0          1.0          2.0          5.0          5.0          5.0          5.0
339   Counsellors- Counselling staff                                   1.0          3.0          4.0          5.0          6.0          7.0          7.0
340   LD Consultant- Disability Services                               1.0          3.0          4.0          5.0          6.0          7.0          7.0
341                                                                    7.5         14.5         20.5         28.5         30.5         32.5         32.5
342   Base salaries rates:
343   Clerical support- Housing off-campus                         $50,000     $50,000      $50,000      $50,000      $50,000      $50,000      $50,000
344   Clerical support- Orientation                                $50,000     $50,000      $50,000      $50,000      $50,000      $50,000      $50,000
345   Clerical support- Peer tutoring                              $50,000     $50,000      $50,000      $50,000      $50,000      $50,000      $50,000
346   Program counsellor- Academic advising                        $80,000     $80,000      $80,000      $80,000      $80,000      $80,000      $80,000
347   Employment advisor- Career services                          $80,000     $80,000      $80,000      $80,000      $80,000      $80,000      $80,000
348   Counsellors- Counselling staff                               $80,000     $80,000      $80,000      $80,000      $80,000      $80,000      $80,000
349   LD Consultant- Disability Services                           $80,000     $80,000      $80,000      $80,000      $80,000      $80,000      $80,000
350
351   EXPENSE:
352   Clerical support- Housing off-campus                         $50,000      $50,000      $50,000      $50,000      $50,000      $50,000      $50,000
353   Clerical support- Orientation                                 25,000       25,000       25,000       25,000       25,000       25,000       25,000
354   Clerical support- Peer tutoring                               50,000      150,000      200,000      250,000      250,000      250,000      250,000
355   Program counsellor- Academic advising                        160,000      240,000      400,000      560,000      560,000      560,000      560,000
356   Employment advisor- Career services                           80,000       80,000      160,000      400,000      400,000      400,000      400,000
357   Counsellors- Counselling staff                                80,000      240,000      320,000      400,000      480,000      560,000      560,000
358   LD Consultant- Disability Services                            80,000      240,000      320,000      400,000      480,000      560,000      560,000
359   TOTAL SALARIES                                               525,000    1,025,000    1,475,000    2,085,000    2,245,000    2,405,000    2,405,000
360   Employee benefits                                            131,250      256,250      368,750      521,250      561,250      601,250      601,250             25.0% of salary
361   Non-salary expenses incl. work-study                         131,250      256,250      368,750      521,250      561,250      601,250      601,250             25.0% of salary
362
363   Student Services expense                                    $787,500   $1,537,500   $2,212,500   $3,127,500   $3,367,500   $3,607,500   $3,607,500   c/f to page 6




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                              206 of 493
                      A                    B           C             D             E             F              G             H              I              J                 K                    L
364              PRO FORMA                           Year 0        Year 1        Year 2        Year 3         Year 4        Year 5         Year 6         Year 7
365              REGISTRAR
366
367   Number of staff:
368   Registrar                                               1             1              1             1              1             1              1              1
369   Admin Assistant/Office mgr                              1             1              1             1              1             1              1              1
370   Registration                                            1             3              6             6              6             6              6              6
371   Financial Aid officer                                   1             2              4             4              4             4              4              4
372                                                           4             7             12            12             12            12             12             12
373   Base salary rates:
374   Registrar                                      $110,000      $110,000      $110,000       $110,000      $110,000       $110,000      $110,000       $110,000
375   Admin Assistant/Office mgr                      $50,000       $50,000       $50,000        $50,000       $50,000        $50,000       $50,000        $50,000
376   Registration                                    $60,000       $60,000       $60,000        $60,000       $60,000        $60,000       $60,000        $60,000
377   Financial Aid officer                           $60,000       $60,000       $60,000        $60,000       $60,000        $60,000       $60,000        $60,000
378
379   REGISTRAR EXPENSE:
380   Registrar                                       $110,000       110,000       110,000        110,000       110,000        110,000       110,000        110,000
381   Admin Assistant/Office mgr                        50,000        50,000        50,000         50,000        50,000         50,000        50,000         50,000
382   Registration                                      60,000       180,000       360,000        360,000       360,000        360,000       360,000        360,000
383   Financial Aid officer                             60,000       120,000       240,000        240,000       240,000        240,000       240,000        240,000
384   Employee benefits                                 70,000       115,000       190,000        190,000       190,000        190,000       190,000        190,000               25.0% of salary
385   Sub-total Registrar                              350,000       575,000       950,000        950,000       950,000        950,000       950,000        950,000
386   Recruitment non-salary                         1,450,000     2,300,000     2,910,000      2,910,000     2,910,000      2,910,000     2,910,000      2,910,000     $           1,000 per Year 1 student
387                                                                                                                                                                                       in following Sept.
388
389
390
391
392
393
394
395
396
397
398
399
400
401
402   Sub-total Recruitment                         1,450,000      2,300,000     2,910,000      2,910,000     2,910,000      2,910,000     2,910,000      2,910,000
403   Total Registrar / recruitment                $1,800,000     $2,875,000    $3,860,000     $3,860,000    $3,860,000     $3,860,000    $3,860,000     $3,860,000     c/f to page 6




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                           207 of 493
                   A                         B        C              D          E          F              G              H              I              J                    K                L
404           PRO FORMA                             Year 0         Year 1     Year 2     Year 3         Year 4         Year 5         Year 6         Year 7
405      DIRECT STAFFING (FTE)
406
407   Deans/Assoc. Deans                                     2.0        4.0        4.0            4.0            4.0            4.0            4.0            4.0
408
409   Administrative clerical support                        5.0       10.0       10.0        10.0          10.0            10.0           10.0           10.0
410   FT Faculty- (new July starts)                          0.0       12.4       20.3        30.2          23.7             9.8            4.1            0.0
411   FT Faculty- (ongoing)                                  0.0        0.0       21.5        48.6          88.8           120.4          133.5          139.0
412
413
414   Faculty clerical support                               0.0        1.0        2.0         4.0           5.0             5.0            6.0            6.0
415   Classroom support techn- B.Tech.                       0.0        3.0        9.0        19.0          28.0            34.0           37.0           37.0
416   Classroom support techn- all other programs            0.0        6.0       15.0        25.0          33.0            37.0           38.0           38.0
417   'Commons" computer technicians                         0.0        5.0       12.0        21.0          28.0            32.0           33.0           33.0
418                Teaching                                  7.0       41.4       93.8       161.8         220.5           252.2          265.6          267.0
419   Distance Learning specialists                          3.0        7.0        7.0         7.0           7.0             7.0            7.0            7.0
420   Project Coordinator                                    1.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
421   Technical Support                                      0.0        3.0        3.0         3.0           3.0             3.0            3.0            3.0
422   Copyright Assistant                                    0.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
423   Production Coordinator                                 0.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
424   Technical Help Support                                 0.0        1.0        2.0         2.0           2.0             2.0            2.0            2.0
425   Administration Support                                 0.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
426          Distance Education                              4.0       15.0       16.0        16.0          16.0            16.0           16.0           16.0
427   Librarian                                              1.0        3.0        4.0         5.0           6.0             7.0            7.0            7.0
428   IT support position                                    0.0        0.5        0.5         1.0           1.0             1.0            1.0            1.0
429   Library technician                                     1.0        3.0        4.0         5.0           6.0             7.0            7.0            7.0
430   Library clerk                                          1.0        0.5        1.0         2.0           2.0             2.0            2.0            2.0
431            Library Services                              3.0        7.0        9.5        13.0          15.0            17.0           17.0           17.0
432   Clerical support- Housing off-campus                   0.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
433   Clerical support- Orientation                          0.0        0.5        0.5         0.5           0.5             0.5            0.5            0.5
434   Clerical support- Peer tutoring                        0.0        1.0        3.0         4.0           5.0             5.0            5.0            5.0
435   Program counsellor- Academic advising                  0.0        2.0        3.0         5.0           7.0             7.0            7.0            7.0
436   Employment advisor- Career services                    0.0        1.0        1.0         2.0           5.0             5.0            5.0            5.0
437   Counsellors- Counselling staff                         0.0        1.0        3.0         4.0           5.0             6.0            7.0            7.0
438   LD Consultant- Disability Services                     0.0        1.0        3.0         4.0           5.0             6.0            7.0            7.0
439           Student Services                               0.0        7.5       14.5        20.5          28.5            30.5           32.5           32.5
440   Registrar                                              1.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
441   Admin Assistant/Office mgr                             1.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
442   Registration                                           1.0        3.0        6.0         6.0           6.0             6.0            6.0            6.0
443   Financial Aid officer                                  1.0        2.0        4.0         4.0           4.0             4.0            4.0            4.0
444                Registrar                                 4.0        7.0       12.0        12.0          12.0            12.0           12.0           12.0
445                                                                                                                                                                 Excludes Admin and IT (p. 14)
446            TOTAL STAFF                               18.0          77.9      145.8       223.3         292.0           327.7          343.1          344.5 and Facilities (p. 15)




              3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                         208 of 493
                   A                           B          C         D              E             F             G              H              I             J           K            L
447           PRO FORMA                                 Year 0    Year 1         Year 2        Year 3        Year 4         Year 5         Year 6        Year 7
448       STUDENT AID SET-ASIDE
449
450   Tuition fee increases over base year:
451   Bachelor of Fine Arts                                       base year         $0.00          $0.00            $0.00       $0.00          $0.00         $0.00
452   Bachelor of Business Admin.                                 base year         $0.00          $0.00            $0.00       $0.00          $0.00         $0.00
453   Bachelor of Arts                                            base year         $0.00          $0.00            $0.00       $0.00          $0.00         $0.00
454   Bachelor of Technology                                      base year         $0.00          $0.00            $0.00       $0.00          $0.00         $0.00
455
456
457
458
459   Percent of tuition increase to be set aside                                   30.0%          30.0%            30.0%       30.0%          30.0%         30.0%
460
461   Amount of tuition increase to be set aside- per student:
462   Bachelor of Fine Arts                                                           n/a            n/a             n/a             n/a        n/a           n/a
463   Bachelor of Business Admin.                                                     n/a            n/a             n/a             n/a        n/a           n/a
464   Bachelor of Arts                                                                n/a            n/a             n/a             n/a        n/a           n/a
465   Bachelor of Technology                                                          n/a            n/a             n/a             n/a        n/a           n/a
466
467
468
469
470   Student Aid Set-Aside:
471   Bachelor of Fine Arts                                                $0             $0            $0            $0              $0            $0            $0
472   Bachelor of Business Admin.                                           0              0             0             0               0             0             0
473   Bachelor of Arts                                                      0              0             0             0               0             0             0
474   Bachelor of Technology                                                0              0             0             0               0             0             0
475
476
477
478   Total Student Aid Set-Aside:                                          Included in "Bursaries Expense" below
479




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                 209 of 493
                       A                      B         C            D            E             F             G            H              I             J               K              L
480               PRO FORMA                           Year 0       Year 1       Year 2        Year 3        Year 4       Year 5         Year 6        Year 7
481               BURSARIES
482
483   Tuition fee
484   Bachelor of Fine Arts                                          $2,900       $2,900        $2,900        $2,900        $2,900        $2,900        $2,900
485   Bachelor of Business Admin.                                    $2,900       $2,900        $2,900        $2,900        $2,900        $2,900        $2,900
486   Bachelor of Arts                                               $2,900       $2,900        $2,900        $2,900        $2,900        $2,900        $2,900
487   Bachelor of Technology                                         $2,900       $2,900        $2,900        $2,900        $2,900        $2,900        $2,900
488
489
490
491
492   Enrolments:
493   Bachelor of Fine Arts                                             400          960          1564          2108          2334          2407          2407
494   Bachelor of Business Admin.                                       450         1105          1795          2416          2678          2751          2751
495   Bachelor of Arts                                                  400          960          1574          2127          2361          2442          2442
496   Bachelor of Technology                                            200          580          1222          1800          2189          2407          2407
497
498
499
500     Total enrolments                                              1,450         3,605         6,155         8,451         9,562       10,007        10,007
501
502   Total value of tuition fees:
503   Bachelor of Fine Arts                                       1,160,000     2,784,000     4,535,600     6,113,200     6,768,600     6,980,300     6,980,300
504   Bachelor of Business Admin.                                 1,305,000     3,204,500     5,205,500     7,006,400     7,766,200     7,977,900     7,977,900
505   Bachelor of Arts                                            1,160,000     2,784,000     4,564,600     6,168,300     6,846,900     7,081,800     7,081,800
506   Bachelor of Technology                                        580,000     1,682,000     3,543,800     5,220,000     6,348,100     6,980,300     6,980,300
507
508
509
510   Total tuition fees                                         $4,205,000   $10,454,500   $17,849,500   $24,507,900   $27,729,800   $29,020,300   $29,020,300
511
512   12% of Total tuition fees value                              $504,600    $1,254,540    $2,141,940    $2,940,948    $3,327,576    $3,482,436    $3,482,436
513   Less- Student Aid set-aside (page 12)                               0             0             0             0             0             0             0
514   Bursaries expense                                            $504,600    $1,254,540    $2,141,940    $2,940,948    $3,327,576    $3,482,436    $3,482,436   c/f to page 6
515




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                     A                          B          C             D             E              F              G             H               I              J                K              L
516            PRO FORMA                                 Year 0        Year 1        Year 2         Year 3         Year 4        Year 5          Year 6         Year 7
517          ADMIN & INFO TECH
518
519   Total students                                -             -        1,450         3,605          6,155          8,451          9,562         10,007         10,007
520
521   Cost per student:
522
523   Admin cost per student (allowance)                                 $1,000          $750           $600           $600           $600           $600           $600
524
525   Info Tech cost per student (allowance)                               $800          $600           $500           $500           $500           $500           $500
526
527   total Administration expense                      $1,000,000    $1,450,000    $2,703,750     $3,693,000     $5,070,600     $5,737,200     $6,004,200     $6,004,200    c/f to page 6
528   Information Technology expense                      $500,000    $1,160,000    $2,163,000     $3,077,500     $4,225,500     $4,781,000     $5,003,500     $5,003,500    c/f to page 6
529
530                                                      Year 0        Year 1        Year 2         Year 3         Year 4        Year 5          Year 6         Year 7
531          CAPITAL EQUIPMENT
532   Distance Education
533   Registrar
534   Library Services
535   Student Services
536   Total Capital Equipment                            $500,000      $500,000      $500,000       $500,000       $500,000       $500,000       $500,000       $500,000     c/f to page 6
537
538                                                      Year 0        Year 1        Year 2         Year 3         Year 4        Year 5          Year 6         Year 7
539     CREDIT CARD SERVICE FEES
540   Total all student fees                                          $5,383,850   $13,385,365    $22,853,515    $31,378,563    $35,503,706    $37,155,991    $37,155,991
541   Estimated fees paid by credit card       60%                     3,230,310     8,031,219     13,712,109     18,827,138     21,302,224     22,293,595     22,293,595
542   Estimated service fees                   1.5%                      $48,455      $120,468       $205,682       $282,407       $319,533      $334,404        $334,404    c/f to page 6
543
544                                                      Year 0        Year 1        Year 2         Year 3         Year 4        Year 5          Year 6         Year 7
545    Debt servicing / Interest income
546
547   Revenue before interest income                            $0 $13,522,600 $30,730,740        $54,726,540    $78,301,188    $90,003,756    $94,859,016    $94,859,016
548   Expense before debt servicing cost                (4,603,250) (21,574,446) (38,933,590)     (54,879,573)   (79,506,283)   (84,970,534)   (87,242,411)   (77,457,762)
549   Net before interest calculation                   (4,603,250) (8,051,846) (8,202,850)          (153,033)    (1,205,095)     5,033,222      7,616,605     17,401,254
550   Interest on current year net             2.0%        (92,065)    (161,037)    (164,057)          (3,061)       (24,102)       100,664        152,332        348,025
551
552   Accumulated prior years net                                 -   (4,695,315) (13,096,011)    (21,986,758)   (23,022,322)   (25,172,412)   (21,045,422)   (14,118,302)
553   Interest on prior years net              4.0%               -     (187,813)    (523,840)       (879,470)      (920,893)    (1,006,896)      (841,817)      (564,732)
554
555   Debt servicing expense                              ($92,065)   ($348,850)     ($687,897)     ($882,531)     ($944,995)     ($906,232)     ($689,485)     ($216,707) c/f to page 6
556   Interest income revenue                                   $0           $0             $0             $0             $0             $0             $0             $0 c/f to page 1
557




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                       A                       B         C                D              E                    F                G                  H                   I                   J               K               L
558                                                    Year 0           Year 1         Year 2               Year 3           Year 4             Year 5              Year 6              Year 7
559               FACILITIES
560   Area used (net assignable square feet)                               100,000        200,000            300,000          400,000             530,000            530,000             530,000
561   Area used (gross square feet)                             nil        160,000        320,000            480,000          640,000             848,000            848,000             848,000                1.6 gross-to-net
562
563
564   Cost per sq ft
565    Building maintenance
566    Custodial
567    Security
568    Grounds
569    Electric energy
570    Fossil fuel
571    Plant admin/eng
572    total                                       $      10.00        $     10.00    $     10.00       $       10.00    $      10.00       $       10.00       $       10.00       $       10.00
573
574
575
576
577
578
579
580
581
582
583
584
585
586
587
588
589
590
591
592   TOTAL FACILITIES EXPENSE                                        $ 1,600,000    $ 3,200,000    $       4,800,000   $ 6,400,000     $       8,480,000   $       8,480,000   $       8,480,000   c/f to page 6
593
594   cost/gross sq ft incl. Staff costs                                   $ 10.00         $10.00            $ 10.00          $ 10.00            $ 10.00             $ 10.00             $ 10.00
595
596




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                                                      212 of 493
                        A                        B      C            D          E         F        G         H        I         J       K            L
597               PRO FORMA                           Year 0       Year 1     Year 2    Year 3   Year 4    Year 5   Year 6    Year 7
598     EXPENDITURE DISTRIBUTION
599   Deans/Assoc. Deans                               7.2%          3.1%      1.7%     1.2%      0.8%     0.8%      0.8%      0.9%
600   Program co-ordinators                            0.0%          0.0%      0.0%     0.0%      0.0%     0.0%      0.0%      0.0%
601   Administrative clerical support                  5.3%          2.3%      1.3%     0.9%      0.6%     0.6%      0.6%      0.6%
602   FT Faculty                                       0.0%          6.2%      11.6%    15.5%     15.4%    16.7%     17.2%     19.7%
603
604   PT Faculty                                       0.0%          1.6%      2.0%     2.5%      2.5%     2.6%      2.6%      3.0%
605
606
607   Faculty clerical support                         0.0%          0.2%      0.3%     0.4%      0.3%     0.3%      0.3%      0.4%
608   Classroom support technicians                    0.0%          2.5%      3.6%     4.7%      4.5%     5.0%      5.1%      5.8%
609   'Commons' computer technicians                   0.0%          1.4%      1.8%     2.3%      2.1%     2.2%      2.3%      2.5%
610   TOTAL TEACHING SALARIES                          12.6%         17.2%     22.3%    27.5%     26.3%    28.1%     28.9%     32.9%
611   Employee benefits FT                             3.1%          3.9%      5.1%     6.3%      6.0%     6.4%      6.6%      7.5%
612   Employee benefits PT                             0.0%          0.2%      0.2%     0.3%      0.3%     0.3%      0.3%      0.4%
613   Non-salary teaching costs                        1.9%          2.6%      3.3%     4.1%      3.9%     4.2%      4.3%      4.9%
614   Research/study leave                             0.0%          0.0%      0.0%     0.0%      0.0%     0.0%      0.0%      0.0%
615   Distance Education- service                      9.4%          6.4%      3.8%     2.7%      1.9%     1.7%      1.7%      1.9%
616   Curriculum development                           0.0%          8.0%      4.4%     3.1%      2.2%     0.0%      0.0%      0.0%
617   Distance content                                 0.0%          5.0%      2.7%     2.0%      1.4%     0.0%      0.0%      0.0%
618
619     Total Teaching expense                         27.0%         43.3%     41.9%    46.0%     41.8%    40.8%     41.8%     47.6%
620
621   Library Services expense                         6.7%          5.3%      5.7%     4.7%      3.6%     3.6%      3.6%      4.0%
622   Student Services expense                         0.0%          3.6%      3.9%     4.0%      3.9%     3.9%      4.1%      4.6%
623   Registrar expense                                38.3%         13.1%     9.7%     6.9%      4.8%     4.5%      4.4%      5.0%
624   Bursaries                                        0.0%          2.3%      3.2%     3.8%      3.7%     3.9%      4.0%      4.5%
625   Student Aid set-aside                            0.0%          0.0%      0.0%     0.0%      0.0%     0.0%      0.0%      0.0%
626   Information Technology                           0.0%          5.3%      5.5%     5.5%      5.3%     5.6%      5.7%      6.4%
627   Registrarial systems development                 2.6%          0.9%      0.0%     0.0%      0.0%     0.0%      0.0%      0.0%
628     Academic Services expense                      47.6%         30.5%     28.0%    25.0%     21.2%    21.5%     21.7%     24.6%
629
630   General Administration                           0.0%          6.6%      6.8%     6.6%      6.3%     6.7%      6.8%      7.7%
631   Facilities                                       0.0%          7.3%      8.1%     8.6%      8.0%     9.9%      9.6%      10.9%
632   Faculty recruitment                              0.0%          0.1%      0.1%     0.1%      0.0%     0.0%      0.0%      0.0%
633   Municipal levy in lieu of realty tax             0.0%          0.5%      0.7%     0.8%      0.8%     0.8%      0.9%      1.0%
634   Capital equipment                                10.6%         2.3%      1.3%     0.9%      0.6%     0.6%      0.6%      0.6%
635   Equipment renewal                                0.0%          0.0%      1.0%     0.7%      0.5%     0.5%      0.5%      0.5%
636   Building renovations                             0.0%          0.7%      0.8%     0.9%      0.8%     1.0%      1.0%      1.1%
637   Contingency fund                                 12.8%         6.8%      6.3%     6.3%      5.0%     4.7%      4.5%      5.1%
638   Credit card service fees                         0.0%          0.3%      0.4%     0.5%      0.4%     0.5%      0.5%      0.5%
639   Interest on capital debt                         0.0%          0.0%      3.0%     2.2%      1.0%     0.5%      0.0%      0.0%
640   Contribution to capital debt - principal         0.0%          0.0%      0.0%     0.0%      12.4%    11.6%     11.4%     0.0%
641   Project start-up and transition                  0.0%          0.0%      0.0%     0.0%      0.0%     0.0%      0.0%      0.0%
642   Debt servicing cost                              2.0%          1.6%      1.7%     1.6%      1.2%     1.1%      0.8%      0.3%
643     Institutional Services expense                 25.4%         26.2%     30.2%    29.1%     37.0%    37.7%     36.5%     27.8%
644
645     Total Expense                                100.0%        100.0%      100.0%   100.0%    100.0%   100.0%    100.0%    100.0%


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                      A                    B           C             D               E             F                G                H                I                J           K            L
646
647   CHECK:
648   teaching                                       0.00000%       0.00000%       0.00000%       0.00000%         0.00000%         0.00000%         0.00000%         0.00000%
649   acad services                                  0.00000%       0.00000%       0.00000%       0.00000%         0.00000%         0.00000%         0.00000%         0.00000%
650   institutional                                  0.00000%       0.00000%       0.00000%       0.00000%         0.00000%         0.00000%         0.00000%         0.00000%
651   total                                          0.00000%       0.00000%       0.00000%       0.00000%         0.00000%         0.00000%         0.00000%         0.00000%
652
653   COST PER STUDENT:
654   Teaching                                                  $     6,543    $     4,601    $        4,166   $        3,982   $        3,662   $        3,673   $        3,695
655   Academic Services                                               4,618          3,074             2,261            2,016            1,931            1,907            1,907
656   Institutional Services                                          3,959          3,316             2,633            3,522            3,388            3,207            2,160
657                                                             $    15,120    $    10,991    $        9,060   $        9,520   $        8,981   $        8,787   $        7,762




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                       A                         B             C                   D                E            F            G                    H                I                J           K            L
 1      TRADITIONAL UNIVERSITY                             TRANSITION                                       START-UP PERIOD
 2              PRO FORMA                                    Year 0              Year 1        Year 2          Year 3       Year 4             Year 5             Year 6           Year 7
 3      FINANCIAL PROJECTIONS
 4     all figures in constant 2011 $
 5   ENROLMENTS:
 6   Bachelor of Fine Arts                                                             400            960           1,564          2,108               2,334            2,407            2,407
 7   Bachelor of Business Admin.                                                       450          1,105           1,795          2,416               2,678            2,751            2,751
 8   Bachelor of Arts                                                                  400            960           1,574          2,127               2,361            2,442            2,442
 9   Bachelor of Technology                                                            200            580           1,222          1,800               2,189            2,407            2,407
10
11
12
13    Total Enrolments                                                               1,450          3,605           6,155          8,451               9,562        10,007           10,007
14
15   REVENUE:
16    Operating grant                                                 -        $8,030,000    $17,075,000      $31,411,400    $46,288,800     $53,782,900        $56,952,500      $56,952,500
17    Tuition fees                                                    -         7,685,000     19,106,500       32,621,500     44,790,300      50,678,600         53,037,100       53,037,100
18    Incidental fees                                                 -           874,350      2,173,815        3,711,465      5,095,953       5,765,886          6,034,221        6,034,221
19    Distance Learning course fees                                   -           304,500        757,050        1,292,550      1,774,710       2,008,020          2,101,470        2,101,470
20    'In lieu of Municipal tax' grant                                -           108,750        270,375          461,625        633,825         717,150            750,525          750,525
21    Interest income                                                 -               -              -                -              -               -                  -                -
22    Total Revenue                                                   -       $17,002,600    $39,382,740      $69,498,540    $98,583,588    $112,952,556       $118,875,816     $118,875,816
23
24   EXPENSE:
25    Teaching and related                                  $1,267,000        $14,266,420    $30,946,471      $55,262,791 $75,899,480        $84,712,400        $89,912,160      $90,746,326
26    Academic Services                                      2,236,250          7,113,388     12,118,780       15,687,155   19,468,586        21,215,057         21,960,577       21,960,577
27    Institutional Services                                 1,192,065          6,202,035     13,040,040       18,262,344   33,123,111        37,512,048         38,639,940       29,705,369
28    Total Expense                                         $4,695,315        $27,581,843    $56,105,291      $89,212,290 $128,491,177      $143,439,505       $150,512,677     $142,412,272
29
30   ANNUAL SURPLUS (DEFICIT)                               ($4,695,315) ($10,579,243) ($16,722,551)         ($19,713,750) ($29,907,589)    ($30,486,949) ($31,636,861) ($23,536,456)
31   Annual surplus (deficit) per student                           -         ($7,296)      ($4,639)              ($3,203)      ($3,539)         ($3,188)      ($3,161)      ($2,352)
32
33   ACCUMULATED SURPLUS (DEFICIT)                          ($4,695,315) ($15,274,558) ($31,997,109)         ($51,710,859) ($81,618,448) ($112,105,397) ($143,742,258) ($167,278,714)
34   Accumulated Enrolments                                         -           1,450         5,055                11,210        19,661         29,223         39,230         49,237
35   Accumulated surplus (deficit) per student                      -        ($10,534)      ($6,330)              ($4,613)      ($4,151)       ($3,836)       ($3,664)       ($3,397)
36
37                                                                            CONTENTS:
38                    1.   Revenue & expense summary             7.       Distance education                13. Bursaries
39                    2.   Enrolment projections                 8.       Library services                  14. Admin, I.T., Credit Card fees,
40                    3.   Student cohorts                       9.       Student Services                      Capital equipment
41                    4.   Grant & tuition revenue              10.       Registrar                         14. Debt servicing, Interest income
42                    5.   Teaching staff, base salaries        11.       Direct staffing summary           15. Facilities
43                    6.   Expense summary                      12.       Student aid set-aside             16. Expense distribution-percentages
44
45




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                 A                    B           C            D           E          F           G           H           I           J         K            L
46          PRO FORMA                           Year 0       Year 1      Year 2     Year 3      Year 4      Year 5      Year 6      Year 7
47         ENROLMENTS
48                                          retention
49      Bachelor of Fine Arts         1                            400        600         700         700         700         700         700
50                                    2          90%                          360         540         630         630         630         630
51                                    3          90%                            0         324         486         567         567         567
52                                    4          90%                            0           0         292         437         510         510
53                                                                 400        960        1564        2108        2334        2407        2407
54   Bachelor of Business Admin.      1                            450        700         800         800         800         800         800
55                                    2          90%                          405         630         720         720         720         720
56                                    3          90%                            0         365         567         648         648         648
57                                    4          90%                            0           0         329         510         583         583
58                                                                 450       1105        1795        2416        2678        2751        2751
59        Bachelor of Arts            1                            400        600         710         710         710         710         710
60                                    2          90%                          360         540         639         639         639         639
61                                    3          90%                            0         324         486         575         575         575
62                                    4          90%                            0           0         292         437         518         518
63                                                                 400        960        1574        2127        2361        2442        2442
64     Bachelor of Technology         1                            200        400         700         700         700         700         700
65                                    2          90%                          180         360         630         630         630         630
66                                    3          90%                            0         162         324         567         567         567
67                                    4          90%                            0           0         146         292         510         510
68                                                                 200        580        1222        1800        2189        2407        2407
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84      TOTAL ENROLMENTS                  1st year              1,450       2,300       2,910      2,910        2,910      2,910       2,910
85                                        2nd year                -         1,305       2,070      2,619        2,619      2,619       2,619
86                                        3rd year                -           -         1,175      1,863        2,357      2,357       2,357
87                                        4th year                -           -           -        1,059        1,676      2,121       2,121
88                                         Totals               1,450       3,605       6,155      8,451        9,562     10,007      10,007
89




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                    A                   B           C            D         E        F        G        H        I        J      K            L
90           PRO FORMA                           Year 0        Year 1    Year 2   Year 3   Year 4   Year 5   Year 6   Year 7
91       STUDENT COHORTS
92 Maximum cohort sizes:
93 Bachelor of Fine Arts                                         50       50       50       50       50       50       50
94 Bachelor of Business Admin.                                   50       50       50       50       50       50       50
95 Bachelor of Arts                                              50       50       50       50       50       50       50
96 Bachelor of Technology                                        50       50       50       50       50       50       50
97
98
99
100
101 NUMBER COHORTS (rounded up)
102      Bachelor of Fine Arts          1                        8        12       14       14       14       14       14
103                                     2                        0         8       11       13       13       13       13
104                                     3                        0         0        7       10       12       12       12
105                                     4                        0         0        0        6        9       11       11
106                                                              8        20       32       43       48       50       50
107   Bachelor of Business Admin.       1                        9        14       16       16       16       16       16
108                                     2                        0         9       13       15       15       15       15
109                                     3                        0         0        8       12       13       13       13
110                                     4                        0         0        0        7       11       12       12
111                                                              9        23       37       50       55       56       56
112        Bachelor of Arts             1                        8        12       15       15       15       15       15
113                                     2                        0         8       11       13       13       13       13
114                                     3                        0         0        7       10       12       12       12
115                                     4                        0         0        0        6        9       11       11
116                                                              8        20       33       44       49       51       51
117     Bachelor of Technology          1                        4         8       14       14       14       14       14
118                                     2                        0         4        8       13       13       13       13
119                                     3                        0         0        4        7       12       12       12
120                                     4                        0         0        0        3        6       11       11
121                                                              4        12       26       37       45       50       50
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137   TOTALS BY PROGRAM YEAR            1                        29       46        59      59       59        59       59
138                                     2                        0        29        43      54       54        54       54
139                                     3                        0         0        26      39       49        49       49
140                                     4                        0         0         0      22       35        45       45
141                                                              29       75       128      174      197      207      207
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                       A                   B              C              D              E              F               G               H                I               J         K            L
142              PRO FORMA              Program         Year 0         Year 1         Year 2         Year 3          Year 4          Year 5           Year 6          Year 7
143     GRANT & TUITION REVENUE         Weights
144   Grant per FTE by program weight        1.0   $       3,100   $      3,100   $      3,100   $       3,100   $      3,100   $         3,100   $       3,100   $       3,100
145                                          1.5   $       5,800   $      5,800   $      5,800   $       5,800   $      5,800   $         5,800   $       5,800   $       5,800
146                                          2.0   $       8,500   $      8,500   $      8,500   $       8,500   $      8,500   $         8,500   $       8,500   $       8,500
147
148
149                                     Program        1st year
150   Basic Income Units:               Weights        Students
151    Bachelor of Fine Arts              1.5            1.0                400          1,140           1,996          2,812             3,151           3,261           3,261
152    Bachelor of Business Admin.        1.5            1.5                675          1,658           2,693          3,624             4,017           4,127           4,127
153    Bachelor of Arts                   1.5            1.0                400          1,140           2,006          2,836             3,187           3,308           3,308
154    Bachelor of Technology             2.0            1.0                200            760           1,744          2,900             3,678           4,114           4,114
155
156
157
158   Total Basic Income Units                                            1,675          4,698           8,439         12,172            14,033         14,809          14,809
159      average program weight                                           1.16           1.30          1.37            1.44             1.47            1.48            1.48
160
161   GRANT FUNDING                                                $8,030,000     $17,075,000    $31,411,400     $46,288,800        $53,782,900   $56,952,500     $56,952,500
162
163   Tuition- 2 semesters                                             $5,300          $5,300         $5,300          $5,300             $5,300        $5,300          $5,300
164   Total students                                                    1,450           3,605          6,155           8,451              9,562        10,007          10,007
165   TUITION FEES                                                 $7,685,000     $19,106,500    $32,621,500     $44,790,300        $50,678,600   $53,037,100     $53,037,100
166
167   Other fees:
168   Incidental fee (2 semesters)                                         $603           $603           $603            $603              $603           $603            $603
169   Distance Learning course fee                                          $70            $70            $70             $70               $70            $70             $70
170




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                    A                             B             C                  D               E               F                  G                  H                  I                  J                K                   L
171            PRO FORMA                                      Year 0             Year 1          Year 2          Year 3             Year 4             Year 5             Year 6             Year 7
172        TEACHING STAFF DATA
173
174   Student course load/cohort/semester                                                5               5               5                  5                  5                  5                  5
175   Total courses one semester                                                       145             375             640                870                985               1035               1035
176   Total courses 2 semesters - nominal                                              290             750            1280               1740               1970               2070               2070
177   Adjustment for vacant seats                                                      5%              5%             10%                10%                10%                10%                10%
178   Total courses 2 semesters - real                                                 305           787.5            1408               1914               2167               2277               2277
179   share taught by sessional instructors                                           30%             30%             30%                30%                30%                30%                30%
180   Courses taught by sessional instructors                                           91             236             422                574                650                683                683
181   Courses taught by FT faculty                                                     214           551.5             986               1340               1517               1594               1594
182
183   Avg course load per year - FT faculty                                              4               4                4                 4                   4                  4                  4
184   Avg class size                                                                 47.6            45.8             43.7              44.2                44.1               43.9               43.9
185
186   Avg FT faculty required                                        0                 53             138              247               335                 379                399                399
187   Adjustment: 50% release for chairs                             5                  5              10               10                10                  10                 10                 10
188   Adjustment for sabbaticals                                 1.000              1.000           1.000            1.133             1.133               1.133              1.133              1.133
189   Total FT faculty required                                      5                 58             148              291               391                 441                463                463
190
191   Deans/Assoc. Deans                                               2.0            4.0             4.0                 4.0                4.0                4.0                4.0                4.0
192
193   Administrative clerical support (0.5 per program)                5.0           10.0            10.0             10.0              10.0                10.0               10.0               10.0
194   FT Faculty- (new July starts)                                    0.0           40.0            67.1            107.1              75.2                37.6               16.4                0.0
195   FT Faculty- (ongoing)                                            0.0            0.0            58.4            147.9             290.7               391.0              441.2              463.0
196
197                                                                                                                                                                                                         1 staff for:
198   Faculty clerical support                                         0.0            2.0             6.0             12.0              16.0                18.0               19.0               19.0                  25    faculty
199   Classroom support techn- B. Tech.                                0.0            3.0             9.0             19.0              28.0                34.0               37.0               37.0                  65    students
200   Classroom support techn- all other programs                      0.0            6.0            15.0             25.0              33.0                37.0               38.0               38.0                 200    students
201   Common computer technicians                                      0.0            5.0            12.0             21.0              28.0                32.0               33.0               33.0                 300    students
202   Total Teaching staff                                             7.0           70.0           181.5            346.0             484.9               563.6              598.6              604.0
203
204   AVERAGE SALARY RATES:
205   Deans/Assoc. Deans                      $170,000        $170,000           $170,000        $170,000        $170,000           $170,000           $170,000           $170,000           $170,000
206
207   Administrative clerical support          $50,000         $50,000            $50,000         $50,000         $50,000            $50,000            $50,000            $50,000            $50,000
208   FT Faculty                              $110,000        $110,000           $110,000        $110,000        $110,000           $110,000           $110,000           $110,000           $110,000
209
210   Faculty clerical support                  $50,000        $50,000            $50,000         $50,000         $50,000            $50,000             $50,000           $50,000            $50,000
211   Classroom support technicians             $60,000        $60,000            $60,000         $60,000         $60,000            $60,000             $60,000           $60,000            $60,000
212   Common computer technicians               $60,000        $60,000            $60,000         $60,000         $60,000            $60,000             $60,000           $60,000            $60,000
213   Sessional instructors (per course)                  $      6,000       $      6,000    $      6,000    $      6,000       $      6,000       $       6,000      $      6,000       $      6,000
214
215   Note: New faculty hires are assumed to be July 1st.




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                        A                        B      C              D             E             F             G             H               I              J                K                L
216                PRO FORMA                          Year 0         Year 1        Year 2        Year 3        Year 4        Year 5          Year 6         Year 7
217                 EXPENSE
218
219   Deans/Assoc. Deans                              $340,000       $680,000      $680,000       $680,000     $680,000       $680,000       $680,000        $680,000
220
221   Administrative clerical support                  250,000         500,000       500,000       500,000       500,000        500,000        500,000        500,000
222   FT Faculty                                             0       4,400,000    13,802,250    28,047,250    40,249,000     47,146,000     50,330,500     50,926,333
223
224   PT Faculty                                               0      546,000      1,416,000     2,532,000     3,444,000      3,900,000      4,098,000      4,098,000
225
226
227   Faculty clerical support                               0         100,000       300,000       600,000       800,000        900,000        950,000        950,000
228   Classroom support technicians                          0         540,000     1,440,000     2,640,000     3,660,000      4,260,000      4,500,000      4,500,000
229   'Commons' computer technicians                         0         300,000       720,000     1,260,000     1,680,000      1,920,000      1,980,000      1,980,000
230   TOTAL TEACHING SALARIES                          590,000       7,066,000    18,858,250    36,259,250    51,013,000     59,306,000     63,038,500     63,634,333
231   Employee benefits FT                             147,500       1,630,000     4,360,563     8,431,813    11,892,250     13,851,500     14,735,125     14,884,083              25.0% of FT salary
232   Employee benefits PT                                   0          65,520       169,920       303,840       413,280        468,000        491,760        491,760              12.0% of PT salary
233   Non-salary teaching costs                         88,500       1,059,900     2,828,738     5,438,888     7,651,950      8,895,900      9,455,775      9,545,150              15.0% Teach salary
234
235   Distance Education- develop/deliver               441,000      1,407,000     1,491,000     1,491,000     1,491,000      1,491,000      1,491,000      1,491,000 see page 7
236   Curriculum development                                  0      1,750,000     1,750,000     1,750,000     1,750,000              0              0              0            $7,000 per course
237   Distance content                                        0      1,088,000     1,088,000     1,088,000     1,088,000              0              0              0           $20,000 per course
238   Transfer to Research Overhead                           0        200,000       400,000       500,000       600,000        700,000        700,000        700,000
239   Total Teaching and Related Expense              1,267,000     14,266,420    30,946,471    55,262,791    75,899,480     84,712,400     89,912,160     90,746,326 c/f to page 1
240
241   Library Services expense                          316,250    1,168,688      2,265,500       2,622,575    2,880,750      3,125,125      3,125,125      3,125,125 see page 8
242   Student Services expense                                0      787,500      1,537,500       2,212,500    3,127,500      3,367,500      3,607,500      3,607,500 see page 9
243   Registrar/recruitment                           1,800,000    2,875,000      3,860,000       3,860,000    3,860,000      3,860,000      3,860,000      3,860,000 see page 10
244   Bursaries                                               0      922,200      2,292,780       3,914,580    5,374,836      6,081,432      6,364,452      6,364,452 see page 13
245   Student Aid set-aside                                                               0
                                                              0 Included in "Bursaries Expense" below     0            0              0              0              0 see page 12
246   Information Technology                                  0    1,160,000      2,163,000       3,077,500    4,225,500      4,781,000      5,003,500      5,003,500 see page 14
247   Registrarial systems development                  120,000      200,000              0               0            0              0              0              0
248   Academic Services expense                       2,236,250    7,113,388     12,118,780      15,687,155   19,468,586     21,215,057     21,960,577     21,960,577 c/f to page 1
249
250   General Administration                                 0       1,450,000     2,703,750     3,693,000     5,070,600      5,737,200      6,004,200      6,004,200 see page 14
251   Facilities                                             0       1,920,000     3,840,000     5,760,000     7,680,000     10,240,000     10,240,000     10,240,000 see page 16
252   Faculty recruitment                                    0          40,000        67,100       107,100        75,200         37,600         16,400              0           $1,000   per new faculty
253   Municipal levy in lieu of realty tax                   0         108,750       270,375       461,625       633,825        717,150        750,525        750,525           $75.00   per student
254   Capital equipment                                500,000         500,000       500,000       500,000       500,000        500,000        500,000        500,000 see row 541
255   Equipment renewal                                      0               0       400,000       400,000       400,000        400,000        400,000        400,000           $2,000   x 200 PC's
256   Building renovations                                   0         192,000       384,000       576,000       768,000      1,024,000      1,024,000      1,024,000            $1.00   per sq ft
257   Contingency fund                                 600,000       1,500,000     2,500,000     3,500,000     4,000,000      4,000,000      4,000,000      4,000,000
258   Credit card service fees                               0          99,718       247,920       423,287       581,186        657,591        688,194        688,194 see page 14
259   Interest on capital debt                                                     1,200,000     1,200,000       800,000        400,000              0              0 4%                 interest rate
260   Contribution to capital debt - principal                                                           0    10,000,000     10,000,000     10,000,000              0 $     30,000,000
261
262   Debt servicing cost                                92,065        391,567       926,895     1,641,332    2,614,300       3,798,507      5,016,621      6,098,450 see page 15
263   Institutional Services expense                  1,192,065      6,202,035    13,040,040    18,262,344   33,123,111      37,512,048     38,639,940     29,705,369 c/f to page 1
264   TOTAL EXPENSE                                  $4,695,315    $27,581,843   $56,105,291   $89,212,290 $128,491,177    $143,439,505   $150,512,677   $142,412,272


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                    A                         B        C             D              E             F              G             H               I              J                 K                L
265            PRO FORMA                             Year 0        Year 1         Year 2        Year 3         Year 4        Year 5          Year 6         Year 7
266        DISTANCE EDUCATION
267
268   No. classroom courses to be developed                             250            250            250           250                0              0              0              1000 courses
269   No. distance courses to be developed                               54             54             54            54                                                              272 courses
270   No. distance courses to be delivered                    0          29             75            128           174               197         207            207
271
272   Number of staff:
273   Distance Learning specialists                           3              7              7             7              7             7               7              7
274   Project Coordinator                                     1              1              1             1              1             1               1              1
275   Technical Support                                       0              3              3             3              3             3               3              3
276   Copyright Assistant                                     0              1              1             1              1             1               1              1
277   Production Coordinator                                  0              1              1             1              1             1               1              1
278   Technical Help Support                                  0              1              2             2              2             2               2              2
279   Administration Support                                  0              1              1             1              1             1               1              1
280                                                           4             15             16            16             16            16              16             16
281   Base salaries rates:
282   Distance Learning specialists                   $75,000       $75,000        $75,000        $75,000       $75,000        $75,000        $75,000        $75,000
283   Project Coordinator                             $90,000       $90,000        $90,000        $90,000       $90,000        $90,000        $90,000        $90,000
284   Technical Support                               $60,000       $60,000        $60,000        $60,000       $60,000        $60,000        $60,000        $60,000
285   Copyright Assistant                             $50,000       $50,000        $50,000        $50,000       $50,000        $50,000        $50,000        $50,000
286   Production Coordinator                          $50,000       $50,000        $50,000        $50,000       $50,000        $50,000        $50,000        $50,000
287   Technical Help Support                          $60,000       $60,000        $60,000        $60,000       $60,000        $60,000        $60,000        $60,000
288   Administration Support                          $50,000       $50,000        $50,000        $50,000       $50,000        $50,000        $50,000        $50,000
289
290
291
292   Distance Education expense:
293   Distance Learning specialists                  $225,000       $525,000      $525,000        $525,000      $525,000       $525,000      $525,000        $525,000
294   Project Coordinator                             $90,000         90,000         90,000         90,000        90,000         90,000         90,000         90,000
295   Technical Support                                     0        180,000        180,000        180,000       180,000        180,000        180,000        180,000
296   Copyright Assistant                                   0         50,000         50,000         50,000        50,000         50,000         50,000         50,000
297   Production Coordinator                                0         50,000         50,000         50,000        50,000         50,000         50,000         50,000
298   Technical Help Support                                0         60,000        120,000        120,000       120,000        120,000        120,000        120,000
299   Administration Support                                0         50,000         50,000         50,000        50,000         50,000         50,000         50,000
300   TOTAL SALARIES                                  315,000      1,005,000      1,065,000      1,065,000     1,065,000      1,065,000      1,065,000      1,065,000
301   Employee benefits                                78,750        251,250        266,250        266,250       266,250        266,250        266,250        266,250               25.0% of salaries
302   Non-salary office/travel/other                   47,250        150,750        159,750        159,750       159,750        159,750        159,750        159,750               15.0% of salaries
303   Distance Education Services expense            $441,000     $1,407,000     $1,491,000     $1,491,000    $1,491,000     $1,491,000     $1,491,000     $1,491,000     c/f to page 6




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                      A                     B           C               D            E           F             G           H             I            J               K               L
304              PRO FORMA                            Year 0          Year 1       Year 2      Year 3        Year 4      Year 5        Year 6       Year 7
305           LIBRARY SERVICES
306
307   Number of staff:
308   Librarian                                                1.0          3.0          4.0          5.0          6.0          7.0          7.0          7.0
309   IT support position                                      0.0          0.5          0.5          1.0          1.0          1.0          1.0          1.0
310   Library technician                                       1.0          3.0          4.0          5.0          6.0          7.0          7.0          7.0
311   Library clerk                                            1.0          0.5          1.0          2.0          2.0          2.0          2.0          2.0
312                                                            3.0          7.0          9.5         13.0         15.0         17.0         17.0         17.0
313   Base salaries rates:
314   Librarian                                       $110,000        $110,000     $110,000     $110,000     $110,000     $110,000     $110,000     $110,000
315   IT support position                              $60,000         $60,000      $60,000      $60,000      $60,000      $60,000      $60,000      $60,000
316   Library technician                               $60,000         $60,000      $60,000      $60,000      $60,000      $60,000      $60,000      $60,000
317   Library clerk                                    $50,000         $50,000      $50,000      $50,000      $50,000      $50,000      $50,000      $50,000
318
319   Library Services expense:
320   Librarian                                       $110,000         $330,000    $440,000      $550,000     $660,000     $770,000    $770,000      $770,000
321   IT support position                                    0           30,000       30,000       60,000       60,000       60,000       60,000       60,000
322   Library technician                                60,000          180,000      240,000      300,000      360,000      420,000      420,000      420,000
323   Library clerk                                     50,000           25,000       50,000      100,000      100,000      100,000      100,000      100,000
324   TOTAL SALARIES                                   220,000          565,000      760,000    1,010,000    1,180,000    1,350,000    1,350,000    1,350,000
325   Employee benefits                                 55,000          141,250      190,000      252,500      295,000      337,500      337,500      337,500             25.0% of salary
326   Library acquisitions                                   0          300,000    1,000,000    1,000,000    1,000,000    1,000,000    1,000,000    1,000,000
327   Courier/Van delivery                                   0           10,000       20,000       18,000       30,000       30,000       30,000       30,000
328   Non-salary office/travel/other                    41,250          152,438      295,500      342,075      375,750      407,625      407,625      407,625            15.0% of above
329   Library Services expense                        $316,250       $1,168,688   $2,265,500   $2,622,575   $2,880,750   $3,125,125   $3,125,125   $3,125,125   c/f to page 6




                3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                  244 of 493
                    A                         B        C            D           E           F             G           H             I            J               K               L
330            PRO FORMA                             Year 0       Year 1      Year 2      Year 3        Year 4      Year 5        Year 6       Year 7
331         STUDENT SERVICES
332
333   Number of staff:
334   Housing off-campus coordinator                                   1.0          1.0          1.0          1.0          1.0          1.0          1.0
335   Orientation                                                      0.5          0.5          0.5          0.5          0.5          0.5          0.5
336   Peer tutoring coordinator                                        1.0          3.0          4.0          5.0          5.0          5.0          5.0
337   Program counsellor- Academic advising                            2.0          3.0          5.0          7.0          7.0          7.0          7.0
338   Employment advisor- Career services                              1.0          1.0          2.0          5.0          5.0          5.0          5.0
339   Counsellors- Counselling staff                                   1.0          3.0          4.0          5.0          6.0          7.0          7.0
340   LD Consultant- Disability Services                               1.0          3.0          4.0          5.0          6.0          7.0          7.0
341                                                                    7.5         14.5         20.5         28.5         30.5         32.5         32.5
342   Base salaries rates:
343   Clerical support- Housing off-campus                         $50,000     $50,000      $50,000      $50,000      $50,000      $50,000      $50,000
344   Clerical support- Orientation                                $50,000     $50,000      $50,000      $50,000      $50,000      $50,000      $50,000
345   Clerical support- Peer tutoring                              $50,000     $50,000      $50,000      $50,000      $50,000      $50,000      $50,000
346   Program counsellor- Academic advising                        $80,000     $80,000      $80,000      $80,000      $80,000      $80,000      $80,000
347   Employment advisor- Career services                          $80,000     $80,000      $80,000      $80,000      $80,000      $80,000      $80,000
348   Counsellors- Counselling staff                               $80,000     $80,000      $80,000      $80,000      $80,000      $80,000      $80,000
349   LD Consultant- Disability Services                           $80,000     $80,000      $80,000      $80,000      $80,000      $80,000      $80,000
350
351   EXPENSE:
352   Clerical support- Housing off-campus                         $50,000      $50,000      $50,000      $50,000      $50,000      $50,000      $50,000
353   Clerical support- Orientation                                 25,000       25,000       25,000       25,000       25,000       25,000       25,000
354   Clerical support- Peer tutoring                               50,000      150,000      200,000      250,000      250,000      250,000      250,000
355   Program counsellor- Academic advising                        160,000      240,000      400,000      560,000      560,000      560,000      560,000
356   Employment advisor- Career services                           80,000       80,000      160,000      400,000      400,000      400,000      400,000
357   Counsellors- Counselling staff                                80,000      240,000      320,000      400,000      480,000      560,000      560,000
358   LD Consultant- Disability Services                            80,000      240,000      320,000      400,000      480,000      560,000      560,000
359   TOTAL SALARIES                                               525,000    1,025,000    1,475,000    2,085,000    2,245,000    2,405,000    2,405,000
360   Employee benefits                                            131,250      256,250      368,750      521,250      561,250      601,250      601,250             25.0% of salary
361   Non-salary expenses incl. work-study                         131,250      256,250      368,750      521,250      561,250      601,250      601,250             25.0% of salary
362
363   Student Services expense                                    $787,500   $1,537,500   $2,212,500   $3,127,500   $3,367,500   $3,607,500   $3,607,500   c/f to page 6




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                              245 of 493
                      A                    B           C             D             E             F              G             H              I              J                 K                    L
364              PRO FORMA                           Year 0        Year 1        Year 2        Year 3         Year 4        Year 5         Year 6         Year 7
365              REGISTRAR
366
367   Number of staff:
368   Registrar                                               1             1              1             1              1             1              1              1
369   Admin Assistant/Office mgr                              1             1              1             1              1             1              1              1
370   Registration                                            1             3              6             6              6             6              6              6
371   Financial Aid officer                                   1             2              4             4              4             4              4              4
372                                                           4             7             12            12             12            12             12             12
373   Base salary rates:
374   Registrar                                      $110,000      $110,000      $110,000       $110,000      $110,000       $110,000      $110,000       $110,000
375   Admin Assistant/Office mgr                      $50,000       $50,000       $50,000        $50,000       $50,000        $50,000       $50,000        $50,000
376   Registration                                    $60,000       $60,000       $60,000        $60,000       $60,000        $60,000       $60,000        $60,000
377   Financial Aid officer                           $60,000       $60,000       $60,000        $60,000       $60,000        $60,000       $60,000        $60,000
378
379   REGISTRAR EXPENSE:
380   Registrar                                       $110,000       110,000       110,000        110,000       110,000        110,000       110,000        110,000
381   Admin Assistant/Office mgr                        50,000        50,000        50,000         50,000        50,000         50,000        50,000         50,000
382   Registration                                      60,000       180,000       360,000        360,000       360,000        360,000       360,000        360,000
383   Financial Aid officer                             60,000       120,000       240,000        240,000       240,000        240,000       240,000        240,000
384   Employee benefits                                 70,000       115,000       190,000        190,000       190,000        190,000       190,000        190,000               25.0% of salary
385   Sub-total Registrar                              350,000       575,000       950,000        950,000       950,000        950,000       950,000        950,000
386   Recruitment non-salary                         1,450,000     2,300,000     2,910,000      2,910,000     2,910,000      2,910,000     2,910,000      2,910,000     $           1,000 per Year 1 student
387                                                                                                                                                                                       in following Sept.
388
389
390
391
392
393
394
395
396
397
398
399
400
401
402   Sub-total Recruitment                         1,450,000      2,300,000     2,910,000      2,910,000     2,910,000      2,910,000     2,910,000      2,910,000
403   Total Registrar / recruitment                $1,800,000     $2,875,000    $3,860,000     $3,860,000    $3,860,000     $3,860,000    $3,860,000     $3,860,000     c/f to page 6




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                           246 of 493
                   A                         B        C              D          E          F              G              H              I              J                    K                L
404           PRO FORMA                             Year 0         Year 1     Year 2     Year 3         Year 4         Year 5         Year 6         Year 7
405      DIRECT STAFFING (FTE)
406
407   Deans/Assoc. Deans                                     2.0        4.0        4.0            4.0            4.0            4.0            4.0            4.0
408
409   Administrative clerical support                        5.0       10.0       10.0        10.0          10.0            10.0           10.0           10.0
410   FT Faculty- (new July starts)                          0.0       40.0       67.1       107.1          75.2            37.6           16.4            0.0
411   FT Faculty- (ongoing)                                  0.0        0.0       58.4       147.9         290.7           391.0          441.2          463.0
412
413
414   Faculty clerical support                               0.0        2.0        6.0        12.0          16.0            18.0           19.0           19.0
415   Classroom support techn- B.Tech.                       0.0        3.0        9.0        19.0          28.0            34.0           37.0           37.0
416   Classroom support techn- all other programs            0.0        6.0       15.0        25.0          33.0            37.0           38.0           38.0
417   'Commons" computer technicians                         0.0        5.0       12.0        21.0          28.0            32.0           33.0           33.0
418                Teaching                                  7.0       70.0      181.5       346.0         484.9           563.6          598.6          604.0
419   Distance Learning specialists                          3.0        7.0        7.0         7.0           7.0             7.0            7.0            7.0
420   Project Coordinator                                    1.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
421   Technical Support                                      0.0        3.0        3.0         3.0           3.0             3.0            3.0            3.0
422   Copyright Assistant                                    0.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
423   Production Coordinator                                 0.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
424   Technical Help Support                                 0.0        1.0        2.0         2.0           2.0             2.0            2.0            2.0
425   Administration Support                                 0.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
426          Distance Education                              4.0       15.0       16.0        16.0          16.0            16.0           16.0           16.0
427   Librarian                                              1.0        3.0        4.0         5.0           6.0             7.0            7.0            7.0
428   IT support position                                    0.0        0.5        0.5         1.0           1.0             1.0            1.0            1.0
429   Library technician                                     1.0        3.0        4.0         5.0           6.0             7.0            7.0            7.0
430   Library clerk                                          1.0        0.5        1.0         2.0           2.0             2.0            2.0            2.0
431            Library Services                              3.0        7.0        9.5        13.0          15.0            17.0           17.0           17.0
432   Clerical support- Housing off-campus                   0.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
433   Clerical support- Orientation                          0.0        0.5        0.5         0.5           0.5             0.5            0.5            0.5
434   Clerical support- Peer tutoring                        0.0        1.0        3.0         4.0           5.0             5.0            5.0            5.0
435   Program counsellor- Academic advising                  0.0        2.0        3.0         5.0           7.0             7.0            7.0            7.0
436   Employment advisor- Career services                    0.0        1.0        1.0         2.0           5.0             5.0            5.0            5.0
437   Counsellors- Counselling staff                         0.0        1.0        3.0         4.0           5.0             6.0            7.0            7.0
438   LD Consultant- Disability Services                     0.0        1.0        3.0         4.0           5.0             6.0            7.0            7.0
439           Student Services                               0.0        7.5       14.5        20.5          28.5            30.5           32.5           32.5
440   Registrar                                              1.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
441   Admin Assistant/Office mgr                             1.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
442   Registration                                           1.0        3.0        6.0         6.0           6.0             6.0            6.0            6.0
443   Financial Aid officer                                  1.0        2.0        4.0         4.0           4.0             4.0            4.0            4.0
444                Registrar                                 4.0        7.0       12.0        12.0          12.0            12.0           12.0           12.0
445                                                                                                                                                                 Excludes Admin and IT (p. 14)
446            TOTAL STAFF                               18.0         106.5      233.5       407.5         556.4           639.1          676.1          681.5 and Facilities (p. 15)




              3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                         247 of 493
                   A                           B          C         D              E             F             G              H              I             J           K            L
447           PRO FORMA                                 Year 0    Year 1         Year 2        Year 3        Year 4         Year 5         Year 6        Year 7
448       STUDENT AID SET-ASIDE
449
450   Tuition fee increases over base year:
451   Bachelor of Fine Arts                                       base year         $0.00          $0.00            $0.00       $0.00          $0.00         $0.00
452   Bachelor of Business Admin.                                 base year         $0.00          $0.00            $0.00       $0.00          $0.00         $0.00
453   Bachelor of Arts                                            base year         $0.00          $0.00            $0.00       $0.00          $0.00         $0.00
454   Bachelor of Technology                                      base year         $0.00          $0.00            $0.00       $0.00          $0.00         $0.00
455
456
457
458
459   Percent of tuition increase to be set aside                                   30.0%          30.0%            30.0%       30.0%          30.0%         30.0%
460
461   Amount of tuition increase to be set aside- per student:
462   Bachelor of Fine Arts                                                           n/a            n/a             n/a             n/a        n/a           n/a
463   Bachelor of Business Admin.                                                     n/a            n/a             n/a             n/a        n/a           n/a
464   Bachelor of Arts                                                                n/a            n/a             n/a             n/a        n/a           n/a
465   Bachelor of Technology                                                          n/a            n/a             n/a             n/a        n/a           n/a
466
467
468
469
470   Student Aid Set-Aside:
471   Bachelor of Fine Arts                                                $0             $0            $0            $0              $0            $0            $0
472   Bachelor of Business Admin.                                           0              0             0             0               0             0             0
473   Bachelor of Arts                                                      0              0             0             0               0             0             0
474   Bachelor of Technology                                                0              0             0             0               0             0             0
475
476
477
478   Total Student Aid Set-Aside:                                          Included in "Bursaries Expense" below
479




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                 248 of 493
                       A                      B         C            D            E             F             G            H              I             J               K              L
480               PRO FORMA                           Year 0       Year 1       Year 2        Year 3        Year 4       Year 5         Year 6        Year 7
481               BURSARIES
482
483   Tuition fee
484   Bachelor of Fine Arts                                          $5,300       $5,300        $5,300        $5,300        $5,300        $5,300        $5,300
485   Bachelor of Business Admin.                                    $5,300       $5,300        $5,300        $5,300        $5,300        $5,300        $5,300
486   Bachelor of Arts                                               $5,300       $5,300        $5,300        $5,300        $5,300        $5,300        $5,300
487   Bachelor of Technology                                         $5,300       $5,300        $5,300        $5,300        $5,300        $5,300        $5,300
488
489
490
491
492   Enrolments:
493   Bachelor of Fine Arts                                             400          960          1564          2108          2334          2407          2407
494   Bachelor of Business Admin.                                       450         1105          1795          2416          2678          2751          2751
495   Bachelor of Arts                                                  400          960          1574          2127          2361          2442          2442
496   Bachelor of Technology                                            200          580          1222          1800          2189          2407          2407
497
498
499
500     Total enrolments                                              1,450         3,605         6,155         8,451         9,562       10,007        10,007
501
502   Total value of tuition fees:
503   Bachelor of Fine Arts                                       2,120,000     5,088,000     8,289,200    11,172,400    12,370,200    12,757,100    12,757,100
504   Bachelor of Business Admin.                                 2,385,000     5,856,500     9,513,500    12,804,800    14,193,400    14,580,300    14,580,300
505   Bachelor of Arts                                            2,120,000     5,088,000     8,342,200    11,273,100    12,513,300    12,942,600    12,942,600
506   Bachelor of Technology                                      1,060,000     3,074,000     6,476,600     9,540,000    11,601,700    12,757,100    12,757,100
507
508
509
510   Total tuition fees                                         $7,685,000   $19,106,500   $32,621,500   $44,790,300   $50,678,600   $53,037,100   $53,037,100
511
512   12% of Total tuition fees value                              $922,200    $2,292,780    $3,914,580    $5,374,836    $6,081,432    $6,364,452    $6,364,452
513   Less- Student Aid set-aside (page 12)                               0             0             0             0             0             0             0
514   Bursaries expense                                            $922,200    $2,292,780    $3,914,580    $5,374,836    $6,081,432    $6,364,452    $6,364,452   c/f to page 6
515




                3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                   249 of 493
                     A                          B          C             D             E              F              G              H               I              J               K              L
516            PRO FORMA                                 Year 0        Year 1        Year 2         Year 3         Year 4         Year 5          Year 6         Year 7
517          ADMIN & INFO TECH
518
519   Total students                                -             -        1,450         3,605          6,155          8,451           9,562        10,007          10,007
520
521   Cost per student:
522
523   Admin cost per student (allowance)                                 $1,000          $750           $600           $600            $600           $600           $600
524
525   Info Tech cost per student (allowance)                               $800          $600           $500           $500            $500           $500           $500
526
527   total Administration expense                      $1,000,000    $1,450,000    $2,703,750     $3,693,000     $5,070,600      $5,737,200     $6,004,200     $6,004,200   c/f to page 6
528   Information Technology expense                      $500,000    $1,160,000    $2,163,000     $3,077,500     $4,225,500      $4,781,000     $5,003,500     $5,003,500   c/f to page 6
529
530                                                      Year 0        Year 1        Year 2         Year 3         Year 4         Year 5          Year 6         Year 7
531          CAPITAL EQUIPMENT
532   Distance Education
533   Registrar
534   Library Services
535   Student Services
536   Total Capital Equipment                            $500,000      $500,000      $500,000       $500,000       $500,000        $500,000       $500,000       $500,000    c/f to page 6
537
538                                                      Year 0        Year 1        Year 2         Year 3         Year 4         Year 5          Year 6         Year 7
539     CREDIT CARD SERVICE FEES
540   Total all student fees                                          $8,863,850   $22,037,365    $37,625,515    $51,660,963     $58,452,506    $61,172,791    $61,172,791
541   Estimated fees paid by credit card       60%                     5,318,310    13,222,419     22,575,309     30,996,578      35,071,504     36,703,675     36,703,675
542   Estimated service fees                   1.5%                      $79,775      $198,336       $338,630       $464,949        $526,073      $550,555        $550,555   c/f to page 6
543
544                                                      Year 0        Year 1        Year 2         Year 3         Year 4         Year 5          Year 6         Year 7
545    Debt servicing / Interest income
546
547   Revenue before interest income                            $0 $17,002,600 $39,382,740        $69,498,540 $98,583,588       $112,952,556 $118,875,816 $118,875,816
548   Expense before debt servicing cost                (4,603,250) (27,190,276) (55,178,396)     (87,570,958) (125,876,877)    (139,640,998) (145,496,056) (136,313,822)
549   Net before interest calculation                   (4,603,250) (10,187,676) (15,795,656)     (18,072,418) (27,293,289)      (26,688,442) (26,620,240)   (17,438,006)
550   Interest on current year net             2.0%        (92,065)    (203,754)    (315,913)        (361,448)     (545,866)        (533,769)     (532,405)     (348,760)
551
552   Accumulated prior years net                                 -   (4,695,315) (15,274,558)    (31,997,109)   (51,710,859)    (81,618,448) (112,105,397) (143,742,258)
553   Interest on prior years net              4.0%               -     (187,813)    (610,982)     (1,279,884)    (2,068,434)     (3,264,738)   (4,484,216)   (5,749,690)
554
555   Debt servicing expense                              ($92,065)   ($391,567)     ($926,895)   ($1,641,332)   ($2,614,300)    ($3,798,507)   ($5,016,621)   ($6,098,450) c/f to page 6
556   Interest income revenue                                   $0           $0             $0             $0             $0              $0             $0             $0 c/f to page 1
557




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                               250 of 493
                       A                       B         C                D              E                    F                G               H                I                J               K               L
558                                                    Year 0           Year 1         Year 2               Year 3           Year 4          Year 5           Year 6           Year 7
559               FACILITIES
560   Area used (net assignable square feet)                               120,000        240,000            360,000          480,000          640,000          640,000          640,000
561   Area used (gross square feet)                             nil        192,000        384,000            576,000          768,000        1,024,000        1,024,000        1,024,000               1.6 gross-to-net
562
563
564   Cost per sq ft
565    Building maintenance
566    Custodial
567    Security
568    Grounds
569    Electric energy
570    Fossil fuel
571    Plant admin/eng
572    total                                       $      10.00        $     10.00    $     10.00       $       10.00    $      10.00    $       10.00    $       10.00    $       10.00
573
574
575
576
577
578
579
580
581
582
583
584
585
586
587
588
589
590
591
592   TOTAL FACILITIES EXPENSE                                        $ 1,920,000    $ 3,840,000    $       5,760,000   $ 7,680,000     $ 10,240,000     $ 10,240,000     $ 10,240,000     c/f to page 6
593
594   cost/gross sq ft incl. Staff costs                                   $ 10.00         $10.00            $ 10.00          $ 10.00         $ 10.00          $ 10.00          $ 10.00
595
596




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                                             251 of 493
                        A                        B      C            D          E         F        G         H        I         J       K            L
597               PRO FORMA                           Year 0       Year 1     Year 2    Year 3   Year 4    Year 5   Year 6    Year 7
598     EXPENDITURE DISTRIBUTION
599   Deans/Assoc. Deans                               7.2%          2.5%      1.2%     0.8%      0.5%     0.5%      0.5%      0.5%
600   Program co-ordinators                            0.0%          0.0%      0.0%     0.0%      0.0%     0.0%      0.0%      0.0%
601   Administrative clerical support                  5.3%          1.8%      0.9%     0.6%      0.4%     0.3%      0.3%      0.4%
602   FT Faculty                                       0.0%          16.0%     24.6%    31.4%     31.3%    32.9%     33.4%     35.8%
603
604   PT Faculty                                       0.0%          2.0%      2.5%     2.8%      2.7%     2.7%      2.7%      2.9%
605
606
607   Faculty clerical support                         0.0%          0.4%      0.5%     0.7%      0.6%     0.6%      0.6%      0.7%
608   Classroom support technicians                    0.0%          2.0%      2.6%     3.0%      2.8%     3.0%      3.0%      3.2%
609   'Commons' computer technicians                   0.0%          1.1%      1.3%     1.4%      1.3%     1.3%      1.3%      1.4%
610   TOTAL TEACHING SALARIES                          12.6%         25.6%     33.6%    40.6%     39.7%    41.3%     41.9%     44.7%
611   Employee benefits FT                             3.1%          5.9%      7.8%     9.5%      9.3%     9.7%      9.8%      10.5%
612   Employee benefits PT                             0.0%          0.2%      0.3%     0.3%      0.3%     0.3%      0.3%      0.3%
613   Non-salary teaching costs                        1.9%          3.8%      5.0%     6.1%      6.0%     6.2%      6.3%      6.7%
614   Research/study leave                             0.0%          0.0%      0.0%     0.0%      0.0%     0.0%      0.0%      0.0%
615   Distance Education- service                      9.4%          5.1%      2.7%     1.7%      1.2%     1.0%      1.0%      1.0%
616   Curriculum development                           0.0%          6.3%      3.1%     2.0%      1.4%     0.0%      0.0%      0.0%
617   Distance content                                 0.0%          3.9%      1.9%     1.2%      0.8%     0.0%      0.0%      0.0%
618   Transfer to Research Overhead                    0.0%          0.7%      0.7%     0.6%      0.5%     0.5%      0.5%      0.5%
619     Total Teaching expense                         27.0%         51.7%     55.2%    61.9%     59.1%    59.1%     59.7%     63.7%
620
621   Library Services expense                         6.7%          4.2%      4.0%     2.9%      2.2%     2.2%      2.1%      2.2%
622   Student Services expense                         0.0%          2.9%      2.7%     2.5%      2.4%     2.3%      2.4%      2.5%
623   Registrar expense                                38.3%         10.4%     6.9%     4.3%      3.0%     2.7%      2.6%      2.7%
624   Bursaries                                        0.0%          3.3%      4.1%     4.4%      4.2%     4.2%      4.2%      4.5%
625   Student Aid set-aside                            0.0%          0.0%      0.0%     0.0%      0.0%     0.0%      0.0%      0.0%
626   Information Technology                           0.0%          4.2%      3.9%     3.4%      3.3%     3.3%      3.3%      3.5%
627   Registrarial systems development                 2.6%          0.7%      0.0%     0.0%      0.0%     0.0%      0.0%      0.0%
628     Academic Services expense                      47.6%         25.8%     21.6%    17.6%     15.2%    14.8%     14.6%     15.4%
629
630   General Administration                           0.0%          5.3%      4.8%     4.1%      3.9%     4.0%      4.0%      4.2%
631   Facilities                                       0.0%          7.0%      6.8%     6.5%      6.0%     7.1%      6.8%      7.2%
632   Faculty recruitment                              0.0%          0.1%      0.1%     0.1%      0.1%     0.0%      0.0%      0.0%
633   Municipal levy in lieu of realty tax             0.0%          0.4%      0.5%     0.5%      0.5%     0.5%      0.5%      0.5%
634   Capital equipment                                10.6%         1.8%      0.9%     0.6%      0.4%     0.3%      0.3%      0.4%
635   Equipment renewal                                0.0%          0.0%      0.7%     0.4%      0.3%     0.3%      0.3%      0.3%
636   Building renovations                             0.0%          0.7%      0.7%     0.6%      0.6%     0.7%      0.7%      0.7%
637   Contingency fund                                 12.8%         5.4%      4.5%     3.9%      3.1%     2.8%      2.7%      2.8%
638   Credit card service fees                         0.0%          0.4%      0.4%     0.5%      0.5%     0.5%      0.5%      0.5%
639   Interest on capital debt                         0.0%          0.0%      2.1%     1.3%      0.6%     0.3%      0.0%      0.0%
640   Contribution to capital debt - principal         0.0%          0.0%      0.0%     0.0%      7.8%     7.0%      6.6%      0.0%
641   Project start-up and transition                  0.0%          0.0%      0.0%     0.0%      0.0%     0.0%      0.0%      0.0%
642   Debt servicing cost                              2.0%          1.4%      1.7%     1.8%      2.0%     2.6%      3.3%      4.3%
643     Institutional Services expense                 25.4%         22.5%     23.2%    20.5%     25.8%    26.2%     25.7%     20.9%
644
645     Total Expense                                100.0%        100.0%      100.0%   100.0%    100.0%   100.0%    100.0%    100.0%


                3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                 252 of 493
                       A                   B           C             D               E              F              G              H              I              J         K            L
646
647   CHECK:
648   teaching                                       0.00000%       0.00000%       0.00000%        0.00000%       0.00000%       0.00000%       0.00000%       0.00000%
649   acad services                                  0.00000%       0.00000%       0.00000%        0.00000%       0.00000%       0.00000%       0.00000%       0.00000%
650   institutional                                  0.00000%       0.00000%       0.00000%        0.00000%       0.00000%       0.00000%       0.00000%       0.00000%
651   total                                          0.00000%       0.00000%       0.00000%        0.00000%       0.00000%       0.00000%       0.00000%       0.00000%
652
653   COST PER STUDENT:
654   Teaching                                                  $     9,839    $     8,584     $     8,979    $     8,981    $     8,859    $     8,985    $     9,068
655   Academic Services                                               4,906          3,362           2,549          2,304          2,219          2,195          2,195
656   Institutional Services                                          4,277          3,617           2,967          3,919          3,923          3,861          2,968
657                                                             $    19,022    $    15,563     $    14,494    $    15,204    $    15,001    $    15,041    $    14,231
658
659   memo: debt interest                                                270             257            267            309            397            501            609




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                    253 of 493
         M         N O      P                       Q                R     S   T   U   V   W   X   Y   Z   AA        AB
 1
 2
 3   This spreadsheet is identical to the pro forma spreadsheet
 4   for the new university, except some of the input rows
 5   (marked in pink below) have been varied.
 6
 7   This spreadsheet does not include the cost of graduate
 8   enrolments.
 9
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     M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
46
47
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49
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51
52
53
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56
57
58
59
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      M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
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          3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                    256 of 493
      M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
142
143
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154
155
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          3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                    257 of 493
        M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
171
172
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176
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181
182
183
184 `
185
186
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197                `
198
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      M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
216
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          3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                    259 of 493
      M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
265
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270
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          3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                    260 of 493
      M        N O       P                 Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
304
305
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308
309
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311
312
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314
315
316
317
318
319
320
321
322
323
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325                  `
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          3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                    261 of 493
      M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
330
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          3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                    262 of 493
      M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
364
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          3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                    263 of 493
      M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
404
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          3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                    264 of 493
      M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
447
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          3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                    265 of 493
      M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
480
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          3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                    266 of 493
      M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
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          3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                    267 of 493
      M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
558
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566
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569
570
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          3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                    268 of 493
      M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
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      M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
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          3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                    270 of 493
                         AC         AD         AE        AF   AG   AH   AI   AJ   AK   AL   AM
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                         AC         AD         AE        AF   AG   AH   AI   AJ   AK   AL   AM
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                          AC        AD          AE        AF   AG   AH   AI   AJ   AK   AL   AM
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                  100
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                         AC         AD         AE        AF   AG   AH   AI   AJ   AK   AL   AM
                 142
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                         AC         AD         AE        AF   AG   AH   AI   AJ   AK   AL   AM
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3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                      275 of 493
                       A                         B             C                   D                E            F            G                    H                I                J           K            L
 1      TRADITIONAL UNIVERSITY                             TRANSITION                                       START-UP PERIOD
 2              PRO FORMA                                    Year 0              Year 1        Year 2          Year 3       Year 4             Year 5             Year 6           Year 7
 3      FINANCIAL PROJECTIONS
 4     all figures in constant 2011 $
 5   ENROLMENTS:
 6   Bachelor of Fine Arts                                                             400            960           1,564          2,108               2,334            2,407            2,407
 7   Bachelor of Business Admin.                                                       450          1,105           1,795          2,416               2,678            2,751            2,751
 8   Bachelor of Arts                                                                  400            960           1,574          2,127               2,361            2,442            2,442
 9   Bachelor of Technology                                                            200            580           1,222          1,800               2,189            2,407            2,407
10
11
12
13    Total Enrolments                                                               1,450          3,605           6,155          8,451               9,562        10,007           10,007
14
15   REVENUE:
16    Operating grant                                                 -        $8,030,000    $17,075,000      $31,411,400 $46,288,800        $53,782,900        $56,952,500      $56,952,500
17    Tuition fees                                                    -        12,905,000     32,084,500       54,779,500   75,213,900        85,101,800         89,062,300       89,062,300
18    Incidental fees                                                 -           874,350      2,173,815        3,711,465    5,095,953         5,765,886          6,034,221        6,034,221
19    Distance Learning course fees                                   -           304,500        757,050        1,292,550    1,774,710         2,008,020          2,101,470        2,101,470
20    'In lieu of Municipal tax' grant                                -           108,750        270,375          461,625      633,825           717,150            750,525          750,525
21    Interest income                                                 -               -              -                -            -                 -                  -                -
22    Total Revenue                                                   -       $22,222,600    $52,360,740      $91,656,540 $129,007,188      $147,375,756       $154,901,016     $154,901,016
23
24   EXPENSE:
25    Teaching and related                                  $1,267,000        $14,266,420    $30,946,471      $55,262,791 $75,899,480        $84,712,400        $89,912,160      $90,746,326
26    Academic Services                                      2,236,250          7,739,788     13,676,140       18,346,115   23,119,418        25,345,841         26,283,601       26,283,601
27    Institutional Services                                 1,192,065          6,170,062     12,775,527       17,474,198   31,472,850        34,700,368         34,494,283       24,125,800
28    Total Expense                                         $4,695,315        $28,176,270    $57,398,138      $91,083,104 $130,491,748      $144,758,609       $150,690,044     $141,155,727
29
30   ANNUAL SURPLUS (DEFICIT)                               ($4,695,315) ($5,953,670) ($5,037,398)               $573,436    ($1,484,560)     $2,617,147         $4,210,972      $13,745,289
31   Annual surplus (deficit) per student                           -        ($4,106)     ($1,397)                    $93          ($176)           $274               $421           $1,374
32
33   ACCUMULATED SURPLUS (DEFICIT)                          ($4,695,315) ($10,648,985) ($15,686,383)         ($15,112,946) ($16,597,507)    ($13,980,359)       ($9,769,388)      $3,975,901
34   Accumulated Enrolments                                         -           1,450         5,055                11,210        19,661           29,223             39,230           49,237
35   Accumulated surplus (deficit) per student                      -         ($7,344)      ($3,103)              ($1,348)        ($844)           ($478)             ($249)             $81
36
37                                                                            CONTENTS:
38                    1.   Revenue & expense summary             7.       Distance education                13. Bursaries
39                    2.   Enrolment projections                 8.       Library services                  14. Admin, I.T., Credit Card fees,
40                    3.   Student cohorts                       9.       Student Services                      Capital equipment
41                    4.   Grant & tuition revenue              10.       Registrar                         14. Debt servicing, Interest income
42                    5.   Teaching staff, base salaries        11.       Direct staffing summary           15. Facilities
43                    6.   Expense summary                      12.       Student aid set-aside             16. Expense distribution-percentages
44
45




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                                           276 of 493
                 A                    B           C            D           E          F           G           H           I           J         K            L
46          PRO FORMA                           Year 0       Year 1      Year 2     Year 3      Year 4      Year 5      Year 6      Year 7
47         ENROLMENTS
48                                          retention
49      Bachelor of Fine Arts         1                            400        600         700         700         700         700         700
50                                    2          90%                          360         540         630         630         630         630
51                                    3          90%                            0         324         486         567         567         567
52                                    4          90%                            0           0         292         437         510         510
53                                                                 400        960        1564        2108        2334        2407        2407
54   Bachelor of Business Admin.      1                            450        700         800         800         800         800         800
55                                    2          90%                          405         630         720         720         720         720
56                                    3          90%                            0         365         567         648         648         648
57                                    4          90%                            0           0         329         510         583         583
58                                                                 450       1105        1795        2416        2678        2751        2751
59        Bachelor of Arts            1                            400        600         710         710         710         710         710
60                                    2          90%                          360         540         639         639         639         639
61                                    3          90%                            0         324         486         575         575         575
62                                    4          90%                            0           0         292         437         518         518
63                                                                 400        960        1574        2127        2361        2442        2442
64     Bachelor of Technology         1                            200        400         700         700         700         700         700
65                                    2          90%                          180         360         630         630         630         630
66                                    3          90%                            0         162         324         567         567         567
67                                    4          90%                            0           0         146         292         510         510
68                                                                 200        580        1222        1800        2189        2407        2407
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84      TOTAL ENROLMENTS                  1st year              1,450       2,300       2,910      2,910        2,910      2,910       2,910
85                                        2nd year                -         1,305       2,070      2,619        2,619      2,619       2,619
86                                        3rd year                -           -         1,175      1,863        2,357      2,357       2,357
87                                        4th year                -           -           -        1,059        1,676      2,121       2,121
88                                         Totals               1,450       3,605       6,155      8,451        9,562     10,007      10,007
89




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                    A                   B           C            D         E        F        G        H        I        J      K            L
90           PRO FORMA                           Year 0        Year 1    Year 2   Year 3   Year 4   Year 5   Year 6   Year 7
91       STUDENT COHORTS
92 Maximum cohort sizes:
93 Bachelor of Fine Arts                                         50       50       50       50       50       50       50
94 Bachelor of Business Admin.                                   50       50       50       50       50       50       50
95 Bachelor of Arts                                              50       50       50       50       50       50       50
96 Bachelor of Technology                                        50       50       50       50       50       50       50
97
98
99
100
101 NUMBER COHORTS (rounded up)
102      Bachelor of Fine Arts          1                        8        12       14       14       14       14       14
103                                     2                        0         8       11       13       13       13       13
104                                     3                        0         0        7       10       12       12       12
105                                     4                        0         0        0        6        9       11       11
106                                                              8        20       32       43       48       50       50
107   Bachelor of Business Admin.       1                        9        14       16       16       16       16       16
108                                     2                        0         9       13       15       15       15       15
109                                     3                        0         0        8       12       13       13       13
110                                     4                        0         0        0        7       11       12       12
111                                                              9        23       37       50       55       56       56
112        Bachelor of Arts             1                        8        12       15       15       15       15       15
113                                     2                        0         8       11       13       13       13       13
114                                     3                        0         0        7       10       12       12       12
115                                     4                        0         0        0        6        9       11       11
116                                                              8        20       33       44       49       51       51
117     Bachelor of Technology          1                        4         8       14       14       14       14       14
118                                     2                        0         4        8       13       13       13       13
119                                     3                        0         0        4        7       12       12       12
120                                     4                        0         0        0        3        6       11       11
121                                                              4        12       26       37       45       50       50
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137   TOTALS BY PROGRAM YEAR            1                        29       46        59      59       59        59       59
138                                     2                        0        29        43      54       54        54       54
139                                     3                        0         0        26      39       49        49       49
140                                     4                        0         0         0      22       35        45       45
141                                                              29       75       128      174      197      207      207
           3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                             278 of 493
                       A                   B              C              D              E              F               G               H                I               J         K            L
142              PRO FORMA              Program         Year 0         Year 1         Year 2         Year 3          Year 4          Year 5           Year 6          Year 7
143     GRANT & TUITION REVENUE         Weights
144   Grant per FTE by program weight        1.0   $       3,100   $      3,100   $      3,100   $       3,100   $      3,100   $         3,100   $       3,100   $       3,100
145                                          1.5   $       5,800   $      5,800   $      5,800   $       5,800   $      5,800   $         5,800   $       5,800   $       5,800
146                                          2.0   $       8,500   $      8,500   $      8,500   $       8,500   $      8,500   $         8,500   $       8,500   $       8,500
147
148
149                                     Program        1st year
150   Basic Income Units:               Weights        Students
151    Bachelor of Fine Arts              1.5            1.0                400          1,140           1,996          2,812             3,151           3,261           3,261
152    Bachelor of Business Admin.        1.5            1.5                675          1,658           2,693          3,624             4,017           4,127           4,127
153    Bachelor of Arts                   1.5            1.0                400          1,140           2,006          2,836             3,187           3,308           3,308
154    Bachelor of Technology             2.0            1.0                200            760           1,744          2,900             3,678           4,114           4,114
155
156
157
158   Total Basic Income Units                                            1,675          4,698           8,439         12,172            14,033         14,809          14,809
159      average program weight                                           1.16           1.30          1.37            1.44             1.47            1.48            1.48
160
161   GRANT FUNDING                                                 $8,030,000    $17,075,000    $31,411,400     $46,288,800        $53,782,900   $56,952,500     $56,952,500
162
163   Tuition- 2 semesters                                              $8,900         $8,900         $8,900          $8,900             $8,900        $8,900          $8,900
164   Total students                                                     1,450          3,605          6,155           8,451              9,562        10,007          10,007
165   TUITION FEES                                                 $12,905,000    $32,084,500    $54,779,500     $75,213,900        $85,101,800   $89,062,300     $89,062,300
166
167   Other fees:
168   Incidental fee (2 semesters)                                         $603           $603           $603            $603              $603           $603            $603
169   Distance Learning course fee                                          $70            $70            $70             $70               $70            $70             $70
170




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                            279 of 493
                    A                             B             C                  D               E               F                  G                  H                  I                  J                K                   L
171            PRO FORMA                                      Year 0             Year 1          Year 2          Year 3             Year 4             Year 5             Year 6             Year 7
172        TEACHING STAFF DATA
173
174   Student course load/cohort/semester                                                5               5               5                  5                  5                  5                  5
175   Total courses one semester                                                       145             375             640                870                985               1035               1035
176   Total courses 2 semesters - nominal                                              290             750            1280               1740               1970               2070               2070
177   Adjustment for vacant seats                                                      5%              5%             10%                10%                10%                10%                10%
178   Total courses 2 semesters - real                                                 305           787.5            1408               1914               2167               2277               2277
179   share taught by sessional instructors                                           30%             30%             30%                30%                30%                30%                30%
180   Courses taught by sessional instructors                                           91             236             422                574                650                683                683
181   Courses taught by FT faculty                                                     214           551.5             986               1340               1517               1594               1594
182
183   Avg course load per year - FT faculty                                              4               4                4                 4                   4                  4                  4
184   Avg class size                                                                 47.6            45.8             43.7              44.2                44.1               43.9               43.9
185
186   Avg FT faculty required                                        0                 53             138              247               335                 379                399                399
187   Adjustment: 50% release for chairs                             5                  5              10               10                10                  10                 10                 10
188   Adjustment for sabbaticals                                 1.000              1.000           1.000            1.133             1.133               1.133              1.133              1.133
189   Total FT faculty required                                      5                 58             148              291               391                 441                463                463
190
191   Deans/Assoc. Deans                                               2.0            4.0             4.0                 4.0                4.0                4.0                4.0                4.0
192
193   Administrative clerical support (0.5 per program)                5.0           10.0            10.0             10.0              10.0                10.0               10.0               10.0
194   FT Faculty- (new July starts)                                    0.0           40.0            67.1            107.1              75.2                37.6               16.4                0.0
195   FT Faculty- (ongoing)                                            0.0            0.0            58.4            147.9             290.7               391.0              441.2              463.0
196
197                                                                                                                                                                                                         1 staff for:
198   Faculty clerical support                                         0.0            2.0             6.0             12.0              16.0                18.0               19.0               19.0                  25    faculty
199   Classroom support techn- B. Tech.                                0.0            3.0             9.0             19.0              28.0                34.0               37.0               37.0                  65    students
200   Classroom support techn- all other programs                      0.0            6.0            15.0             25.0              33.0                37.0               38.0               38.0                 200    students
201   Common computer technicians                                      0.0            5.0            12.0             21.0              28.0                32.0               33.0               33.0                 300    students
202   Total Teaching staff                                             7.0           70.0           181.5            346.0             484.9               563.6              598.6              604.0
203
204   AVERAGE SALARY RATES:
205   Deans/Assoc. Deans                      $170,000        $170,000           $170,000        $170,000        $170,000           $170,000           $170,000           $170,000           $170,000
206
207   Administrative clerical support          $50,000         $50,000            $50,000         $50,000         $50,000            $50,000            $50,000            $50,000            $50,000
208   FT Faculty                              $110,000        $110,000           $110,000        $110,000        $110,000           $110,000           $110,000           $110,000           $110,000
209
210   Faculty clerical support                  $50,000        $50,000            $50,000         $50,000         $50,000            $50,000             $50,000           $50,000            $50,000
211   Classroom support technicians             $60,000        $60,000            $60,000         $60,000         $60,000            $60,000             $60,000           $60,000            $60,000
212   Common computer technicians               $60,000        $60,000            $60,000         $60,000         $60,000            $60,000             $60,000           $60,000            $60,000
213   Sessional instructors (per course)                  $      6,000       $      6,000    $      6,000    $      6,000       $      6,000       $       6,000      $      6,000       $      6,000
214
215   Note: New faculty hires are assumed to be July 1st.




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                        A                        B      C              D             E             F             G             H               I              J                K                L
216                PRO FORMA                          Year 0         Year 1        Year 2        Year 3        Year 4        Year 5          Year 6         Year 7
217                 EXPENSE
218
219   Deans/Assoc. Deans                              $340,000       $680,000      $680,000       $680,000     $680,000       $680,000       $680,000        $680,000
220
221   Administrative clerical support                  250,000         500,000       500,000       500,000       500,000        500,000        500,000        500,000
222   FT Faculty                                             0       4,400,000    13,802,250    28,047,250    40,249,000     47,146,000     50,330,500     50,926,333
223
224   PT Faculty                                               0      546,000      1,416,000     2,532,000     3,444,000      3,900,000      4,098,000      4,098,000
225
226
227   Faculty clerical support                               0         100,000       300,000       600,000       800,000        900,000        950,000        950,000
228   Classroom support technicians                          0         540,000     1,440,000     2,640,000     3,660,000      4,260,000      4,500,000      4,500,000
229   'Commons' computer technicians                         0         300,000       720,000     1,260,000     1,680,000      1,920,000      1,980,000      1,980,000
230   TOTAL TEACHING SALARIES                          590,000       7,066,000    18,858,250    36,259,250    51,013,000     59,306,000     63,038,500     63,634,333
231   Employee benefits FT                             147,500       1,630,000     4,360,563     8,431,813    11,892,250     13,851,500     14,735,125     14,884,083              25.0% of FT salary
232   Employee benefits PT                                   0          65,520       169,920       303,840       413,280        468,000        491,760        491,760              12.0% of PT salary
233   Non-salary teaching costs                         88,500       1,059,900     2,828,738     5,438,888     7,651,950      8,895,900      9,455,775      9,545,150              15.0% Teach salary
234
235   Distance Education- develop/deliver               441,000      1,407,000     1,491,000     1,491,000     1,491,000      1,491,000      1,491,000      1,491,000 see page 7
236   Curriculum development                                  0      1,750,000     1,750,000     1,750,000     1,750,000              0              0              0            $7,000 per course
237   Distance content                                        0      1,088,000     1,088,000     1,088,000     1,088,000              0              0              0           $20,000 per course
238   Transfer to Research Overhead                           0        200,000       400,000       500,000       600,000        700,000        700,000        700,000
239   Total Teaching and Related Expense              1,267,000     14,266,420    30,946,471    55,262,791    75,899,480     84,712,400     89,912,160     90,746,326 c/f to page 1
240
241   Library Services expense                          316,250    1,168,688      2,265,500       2,622,575    2,880,750      3,125,125      3,125,125      3,125,125 see page 8
242   Student Services expense                                0      787,500      1,537,500       2,212,500    3,127,500      3,367,500      3,607,500      3,607,500 see page 9
243   Registrar/recruitment                           1,800,000    2,875,000      3,860,000       3,860,000    3,860,000      3,860,000      3,860,000      3,860,000 see page 10
244   Bursaries                                               0    1,548,600      3,850,140       6,573,540    9,025,668     10,212,216     10,687,476     10,687,476 see page 13
245   Student Aid set-aside                                                               0
                                                              0 Included in "Bursaries Expense" below     0            0              0              0              0 see page 12
246   Information Technology                                  0    1,160,000      2,163,000       3,077,500    4,225,500      4,781,000      5,003,500      5,003,500 see page 14
247   Registrarial systems development                  120,000      200,000              0               0            0              0              0              0
248   Academic Services expense                       2,236,250    7,739,788     13,676,140      18,346,115   23,119,418     25,345,841     26,283,601     26,283,601 c/f to page 1
249
250   General Administration                                 0       1,450,000     2,703,750     3,693,000     5,070,600      5,737,200      6,004,200      6,004,200 see page 14
251   Facilities                                             0       1,920,000     3,840,000     5,760,000     7,680,000     10,240,000     10,240,000     10,240,000 see page 16
252   Faculty recruitment                                    0          40,000        67,100       107,100        75,200         37,600         16,400              0           $1,000   per new faculty
253   Municipal levy in lieu of realty tax                   0         108,750       270,375       461,625       633,825        717,150        750,525        750,525           $75.00   per student
254   Capital equipment                                500,000         500,000       500,000       500,000       500,000        500,000        500,000        500,000 see row 541
255   Equipment renewal                                      0               0       400,000       400,000       400,000        400,000        400,000        400,000           $2,000   x 200 PC's
256   Building renovations                                   0         192,000       384,000       576,000       768,000      1,024,000      1,024,000      1,024,000            $1.00   per sq ft
257   Contingency fund                                 600,000       1,500,000     2,500,000     3,500,000     4,000,000      4,000,000      4,000,000      4,000,000
258   Credit card service fees                               0         158,443       393,923       672,565       923,451      1,044,852      1,093,477      1,093,477 see page 14
259   Interest on capital debt                                                     1,200,000     1,200,000       800,000        400,000              0              0 4%                 interest rate
260   Contribution to capital debt - principal                                                           0    10,000,000     10,000,000     10,000,000              0 $     30,000,000
261
262   Debt servicing cost                                92,065        300,869       516,379       603,908      621,774         599,566        465,681        113,598 see page 15
263   Institutional Services expense                  1,192,065      6,170,062    12,775,527    17,474,198   31,472,850      34,700,368     34,494,283     24,125,800 c/f to page 1
264   TOTAL EXPENSE                                  $4,695,315    $28,176,270   $57,398,138   $91,083,104 $130,491,748    $144,758,609   $150,690,044   $141,155,727


                3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                           281 of 493
                    A                         B        C             D              E             F              G             H               I              J                 K                L
265            PRO FORMA                             Year 0        Year 1         Year 2        Year 3         Year 4        Year 5          Year 6         Year 7
266        DISTANCE EDUCATION
267
268   No. classroom courses to be developed                             250            250            250           250                0              0              0              1000 courses
269   No. distance courses to be developed                               54             54             54            54                                                              272 courses
270   No. distance courses to be delivered                    0          29             75            128           174               197         207            207
271
272   Number of staff:
273   Distance Learning specialists                           3              7              7             7              7             7               7              7
274   Project Coordinator                                     1              1              1             1              1             1               1              1
275   Technical Support                                       0              3              3             3              3             3               3              3
276   Copyright Assistant                                     0              1              1             1              1             1               1              1
277   Production Coordinator                                  0              1              1             1              1             1               1              1
278   Technical Help Support                                  0              1              2             2              2             2               2              2
279   Administration Support                                  0              1              1             1              1             1               1              1
280                                                           4             15             16            16             16            16              16             16
281   Base salaries rates:
282   Distance Learning specialists                   $75,000       $75,000        $75,000        $75,000       $75,000        $75,000        $75,000        $75,000
283   Project Coordinator                             $90,000       $90,000        $90,000        $90,000       $90,000        $90,000        $90,000        $90,000
284   Technical Support                               $60,000       $60,000        $60,000        $60,000       $60,000        $60,000        $60,000        $60,000
285   Copyright Assistant                             $50,000       $50,000        $50,000        $50,000       $50,000        $50,000        $50,000        $50,000
286   Production Coordinator                          $50,000       $50,000        $50,000        $50,000       $50,000        $50,000        $50,000        $50,000
287   Technical Help Support                          $60,000       $60,000        $60,000        $60,000       $60,000        $60,000        $60,000        $60,000
288   Administration Support                          $50,000       $50,000        $50,000        $50,000       $50,000        $50,000        $50,000        $50,000
289
290
291
292   Distance Education expense:
293   Distance Learning specialists                  $225,000       $525,000      $525,000        $525,000      $525,000       $525,000      $525,000        $525,000
294   Project Coordinator                             $90,000         90,000         90,000         90,000        90,000         90,000         90,000         90,000
295   Technical Support                                     0        180,000        180,000        180,000       180,000        180,000        180,000        180,000
296   Copyright Assistant                                   0         50,000         50,000         50,000        50,000         50,000         50,000         50,000
297   Production Coordinator                                0         50,000         50,000         50,000        50,000         50,000         50,000         50,000
298   Technical Help Support                                0         60,000        120,000        120,000       120,000        120,000        120,000        120,000
299   Administration Support                                0         50,000         50,000         50,000        50,000         50,000         50,000         50,000
300   TOTAL SALARIES                                  315,000      1,005,000      1,065,000      1,065,000     1,065,000      1,065,000      1,065,000      1,065,000
301   Employee benefits                                78,750        251,250        266,250        266,250       266,250        266,250        266,250        266,250               25.0% of salaries
302   Non-salary office/travel/other                   47,250        150,750        159,750        159,750       159,750        159,750        159,750        159,750               15.0% of salaries
303   Distance Education Services expense            $441,000     $1,407,000     $1,491,000     $1,491,000    $1,491,000     $1,491,000     $1,491,000     $1,491,000     c/f to page 6




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                            282 of 493
                      A                     B           C               D            E           F             G           H             I            J               K               L
304              PRO FORMA                            Year 0          Year 1       Year 2      Year 3        Year 4      Year 5        Year 6       Year 7
305           LIBRARY SERVICES
306
307   Number of staff:
308   Librarian                                                1.0          3.0          4.0          5.0          6.0          7.0          7.0          7.0
309   IT support position                                      0.0          0.5          0.5          1.0          1.0          1.0          1.0          1.0
310   Library technician                                       1.0          3.0          4.0          5.0          6.0          7.0          7.0          7.0
311   Library clerk                                            1.0          0.5          1.0          2.0          2.0          2.0          2.0          2.0
312                                                            3.0          7.0          9.5         13.0         15.0         17.0         17.0         17.0
313   Base salaries rates:
314   Librarian                                       $110,000        $110,000     $110,000     $110,000     $110,000     $110,000     $110,000     $110,000
315   IT support position                              $60,000         $60,000      $60,000      $60,000      $60,000      $60,000      $60,000      $60,000
316   Library technician                               $60,000         $60,000      $60,000      $60,000      $60,000      $60,000      $60,000      $60,000
317   Library clerk                                    $50,000         $50,000      $50,000      $50,000      $50,000      $50,000      $50,000      $50,000
318
319   Library Services expense:
320   Librarian                                       $110,000         $330,000    $440,000      $550,000     $660,000     $770,000    $770,000      $770,000
321   IT support position                                    0           30,000       30,000       60,000       60,000       60,000       60,000       60,000
322   Library technician                                60,000          180,000      240,000      300,000      360,000      420,000      420,000      420,000
323   Library clerk                                     50,000           25,000       50,000      100,000      100,000      100,000      100,000      100,000
324   TOTAL SALARIES                                   220,000          565,000      760,000    1,010,000    1,180,000    1,350,000    1,350,000    1,350,000
325   Employee benefits                                 55,000          141,250      190,000      252,500      295,000      337,500      337,500      337,500             25.0% of salary
326   Library acquisitions                                   0          300,000    1,000,000    1,000,000    1,000,000    1,000,000    1,000,000    1,000,000
327   Courier/Van delivery                                   0           10,000       20,000       18,000       30,000       30,000       30,000       30,000
328   Non-salary office/travel/other                    41,250          152,438      295,500      342,075      375,750      407,625      407,625      407,625            15.0% of above
329   Library Services expense                        $316,250       $1,168,688   $2,265,500   $2,622,575   $2,880,750   $3,125,125   $3,125,125   $3,125,125   c/f to page 6




                3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                  283 of 493
                    A                         B        C            D           E           F             G           H             I            J               K               L
330            PRO FORMA                             Year 0       Year 1      Year 2      Year 3        Year 4      Year 5        Year 6       Year 7
331         STUDENT SERVICES
332
333   Number of staff:
334   Housing off-campus coordinator                                   1.0          1.0          1.0          1.0          1.0          1.0          1.0
335   Orientation                                                      0.5          0.5          0.5          0.5          0.5          0.5          0.5
336   Peer tutoring coordinator                                        1.0          3.0          4.0          5.0          5.0          5.0          5.0
337   Program counsellor- Academic advising                            2.0          3.0          5.0          7.0          7.0          7.0          7.0
338   Employment advisor- Career services                              1.0          1.0          2.0          5.0          5.0          5.0          5.0
339   Counsellors- Counselling staff                                   1.0          3.0          4.0          5.0          6.0          7.0          7.0
340   LD Consultant- Disability Services                               1.0          3.0          4.0          5.0          6.0          7.0          7.0
341                                                                    7.5         14.5         20.5         28.5         30.5         32.5         32.5
342   Base salaries rates:
343   Clerical support- Housing off-campus                         $50,000     $50,000      $50,000      $50,000      $50,000      $50,000      $50,000
344   Clerical support- Orientation                                $50,000     $50,000      $50,000      $50,000      $50,000      $50,000      $50,000
345   Clerical support- Peer tutoring                              $50,000     $50,000      $50,000      $50,000      $50,000      $50,000      $50,000
346   Program counsellor- Academic advising                        $80,000     $80,000      $80,000      $80,000      $80,000      $80,000      $80,000
347   Employment advisor- Career services                          $80,000     $80,000      $80,000      $80,000      $80,000      $80,000      $80,000
348   Counsellors- Counselling staff                               $80,000     $80,000      $80,000      $80,000      $80,000      $80,000      $80,000
349   LD Consultant- Disability Services                           $80,000     $80,000      $80,000      $80,000      $80,000      $80,000      $80,000
350
351   EXPENSE:
352   Clerical support- Housing off-campus                         $50,000      $50,000      $50,000      $50,000      $50,000      $50,000      $50,000
353   Clerical support- Orientation                                 25,000       25,000       25,000       25,000       25,000       25,000       25,000
354   Clerical support- Peer tutoring                               50,000      150,000      200,000      250,000      250,000      250,000      250,000
355   Program counsellor- Academic advising                        160,000      240,000      400,000      560,000      560,000      560,000      560,000
356   Employment advisor- Career services                           80,000       80,000      160,000      400,000      400,000      400,000      400,000
357   Counsellors- Counselling staff                                80,000      240,000      320,000      400,000      480,000      560,000      560,000
358   LD Consultant- Disability Services                            80,000      240,000      320,000      400,000      480,000      560,000      560,000
359   TOTAL SALARIES                                               525,000    1,025,000    1,475,000    2,085,000    2,245,000    2,405,000    2,405,000
360   Employee benefits                                            131,250      256,250      368,750      521,250      561,250      601,250      601,250             25.0% of salary
361   Non-salary expenses incl. work-study                         131,250      256,250      368,750      521,250      561,250      601,250      601,250             25.0% of salary
362
363   Student Services expense                                    $787,500   $1,537,500   $2,212,500   $3,127,500   $3,367,500   $3,607,500   $3,607,500   c/f to page 6




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                              284 of 493
                      A                    B           C             D             E             F              G             H              I              J                 K                    L
364              PRO FORMA                           Year 0        Year 1        Year 2        Year 3         Year 4        Year 5         Year 6         Year 7
365              REGISTRAR
366
367   Number of staff:
368   Registrar                                               1             1              1             1              1             1              1              1
369   Admin Assistant/Office mgr                              1             1              1             1              1             1              1              1
370   Registration                                            1             3              6             6              6             6              6              6
371   Financial Aid officer                                   1             2              4             4              4             4              4              4
372                                                           4             7             12            12             12            12             12             12
373   Base salary rates:
374   Registrar                                      $110,000      $110,000      $110,000       $110,000      $110,000       $110,000      $110,000       $110,000
375   Admin Assistant/Office mgr                      $50,000       $50,000       $50,000        $50,000       $50,000        $50,000       $50,000        $50,000
376   Registration                                    $60,000       $60,000       $60,000        $60,000       $60,000        $60,000       $60,000        $60,000
377   Financial Aid officer                           $60,000       $60,000       $60,000        $60,000       $60,000        $60,000       $60,000        $60,000
378
379   REGISTRAR EXPENSE:
380   Registrar                                       $110,000       110,000       110,000        110,000       110,000        110,000       110,000        110,000
381   Admin Assistant/Office mgr                        50,000        50,000        50,000         50,000        50,000         50,000        50,000         50,000
382   Registration                                      60,000       180,000       360,000        360,000       360,000        360,000       360,000        360,000
383   Financial Aid officer                             60,000       120,000       240,000        240,000       240,000        240,000       240,000        240,000
384   Employee benefits                                 70,000       115,000       190,000        190,000       190,000        190,000       190,000        190,000               25.0% of salary
385   Sub-total Registrar                              350,000       575,000       950,000        950,000       950,000        950,000       950,000        950,000
386   Recruitment non-salary                         1,450,000     2,300,000     2,910,000      2,910,000     2,910,000      2,910,000     2,910,000      2,910,000     $           1,000 per Year 1 student
387                                                                                                                                                                                       in following Sept.
388
389
390
391
392
393
394
395
396
397
398
399
400
401
402   Sub-total Recruitment                         1,450,000      2,300,000     2,910,000      2,910,000     2,910,000      2,910,000     2,910,000      2,910,000
403   Total Registrar / recruitment                $1,800,000     $2,875,000    $3,860,000     $3,860,000    $3,860,000     $3,860,000    $3,860,000     $3,860,000     c/f to page 6




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                           285 of 493
                   A                         B        C              D          E          F              G              H              I              J                    K                L
404           PRO FORMA                             Year 0         Year 1     Year 2     Year 3         Year 4         Year 5         Year 6         Year 7
405      DIRECT STAFFING (FTE)
406
407   Deans/Assoc. Deans                                     2.0        4.0        4.0            4.0            4.0            4.0            4.0            4.0
408
409   Administrative clerical support                        5.0       10.0       10.0        10.0          10.0            10.0           10.0           10.0
410   FT Faculty- (new July starts)                          0.0       40.0       67.1       107.1          75.2            37.6           16.4            0.0
411   FT Faculty- (ongoing)                                  0.0        0.0       58.4       147.9         290.7           391.0          441.2          463.0
412
413
414   Faculty clerical support                               0.0        2.0        6.0        12.0          16.0            18.0           19.0           19.0
415   Classroom support techn- B.Tech.                       0.0        3.0        9.0        19.0          28.0            34.0           37.0           37.0
416   Classroom support techn- all other programs            0.0        6.0       15.0        25.0          33.0            37.0           38.0           38.0
417   'Commons" computer technicians                         0.0        5.0       12.0        21.0          28.0            32.0           33.0           33.0
418                Teaching                                  7.0       70.0      181.5       346.0         484.9           563.6          598.6          604.0
419   Distance Learning specialists                          3.0        7.0        7.0         7.0           7.0             7.0            7.0            7.0
420   Project Coordinator                                    1.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
421   Technical Support                                      0.0        3.0        3.0         3.0           3.0             3.0            3.0            3.0
422   Copyright Assistant                                    0.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
423   Production Coordinator                                 0.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
424   Technical Help Support                                 0.0        1.0        2.0         2.0           2.0             2.0            2.0            2.0
425   Administration Support                                 0.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
426          Distance Education                              4.0       15.0       16.0        16.0          16.0            16.0           16.0           16.0
427   Librarian                                              1.0        3.0        4.0         5.0           6.0             7.0            7.0            7.0
428   IT support position                                    0.0        0.5        0.5         1.0           1.0             1.0            1.0            1.0
429   Library technician                                     1.0        3.0        4.0         5.0           6.0             7.0            7.0            7.0
430   Library clerk                                          1.0        0.5        1.0         2.0           2.0             2.0            2.0            2.0
431            Library Services                              3.0        7.0        9.5        13.0          15.0            17.0           17.0           17.0
432   Clerical support- Housing off-campus                   0.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
433   Clerical support- Orientation                          0.0        0.5        0.5         0.5           0.5             0.5            0.5            0.5
434   Clerical support- Peer tutoring                        0.0        1.0        3.0         4.0           5.0             5.0            5.0            5.0
435   Program counsellor- Academic advising                  0.0        2.0        3.0         5.0           7.0             7.0            7.0            7.0
436   Employment advisor- Career services                    0.0        1.0        1.0         2.0           5.0             5.0            5.0            5.0
437   Counsellors- Counselling staff                         0.0        1.0        3.0         4.0           5.0             6.0            7.0            7.0
438   LD Consultant- Disability Services                     0.0        1.0        3.0         4.0           5.0             6.0            7.0            7.0
439           Student Services                               0.0        7.5       14.5        20.5          28.5            30.5           32.5           32.5
440   Registrar                                              1.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
441   Admin Assistant/Office mgr                             1.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
442   Registration                                           1.0        3.0        6.0         6.0           6.0             6.0            6.0            6.0
443   Financial Aid officer                                  1.0        2.0        4.0         4.0           4.0             4.0            4.0            4.0
444                Registrar                                 4.0        7.0       12.0        12.0          12.0            12.0           12.0           12.0
445                                                                                                                                                                 Excludes Admin and IT (p. 14)
446            TOTAL STAFF                               18.0         106.5      233.5       407.5         556.4           639.1          676.1          681.5 and Facilities (p. 15)




              3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                         286 of 493
                   A                           B          C         D              E             F             G              H              I             J           K            L
447           PRO FORMA                                 Year 0    Year 1         Year 2        Year 3        Year 4         Year 5         Year 6        Year 7
448       STUDENT AID SET-ASIDE
449
450   Tuition fee increases over base year:
451   Bachelor of Fine Arts                                       base year         $0.00          $0.00            $0.00       $0.00          $0.00         $0.00
452   Bachelor of Business Admin.                                 base year         $0.00          $0.00            $0.00       $0.00          $0.00         $0.00
453   Bachelor of Arts                                            base year         $0.00          $0.00            $0.00       $0.00          $0.00         $0.00
454   Bachelor of Technology                                      base year         $0.00          $0.00            $0.00       $0.00          $0.00         $0.00
455
456
457
458
459   Percent of tuition increase to be set aside                                   30.0%          30.0%            30.0%       30.0%          30.0%         30.0%
460
461   Amount of tuition increase to be set aside- per student:
462   Bachelor of Fine Arts                                                           n/a            n/a             n/a             n/a        n/a           n/a
463   Bachelor of Business Admin.                                                     n/a            n/a             n/a             n/a        n/a           n/a
464   Bachelor of Arts                                                                n/a            n/a             n/a             n/a        n/a           n/a
465   Bachelor of Technology                                                          n/a            n/a             n/a             n/a        n/a           n/a
466
467
468
469
470   Student Aid Set-Aside:
471   Bachelor of Fine Arts                                                $0             $0            $0            $0              $0            $0            $0
472   Bachelor of Business Admin.                                           0              0             0             0               0             0             0
473   Bachelor of Arts                                                      0              0             0             0               0             0             0
474   Bachelor of Technology                                                0              0             0             0               0             0             0
475
476
477
478   Total Student Aid Set-Aside:                                          Included in "Bursaries Expense" below
479




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                 287 of 493
                       A                      B         C            D            E             F             G            H              I             J               K              L
480               PRO FORMA                           Year 0       Year 1       Year 2        Year 3        Year 4       Year 5         Year 6        Year 7
481               BURSARIES
482
483   Tuition fee
484   Bachelor of Fine Arts                                          $8,900       $8,900        $8,900        $8,900        $8,900        $8,900        $8,900
485   Bachelor of Business Admin.                                    $8,900       $8,900        $8,900        $8,900        $8,900        $8,900        $8,900
486   Bachelor of Arts                                               $8,900       $8,900        $8,900        $8,900        $8,900        $8,900        $8,900
487   Bachelor of Technology                                         $8,900       $8,900        $8,900        $8,900        $8,900        $8,900        $8,900
488
489
490
491
492   Enrolments:
493   Bachelor of Fine Arts                                             400          960          1564          2108          2334          2407          2407
494   Bachelor of Business Admin.                                       450         1105          1795          2416          2678          2751          2751
495   Bachelor of Arts                                                  400          960          1574          2127          2361          2442          2442
496   Bachelor of Technology                                            200          580          1222          1800          2189          2407          2407
497
498
499
500     Total enrolments                                              1,450         3,605         6,155         8,451         9,562       10,007        10,007
501
502   Total value of tuition fees:
503   Bachelor of Fine Arts                                       3,560,000     8,544,000    13,919,600    18,761,200    20,772,600    21,422,300    21,422,300
504   Bachelor of Business Admin.                                 4,005,000     9,834,500    15,975,500    21,502,400    23,834,200    24,483,900    24,483,900
505   Bachelor of Arts                                            3,560,000     8,544,000    14,008,600    18,930,300    21,012,900    21,733,800    21,733,800
506   Bachelor of Technology                                      1,780,000     5,162,000    10,875,800    16,020,000    19,482,100    21,422,300    21,422,300
507
508
509
510   Total tuition fees                                        $12,905,000   $32,084,500   $54,779,500   $75,213,900   $85,101,800   $89,062,300   $89,062,300
511
512   12% of Total tuition fees value                            $1,548,600    $3,850,140    $6,573,540    $9,025,668   $10,212,216   $10,687,476   $10,687,476
513   Less- Student Aid set-aside (page 12)                               0             0             0             0             0             0             0
514   Bursaries expense                                          $1,548,600    $3,850,140    $6,573,540    $9,025,668   $10,212,216   $10,687,476   $10,687,476   c/f to page 6
515




                3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                   288 of 493
                     A                          B          C              D              E              F              G              H               I              J                K              L
516            PRO FORMA                                 Year 0         Year 1         Year 2         Year 3         Year 4         Year 5          Year 6         Year 7
517          ADMIN & INFO TECH
518
519   Total students                                -             -         1,450          3,605          6,155          8,451           9,562        10,007          10,007
520
521   Cost per student:
522
523   Admin cost per student (allowance)                                  $1,000           $750           $600           $600            $600           $600           $600
524
525   Info Tech cost per student (allowance)                                $800           $600           $500           $500            $500           $500           $500
526
527   total Administration expense                      $1,000,000     $1,450,000     $2,703,750     $3,693,000     $5,070,600      $5,737,200     $6,004,200     $6,004,200    c/f to page 6
528   Information Technology expense                      $500,000     $1,160,000     $2,163,000     $3,077,500     $4,225,500      $4,781,000     $5,003,500     $5,003,500    c/f to page 6
529
530                                                      Year 0         Year 1         Year 2         Year 3         Year 4         Year 5          Year 6         Year 7
531          CAPITAL EQUIPMENT
532   Distance Education
533   Registrar
534   Library Services
535   Student Services
536   Total Capital Equipment                            $500,000       $500,000       $500,000       $500,000       $500,000        $500,000       $500,000       $500,000     c/f to page 6
537
538                                                      Year 0         Year 1         Year 2         Year 3         Year 4         Year 5          Year 6         Year 7
539     CREDIT CARD SERVICE FEES
540   Total all student fees                                          $14,083,850    $35,015,365    $59,783,515    $82,084,563     $92,875,706    $97,197,991    $97,197,991
541   Estimated fees paid by credit card       60%                      8,450,310     21,009,219     35,870,109     49,250,738      55,725,424     58,318,795     58,318,795
542   Estimated service fees                   1.5%                      $126,755       $315,138       $538,052       $738,761        $835,881      $874,782        $874,782    c/f to page 6
543
544                                                      Year 0         Year 1         Year 2         Year 3         Year 4         Year 5          Year 6         Year 7
545    Debt servicing / Interest income
546
547   Revenue before interest income                            $0 $22,222,600 $52,360,740          $91,656,540 $129,007,188      $147,375,756 $154,901,016 $154,901,016
548   Expense before debt servicing cost                (4,603,250) (27,875,401) (56,881,759)       (90,479,196) (129,869,974)    (144,159,043) (150,224,363) (141,042,129)
549   Net before interest calculation                   (4,603,250) (5,652,801) (4,521,019)           1,177,344      (862,786)       3,216,713     4,676,653    13,858,887
550   Interest on current year net             2.0%        (92,065)    (113,056)     (90,420)            23,547       (17,256)          64,334        93,533       277,178
551
552   Accumulated prior years net                                 -    (4,695,315) (10,648,985)     (15,686,383)   (15,112,946)    (16,597,507)   (13,980,359)    (9,769,388)
553   Interest on prior years net              4.0%               -      (187,813)    (425,959)        (627,455)      (604,518)       (663,900)      (559,214)      (390,776)
554
555   Debt servicing expense                              ($92,065)     ($300,869)     ($516,379)     ($603,908)     ($621,774)      ($599,566)     ($465,681)     ($113,598) c/f to page 6
556   Interest income revenue                                   $0             $0             $0             $0             $0              $0             $0             $0 c/f to page 1
557




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                                  289 of 493
                       A                       B         C                D              E                    F                G               H                I                J               K               L
558                                                    Year 0           Year 1         Year 2               Year 3           Year 4          Year 5           Year 6           Year 7
559               FACILITIES
560   Area used (net assignable square feet)                               120,000        240,000            360,000          480,000          640,000          640,000          640,000
561   Area used (gross square feet)                             nil        192,000        384,000            576,000          768,000        1,024,000        1,024,000        1,024,000               1.6 gross-to-net
562
563
564   Cost per sq ft
565    Building maintenance
566    Custodial
567    Security
568    Grounds
569    Electric energy
570    Fossil fuel
571    Plant admin/eng
572    total                                       $      10.00        $     10.00    $     10.00       $       10.00    $      10.00    $       10.00    $       10.00    $       10.00
573
574
575
576
577
578
579
580
581
582
583
584
585
586
587
588
589
590
591
592   TOTAL FACILITIES EXPENSE                                        $ 1,920,000    $ 3,840,000    $       5,760,000   $ 7,680,000     $ 10,240,000     $ 10,240,000     $ 10,240,000     c/f to page 6
593
594   cost/gross sq ft incl. Staff costs                                   $ 10.00         $10.00            $ 10.00          $ 10.00         $ 10.00          $ 10.00          $ 10.00
595
596




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                        A                        B      C            D          E         F        G         H        I         J       K            L
597               PRO FORMA                           Year 0       Year 1     Year 2    Year 3   Year 4    Year 5   Year 6    Year 7
598     EXPENDITURE DISTRIBUTION
599   Deans/Assoc. Deans                               7.2%          2.4%      1.2%     0.7%      0.5%     0.5%      0.5%      0.5%
600   Program co-ordinators                            0.0%          0.0%      0.0%     0.0%      0.0%     0.0%      0.0%      0.0%
601   Administrative clerical support                  5.3%          1.8%      0.9%     0.5%      0.4%     0.3%      0.3%      0.4%
602   FT Faculty                                       0.0%          15.6%     24.0%    30.8%     30.8%    32.6%     33.4%     36.1%
603
604   PT Faculty                                       0.0%          1.9%      2.5%     2.8%      2.6%     2.7%      2.7%      2.9%
605
606
607   Faculty clerical support                         0.0%          0.4%      0.5%     0.7%      0.6%     0.6%      0.6%      0.7%
608   Classroom support technicians                    0.0%          1.9%      2.5%     2.9%      2.8%     2.9%      3.0%      3.2%
609   'Commons' computer technicians                   0.0%          1.1%      1.3%     1.4%      1.3%     1.3%      1.3%      1.4%
610   TOTAL TEACHING SALARIES                          12.6%         25.1%     32.9%    39.8%     39.1%    41.0%     41.8%     45.1%
611   Employee benefits FT                             3.1%          5.8%      7.6%     9.3%      9.1%     9.6%      9.8%      10.5%
612   Employee benefits PT                             0.0%          0.2%      0.3%     0.3%      0.3%     0.3%      0.3%      0.3%
613   Non-salary teaching costs                        1.9%          3.8%      4.9%     6.0%      5.9%     6.1%      6.3%      6.8%
614   Research/study leave                             0.0%          0.0%      0.0%     0.0%      0.0%     0.0%      0.0%      0.0%
615   Distance Education- service                      9.4%          5.0%      2.6%     1.6%      1.1%     1.0%      1.0%      1.1%
616   Curriculum development                           0.0%          6.2%      3.0%     1.9%      1.3%     0.0%      0.0%      0.0%
617   Distance content                                 0.0%          3.9%      1.9%     1.2%      0.8%     0.0%      0.0%      0.0%
618   Transfer to Research Overhead                    0.0%          0.7%      0.7%     0.5%      0.5%     0.5%      0.5%      0.5%
619     Total Teaching expense                         27.0%         50.6%     53.9%    60.7%     58.2%    58.5%     59.7%     64.3%
620
621   Library Services expense                         6.7%          4.1%      3.9%     2.9%      2.2%     2.2%      2.1%      2.2%
622   Student Services expense                         0.0%          2.8%      2.7%     2.4%      2.4%     2.3%      2.4%      2.6%
623   Registrar expense                                38.3%         10.2%     6.7%     4.2%      3.0%     2.7%      2.6%      2.7%
624   Bursaries                                        0.0%          5.5%      6.7%     7.2%      6.9%     7.1%      7.1%      7.6%
625   Student Aid set-aside                            0.0%          0.0%      0.0%     0.0%      0.0%     0.0%      0.0%      0.0%
626   Information Technology                           0.0%          4.1%      3.8%     3.4%      3.2%     3.3%      3.3%      3.5%
627   Registrarial systems development                 2.6%          0.7%      0.0%     0.0%      0.0%     0.0%      0.0%      0.0%
628     Academic Services expense                      47.6%         27.5%     23.8%    20.1%     17.7%    17.5%     17.4%     18.6%
629
630   General Administration                           0.0%          5.1%      4.7%     4.1%      3.9%     4.0%      4.0%      4.3%
631   Facilities                                       0.0%          6.8%      6.7%     6.3%      5.9%     7.1%      6.8%      7.3%
632   Faculty recruitment                              0.0%          0.1%      0.1%     0.1%      0.1%     0.0%      0.0%      0.0%
633   Municipal levy in lieu of realty tax             0.0%          0.4%      0.5%     0.5%      0.5%     0.5%      0.5%      0.5%
634   Capital equipment                                10.6%         1.8%      0.9%     0.5%      0.4%     0.3%      0.3%      0.4%
635   Equipment renewal                                0.0%          0.0%      0.7%     0.4%      0.3%     0.3%      0.3%      0.3%
636   Building renovations                             0.0%          0.7%      0.7%     0.6%      0.6%     0.7%      0.7%      0.7%
637   Contingency fund                                 12.8%         5.3%      4.4%     3.8%      3.1%     2.8%      2.7%      2.8%
638   Credit card service fees                         0.0%          0.6%      0.7%     0.7%      0.7%     0.7%      0.7%      0.8%
639   Interest on capital debt                         0.0%          0.0%      2.1%     1.3%      0.6%     0.3%      0.0%      0.0%
640   Contribution to capital debt - principal         0.0%          0.0%      0.0%     0.0%      7.7%     6.9%      6.6%      0.0%
641   Project start-up and transition                  0.0%          0.0%      0.0%     0.0%      0.0%     0.0%      0.0%      0.0%
642   Debt servicing cost                              2.0%          1.1%      0.9%     0.7%      0.5%     0.4%      0.3%      0.1%
643     Institutional Services expense                 25.4%         21.9%     22.3%    19.2%     24.1%    24.0%     22.9%     17.1%
644
645     Total Expense                                100.0%        100.0%      100.0%   100.0%    100.0%   100.0%    100.0%    100.0%


                3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                 291 of 493
                      A                    B           C             D               E             F              G              H              I              J         K            L
646
647   CHECK:
648   teaching                                       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%
649   acad services                                  0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%
650   institutional                                  0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%
651   total                                          0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%
652
653   COST PER STUDENT:
654   Teaching                                                  $     9,839    $     8,584    $     8,979    $     8,981    $     8,859    $     8,985    $     9,068
655   Academic Services                                               5,338          3,794          2,981          2,736          2,651          2,627          2,627
656   Institutional Services                                          4,255          3,544          2,839          3,724          3,629          3,447          2,411
657                                                             $    19,432    $    15,922    $    14,798    $    15,441    $    15,139    $    15,058    $    14,106




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                   292 of 493
         M         N O      P                       Q                R     S   T   U   V   W   X   Y   Z   AA        AB
 1
 2
 3   This spreadsheet is identical to the pro forma spreadsheet
 4   for the new university, except some of the input rows
 5   (marked in pink below) have been varied.
 6
 7   This spreadsheet does not include the cost of graduate
 8   enrolments.
 9
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     M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
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58
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      M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
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          3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                    295 of 493
      M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
142
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          3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                    296 of 493
        M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
171
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176
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181
182
183
184 `
185
186
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197                `
198
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      M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
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      M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
265
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          3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                    299 of 493
      M        N O       P                 Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
304
305
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307
308
309
310
311
312
313
314
315
316
317
318
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320
321
322
323
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325                  `
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          3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                    300 of 493
      M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
330
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          3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                    301 of 493
      M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
364
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          3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                    302 of 493
      M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
404
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          3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                    303 of 493
      M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
447
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          3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                    304 of 493
      M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
480
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          3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                    305 of 493
      M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
516
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          3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                    306 of 493
      M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
558
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569
570
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          3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                    307 of 493
      M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
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          3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                    308 of 493
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          3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                    309 of 493
                         AC         AD         AE        AF   AG   AH   AI   AJ   AK   AL   AM
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                         AC         AD         AE        AF   AG   AH   AI   AJ   AK   AL   AM
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                          AC        AD          AE        AF   AG   AH   AI   AJ   AK   AL   AM
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                  100
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                         AC         AD         AE        AF   AG   AH   AI   AJ   AK   AL   AM
                 142
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                         AC         AD         AE        AF   AG   AH   AI   AJ   AK   AL   AM
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3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                      314 of 493
                       A                         B             C                   D                E            F            G                    H                I                J           K            L
 1      TRADITIONAL UNIVERSITY                             TRANSITION                                       START-UP PERIOD
 2              PRO FORMA                                    Year 0              Year 1        Year 2          Year 3       Year 4             Year 5             Year 6           Year 7
 3      FINANCIAL PROJECTIONS
 4     all figures in constant 2011 $
 5   ENROLMENTS:
 6   Bachelor of Fine Arts                                                             400            960           1,564          2,108               2,334            2,407            2,407
 7   Bachelor of Business Admin.                                                       450          1,105           1,795          2,416               2,678            2,751            2,751
 8   Bachelor of Arts                                                                  400            960           1,574          2,127               2,361            2,442            2,442
 9   Bachelor of Technology                                                            200            580           1,222          1,800               2,189            2,407            2,407
10
11
12
13    Total Enrolments                                                               1,450          3,605           6,155          8,451               9,562        10,007           10,007
14
15   REVENUE:
16    Operating grant                                                 -        $8,030,000    $17,075,000      $31,411,400    $46,288,800     $53,782,900        $56,952,500      $56,952,500
17    Tuition fees                                                    -         7,685,000     19,106,500       32,621,500     44,790,300      50,678,600         53,037,100       53,037,100
18    Incidental fees                                                 -           874,350      2,173,815        3,711,465      5,095,953       5,765,886          6,034,221        6,034,221
19    Distance Learning course fees                                   -           304,500        757,050        1,292,550      1,774,710       2,008,020          2,101,470        2,101,470
20    'In lieu of Municipal tax' grant                                -           108,750        270,375          461,625        633,825         717,150            750,525          750,525
21    Interest income                                                 -               -              -                -              -               -                  -                -
22    Total Revenue                                                   -       $17,002,600    $39,382,740      $69,498,540    $98,583,588    $112,952,556       $118,875,816     $118,875,816
23
24   EXPENSE:
25    Teaching and related                                  $1,267,000        $11,666,540    $22,155,440      $36,782,780 $50,113,966        $54,375,800        $57,261,786      $57,685,286
26    Academic Services                                      2,236,250          7,113,388     12,118,780       15,687,155   19,468,586        21,215,057         21,960,577       21,960,577
27    Institutional Services                                 1,192,065          6,134,533     12,726,721       17,373,119   31,333,406        34,538,308         34,297,609       23,883,379
28    Total Expense                                         $4,695,315        $24,914,461    $47,000,941      $69,843,054 $100,915,958      $110,129,165       $113,519,972     $103,529,242
29
30   ANNUAL SURPLUS (DEFICIT)                               ($4,695,315) ($7,911,861) ($7,618,201)              ($344,514)   ($2,332,370)     $2,823,391         $5,355,844      $15,346,574
31   Annual surplus (deficit) per student                           -        ($5,456)     ($2,113)                   ($56)         ($276)           $295               $535           $1,534
32
33   ACCUMULATED SURPLUS (DEFICIT)                          ($4,695,315) ($12,607,176) ($20,225,377)         ($20,569,891) ($22,902,261)    ($20,078,870) ($14,723,026)            $623,548
34   Accumulated Enrolments                                         -           1,450         5,055                11,210        19,661           29,223        39,230               49,237
35   Accumulated surplus (deficit) per student                      -         ($8,695)      ($4,001)              ($1,835)      ($1,165)           ($687)        ($375)                 $13
36
37                                                                            CONTENTS:
38                    1.   Revenue & expense summary             7.       Distance education                13. Bursaries
39                    2.   Enrolment projections                 8.       Library services                  14. Admin, I.T., Credit Card fees,
40                    3.   Student cohorts                       9.       Student Services                      Capital equipment
41                    4.   Grant & tuition revenue              10.       Registrar                         14. Debt servicing, Interest income
42                    5.   Teaching staff, base salaries        11.       Direct staffing summary           15. Facilities
43                    6.   Expense summary                      12.       Student aid set-aside             16. Expense distribution-percentages
44
45




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                                           315 of 493
                 A                    B           C            D           E          F           G           H           I           J         K            L
46          PRO FORMA                           Year 0       Year 1      Year 2     Year 3      Year 4      Year 5      Year 6      Year 7
47         ENROLMENTS
48                                          retention
49      Bachelor of Fine Arts         1                            400        600         700         700         700         700         700
50                                    2          90%                          360         540         630         630         630         630
51                                    3          90%                            0         324         486         567         567         567
52                                    4          90%                            0           0         292         437         510         510
53                                                                 400        960        1564        2108        2334        2407        2407
54   Bachelor of Business Admin.      1                            450        700         800         800         800         800         800
55                                    2          90%                          405         630         720         720         720         720
56                                    3          90%                            0         365         567         648         648         648
57                                    4          90%                            0           0         329         510         583         583
58                                                                 450       1105        1795        2416        2678        2751        2751
59        Bachelor of Arts            1                            400        600         710         710         710         710         710
60                                    2          90%                          360         540         639         639         639         639
61                                    3          90%                            0         324         486         575         575         575
62                                    4          90%                            0           0         292         437         518         518
63                                                                 400        960        1574        2127        2361        2442        2442
64     Bachelor of Technology         1                            200        400         700         700         700         700         700
65                                    2          90%                          180         360         630         630         630         630
66                                    3          90%                            0         162         324         567         567         567
67                                    4          90%                            0           0         146         292         510         510
68                                                                 200        580        1222        1800        2189        2407        2407
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84      TOTAL ENROLMENTS                  1st year              1,450       2,300       2,910      2,910        2,910      2,910       2,910
85                                        2nd year                -         1,305       2,070      2,619        2,619      2,619       2,619
86                                        3rd year                -           -         1,175      1,863        2,357      2,357       2,357
87                                        4th year                -           -           -        1,059        1,676      2,121       2,121
88                                         Totals               1,450       3,605       6,155      8,451        9,562     10,007      10,007
89




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                    A                   B           C            D         E        F        G        H        I        J      K            L
90           PRO FORMA                           Year 0        Year 1    Year 2   Year 3   Year 4   Year 5   Year 6   Year 7
91       STUDENT COHORTS
92 Maximum cohort sizes:
93 Bachelor of Fine Arts                                         90       90       90       90       90       90       90
94 Bachelor of Business Admin.                                   90       90       90       90       90       90       90
95 Bachelor of Arts                                              90       90       90       90       90       90       90
96 Bachelor of Technology                                        90       90       90       90       90       90       90
97
98
99
100
101 NUMBER COHORTS (rounded up)
102      Bachelor of Fine Arts          1                        5         7        8        8        8       8         8
103                                     2                        0         4        6        7        7       7         7
104                                     3                        0         0        4        6        7       7         7
105                                     4                        0         0        0        4        5       6         6
106                                                              5        11       18       25       27       28       28
107   Bachelor of Business Admin.       1                        5         8        9        9        9       9         9
108                                     2                        0         5        7        8        8       8         8
109                                     3                        0         0        5        7        8       8         8
110                                     4                        0         0        0        4        6       7         7
111                                                              5        13       21       28       31       32       32
112        Bachelor of Arts             1                        5         7        8        8        8       8         8
113                                     2                        0         4        6        8        8       8         8
114                                     3                        0         0        4        6        7       7         7
115                                     4                        0         0        0        4        5       6         6
116                                                              5        11       18       26       28       29       29
117     Bachelor of Technology          1                        3         5        8        8        8       8         8
118                                     2                        0         2        4        7        7       7         7
119                                     3                        0         0        2        4        7       7         7
120                                     4                        0         0        0        2        4       6         6
121                                                              3         7       14       21       26       28       28
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137   TOTALS BY PROGRAM YEAR            1                        18       27       33       33       33        33       33
138                                     2                        0        15       23       30       30        30       30
139                                     3                        0         0       15       23       29        29       29
140                                     4                        0         0        0       14       20        25       25
141                                                              18       42       71       100      112      117      117
           3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                             317 of 493
                       A                   B              C              D              E              F               G               H                I               J         K            L
142              PRO FORMA              Program         Year 0         Year 1         Year 2         Year 3          Year 4          Year 5           Year 6          Year 7
143     GRANT & TUITION REVENUE         Weights
144   Grant per FTE by program weight        1.0   $       3,100   $      3,100   $      3,100   $       3,100   $      3,100   $         3,100   $       3,100   $       3,100
145                                          1.5   $       5,800   $      5,800   $      5,800   $       5,800   $      5,800   $         5,800   $       5,800   $       5,800
146                                          2.0   $       8,500   $      8,500   $      8,500   $       8,500   $      8,500   $         8,500   $       8,500   $       8,500
147
148
149                                     Program        1st year
150   Basic Income Units:               Weights        Students
151    Bachelor of Fine Arts              1.5            1.0                400          1,140           1,996          2,812             3,151           3,261           3,261
152    Bachelor of Business Admin.        1.5            1.5                675          1,658           2,693          3,624             4,017           4,127           4,127
153    Bachelor of Arts                   1.5            1.0                400          1,140           2,006          2,836             3,187           3,308           3,308
154    Bachelor of Technology             2.0            1.0                200            760           1,744          2,900             3,678           4,114           4,114
155
156
157
158   Total Basic Income Units                                            1,675          4,698           8,439         12,172            14,033         14,809          14,809
159      average program weight                                           1.16           1.30          1.37            1.44             1.47            1.48            1.48
160
161   GRANT FUNDING                                                $8,030,000     $17,075,000    $31,411,400     $46,288,800        $53,782,900   $56,952,500     $56,952,500
162
163   Tuition- 2 semesters                                             $5,300          $5,300         $5,300          $5,300             $5,300        $5,300          $5,300
164   Total students                                                    1,450           3,605          6,155           8,451              9,562        10,007          10,007
165   TUITION FEES                                                 $7,685,000     $19,106,500    $32,621,500     $44,790,300        $50,678,600   $53,037,100     $53,037,100
166
167   Other fees:
168   Incidental fee (2 semesters)                                         $603           $603           $603            $603              $603           $603            $603
169   Distance Learning course fee                                          $70            $70            $70             $70               $70            $70             $70
170




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                    A                             B             C                  D               E               F                  G                  H                  I                  J                K                   L
171            PRO FORMA                                      Year 0             Year 1          Year 2          Year 3             Year 4             Year 5             Year 6             Year 7
172        TEACHING STAFF DATA
173
174   Student course load/cohort/semester                                                5               5               5                  5                  5                  5                  5
175   Total courses one semester                                                        90             210             355                500                560                585                585
176   Total courses 2 semesters - nominal                                              180             420             710               1000               1120               1170               1170
177   Adjustment for vacant seats                                                      5%              5%             10%                10%                10%                10%                10%
178   Total courses 2 semesters - real                                                 189             441             781               1100               1232               1287               1287
179   share taught by sessional instructors                                           30%             30%             30%                30%                30%                30%                30%
180   Courses taught by sessional instructors                                           57             132             234                330                370                386                386
181   Courses taught by FT faculty                                                     132             309             547                770                862                901                901
182
183   Avg course load per year - FT faculty                                              4               4                4                 4                   4                  4                  4
184   Avg class size                                                                 76.7            81.7             78.8              76.8                77.6               77.8               77.8
185
186   Avg FT faculty required                                        0                 33              77              137               193                 216                225                225
187   Adjustment: 50% release for chairs                             5                  5              10               10                10                  10                 10                 10
188   Adjustment for sabbaticals                                 1.000              1.000           1.000            1.133             1.133               1.133              1.133              1.133
189   Total FT faculty required                                      5                 38              87              166               230                 256                267                267
190
191   Deans/Assoc. Deans                                               2.0            4.0             4.0                 4.0                4.0                4.0                4.0                4.0
192
193   Administrative clerical support (0.5 per program)                5.0           10.0            10.0             10.0              10.0                10.0               10.0               10.0
194   FT Faculty- (new July starts)                                    0.0           24.8            36.9             59.3              47.4                19.6                8.3                0.0
195   FT Faculty- (ongoing)                                            0.0            0.0            38.0             87.3             166.3               229.5              255.6              266.6
196
197                                                                                                                                                                                                         1 staff for:
198   Faculty clerical support                                         0.0            2.0             3.0              7.0               9.0                10.0               11.0               11.0                  25    faculty
199   Classroom support techn- B. Tech.                                0.0            3.0             9.0             19.0              28.0                34.0               37.0               37.0                  65    students
200   Classroom support techn- all other programs                      0.0            6.0            15.0             25.0              33.0                37.0               38.0               38.0                 200    students
201   Common computer technicians                                      0.0            5.0            12.0             21.0              28.0                32.0               33.0               33.0                 300    students
202   Total Teaching staff                                             7.0           54.8           127.9            232.6             325.7               376.1              396.9              399.6
203
204   AVERAGE SALARY RATES:
205   Deans/Assoc. Deans                      $170,000        $170,000           $170,000        $170,000        $170,000           $170,000           $170,000           $170,000           $170,000
206
207   Administrative clerical support          $50,000         $50,000            $50,000         $50,000         $50,000            $50,000            $50,000            $50,000            $50,000
208   FT Faculty                              $110,000        $110,000           $110,000        $110,000        $110,000           $110,000           $110,000           $110,000           $110,000
209
210   Faculty clerical support                  $50,000        $50,000            $50,000         $50,000         $50,000            $50,000             $50,000           $50,000            $50,000
211   Classroom support technicians             $60,000        $60,000            $60,000         $60,000         $60,000            $60,000             $60,000           $60,000            $60,000
212   Common computer technicians               $60,000        $60,000            $60,000         $60,000         $60,000            $60,000             $60,000           $60,000            $60,000
213   Sessional instructors (per course)                  $      6,000       $      6,000    $      6,000    $      6,000       $      6,000       $       6,000      $      6,000       $      6,000
214
215   Note: New faculty hires are assumed to be July 1st.




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                        A                        B      C              D             E             F             G             H               I              J                K                L
216                PRO FORMA                          Year 0         Year 1        Year 2        Year 3        Year 4        Year 5          Year 6         Year 7
217                 EXPENSE
218
219   Deans/Assoc. Deans                              $340,000       $680,000      $680,000       $680,000     $680,000       $680,000       $680,000        $680,000
220
221   Administrative clerical support                  250,000         500,000       500,000       500,000       500,000        500,000        500,000        500,000
222   FT Faculty                                             0       2,728,000     8,239,000    16,120,500    23,508,833     27,401,000     29,025,333     29,327,833
223
224   PT Faculty                                               0      342,000       792,000      1,404,000     1,980,000      2,220,000      2,316,000      2,316,000
225
226
227   Faculty clerical support                               0         100,000       150,000       350,000       450,000        500,000        550,000        550,000
228   Classroom support technicians                          0         540,000     1,440,000     2,640,000     3,660,000      4,260,000      4,500,000      4,500,000
229   'Commons' computer technicians                         0         300,000       720,000     1,260,000     1,680,000      1,920,000      1,980,000      1,980,000
230   TOTAL TEACHING SALARIES                          590,000       5,190,000    12,521,000    22,954,500    32,458,833     37,481,000     39,551,333     39,853,833
231   Employee benefits FT                             147,500       1,212,000     2,932,250     5,387,625     7,619,708      8,815,250      9,308,833      9,384,458              25.0% of FT salary
232   Employee benefits PT                                   0          41,040        95,040       168,480       237,600        266,400        277,920        277,920              12.0% of PT salary
233   Non-salary teaching costs                         88,500         778,500     1,878,150     3,443,175     4,868,825      5,622,150      5,932,700      5,978,075              15.0% Teach salary
234
235   Distance Education- develop/deliver               441,000      1,407,000     1,491,000     1,491,000     1,491,000      1,491,000      1,491,000      1,491,000 see page 7
236   Curriculum development                                  0      1,750,000     1,750,000     1,750,000     1,750,000              0              0              0            $7,000 per course
237   Distance content                                        0      1,088,000     1,088,000     1,088,000     1,088,000              0              0              0           $20,000 per course
238   Transfer to Research Overhead                           0        200,000       400,000       500,000       600,000        700,000        700,000        700,000
239   Total Teaching and Related Expense              1,267,000     11,666,540    22,155,440    36,782,780    50,113,966     54,375,800     57,261,786     57,685,286 c/f to page 1
240
241   Library Services expense                          316,250    1,168,688      2,265,500       2,622,575    2,880,750      3,125,125      3,125,125      3,125,125 see page 8
242   Student Services expense                                0      787,500      1,537,500       2,212,500    3,127,500      3,367,500      3,607,500      3,607,500 see page 9
243   Registrar/recruitment                           1,800,000    2,875,000      3,860,000       3,860,000    3,860,000      3,860,000      3,860,000      3,860,000 see page 10
244   Bursaries                                               0      922,200      2,292,780       3,914,580    5,374,836      6,081,432      6,364,452      6,364,452 see page 13
245   Student Aid set-aside                                                               0
                                                              0 Included in "Bursaries Expense" below     0            0              0              0              0 see page 12
246   Information Technology                                  0    1,160,000      2,163,000       3,077,500    4,225,500      4,781,000      5,003,500      5,003,500 see page 14
247   Registrarial systems development                  120,000      200,000              0               0            0              0              0              0
248   Academic Services expense                       2,236,250    7,113,388     12,118,780      15,687,155   19,468,586     21,215,057     21,960,577     21,960,577 c/f to page 1
249
250   General Administration                                 0       1,450,000     2,703,750     3,693,000     5,070,600      5,737,200      6,004,200      6,004,200 see page 14
251   Facilities                                             0       1,920,000     3,840,000     5,760,000     7,680,000     10,240,000     10,240,000     10,240,000 see page 16
252   Faculty recruitment                                    0          24,800        36,900        59,300        47,400         19,600          8,300              0           $1,000   per new faculty
253   Municipal levy in lieu of realty tax                   0         108,750       270,375       461,625       633,825        717,150        750,525        750,525           $75.00   per student
254   Capital equipment                                500,000         500,000       500,000       500,000       500,000        500,000        500,000        500,000 see row 541
255   Equipment renewal                                      0               0       400,000       400,000       400,000        400,000        400,000        400,000           $2,000   x 200 PC's
256   Building renovations                                   0         192,000       384,000       576,000       768,000      1,024,000      1,024,000      1,024,000            $1.00   per sq ft
257   Contingency fund                                 600,000       1,500,000     2,500,000     3,500,000     4,000,000      4,000,000      4,000,000      4,000,000
258   Credit card service fees                               0          99,718       247,920       423,287       581,186        657,591        688,194        688,194 see page 14
259   Interest on capital debt                                                     1,200,000     1,200,000       800,000        400,000              0              0 4%                 interest rate
260   Contribution to capital debt - principal                                                           0    10,000,000     10,000,000     10,000,000              0 $     30,000,000
261
262   Debt servicing cost                                92,065        339,265       643,776       799,907      852,395         842,767        682,390        276,460 see page 15
263   Institutional Services expense                  1,192,065      6,134,533    12,726,721    17,373,119   31,333,406      34,538,308     34,297,609     23,883,379 c/f to page 1
264   TOTAL EXPENSE                                  $4,695,315    $24,914,461   $47,000,941   $69,843,054 $100,915,958    $110,129,165   $113,519,972   $103,529,242


                3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                           320 of 493
                    A                         B        C             D              E             F              G             H               I              J                 K                L
265            PRO FORMA                             Year 0        Year 1         Year 2        Year 3         Year 4        Year 5          Year 6         Year 7
266        DISTANCE EDUCATION
267
268   No. classroom courses to be developed                             250            250            250           250                0              0              0              1000 courses
269   No. distance courses to be developed                               54             54             54            54                                                              272 courses
270   No. distance courses to be delivered                    0          18             42             71           100               112         117            117
271
272   Number of staff:
273   Distance Learning specialists                           3              7              7             7              7             7               7              7
274   Project Coordinator                                     1              1              1             1              1             1               1              1
275   Technical Support                                       0              3              3             3              3             3               3              3
276   Copyright Assistant                                     0              1              1             1              1             1               1              1
277   Production Coordinator                                  0              1              1             1              1             1               1              1
278   Technical Help Support                                  0              1              2             2              2             2               2              2
279   Administration Support                                  0              1              1             1              1             1               1              1
280                                                           4             15             16            16             16            16              16             16
281   Base salaries rates:
282   Distance Learning specialists                   $75,000       $75,000        $75,000        $75,000       $75,000        $75,000        $75,000        $75,000
283   Project Coordinator                             $90,000       $90,000        $90,000        $90,000       $90,000        $90,000        $90,000        $90,000
284   Technical Support                               $60,000       $60,000        $60,000        $60,000       $60,000        $60,000        $60,000        $60,000
285   Copyright Assistant                             $50,000       $50,000        $50,000        $50,000       $50,000        $50,000        $50,000        $50,000
286   Production Coordinator                          $50,000       $50,000        $50,000        $50,000       $50,000        $50,000        $50,000        $50,000
287   Technical Help Support                          $60,000       $60,000        $60,000        $60,000       $60,000        $60,000        $60,000        $60,000
288   Administration Support                          $50,000       $50,000        $50,000        $50,000       $50,000        $50,000        $50,000        $50,000
289
290
291
292   Distance Education expense:
293   Distance Learning specialists                  $225,000       $525,000      $525,000        $525,000      $525,000       $525,000      $525,000        $525,000
294   Project Coordinator                             $90,000         90,000         90,000         90,000        90,000         90,000         90,000         90,000
295   Technical Support                                     0        180,000        180,000        180,000       180,000        180,000        180,000        180,000
296   Copyright Assistant                                   0         50,000         50,000         50,000        50,000         50,000         50,000         50,000
297   Production Coordinator                                0         50,000         50,000         50,000        50,000         50,000         50,000         50,000
298   Technical Help Support                                0         60,000        120,000        120,000       120,000        120,000        120,000        120,000
299   Administration Support                                0         50,000         50,000         50,000        50,000         50,000         50,000         50,000
300   TOTAL SALARIES                                  315,000      1,005,000      1,065,000      1,065,000     1,065,000      1,065,000      1,065,000      1,065,000
301   Employee benefits                                78,750        251,250        266,250        266,250       266,250        266,250        266,250        266,250               25.0% of salaries
302   Non-salary office/travel/other                   47,250        150,750        159,750        159,750       159,750        159,750        159,750        159,750               15.0% of salaries
303   Distance Education Services expense            $441,000     $1,407,000     $1,491,000     $1,491,000    $1,491,000     $1,491,000     $1,491,000     $1,491,000     c/f to page 6




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                            321 of 493
                      A                     B           C               D            E           F             G           H             I            J               K               L
304              PRO FORMA                            Year 0          Year 1       Year 2      Year 3        Year 4      Year 5        Year 6       Year 7
305           LIBRARY SERVICES
306
307   Number of staff:
308   Librarian                                                1.0          3.0          4.0          5.0          6.0          7.0          7.0          7.0
309   IT support position                                      0.0          0.5          0.5          1.0          1.0          1.0          1.0          1.0
310   Library technician                                       1.0          3.0          4.0          5.0          6.0          7.0          7.0          7.0
311   Library clerk                                            1.0          0.5          1.0          2.0          2.0          2.0          2.0          2.0
312                                                            3.0          7.0          9.5         13.0         15.0         17.0         17.0         17.0
313   Base salaries rates:
314   Librarian                                       $110,000        $110,000     $110,000     $110,000     $110,000     $110,000     $110,000     $110,000
315   IT support position                              $60,000         $60,000      $60,000      $60,000      $60,000      $60,000      $60,000      $60,000
316   Library technician                               $60,000         $60,000      $60,000      $60,000      $60,000      $60,000      $60,000      $60,000
317   Library clerk                                    $50,000         $50,000      $50,000      $50,000      $50,000      $50,000      $50,000      $50,000
318
319   Library Services expense:
320   Librarian                                       $110,000         $330,000    $440,000      $550,000     $660,000     $770,000    $770,000      $770,000
321   IT support position                                    0           30,000       30,000       60,000       60,000       60,000       60,000       60,000
322   Library technician                                60,000          180,000      240,000      300,000      360,000      420,000      420,000      420,000
323   Library clerk                                     50,000           25,000       50,000      100,000      100,000      100,000      100,000      100,000
324   TOTAL SALARIES                                   220,000          565,000      760,000    1,010,000    1,180,000    1,350,000    1,350,000    1,350,000
325   Employee benefits                                 55,000          141,250      190,000      252,500      295,000      337,500      337,500      337,500             25.0% of salary
326   Library acquisitions                                   0          300,000    1,000,000    1,000,000    1,000,000    1,000,000    1,000,000    1,000,000
327   Courier/Van delivery                                   0           10,000       20,000       18,000       30,000       30,000       30,000       30,000
328   Non-salary office/travel/other                    41,250          152,438      295,500      342,075      375,750      407,625      407,625      407,625            15.0% of above
329   Library Services expense                        $316,250       $1,168,688   $2,265,500   $2,622,575   $2,880,750   $3,125,125   $3,125,125   $3,125,125   c/f to page 6




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                    A                         B        C            D           E           F             G           H             I            J               K               L
330            PRO FORMA                             Year 0       Year 1      Year 2      Year 3        Year 4      Year 5        Year 6       Year 7
331         STUDENT SERVICES
332
333   Number of staff:
334   Housing off-campus coordinator                                   1.0          1.0          1.0          1.0          1.0          1.0          1.0
335   Orientation                                                      0.5          0.5          0.5          0.5          0.5          0.5          0.5
336   Peer tutoring coordinator                                        1.0          3.0          4.0          5.0          5.0          5.0          5.0
337   Program counsellor- Academic advising                            2.0          3.0          5.0          7.0          7.0          7.0          7.0
338   Employment advisor- Career services                              1.0          1.0          2.0          5.0          5.0          5.0          5.0
339   Counsellors- Counselling staff                                   1.0          3.0          4.0          5.0          6.0          7.0          7.0
340   LD Consultant- Disability Services                               1.0          3.0          4.0          5.0          6.0          7.0          7.0
341                                                                    7.5         14.5         20.5         28.5         30.5         32.5         32.5
342   Base salaries rates:
343   Clerical support- Housing off-campus                         $50,000     $50,000      $50,000      $50,000      $50,000      $50,000      $50,000
344   Clerical support- Orientation                                $50,000     $50,000      $50,000      $50,000      $50,000      $50,000      $50,000
345   Clerical support- Peer tutoring                              $50,000     $50,000      $50,000      $50,000      $50,000      $50,000      $50,000
346   Program counsellor- Academic advising                        $80,000     $80,000      $80,000      $80,000      $80,000      $80,000      $80,000
347   Employment advisor- Career services                          $80,000     $80,000      $80,000      $80,000      $80,000      $80,000      $80,000
348   Counsellors- Counselling staff                               $80,000     $80,000      $80,000      $80,000      $80,000      $80,000      $80,000
349   LD Consultant- Disability Services                           $80,000     $80,000      $80,000      $80,000      $80,000      $80,000      $80,000
350
351   EXPENSE:
352   Clerical support- Housing off-campus                         $50,000      $50,000      $50,000      $50,000      $50,000      $50,000      $50,000
353   Clerical support- Orientation                                 25,000       25,000       25,000       25,000       25,000       25,000       25,000
354   Clerical support- Peer tutoring                               50,000      150,000      200,000      250,000      250,000      250,000      250,000
355   Program counsellor- Academic advising                        160,000      240,000      400,000      560,000      560,000      560,000      560,000
356   Employment advisor- Career services                           80,000       80,000      160,000      400,000      400,000      400,000      400,000
357   Counsellors- Counselling staff                                80,000      240,000      320,000      400,000      480,000      560,000      560,000
358   LD Consultant- Disability Services                            80,000      240,000      320,000      400,000      480,000      560,000      560,000
359   TOTAL SALARIES                                               525,000    1,025,000    1,475,000    2,085,000    2,245,000    2,405,000    2,405,000
360   Employee benefits                                            131,250      256,250      368,750      521,250      561,250      601,250      601,250             25.0% of salary
361   Non-salary expenses incl. work-study                         131,250      256,250      368,750      521,250      561,250      601,250      601,250             25.0% of salary
362
363   Student Services expense                                    $787,500   $1,537,500   $2,212,500   $3,127,500   $3,367,500   $3,607,500   $3,607,500   c/f to page 6




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                              323 of 493
                      A                    B           C             D             E             F              G             H              I              J                 K                    L
364              PRO FORMA                           Year 0        Year 1        Year 2        Year 3         Year 4        Year 5         Year 6         Year 7
365              REGISTRAR
366
367   Number of staff:
368   Registrar                                               1             1              1             1              1             1              1              1
369   Admin Assistant/Office mgr                              1             1              1             1              1             1              1              1
370   Registration                                            1             3              6             6              6             6              6              6
371   Financial Aid officer                                   1             2              4             4              4             4              4              4
372                                                           4             7             12            12             12            12             12             12
373   Base salary rates:
374   Registrar                                      $110,000      $110,000      $110,000       $110,000      $110,000       $110,000      $110,000       $110,000
375   Admin Assistant/Office mgr                      $50,000       $50,000       $50,000        $50,000       $50,000        $50,000       $50,000        $50,000
376   Registration                                    $60,000       $60,000       $60,000        $60,000       $60,000        $60,000       $60,000        $60,000
377   Financial Aid officer                           $60,000       $60,000       $60,000        $60,000       $60,000        $60,000       $60,000        $60,000
378
379   REGISTRAR EXPENSE:
380   Registrar                                       $110,000       110,000       110,000        110,000       110,000        110,000       110,000        110,000
381   Admin Assistant/Office mgr                        50,000        50,000        50,000         50,000        50,000         50,000        50,000         50,000
382   Registration                                      60,000       180,000       360,000        360,000       360,000        360,000       360,000        360,000
383   Financial Aid officer                             60,000       120,000       240,000        240,000       240,000        240,000       240,000        240,000
384   Employee benefits                                 70,000       115,000       190,000        190,000       190,000        190,000       190,000        190,000               25.0% of salary
385   Sub-total Registrar                              350,000       575,000       950,000        950,000       950,000        950,000       950,000        950,000
386   Recruitment non-salary                         1,450,000     2,300,000     2,910,000      2,910,000     2,910,000      2,910,000     2,910,000      2,910,000     $           1,000 per Year 1 student
387                                                                                                                                                                                       in following Sept.
388
389
390
391
392
393
394
395
396
397
398
399
400
401
402   Sub-total Recruitment                         1,450,000      2,300,000     2,910,000      2,910,000     2,910,000      2,910,000     2,910,000      2,910,000
403   Total Registrar / recruitment                $1,800,000     $2,875,000    $3,860,000     $3,860,000    $3,860,000     $3,860,000    $3,860,000     $3,860,000     c/f to page 6




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                           324 of 493
                   A                         B        C              D          E          F              G              H              I              J                    K                L
404           PRO FORMA                             Year 0         Year 1     Year 2     Year 3         Year 4         Year 5         Year 6         Year 7
405      DIRECT STAFFING (FTE)
406
407   Deans/Assoc. Deans                                     2.0        4.0        4.0            4.0            4.0            4.0            4.0            4.0
408
409   Administrative clerical support                        5.0       10.0       10.0        10.0          10.0            10.0           10.0           10.0
410   FT Faculty- (new July starts)                          0.0       24.8       36.9        59.3          47.4            19.6            8.3            0.0
411   FT Faculty- (ongoing)                                  0.0        0.0       38.0        87.3         166.3           229.5          255.6          266.6
412
413
414   Faculty clerical support                               0.0        2.0        3.0         7.0           9.0            10.0           11.0           11.0
415   Classroom support techn- B.Tech.                       0.0        3.0        9.0        19.0          28.0            34.0           37.0           37.0
416   Classroom support techn- all other programs            0.0        6.0       15.0        25.0          33.0            37.0           38.0           38.0
417   'Commons" computer technicians                         0.0        5.0       12.0        21.0          28.0            32.0           33.0           33.0
418                Teaching                                  7.0       54.8      127.9       232.6         325.7           376.1          396.9          399.6
419   Distance Learning specialists                          3.0        7.0        7.0         7.0           7.0             7.0            7.0            7.0
420   Project Coordinator                                    1.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
421   Technical Support                                      0.0        3.0        3.0         3.0           3.0             3.0            3.0            3.0
422   Copyright Assistant                                    0.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
423   Production Coordinator                                 0.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
424   Technical Help Support                                 0.0        1.0        2.0         2.0           2.0             2.0            2.0            2.0
425   Administration Support                                 0.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
426          Distance Education                              4.0       15.0       16.0        16.0          16.0            16.0           16.0           16.0
427   Librarian                                              1.0        3.0        4.0         5.0           6.0             7.0            7.0            7.0
428   IT support position                                    0.0        0.5        0.5         1.0           1.0             1.0            1.0            1.0
429   Library technician                                     1.0        3.0        4.0         5.0           6.0             7.0            7.0            7.0
430   Library clerk                                          1.0        0.5        1.0         2.0           2.0             2.0            2.0            2.0
431            Library Services                              3.0        7.0        9.5        13.0          15.0            17.0           17.0           17.0
432   Clerical support- Housing off-campus                   0.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
433   Clerical support- Orientation                          0.0        0.5        0.5         0.5           0.5             0.5            0.5            0.5
434   Clerical support- Peer tutoring                        0.0        1.0        3.0         4.0           5.0             5.0            5.0            5.0
435   Program counsellor- Academic advising                  0.0        2.0        3.0         5.0           7.0             7.0            7.0            7.0
436   Employment advisor- Career services                    0.0        1.0        1.0         2.0           5.0             5.0            5.0            5.0
437   Counsellors- Counselling staff                         0.0        1.0        3.0         4.0           5.0             6.0            7.0            7.0
438   LD Consultant- Disability Services                     0.0        1.0        3.0         4.0           5.0             6.0            7.0            7.0
439           Student Services                               0.0        7.5       14.5        20.5          28.5            30.5           32.5           32.5
440   Registrar                                              1.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
441   Admin Assistant/Office mgr                             1.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
442   Registration                                           1.0        3.0        6.0         6.0           6.0             6.0            6.0            6.0
443   Financial Aid officer                                  1.0        2.0        4.0         4.0           4.0             4.0            4.0            4.0
444                Registrar                                 4.0        7.0       12.0        12.0          12.0            12.0           12.0           12.0
445                                                                                                                                                                 Excludes Admin and IT (p. 14)
446            TOTAL STAFF                               18.0          91.3      179.9       294.1         397.2           451.6          474.4          477.1 and Facilities (p. 15)




              3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                         325 of 493
                   A                           B          C         D              E             F             G              H              I             J           K            L
447           PRO FORMA                                 Year 0    Year 1         Year 2        Year 3        Year 4         Year 5         Year 6        Year 7
448       STUDENT AID SET-ASIDE
449
450   Tuition fee increases over base year:
451   Bachelor of Fine Arts                                       base year         $0.00          $0.00            $0.00       $0.00          $0.00         $0.00
452   Bachelor of Business Admin.                                 base year         $0.00          $0.00            $0.00       $0.00          $0.00         $0.00
453   Bachelor of Arts                                            base year         $0.00          $0.00            $0.00       $0.00          $0.00         $0.00
454   Bachelor of Technology                                      base year         $0.00          $0.00            $0.00       $0.00          $0.00         $0.00
455
456
457
458
459   Percent of tuition increase to be set aside                                   30.0%          30.0%            30.0%       30.0%          30.0%         30.0%
460
461   Amount of tuition increase to be set aside- per student:
462   Bachelor of Fine Arts                                                           n/a            n/a             n/a             n/a        n/a           n/a
463   Bachelor of Business Admin.                                                     n/a            n/a             n/a             n/a        n/a           n/a
464   Bachelor of Arts                                                                n/a            n/a             n/a             n/a        n/a           n/a
465   Bachelor of Technology                                                          n/a            n/a             n/a             n/a        n/a           n/a
466
467
468
469
470   Student Aid Set-Aside:
471   Bachelor of Fine Arts                                                $0             $0            $0            $0              $0            $0            $0
472   Bachelor of Business Admin.                                           0              0             0             0               0             0             0
473   Bachelor of Arts                                                      0              0             0             0               0             0             0
474   Bachelor of Technology                                                0              0             0             0               0             0             0
475
476
477
478   Total Student Aid Set-Aside:                                          Included in "Bursaries Expense" below
479




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                 326 of 493
                       A                      B         C            D            E             F             G            H              I             J               K              L
480               PRO FORMA                           Year 0       Year 1       Year 2        Year 3        Year 4       Year 5         Year 6        Year 7
481               BURSARIES
482
483   Tuition fee
484   Bachelor of Fine Arts                                          $5,300       $5,300        $5,300        $5,300        $5,300        $5,300        $5,300
485   Bachelor of Business Admin.                                    $5,300       $5,300        $5,300        $5,300        $5,300        $5,300        $5,300
486   Bachelor of Arts                                               $5,300       $5,300        $5,300        $5,300        $5,300        $5,300        $5,300
487   Bachelor of Technology                                         $5,300       $5,300        $5,300        $5,300        $5,300        $5,300        $5,300
488
489
490
491
492   Enrolments:
493   Bachelor of Fine Arts                                             400          960          1564          2108          2334          2407          2407
494   Bachelor of Business Admin.                                       450         1105          1795          2416          2678          2751          2751
495   Bachelor of Arts                                                  400          960          1574          2127          2361          2442          2442
496   Bachelor of Technology                                            200          580          1222          1800          2189          2407          2407
497
498
499
500     Total enrolments                                              1,450         3,605         6,155         8,451         9,562       10,007        10,007
501
502   Total value of tuition fees:
503   Bachelor of Fine Arts                                       2,120,000     5,088,000     8,289,200    11,172,400    12,370,200    12,757,100    12,757,100
504   Bachelor of Business Admin.                                 2,385,000     5,856,500     9,513,500    12,804,800    14,193,400    14,580,300    14,580,300
505   Bachelor of Arts                                            2,120,000     5,088,000     8,342,200    11,273,100    12,513,300    12,942,600    12,942,600
506   Bachelor of Technology                                      1,060,000     3,074,000     6,476,600     9,540,000    11,601,700    12,757,100    12,757,100
507
508
509
510   Total tuition fees                                         $7,685,000   $19,106,500   $32,621,500   $44,790,300   $50,678,600   $53,037,100   $53,037,100
511
512   12% of Total tuition fees value                              $922,200    $2,292,780    $3,914,580    $5,374,836    $6,081,432    $6,364,452    $6,364,452
513   Less- Student Aid set-aside (page 12)                               0             0             0             0             0             0             0
514   Bursaries expense                                            $922,200    $2,292,780    $3,914,580    $5,374,836    $6,081,432    $6,364,452    $6,364,452   c/f to page 6
515




                3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                   327 of 493
                     A                          B          C             D             E              F              G              H               I              J                K              L
516            PRO FORMA                                 Year 0        Year 1        Year 2         Year 3         Year 4         Year 5          Year 6         Year 7
517          ADMIN & INFO TECH
518
519   Total students                                -             -        1,450         3,605          6,155          8,451           9,562        10,007          10,007
520
521   Cost per student:
522
523   Admin cost per student (allowance)                                 $1,000          $750           $600           $600            $600           $600           $600
524
525   Info Tech cost per student (allowance)                               $800          $600           $500           $500            $500           $500           $500
526
527   total Administration expense                      $1,000,000    $1,450,000    $2,703,750     $3,693,000     $5,070,600      $5,737,200     $6,004,200     $6,004,200    c/f to page 6
528   Information Technology expense                      $500,000    $1,160,000    $2,163,000     $3,077,500     $4,225,500      $4,781,000     $5,003,500     $5,003,500    c/f to page 6
529
530                                                      Year 0        Year 1        Year 2         Year 3         Year 4         Year 5          Year 6         Year 7
531          CAPITAL EQUIPMENT
532   Distance Education
533   Registrar
534   Library Services
535   Student Services
536   Total Capital Equipment                            $500,000      $500,000      $500,000       $500,000       $500,000        $500,000       $500,000       $500,000     c/f to page 6
537
538                                                      Year 0        Year 1        Year 2         Year 3         Year 4         Year 5          Year 6         Year 7
539     CREDIT CARD SERVICE FEES
540   Total all student fees                                          $8,863,850   $22,037,365    $37,625,515    $51,660,963     $58,452,506    $61,172,791    $61,172,791
541   Estimated fees paid by credit card       60%                     5,318,310    13,222,419     22,575,309     30,996,578      35,071,504     36,703,675     36,703,675
542   Estimated service fees                   1.5%                      $79,775      $198,336       $338,630       $464,949        $526,073      $550,555        $550,555    c/f to page 6
543
544                                                      Year 0        Year 1        Year 2         Year 3         Year 4         Year 5          Year 6         Year 7
545    Debt servicing / Interest income
546
547   Revenue before interest income                            $0 $17,002,600 $39,382,740        $69,498,540 $98,583,588       $112,952,556 $118,875,816 $118,875,816
548   Expense before debt servicing cost                (4,603,250) (24,575,196) (46,357,165)     (69,043,147) (100,063,563)    (109,286,398) (112,837,582) (103,252,782)
549   Net before interest calculation                   (4,603,250) (7,572,596) (6,974,425)           455,393    (1,479,975)       3,666,158     6,038,234    15,623,034
550   Interest on current year net             2.0%        (92,065)    (151,452)    (139,489)           9,108       (29,599)          73,323       120,765       312,461
551
552   Accumulated prior years net                                 -   (4,695,315) (12,607,176)    (20,225,377)   (20,569,891)    (22,902,261)   (20,078,870)   (14,723,026)
553   Interest on prior years net              4.0%               -     (187,813)    (504,287)       (809,015)      (822,796)       (916,090)      (803,155)      (588,921)
554
555   Debt servicing expense                              ($92,065)   ($339,265)     ($643,776)     ($799,907)     ($852,395)      ($842,767)     ($682,390)     ($276,460) c/f to page 6
556   Interest income revenue                                   $0           $0             $0             $0             $0              $0             $0             $0 c/f to page 1
557




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                                328 of 493
                       A                       B         C                D              E                    F                G               H                I                J               K               L
558                                                    Year 0           Year 1         Year 2               Year 3           Year 4          Year 5           Year 6           Year 7
559               FACILITIES
560   Area used (net assignable square feet)                               120,000        240,000            360,000          480,000          640,000          640,000          640,000
561   Area used (gross square feet)                             nil        192,000        384,000            576,000          768,000        1,024,000        1,024,000        1,024,000               1.6 gross-to-net
562
563
564   Cost per sq ft
565    Building maintenance
566    Custodial
567    Security
568    Grounds
569    Electric energy
570    Fossil fuel
571    Plant admin/eng
572    total                                       $      10.00        $     10.00    $     10.00       $       10.00    $      10.00    $       10.00    $       10.00    $       10.00
573
574
575
576
577
578
579
580
581
582
583
584
585
586
587
588
589
590
591
592   TOTAL FACILITIES EXPENSE                                        $ 1,920,000    $ 3,840,000    $       5,760,000   $ 7,680,000     $ 10,240,000     $ 10,240,000     $ 10,240,000     c/f to page 6
593
594   cost/gross sq ft incl. Staff costs                                   $ 10.00         $10.00            $ 10.00          $ 10.00         $ 10.00          $ 10.00          $ 10.00
595
596




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                                             329 of 493
                        A                        B      C            D          E         F        G         H        I         J       K            L
597               PRO FORMA                           Year 0       Year 1     Year 2    Year 3   Year 4    Year 5   Year 6    Year 7
598     EXPENDITURE DISTRIBUTION
599   Deans/Assoc. Deans                               7.2%          2.7%      1.4%     1.0%      0.7%     0.6%      0.6%      0.7%
600   Program co-ordinators                            0.0%          0.0%      0.0%     0.0%      0.0%     0.0%      0.0%      0.0%
601   Administrative clerical support                  5.3%          2.0%      1.1%     0.7%      0.5%     0.5%      0.4%      0.5%
602   FT Faculty                                       0.0%          10.9%     17.5%    23.1%     23.3%    24.9%     25.6%     28.3%
603
604   PT Faculty                                       0.0%          1.4%      1.7%     2.0%      2.0%     2.0%      2.0%      2.2%
605
606
607   Faculty clerical support                         0.0%          0.4%      0.3%     0.5%      0.4%     0.5%      0.5%      0.5%
608   Classroom support technicians                    0.0%          2.2%      3.1%     3.8%      3.6%     3.9%      4.0%      4.3%
609   'Commons' computer technicians                   0.0%          1.2%      1.5%     1.8%      1.7%     1.7%      1.7%      1.9%
610   TOTAL TEACHING SALARIES                          12.6%         20.8%     26.6%    32.9%     32.2%    34.0%     34.8%     38.5%
611   Employee benefits FT                             3.1%          4.9%      6.2%     7.7%      7.6%     8.0%      8.2%      9.1%
612   Employee benefits PT                             0.0%          0.2%      0.2%     0.2%      0.2%     0.2%      0.2%      0.3%
613   Non-salary teaching costs                        1.9%          3.1%      4.0%     4.9%      4.8%     5.1%      5.2%      5.8%
614   Research/study leave                             0.0%          0.0%      0.0%     0.0%      0.0%     0.0%      0.0%      0.0%
615   Distance Education- service                      9.4%          5.6%      3.2%     2.1%      1.5%     1.4%      1.3%      1.4%
616   Curriculum development                           0.0%          7.0%      3.7%     2.5%      1.7%     0.0%      0.0%      0.0%
617   Distance content                                 0.0%          4.4%      2.3%     1.6%      1.1%     0.0%      0.0%      0.0%
618   Transfer to Research Overhead                    0.0%          0.8%      0.9%     0.7%      0.6%     0.6%      0.6%      0.7%
619     Total Teaching expense                         27.0%         46.8%     47.1%    52.7%     49.7%    49.4%     50.4%     55.7%
620
621   Library Services expense                         6.7%          4.7%      4.8%     3.8%      2.9%     2.8%      2.8%      3.0%
622   Student Services expense                         0.0%          3.2%      3.3%     3.2%      3.1%     3.1%      3.2%      3.5%
623   Registrar expense                                38.3%         11.5%     8.2%     5.5%      3.8%     3.5%      3.4%      3.7%
624   Bursaries                                        0.0%          3.7%      4.9%     5.6%      5.3%     5.5%      5.6%      6.1%
625   Student Aid set-aside                            0.0%          0.0%      0.0%     0.0%      0.0%     0.0%      0.0%      0.0%
626   Information Technology                           0.0%          4.7%      4.6%     4.4%      4.2%     4.3%      4.4%      4.8%
627   Registrarial systems development                 2.6%          0.8%      0.0%     0.0%      0.0%     0.0%      0.0%      0.0%
628     Academic Services expense                      47.6%         28.6%     25.8%    22.5%     19.3%    19.3%     19.3%     21.2%
629
630   General Administration                           0.0%          5.8%      5.8%     5.3%      5.0%     5.2%      5.3%      5.8%
631   Facilities                                       0.0%          7.7%      8.2%     8.2%      7.6%     9.3%      9.0%      9.9%
632   Faculty recruitment                              0.0%          0.1%      0.1%     0.1%      0.0%     0.0%      0.0%      0.0%
633   Municipal levy in lieu of realty tax             0.0%          0.4%      0.6%     0.7%      0.6%     0.7%      0.7%      0.7%
634   Capital equipment                                10.6%         2.0%      1.1%     0.7%      0.5%     0.5%      0.4%      0.5%
635   Equipment renewal                                0.0%          0.0%      0.9%     0.6%      0.4%     0.4%      0.4%      0.4%
636   Building renovations                             0.0%          0.8%      0.8%     0.8%      0.8%     0.9%      0.9%      1.0%
637   Contingency fund                                 12.8%         6.0%      5.3%     5.0%      4.0%     3.6%      3.5%      3.9%
638   Credit card service fees                         0.0%          0.4%      0.5%     0.6%      0.6%     0.6%      0.6%      0.7%
639   Interest on capital debt                         0.0%          0.0%      2.6%     1.7%      0.8%     0.4%      0.0%      0.0%
640   Contribution to capital debt - principal         0.0%          0.0%      0.0%     0.0%      9.9%     9.1%      8.8%      0.0%
641   Project start-up and transition                  0.0%          0.0%      0.0%     0.0%      0.0%     0.0%      0.0%      0.0%
642   Debt servicing cost                              2.0%          1.4%      1.4%     1.1%      0.8%     0.8%      0.6%      0.3%
643     Institutional Services expense                 25.4%         24.6%     27.1%    24.9%     31.0%    31.4%     30.2%     23.1%
644
645     Total Expense                                100.0%        100.0%      100.0%   100.0%    100.0%   100.0%    100.0%    100.0%


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                      A                    B           C             D               E             F              G              H              I              J         K            L
646
647   CHECK:
648   teaching                                       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%
649   acad services                                  0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%
650   institutional                                  0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%
651   total                                          0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%
652
653   COST PER STUDENT:
654   Teaching                                                  $     8,046    $     6,146    $     5,976    $     5,930    $     5,687    $     5,722    $     5,764
655   Academic Services                                               4,906          3,362          2,549          2,304          2,219          2,195          2,195
656   Institutional Services                                          4,231          3,530          2,823          3,708          3,612          3,427          2,387
657                                                             $    17,182    $    13,038    $    11,347    $    11,941    $    11,517    $    11,344    $    10,346




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                   331 of 493
         M         N O      P                       Q                R     S   T   U   V   W   X   Y   Z   AA        AB
 1
 2
 3   This spreadsheet is identical to the pro forma spreadsheet
 4   for the new university, except some of the input rows
 5   (marked in pink below) have been varied.
 6
 7   This spreadsheet does not include the cost of graduate
 8   enrolments.
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      M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
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          3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                    334 of 493
      M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
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        M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
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184 `
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          3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                    338 of 493
      M        N O       P                 Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
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      M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
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      M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
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                         AC         AD         AE        AF   AG   AH   AI   AJ   AK   AL   AM
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3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                      353 of 493
                       A                         B             C                   D                E            F            G                    H                I                J           K            L
 1      TRADITIONAL UNIVERSITY                             TRANSITION                                       START-UP PERIOD
 2              PRO FORMA                                    Year 0              Year 1        Year 2          Year 3       Year 4             Year 5             Year 6           Year 7
 3      FINANCIAL PROJECTIONS
 4     all figures in constant 2011 $
 5   ENROLMENTS:
 6   Bachelor of Fine Arts                                                             400            960           1,564          2,108               2,334            2,407            2,407
 7   Bachelor of Business Admin.                                                       450          1,105           1,795          2,416               2,678            2,751            2,751
 8   Bachelor of Arts                                                                  400            960           1,574          2,127               2,361            2,442            2,442
 9   Bachelor of Technology                                                            200            580           1,222          1,800               2,189            2,407            2,407
10
11
12
13    Total Enrolments                                                               1,450          3,605           6,155          8,451               9,562        10,007           10,007
14
15   REVENUE:
16    Operating grant                                                 -        $8,030,000    $17,075,000      $31,411,400    $46,288,800     $53,782,900        $56,952,500      $56,952,500
17    Tuition fees                                                    -         7,685,000     19,106,500       32,621,500     44,790,300      50,678,600         53,037,100       53,037,100
18    Incidental fees                                                 -           874,350      2,173,815        3,711,465      5,095,953       5,765,886          6,034,221        6,034,221
19    Distance Learning course fees                                   -           304,500        757,050        1,292,550      1,774,710       2,008,020          2,101,470        2,101,470
20    'In lieu of Municipal tax' grant                                -           108,750        270,375          461,625        633,825         717,150            750,525          750,525
21    Interest income                                                 -               -              -                -              -               -                  -                -
22    Total Revenue                                                   -       $17,002,600    $39,382,740      $69,498,540    $98,583,588    $112,952,556       $118,875,816     $118,875,816
23
24   EXPENSE:
25    Teaching and related                                  $1,267,000        $13,034,420    $27,292,120      $47,541,440 $64,774,986        $71,583,666        $75,885,606      $76,556,020
26    Academic Services                                      2,236,250          7,113,388     12,118,780       15,687,155   19,468,586        21,215,057         21,960,577       21,960,577
27    Institutional Services                                 1,192,065          6,169,235     12,903,509       17,884,066   32,359,109        36,240,071         36,778,262       27,208,253
28    Total Expense                                         $4,695,315        $26,317,043    $52,314,409      $81,112,661 $116,602,681      $129,038,794       $134,624,445     $125,724,850
29
30   ANNUAL SURPLUS (DEFICIT)                               ($4,695,315) ($9,314,443) ($12,931,669)          ($11,614,121) ($18,019,093)    ($16,086,238) ($15,748,629)          ($6,849,034)
31   Annual surplus (deficit) per student                           -        ($6,424)      ($3,587)               ($1,887)      ($2,132)         ($1,682)      ($1,574)                ($684)
32
33   ACCUMULATED SURPLUS (DEFICIT)                          ($4,695,315) ($14,009,758) ($26,941,427)         ($38,555,548) ($56,574,641)    ($72,660,879) ($88,409,508) ($95,258,542)
34   Accumulated Enrolments                                         -           1,450         5,055                11,210        19,661           29,223        39,230        49,237
35   Accumulated surplus (deficit) per student                      -         ($9,662)      ($5,330)              ($3,439)      ($2,878)         ($2,486)      ($2,254)      ($1,935)
36
37                                                                            CONTENTS:
38                    1.   Revenue & expense summary             7.       Distance education                13. Bursaries
39                    2.   Enrolment projections                 8.       Library services                  14. Admin, I.T., Credit Card fees,
40                    3.   Student cohorts                       9.       Student Services                      Capital equipment
41                    4.   Grant & tuition revenue              10.       Registrar                         14. Debt servicing, Interest income
42                    5.   Teaching staff, base salaries        11.       Direct staffing summary           15. Facilities
43                    6.   Expense summary                      12.       Student aid set-aside             16. Expense distribution-percentages
44
45




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                                           354 of 493
                 A                    B           C            D           E          F           G           H           I           J         K            L
46          PRO FORMA                           Year 0       Year 1      Year 2     Year 3      Year 4      Year 5      Year 6      Year 7
47         ENROLMENTS
48                                          retention
49      Bachelor of Fine Arts         1                            400        600         700         700         700         700         700
50                                    2          90%                          360         540         630         630         630         630
51                                    3          90%                            0         324         486         567         567         567
52                                    4          90%                            0           0         292         437         510         510
53                                                                 400        960        1564        2108        2334        2407        2407
54   Bachelor of Business Admin.      1                            450        700         800         800         800         800         800
55                                    2          90%                          405         630         720         720         720         720
56                                    3          90%                            0         365         567         648         648         648
57                                    4          90%                            0           0         329         510         583         583
58                                                                 450       1105        1795        2416        2678        2751        2751
59        Bachelor of Arts            1                            400        600         710         710         710         710         710
60                                    2          90%                          360         540         639         639         639         639
61                                    3          90%                            0         324         486         575         575         575
62                                    4          90%                            0           0         292         437         518         518
63                                                                 400        960        1574        2127        2361        2442        2442
64     Bachelor of Technology         1                            200        400         700         700         700         700         700
65                                    2          90%                          180         360         630         630         630         630
66                                    3          90%                            0         162         324         567         567         567
67                                    4          90%                            0           0         146         292         510         510
68                                                                 200        580        1222        1800        2189        2407        2407
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84      TOTAL ENROLMENTS                  1st year              1,450       2,300       2,910      2,910        2,910      2,910       2,910
85                                        2nd year                -         1,305       2,070      2,619        2,619      2,619       2,619
86                                        3rd year                -           -         1,175      1,863        2,357      2,357       2,357
87                                        4th year                -           -           -        1,059        1,676      2,121       2,121
88                                         Totals               1,450       3,605       6,155      8,451        9,562     10,007      10,007
89




          3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                               355 of 493
                    A                   B           C            D         E        F        G        H        I        J      K            L
90           PRO FORMA                           Year 0        Year 1    Year 2   Year 3   Year 4   Year 5   Year 6   Year 7
91       STUDENT COHORTS
92 Maximum cohort sizes:
93 Bachelor of Fine Arts                                         50       50       50       50       50       50       50
94 Bachelor of Business Admin.                                   50       50       50       50       50       50       50
95 Bachelor of Arts                                              50       50       50       50       50       50       50
96 Bachelor of Technology                                        50       50       50       50       50       50       50
97
98
99
100
101 NUMBER COHORTS (rounded up)
102      Bachelor of Fine Arts          1                        8        12       14       14       14       14       14
103                                     2                        0         8       11       13       13       13       13
104                                     3                        0         0        7       10       12       12       12
105                                     4                        0         0        0        6        9       11       11
106                                                              8        20       32       43       48       50       50
107   Bachelor of Business Admin.       1                        9        14       16       16       16       16       16
108                                     2                        0         9       13       15       15       15       15
109                                     3                        0         0        8       12       13       13       13
110                                     4                        0         0        0        7       11       12       12
111                                                              9        23       37       50       55       56       56
112        Bachelor of Arts             1                        8        12       15       15       15       15       15
113                                     2                        0         8       11       13       13       13       13
114                                     3                        0         0        7       10       12       12       12
115                                     4                        0         0        0        6        9       11       11
116                                                              8        20       33       44       49       51       51
117     Bachelor of Technology          1                        4         8       14       14       14       14       14
118                                     2                        0         4        8       13       13       13       13
119                                     3                        0         0        4        7       12       12       12
120                                     4                        0         0        0        3        6       11       11
121                                                              4        12       26       37       45       50       50
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137   TOTALS BY PROGRAM YEAR            1                        29       46        59      59       59        59       59
138                                     2                        0        29        43      54       54        54       54
139                                     3                        0         0        26      39       49        49       49
140                                     4                        0         0         0      22       35        45       45
141                                                              29       75       128      174      197      207      207
           3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                             356 of 493
                       A                   B              C              D              E              F               G               H                I               J         K            L
142              PRO FORMA              Program         Year 0         Year 1         Year 2         Year 3          Year 4          Year 5           Year 6          Year 7
143     GRANT & TUITION REVENUE         Weights
144   Grant per FTE by program weight        1.0   $       3,100   $      3,100   $      3,100   $       3,100   $      3,100   $         3,100   $       3,100   $       3,100
145                                          1.5   $       5,800   $      5,800   $      5,800   $       5,800   $      5,800   $         5,800   $       5,800   $       5,800
146                                          2.0   $       8,500   $      8,500   $      8,500   $       8,500   $      8,500   $         8,500   $       8,500   $       8,500
147
148
149                                     Program        1st year
150   Basic Income Units:               Weights        Students
151    Bachelor of Fine Arts              1.5            1.0                400          1,140           1,996          2,812             3,151           3,261           3,261
152    Bachelor of Business Admin.        1.5            1.5                675          1,658           2,693          3,624             4,017           4,127           4,127
153    Bachelor of Arts                   1.5            1.0                400          1,140           2,006          2,836             3,187           3,308           3,308
154    Bachelor of Technology             2.0            1.0                200            760           1,744          2,900             3,678           4,114           4,114
155
156
157
158   Total Basic Income Units                                            1,675          4,698           8,439         12,172            14,033         14,809          14,809
159      average program weight                                           1.16           1.30          1.37            1.44             1.47            1.48            1.48
160
161   GRANT FUNDING                                                $8,030,000     $17,075,000    $31,411,400     $46,288,800        $53,782,900   $56,952,500     $56,952,500
162
163   Tuition- 2 semesters                                             $5,300          $5,300         $5,300          $5,300             $5,300        $5,300          $5,300
164   Total students                                                    1,450           3,605          6,155           8,451              9,562        10,007          10,007
165   TUITION FEES                                                 $7,685,000     $19,106,500    $32,621,500     $44,790,300        $50,678,600   $53,037,100     $53,037,100
166
167   Other fees:
168   Incidental fee (2 semesters)                                         $603           $603           $603            $603              $603           $603            $603
169   Distance Learning course fee                                          $70            $70            $70             $70               $70            $70             $70
170




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                            357 of 493
                    A                             B             C                  D               E               F                  G                  H                  I                  J                K                   L
171            PRO FORMA                                      Year 0             Year 1          Year 2          Year 3             Year 4             Year 5             Year 6             Year 7
172        TEACHING STAFF DATA
173
174   Student course load/cohort/semester                                                5               5               5                  5                  5                  5                  5
175   Total courses one semester                                                       145             375             640                870                985               1035               1035
176   Total courses 2 semesters - nominal                                              290             750            1280               1740               1970               2070               2070
177   Adjustment for vacant seats                                                      5%              5%             10%                10%                10%                10%                10%
178   Total courses 2 semesters - real                                                 305           787.5            1408               1914               2167               2277               2277
179   share taught by sessional instructors                                           30%             30%             30%                30%                30%                30%                30%
180   Courses taught by sessional instructors                                           91             236             422                574                650                683                683
181   Courses taught by FT faculty                                                     214           551.5             986               1340               1517               1594               1594
182
183   Avg course load per year - FT faculty                                              5               5                5                 5                   5                  5                  5
184   Avg class size                                                                 47.6            45.8             43.7              44.2                44.1               43.9               43.9
185
186   Avg FT faculty required                                        0                 43             110              197               268                 303                319                319
187   Adjustment: 50% release for chairs                             5                  5              10               10                10                  10                 10                 10
188   Adjustment for sabbaticals                                 1.000              1.000           1.000            1.133             1.133               1.133              1.133              1.133
189   Total FT faculty required                                      5                 48             120              235               315                 355                373                373
190
191   Deans/Assoc. Deans                                               2.0            4.0             4.0                 4.0                4.0                4.0                4.0                4.0
192
193   Administrative clerical support (0.5 per program)                5.0           10.0            10.0             10.0              10.0                10.0               10.0               10.0
194   FT Faculty- (new July starts)                                    0.0           32.0            54.5             85.9              60.2                30.1               13.1                0.0
195   FT Faculty- (ongoing)                                            0.0            0.0            47.7            120.3             234.8               315.1              355.2              372.6
196
197                                                                                                                                                                                                         1 staff for:
198   Faculty clerical support                                         0.0            2.0             5.0              9.0              13.0                14.0               15.0               15.0                  25    faculty
199   Classroom support techn- B. Tech.                                0.0            3.0             9.0             19.0              28.0                34.0               37.0               37.0                  65    students
200   Classroom support techn- all other programs                      0.0            6.0            15.0             25.0              33.0                37.0               38.0               38.0                 200    students
201   Common computer technicians                                      0.0            5.0            12.0             21.0              28.0                32.0               33.0               33.0                 300    students
202   Total Teaching staff                                             7.0           62.0           157.2            294.2             411.0               476.2              505.3              509.6
203
204   AVERAGE SALARY RATES:
205   Deans/Assoc. Deans                      $170,000        $170,000           $170,000        $170,000        $170,000           $170,000           $170,000           $170,000           $170,000
206
207   Administrative clerical support          $50,000         $50,000            $50,000         $50,000         $50,000            $50,000            $50,000            $50,000            $50,000
208   FT Faculty                              $110,000        $110,000           $110,000        $110,000        $110,000           $110,000           $110,000           $110,000           $110,000
209
210   Faculty clerical support                  $50,000        $50,000            $50,000         $50,000         $50,000            $50,000             $50,000           $50,000            $50,000
211   Classroom support technicians             $60,000        $60,000            $60,000         $60,000         $60,000            $60,000             $60,000           $60,000            $60,000
212   Common computer technicians               $60,000        $60,000            $60,000         $60,000         $60,000            $60,000             $60,000           $60,000            $60,000
213   Sessional instructors (per course)                  $      6,000       $      6,000    $      6,000    $      6,000       $      6,000       $       6,000      $      6,000       $      6,000
214
215   Note: New faculty hires are assumed to be July 1st.




                3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                                                                358 of 493
                        A                        B      C              D             E             F             G             H               I              J                K                L
216                PRO FORMA                          Year 0         Year 1        Year 2        Year 3        Year 4        Year 5          Year 6         Year 7
217                 EXPENSE
218
219   Deans/Assoc. Deans                              $340,000       $680,000      $680,000       $680,000     $680,000       $680,000       $680,000        $680,000
220
221   Administrative clerical support                  250,000         500,000       500,000       500,000       500,000        500,000        500,000        500,000
222   FT Faculty                                             0       3,520,000    11,242,000    22,682,000    32,452,933     37,968,333     40,511,533     40,990,400
223
224   PT Faculty                                               0      546,000      1,416,000     2,532,000     3,444,000      3,900,000      4,098,000      4,098,000
225
226
227   Faculty clerical support                               0         100,000       250,000       450,000       650,000        700,000        750,000        750,000
228   Classroom support technicians                          0         540,000     1,440,000     2,640,000     3,660,000      4,260,000      4,500,000      4,500,000
229   'Commons' computer technicians                         0         300,000       720,000     1,260,000     1,680,000      1,920,000      1,980,000      1,980,000
230   TOTAL TEACHING SALARIES                          590,000       6,186,000    16,248,000    30,744,000    43,066,933     49,928,333     53,019,533     53,498,400
231   Employee benefits FT                             147,500       1,410,000     3,708,000     7,053,000     9,905,733     11,507,083     12,230,383     12,350,100              25.0% of FT salary
232   Employee benefits PT                                   0          65,520       169,920       303,840       413,280        468,000        491,760        491,760              12.0% of PT salary
233   Non-salary teaching costs                         88,500         927,900     2,437,200     4,611,600     6,460,040      7,489,250      7,952,930      8,024,760              15.0% Teach salary
234
235   Distance Education- develop/deliver               441,000      1,407,000     1,491,000     1,491,000     1,491,000      1,491,000      1,491,000      1,491,000 see page 7
236   Curriculum development                                  0      1,750,000     1,750,000     1,750,000     1,750,000              0              0              0            $7,000 per course
237   Distance content                                        0      1,088,000     1,088,000     1,088,000     1,088,000              0              0              0           $20,000 per course
238   Transfer to Research Overhead                           0        200,000       400,000       500,000       600,000        700,000        700,000        700,000
239   Total Teaching and Related Expense              1,267,000     13,034,420    27,292,120    47,541,440    64,774,986     71,583,666     75,885,606     76,556,020 c/f to page 1
240
241   Library Services expense                          316,250    1,168,688      2,265,500       2,622,575    2,880,750      3,125,125      3,125,125      3,125,125 see page 8
242   Student Services expense                                0      787,500      1,537,500       2,212,500    3,127,500      3,367,500      3,607,500      3,607,500 see page 9
243   Registrar/recruitment                           1,800,000    2,875,000      3,860,000       3,860,000    3,860,000      3,860,000      3,860,000      3,860,000 see page 10
244   Bursaries                                               0      922,200      2,292,780       3,914,580    5,374,836      6,081,432      6,364,452      6,364,452 see page 13
245   Student Aid set-aside                                                               0
                                                              0 Included in "Bursaries Expense" below     0            0              0              0              0 see page 12
246   Information Technology                                  0    1,160,000      2,163,000       3,077,500    4,225,500      4,781,000      5,003,500      5,003,500 see page 14
247   Registrarial systems development                  120,000      200,000              0               0            0              0              0              0
248   Academic Services expense                       2,236,250    7,113,388     12,118,780      15,687,155   19,468,586     21,215,057     21,960,577     21,960,577 c/f to page 1
249
250   General Administration                                 0       1,450,000     2,703,750     3,693,000     5,070,600      5,737,200      6,004,200      6,004,200 see page 14
251   Facilities                                             0       1,920,000     3,840,000     5,760,000     7,680,000     10,240,000     10,240,000     10,240,000 see page 16
252   Faculty recruitment                                    0          32,000        54,500        85,900        60,200         30,100         13,100              0           $1,000   per new faculty
253   Municipal levy in lieu of realty tax                   0         108,750       270,375       461,625       633,825        717,150        750,525        750,525           $75.00   per student
254   Capital equipment                                500,000         500,000       500,000       500,000       500,000        500,000        500,000        500,000 see row 541
255   Equipment renewal                                      0               0       400,000       400,000       400,000        400,000        400,000        400,000           $2,000   x 200 PC's
256   Building renovations                                   0         192,000       384,000       576,000       768,000      1,024,000      1,024,000      1,024,000            $1.00   per sq ft
257   Contingency fund                                 600,000       1,500,000     2,500,000     3,500,000     4,000,000      4,000,000      4,000,000      4,000,000
258   Credit card service fees                               0          99,718       247,920       423,287       581,186        657,591        688,194        688,194 see page 14
259   Interest on capital debt                                                     1,200,000     1,200,000       800,000        400,000              0              0 4%                 interest rate
260   Contribution to capital debt - principal                                                           0    10,000,000     10,000,000     10,000,000              0 $     30,000,000
261
262   Debt servicing cost                                92,065        366,767       802,964     1,284,254    1,865,298       2,534,030      3,158,243      3,601,334 see page 15
263   Institutional Services expense                  1,192,065      6,169,235    12,903,509    17,884,066   32,359,109      36,240,071     36,778,262     27,208,253 c/f to page 1
264   TOTAL EXPENSE                                  $4,695,315    $26,317,043   $52,314,409   $81,112,661 $116,602,681    $129,038,794   $134,624,445   $125,724,850


                3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                           359 of 493
                    A                         B        C             D              E             F              G             H               I              J                 K                L
265            PRO FORMA                             Year 0        Year 1         Year 2        Year 3         Year 4        Year 5          Year 6         Year 7
266        DISTANCE EDUCATION
267
268   No. classroom courses to be developed                             250            250            250           250                0              0              0              1000 courses
269   No. distance courses to be developed                               54             54             54            54                                                              272 courses
270   No. distance courses to be delivered                    0          29             75            128           174               197         207            207
271
272   Number of staff:
273   Distance Learning specialists                           3              7              7             7              7             7               7              7
274   Project Coordinator                                     1              1              1             1              1             1               1              1
275   Technical Support                                       0              3              3             3              3             3               3              3
276   Copyright Assistant                                     0              1              1             1              1             1               1              1
277   Production Coordinator                                  0              1              1             1              1             1               1              1
278   Technical Help Support                                  0              1              2             2              2             2               2              2
279   Administration Support                                  0              1              1             1              1             1               1              1
280                                                           4             15             16            16             16            16              16             16
281   Base salaries rates:
282   Distance Learning specialists                   $75,000       $75,000        $75,000        $75,000       $75,000        $75,000        $75,000        $75,000
283   Project Coordinator                             $90,000       $90,000        $90,000        $90,000       $90,000        $90,000        $90,000        $90,000
284   Technical Support                               $60,000       $60,000        $60,000        $60,000       $60,000        $60,000        $60,000        $60,000
285   Copyright Assistant                             $50,000       $50,000        $50,000        $50,000       $50,000        $50,000        $50,000        $50,000
286   Production Coordinator                          $50,000       $50,000        $50,000        $50,000       $50,000        $50,000        $50,000        $50,000
287   Technical Help Support                          $60,000       $60,000        $60,000        $60,000       $60,000        $60,000        $60,000        $60,000
288   Administration Support                          $50,000       $50,000        $50,000        $50,000       $50,000        $50,000        $50,000        $50,000
289
290
291
292   Distance Education expense:
293   Distance Learning specialists                  $225,000       $525,000      $525,000        $525,000      $525,000       $525,000      $525,000        $525,000
294   Project Coordinator                             $90,000         90,000         90,000         90,000        90,000         90,000         90,000         90,000
295   Technical Support                                     0        180,000        180,000        180,000       180,000        180,000        180,000        180,000
296   Copyright Assistant                                   0         50,000         50,000         50,000        50,000         50,000         50,000         50,000
297   Production Coordinator                                0         50,000         50,000         50,000        50,000         50,000         50,000         50,000
298   Technical Help Support                                0         60,000        120,000        120,000       120,000        120,000        120,000        120,000
299   Administration Support                                0         50,000         50,000         50,000        50,000         50,000         50,000         50,000
300   TOTAL SALARIES                                  315,000      1,005,000      1,065,000      1,065,000     1,065,000      1,065,000      1,065,000      1,065,000
301   Employee benefits                                78,750        251,250        266,250        266,250       266,250        266,250        266,250        266,250               25.0% of salaries
302   Non-salary office/travel/other                   47,250        150,750        159,750        159,750       159,750        159,750        159,750        159,750               15.0% of salaries
303   Distance Education Services expense            $441,000     $1,407,000     $1,491,000     $1,491,000    $1,491,000     $1,491,000     $1,491,000     $1,491,000     c/f to page 6




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                            360 of 493
                      A                     B           C               D            E           F             G           H             I            J               K               L
304              PRO FORMA                            Year 0          Year 1       Year 2      Year 3        Year 4      Year 5        Year 6       Year 7
305           LIBRARY SERVICES
306
307   Number of staff:
308   Librarian                                                1.0          3.0          4.0          5.0          6.0          7.0          7.0          7.0
309   IT support position                                      0.0          0.5          0.5          1.0          1.0          1.0          1.0          1.0
310   Library technician                                       1.0          3.0          4.0          5.0          6.0          7.0          7.0          7.0
311   Library clerk                                            1.0          0.5          1.0          2.0          2.0          2.0          2.0          2.0
312                                                            3.0          7.0          9.5         13.0         15.0         17.0         17.0         17.0
313   Base salaries rates:
314   Librarian                                       $110,000        $110,000     $110,000     $110,000     $110,000     $110,000     $110,000     $110,000
315   IT support position                              $60,000         $60,000      $60,000      $60,000      $60,000      $60,000      $60,000      $60,000
316   Library technician                               $60,000         $60,000      $60,000      $60,000      $60,000      $60,000      $60,000      $60,000
317   Library clerk                                    $50,000         $50,000      $50,000      $50,000      $50,000      $50,000      $50,000      $50,000
318
319   Library Services expense:
320   Librarian                                       $110,000         $330,000    $440,000      $550,000     $660,000     $770,000    $770,000      $770,000
321   IT support position                                    0           30,000       30,000       60,000       60,000       60,000       60,000       60,000
322   Library technician                                60,000          180,000      240,000      300,000      360,000      420,000      420,000      420,000
323   Library clerk                                     50,000           25,000       50,000      100,000      100,000      100,000      100,000      100,000
324   TOTAL SALARIES                                   220,000          565,000      760,000    1,010,000    1,180,000    1,350,000    1,350,000    1,350,000
325   Employee benefits                                 55,000          141,250      190,000      252,500      295,000      337,500      337,500      337,500             25.0% of salary
326   Library acquisitions                                   0          300,000    1,000,000    1,000,000    1,000,000    1,000,000    1,000,000    1,000,000
327   Courier/Van delivery                                   0           10,000       20,000       18,000       30,000       30,000       30,000       30,000
328   Non-salary office/travel/other                    41,250          152,438      295,500      342,075      375,750      407,625      407,625      407,625            15.0% of above
329   Library Services expense                        $316,250       $1,168,688   $2,265,500   $2,622,575   $2,880,750   $3,125,125   $3,125,125   $3,125,125   c/f to page 6




                3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                  361 of 493
                    A                         B        C            D           E           F             G           H             I            J               K               L
330            PRO FORMA                             Year 0       Year 1      Year 2      Year 3        Year 4      Year 5        Year 6       Year 7
331         STUDENT SERVICES
332
333   Number of staff:
334   Housing off-campus coordinator                                   1.0          1.0          1.0          1.0          1.0          1.0          1.0
335   Orientation                                                      0.5          0.5          0.5          0.5          0.5          0.5          0.5
336   Peer tutoring coordinator                                        1.0          3.0          4.0          5.0          5.0          5.0          5.0
337   Program counsellor- Academic advising                            2.0          3.0          5.0          7.0          7.0          7.0          7.0
338   Employment advisor- Career services                              1.0          1.0          2.0          5.0          5.0          5.0          5.0
339   Counsellors- Counselling staff                                   1.0          3.0          4.0          5.0          6.0          7.0          7.0
340   LD Consultant- Disability Services                               1.0          3.0          4.0          5.0          6.0          7.0          7.0
341                                                                    7.5         14.5         20.5         28.5         30.5         32.5         32.5
342   Base salaries rates:
343   Clerical support- Housing off-campus                         $50,000     $50,000      $50,000      $50,000      $50,000      $50,000      $50,000
344   Clerical support- Orientation                                $50,000     $50,000      $50,000      $50,000      $50,000      $50,000      $50,000
345   Clerical support- Peer tutoring                              $50,000     $50,000      $50,000      $50,000      $50,000      $50,000      $50,000
346   Program counsellor- Academic advising                        $80,000     $80,000      $80,000      $80,000      $80,000      $80,000      $80,000
347   Employment advisor- Career services                          $80,000     $80,000      $80,000      $80,000      $80,000      $80,000      $80,000
348   Counsellors- Counselling staff                               $80,000     $80,000      $80,000      $80,000      $80,000      $80,000      $80,000
349   LD Consultant- Disability Services                           $80,000     $80,000      $80,000      $80,000      $80,000      $80,000      $80,000
350
351   EXPENSE:
352   Clerical support- Housing off-campus                         $50,000      $50,000      $50,000      $50,000      $50,000      $50,000      $50,000
353   Clerical support- Orientation                                 25,000       25,000       25,000       25,000       25,000       25,000       25,000
354   Clerical support- Peer tutoring                               50,000      150,000      200,000      250,000      250,000      250,000      250,000
355   Program counsellor- Academic advising                        160,000      240,000      400,000      560,000      560,000      560,000      560,000
356   Employment advisor- Career services                           80,000       80,000      160,000      400,000      400,000      400,000      400,000
357   Counsellors- Counselling staff                                80,000      240,000      320,000      400,000      480,000      560,000      560,000
358   LD Consultant- Disability Services                            80,000      240,000      320,000      400,000      480,000      560,000      560,000
359   TOTAL SALARIES                                               525,000    1,025,000    1,475,000    2,085,000    2,245,000    2,405,000    2,405,000
360   Employee benefits                                            131,250      256,250      368,750      521,250      561,250      601,250      601,250             25.0% of salary
361   Non-salary expenses incl. work-study                         131,250      256,250      368,750      521,250      561,250      601,250      601,250             25.0% of salary
362
363   Student Services expense                                    $787,500   $1,537,500   $2,212,500   $3,127,500   $3,367,500   $3,607,500   $3,607,500   c/f to page 6




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                              362 of 493
                      A                    B           C             D             E             F              G             H              I              J                 K                    L
364              PRO FORMA                           Year 0        Year 1        Year 2        Year 3         Year 4        Year 5         Year 6         Year 7
365              REGISTRAR
366
367   Number of staff:
368   Registrar                                               1             1              1             1              1             1              1              1
369   Admin Assistant/Office mgr                              1             1              1             1              1             1              1              1
370   Registration                                            1             3              6             6              6             6              6              6
371   Financial Aid officer                                   1             2              4             4              4             4              4              4
372                                                           4             7             12            12             12            12             12             12
373   Base salary rates:
374   Registrar                                      $110,000      $110,000      $110,000       $110,000      $110,000       $110,000      $110,000       $110,000
375   Admin Assistant/Office mgr                      $50,000       $50,000       $50,000        $50,000       $50,000        $50,000       $50,000        $50,000
376   Registration                                    $60,000       $60,000       $60,000        $60,000       $60,000        $60,000       $60,000        $60,000
377   Financial Aid officer                           $60,000       $60,000       $60,000        $60,000       $60,000        $60,000       $60,000        $60,000
378
379   REGISTRAR EXPENSE:
380   Registrar                                       $110,000       110,000       110,000        110,000       110,000        110,000       110,000        110,000
381   Admin Assistant/Office mgr                        50,000        50,000        50,000         50,000        50,000         50,000        50,000         50,000
382   Registration                                      60,000       180,000       360,000        360,000       360,000        360,000       360,000        360,000
383   Financial Aid officer                             60,000       120,000       240,000        240,000       240,000        240,000       240,000        240,000
384   Employee benefits                                 70,000       115,000       190,000        190,000       190,000        190,000       190,000        190,000               25.0% of salary
385   Sub-total Registrar                              350,000       575,000       950,000        950,000       950,000        950,000       950,000        950,000
386   Recruitment non-salary                         1,450,000     2,300,000     2,910,000      2,910,000     2,910,000      2,910,000     2,910,000      2,910,000     $           1,000 per Year 1 student
387                                                                                                                                                                                       in following Sept.
388
389
390
391
392
393
394
395
396
397
398
399
400
401
402   Sub-total Recruitment                         1,450,000      2,300,000     2,910,000      2,910,000     2,910,000      2,910,000     2,910,000      2,910,000
403   Total Registrar / recruitment                $1,800,000     $2,875,000    $3,860,000     $3,860,000    $3,860,000     $3,860,000    $3,860,000     $3,860,000     c/f to page 6




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                           363 of 493
                   A                         B        C              D          E          F              G              H              I              J                    K                L
404           PRO FORMA                             Year 0         Year 1     Year 2     Year 3         Year 4         Year 5         Year 6         Year 7
405      DIRECT STAFFING (FTE)
406
407   Deans/Assoc. Deans                                     2.0        4.0        4.0            4.0            4.0            4.0            4.0            4.0
408
409   Administrative clerical support                        5.0       10.0       10.0        10.0          10.0            10.0           10.0           10.0
410   FT Faculty- (new July starts)                          0.0       32.0       54.5        85.9          60.2            30.1           13.1            0.0
411   FT Faculty- (ongoing)                                  0.0        0.0       47.7       120.3         234.8           315.1          355.2          372.6
412
413
414   Faculty clerical support                               0.0        2.0        5.0         9.0          13.0            14.0           15.0           15.0
415   Classroom support techn- B.Tech.                       0.0        3.0        9.0        19.0          28.0            34.0           37.0           37.0
416   Classroom support techn- all other programs            0.0        6.0       15.0        25.0          33.0            37.0           38.0           38.0
417   'Commons" computer technicians                         0.0        5.0       12.0        21.0          28.0            32.0           33.0           33.0
418                Teaching                                  7.0       62.0      157.2       294.2         411.0           476.2          505.3          509.6
419   Distance Learning specialists                          3.0        7.0        7.0         7.0           7.0             7.0            7.0            7.0
420   Project Coordinator                                    1.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
421   Technical Support                                      0.0        3.0        3.0         3.0           3.0             3.0            3.0            3.0
422   Copyright Assistant                                    0.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
423   Production Coordinator                                 0.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
424   Technical Help Support                                 0.0        1.0        2.0         2.0           2.0             2.0            2.0            2.0
425   Administration Support                                 0.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
426          Distance Education                              4.0       15.0       16.0        16.0          16.0            16.0           16.0           16.0
427   Librarian                                              1.0        3.0        4.0         5.0           6.0             7.0            7.0            7.0
428   IT support position                                    0.0        0.5        0.5         1.0           1.0             1.0            1.0            1.0
429   Library technician                                     1.0        3.0        4.0         5.0           6.0             7.0            7.0            7.0
430   Library clerk                                          1.0        0.5        1.0         2.0           2.0             2.0            2.0            2.0
431            Library Services                              3.0        7.0        9.5        13.0          15.0            17.0           17.0           17.0
432   Clerical support- Housing off-campus                   0.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
433   Clerical support- Orientation                          0.0        0.5        0.5         0.5           0.5             0.5            0.5            0.5
434   Clerical support- Peer tutoring                        0.0        1.0        3.0         4.0           5.0             5.0            5.0            5.0
435   Program counsellor- Academic advising                  0.0        2.0        3.0         5.0           7.0             7.0            7.0            7.0
436   Employment advisor- Career services                    0.0        1.0        1.0         2.0           5.0             5.0            5.0            5.0
437   Counsellors- Counselling staff                         0.0        1.0        3.0         4.0           5.0             6.0            7.0            7.0
438   LD Consultant- Disability Services                     0.0        1.0        3.0         4.0           5.0             6.0            7.0            7.0
439           Student Services                               0.0        7.5       14.5        20.5          28.5            30.5           32.5           32.5
440   Registrar                                              1.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
441   Admin Assistant/Office mgr                             1.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
442   Registration                                           1.0        3.0        6.0         6.0           6.0             6.0            6.0            6.0
443   Financial Aid officer                                  1.0        2.0        4.0         4.0           4.0             4.0            4.0            4.0
444                Registrar                                 4.0        7.0       12.0        12.0          12.0            12.0           12.0           12.0
445                                                                                                                                                                 Excludes Admin and IT (p. 14)
446            TOTAL STAFF                               18.0          98.5      209.2       355.7         482.5           551.7          582.8          587.1 and Facilities (p. 15)




              3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                         364 of 493
                   A                           B          C         D              E             F             G              H              I             J           K            L
447           PRO FORMA                                 Year 0    Year 1         Year 2        Year 3        Year 4         Year 5         Year 6        Year 7
448       STUDENT AID SET-ASIDE
449
450   Tuition fee increases over base year:
451   Bachelor of Fine Arts                                       base year         $0.00          $0.00            $0.00       $0.00          $0.00         $0.00
452   Bachelor of Business Admin.                                 base year         $0.00          $0.00            $0.00       $0.00          $0.00         $0.00
453   Bachelor of Arts                                            base year         $0.00          $0.00            $0.00       $0.00          $0.00         $0.00
454   Bachelor of Technology                                      base year         $0.00          $0.00            $0.00       $0.00          $0.00         $0.00
455
456
457
458
459   Percent of tuition increase to be set aside                                   30.0%          30.0%            30.0%       30.0%          30.0%         30.0%
460
461   Amount of tuition increase to be set aside- per student:
462   Bachelor of Fine Arts                                                           n/a            n/a             n/a             n/a        n/a           n/a
463   Bachelor of Business Admin.                                                     n/a            n/a             n/a             n/a        n/a           n/a
464   Bachelor of Arts                                                                n/a            n/a             n/a             n/a        n/a           n/a
465   Bachelor of Technology                                                          n/a            n/a             n/a             n/a        n/a           n/a
466
467
468
469
470   Student Aid Set-Aside:
471   Bachelor of Fine Arts                                                $0             $0            $0            $0              $0            $0            $0
472   Bachelor of Business Admin.                                           0              0             0             0               0             0             0
473   Bachelor of Arts                                                      0              0             0             0               0             0             0
474   Bachelor of Technology                                                0              0             0             0               0             0             0
475
476
477
478   Total Student Aid Set-Aside:                                          Included in "Bursaries Expense" below
479




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                 365 of 493
                       A                      B         C            D            E             F             G            H              I             J               K              L
480               PRO FORMA                           Year 0       Year 1       Year 2        Year 3        Year 4       Year 5         Year 6        Year 7
481               BURSARIES
482
483   Tuition fee
484   Bachelor of Fine Arts                                          $5,300       $5,300        $5,300        $5,300        $5,300        $5,300        $5,300
485   Bachelor of Business Admin.                                    $5,300       $5,300        $5,300        $5,300        $5,300        $5,300        $5,300
486   Bachelor of Arts                                               $5,300       $5,300        $5,300        $5,300        $5,300        $5,300        $5,300
487   Bachelor of Technology                                         $5,300       $5,300        $5,300        $5,300        $5,300        $5,300        $5,300
488
489
490
491
492   Enrolments:
493   Bachelor of Fine Arts                                             400          960          1564          2108          2334          2407          2407
494   Bachelor of Business Admin.                                       450         1105          1795          2416          2678          2751          2751
495   Bachelor of Arts                                                  400          960          1574          2127          2361          2442          2442
496   Bachelor of Technology                                            200          580          1222          1800          2189          2407          2407
497
498
499
500     Total enrolments                                              1,450         3,605         6,155         8,451         9,562       10,007        10,007
501
502   Total value of tuition fees:
503   Bachelor of Fine Arts                                       2,120,000     5,088,000     8,289,200    11,172,400    12,370,200    12,757,100    12,757,100
504   Bachelor of Business Admin.                                 2,385,000     5,856,500     9,513,500    12,804,800    14,193,400    14,580,300    14,580,300
505   Bachelor of Arts                                            2,120,000     5,088,000     8,342,200    11,273,100    12,513,300    12,942,600    12,942,600
506   Bachelor of Technology                                      1,060,000     3,074,000     6,476,600     9,540,000    11,601,700    12,757,100    12,757,100
507
508
509
510   Total tuition fees                                         $7,685,000   $19,106,500   $32,621,500   $44,790,300   $50,678,600   $53,037,100   $53,037,100
511
512   12% of Total tuition fees value                              $922,200    $2,292,780    $3,914,580    $5,374,836    $6,081,432    $6,364,452    $6,364,452
513   Less- Student Aid set-aside (page 12)                               0             0             0             0             0             0             0
514   Bursaries expense                                            $922,200    $2,292,780    $3,914,580    $5,374,836    $6,081,432    $6,364,452    $6,364,452   c/f to page 6
515




                3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                   366 of 493
                     A                          B          C             D             E              F              G              H               I              J                K              L
516            PRO FORMA                                 Year 0        Year 1        Year 2         Year 3         Year 4         Year 5          Year 6         Year 7
517          ADMIN & INFO TECH
518
519   Total students                                -             -        1,450         3,605          6,155          8,451           9,562        10,007          10,007
520
521   Cost per student:
522
523   Admin cost per student (allowance)                                 $1,000          $750           $600           $600            $600           $600           $600
524
525   Info Tech cost per student (allowance)                               $800          $600           $500           $500            $500           $500           $500
526
527   total Administration expense                      $1,000,000    $1,450,000    $2,703,750     $3,693,000     $5,070,600      $5,737,200     $6,004,200     $6,004,200    c/f to page 6
528   Information Technology expense                      $500,000    $1,160,000    $2,163,000     $3,077,500     $4,225,500      $4,781,000     $5,003,500     $5,003,500    c/f to page 6
529
530                                                      Year 0        Year 1        Year 2         Year 3         Year 4         Year 5          Year 6         Year 7
531          CAPITAL EQUIPMENT
532   Distance Education
533   Registrar
534   Library Services
535   Student Services
536   Total Capital Equipment                            $500,000      $500,000      $500,000       $500,000       $500,000        $500,000       $500,000       $500,000     c/f to page 6
537
538                                                      Year 0        Year 1        Year 2         Year 3         Year 4         Year 5          Year 6         Year 7
539     CREDIT CARD SERVICE FEES
540   Total all student fees                                          $8,863,850   $22,037,365    $37,625,515    $51,660,963     $58,452,506    $61,172,791    $61,172,791
541   Estimated fees paid by credit card       60%                     5,318,310    13,222,419     22,575,309     30,996,578      35,071,504     36,703,675     36,703,675
542   Estimated service fees                   1.5%                      $79,775      $198,336       $338,630       $464,949        $526,073      $550,555        $550,555    c/f to page 6
543
544                                                      Year 0        Year 1        Year 2         Year 3         Year 4         Year 5          Year 6         Year 7
545    Debt servicing / Interest income
546
547   Revenue before interest income                            $0 $17,002,600 $39,382,740        $69,498,540 $98,583,588       $112,952,556 $118,875,816 $118,875,816
548   Expense before debt servicing cost                (4,603,250) (25,950,276) (51,511,445)     (79,828,407) (114,737,383)    (126,504,764) (131,466,202) (122,123,516)
549   Net before interest calculation                   (4,603,250) (8,947,676) (12,128,705)      (10,329,867) (16,153,795)      (13,552,208) (12,590,386)    (3,247,700)
550   Interest on current year net             2.0%        (92,065)    (178,954)    (242,574)        (206,597)     (323,076)        (271,044)     (251,808)      (64,954)
551
552   Accumulated prior years net                                 -   (4,695,315) (14,009,758)    (26,941,427)   (38,555,548)    (56,574,641)   (72,660,879)   (88,409,508)
553   Interest on prior years net              4.0%               -     (187,813)    (560,390)     (1,077,657)    (1,542,222)     (2,262,986)    (2,906,435)    (3,536,380)
554
555   Debt servicing expense                              ($92,065)   ($366,767)     ($802,964)   ($1,284,254)   ($1,865,298)    ($2,534,030)   ($3,158,243)   ($3,601,334) c/f to page 6
556   Interest income revenue                                   $0           $0             $0             $0             $0              $0             $0             $0 c/f to page 1
557




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                                367 of 493
                       A                       B         C                D              E                    F                G               H                I                J               K               L
558                                                    Year 0           Year 1         Year 2               Year 3           Year 4          Year 5           Year 6           Year 7
559               FACILITIES
560   Area used (net assignable square feet)                               120,000        240,000            360,000          480,000          640,000          640,000          640,000
561   Area used (gross square feet)                             nil        192,000        384,000            576,000          768,000        1,024,000        1,024,000        1,024,000               1.6 gross-to-net
562
563
564   Cost per sq ft
565    Building maintenance
566    Custodial
567    Security
568    Grounds
569    Electric energy
570    Fossil fuel
571    Plant admin/eng
572    total                                       $      10.00        $     10.00    $     10.00       $       10.00    $      10.00    $       10.00    $       10.00    $       10.00
573
574
575
576
577
578
579
580
581
582
583
584
585
586
587
588
589
590
591
592   TOTAL FACILITIES EXPENSE                                        $ 1,920,000    $ 3,840,000    $       5,760,000   $ 7,680,000     $ 10,240,000     $ 10,240,000     $ 10,240,000     c/f to page 6
593
594   cost/gross sq ft incl. Staff costs                                   $ 10.00         $10.00            $ 10.00          $ 10.00         $ 10.00          $ 10.00          $ 10.00
595
596




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                                             368 of 493
                        A                        B      C            D          E         F        G         H        I         J       K            L
597               PRO FORMA                           Year 0       Year 1     Year 2    Year 3   Year 4    Year 5   Year 6    Year 7
598     EXPENDITURE DISTRIBUTION
599   Deans/Assoc. Deans                               7.2%          2.6%      1.3%     0.8%      0.6%     0.5%      0.5%      0.5%
600   Program co-ordinators                            0.0%          0.0%      0.0%     0.0%      0.0%     0.0%      0.0%      0.0%
601   Administrative clerical support                  5.3%          1.9%      1.0%     0.6%      0.4%     0.4%      0.4%      0.4%
602   FT Faculty                                       0.0%          13.4%     21.5%    28.0%     27.8%    29.4%     30.1%     32.6%
603
604   PT Faculty                                       0.0%          2.1%      2.7%     3.1%      3.0%     3.0%      3.0%      3.3%
605
606
607   Faculty clerical support                         0.0%          0.4%      0.5%     0.6%      0.6%     0.5%      0.6%      0.6%
608   Classroom support technicians                    0.0%          2.1%      2.8%     3.3%      3.1%     3.3%      3.3%      3.6%
609   'Commons' computer technicians                   0.0%          1.1%      1.4%     1.6%      1.4%     1.5%      1.5%      1.6%
610   TOTAL TEACHING SALARIES                          12.6%         23.5%     31.1%    37.9%     36.9%    38.7%     39.4%     42.6%
611   Employee benefits FT                             3.1%          5.4%      7.1%     8.7%      8.5%     8.9%      9.1%      9.8%
612   Employee benefits PT                             0.0%          0.2%      0.3%     0.4%      0.4%     0.4%      0.4%      0.4%
613   Non-salary teaching costs                        1.9%          3.5%      4.7%     5.7%      5.5%     5.8%      5.9%      6.4%
614   Research/study leave                             0.0%          0.0%      0.0%     0.0%      0.0%     0.0%      0.0%      0.0%
615   Distance Education- service                      9.4%          5.3%      2.9%     1.8%      1.3%     1.2%      1.1%      1.2%
616   Curriculum development                           0.0%          6.6%      3.3%     2.2%      1.5%     0.0%      0.0%      0.0%
617   Distance content                                 0.0%          4.1%      2.1%     1.3%      0.9%     0.0%      0.0%      0.0%
618   Transfer to Research Overhead                    0.0%          0.8%      0.8%     0.6%      0.5%     0.5%      0.5%      0.6%
619     Total Teaching expense                         27.0%         49.5%     52.2%    58.6%     55.6%    55.5%     56.4%     60.9%
620
621   Library Services expense                         6.7%          4.4%      4.3%     3.2%      2.5%     2.4%      2.3%      2.5%
622   Student Services expense                         0.0%          3.0%      2.9%     2.7%      2.7%     2.6%      2.7%      2.9%
623   Registrar expense                                38.3%         10.9%     7.4%     4.8%      3.3%     3.0%      2.9%      3.1%
624   Bursaries                                        0.0%          3.5%      4.4%     4.8%      4.6%     4.7%      4.7%      5.1%
625   Student Aid set-aside                            0.0%          0.0%      0.0%     0.0%      0.0%     0.0%      0.0%      0.0%
626   Information Technology                           0.0%          4.4%      4.1%     3.8%      3.6%     3.7%      3.7%      4.0%
627   Registrarial systems development                 2.6%          0.8%      0.0%     0.0%      0.0%     0.0%      0.0%      0.0%
628     Academic Services expense                      47.6%         27.0%     23.2%    19.3%     16.7%    16.4%     16.3%     17.5%
629
630   General Administration                           0.0%          5.5%      5.2%     4.6%      4.3%     4.4%      4.5%      4.8%
631   Facilities                                       0.0%          7.3%      7.3%     7.1%      6.6%     7.9%      7.6%      8.1%
632   Faculty recruitment                              0.0%          0.1%      0.1%     0.1%      0.1%     0.0%      0.0%      0.0%
633   Municipal levy in lieu of realty tax             0.0%          0.4%      0.5%     0.6%      0.5%     0.6%      0.6%      0.6%
634   Capital equipment                                10.6%         1.9%      1.0%     0.6%      0.4%     0.4%      0.4%      0.4%
635   Equipment renewal                                0.0%          0.0%      0.8%     0.5%      0.3%     0.3%      0.3%      0.3%
636   Building renovations                             0.0%          0.7%      0.7%     0.7%      0.7%     0.8%      0.8%      0.8%
637   Contingency fund                                 12.8%         5.7%      4.8%     4.3%      3.4%     3.1%      3.0%      3.2%
638   Credit card service fees                         0.0%          0.4%      0.5%     0.5%      0.5%     0.5%      0.5%      0.5%
639   Interest on capital debt                         0.0%          0.0%      2.3%     1.5%      0.7%     0.3%      0.0%      0.0%
640   Contribution to capital debt - principal         0.0%          0.0%      0.0%     0.0%      8.6%     7.7%      7.4%      0.0%
641   Project start-up and transition                  0.0%          0.0%      0.0%     0.0%      0.0%     0.0%      0.0%      0.0%
642   Debt servicing cost                              2.0%          1.4%      1.5%     1.6%      1.6%     2.0%      2.3%      2.9%
643     Institutional Services expense                 25.4%         23.4%     24.7%    22.0%     27.8%    28.1%     27.3%     21.6%
644
645     Total Expense                                100.0%        100.0%      100.0%   100.0%    100.0%   100.0%    100.0%    100.0%


                3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                 369 of 493
                       A                   B           C             D               E              F              G              H              I              J         K            L
646
647   CHECK:
648   teaching                                       0.00000%       0.00000%       0.00000%        0.00000%       0.00000%       0.00000%       0.00000%       0.00000%
649   acad services                                  0.00000%       0.00000%       0.00000%        0.00000%       0.00000%       0.00000%       0.00000%       0.00000%
650   institutional                                  0.00000%       0.00000%       0.00000%        0.00000%       0.00000%       0.00000%       0.00000%       0.00000%
651   total                                          0.00000%       0.00000%       0.00000%        0.00000%       0.00000%       0.00000%       0.00000%       0.00000%
652
653   COST PER STUDENT:
654   Teaching                                                  $     8,989    $     7,571     $     7,724    $     7,665    $     7,486    $     7,583    $     7,650
655   Academic Services                                               4,906          3,362           2,549          2,304          2,219          2,195          2,195
656   Institutional Services                                          4,255          3,579           2,906          3,829          3,790          3,675          2,719
657                                                             $    18,150    $    14,512     $    13,178    $    13,798    $    13,495    $    13,453    $    12,564
658
659   memo: debt interest                                                253             223            209            221            265            316            360




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                    370 of 493
         M         N O      P                       Q                R     S   T   U   V   W   X   Y   Z   AA        AB
 1
 2
 3   This spreadsheet is identical to the pro forma spreadsheet
 4   for the new university, except some of the input rows
 5   (marked in pink below) have been varied.
 6
 7   This spreadsheet does not include the cost of graduate
 8   enrolments.
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     M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
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      M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
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          3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                    373 of 493
      M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
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          3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                    374 of 493
        M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
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184 `
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      M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
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      M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
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          3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                    377 of 493
      M        N O       P                 Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
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      M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
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          3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                    380 of 493
      M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
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      M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
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          3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                    383 of 493
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          3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                    384 of 493
      M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
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          3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                    385 of 493
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          3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                    387 of 493
                         AC         AD         AE        AF   AG   AH   AI   AJ   AK   AL   AM
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                         AC         AD         AE        AF   AG   AH   AI   AJ   AK   AL   AM
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                          AC        AD          AE        AF   AG   AH   AI   AJ   AK   AL   AM
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                         AC         AD         AE        AF   AG   AH   AI   AJ   AK   AL   AM
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3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                      392 of 493
                       A                         B             C                   D                E            F            G                    H                I                J           K            L
 1      TRADITIONAL UNIVERSITY                             TRANSITION                                       START-UP PERIOD
 2              PRO FORMA                                    Year 0              Year 1        Year 2          Year 3       Year 4             Year 5             Year 6           Year 7
 3      FINANCIAL PROJECTIONS
 4     all figures in constant 2011 $
 5   ENROLMENTS:
 6   Bachelor of Fine Arts                                                             400            960           1,564          2,108               2,334            2,407            2,407
 7   Bachelor of Business Admin.                                                       450          1,105           1,795          2,416               2,678            2,751            2,751
 8   Bachelor of Arts                                                                  400            960           1,574          2,127               2,361            2,442            2,442
 9   Bachelor of Technology                                                            200            580           1,222          1,800               2,189            2,407            2,407
10
11
12
13    Total Enrolments                                                               1,450          3,605           6,155          8,451               9,562        10,007           10,007
14
15   REVENUE:
16    Operating grant                                                 -        $8,030,000    $17,075,000      $31,411,400    $46,288,800     $53,782,900        $56,952,500      $56,952,500
17    Tuition fees                                                    -         7,685,000     19,106,500       32,621,500     44,790,300      50,678,600         53,037,100       53,037,100
18    Incidental fees                                                 -           874,350      2,173,815        3,711,465      5,095,953       5,765,886          6,034,221        6,034,221
19    Distance Learning course fees                                   -           304,500        757,050        1,292,550      1,774,710       2,008,020          2,101,470        2,101,470
20    'In lieu of Municipal tax' grant                                -           108,750        270,375          461,625        633,825         717,150            750,525          750,525
21    Interest income                                                 -               -              -                -              -               -                  -                -
22    Total Revenue                                                   -       $17,002,600    $39,382,740      $69,498,540    $98,583,588    $112,952,556       $118,875,816     $118,875,816
23
24   EXPENSE:
25    Teaching and related                                  $1,267,000        $11,614,860    $22,864,971      $37,579,771 $49,890,600        $53,900,206        $56,806,280      $57,168,180
26    Academic Services                                      2,236,250          7,113,388     12,118,780       15,687,155   19,468,586        21,215,057         21,960,577       21,960,577
27    Institutional Services                                 1,192,065          6,125,747     12,732,372       17,401,988   31,372,760        34,577,191         34,321,567       23,890,169
28    Total Expense                                         $4,695,315        $24,853,995    $47,716,123      $70,668,914 $100,731,946      $109,692,454       $113,088,424     $103,018,926
29
30   ANNUAL SURPLUS (DEFICIT)                               ($4,695,315) ($7,851,395) ($8,333,383)            ($1,170,374)   ($2,148,358)     $3,260,102         $5,787,392      $15,856,890
31   Annual surplus (deficit) per student                           -        ($5,415)     ($2,312)                  ($190)         ($254)           $341               $578           $1,585
32
33   ACCUMULATED SURPLUS (DEFICIT)                          ($4,695,315) ($12,546,710) ($20,880,093)         ($22,050,467) ($24,198,825)    ($20,938,723) ($15,151,331)            $705,559
34   Accumulated Enrolments                                         -           1,450         5,055                11,210        19,661           29,223        39,230               49,237
35   Accumulated surplus (deficit) per student                      -         ($8,653)      ($4,131)              ($1,967)      ($1,231)           ($717)        ($386)                 $14
36
37                                                                            CONTENTS:
38                    1.   Revenue & expense summary             7.       Distance education                13. Bursaries
39                    2.   Enrolment projections                 8.       Library services                  14. Admin, I.T., Credit Card fees,
40                    3.   Student cohorts                       9.       Student Services                      Capital equipment
41                    4.   Grant & tuition revenue              10.       Registrar                         14. Debt servicing, Interest income
42                    5.   Teaching staff, base salaries        11.       Direct staffing summary           15. Facilities
43                    6.   Expense summary                      12.       Student aid set-aside             16. Expense distribution-percentages
44
45




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                                           393 of 493
                 A                    B           C            D           E          F           G           H           I           J         K            L
46          PRO FORMA                           Year 0       Year 1      Year 2     Year 3      Year 4      Year 5      Year 6      Year 7
47         ENROLMENTS
48                                          retention
49      Bachelor of Fine Arts         1                            400        600         700         700         700         700         700
50                                    2          90%                          360         540         630         630         630         630
51                                    3          90%                            0         324         486         567         567         567
52                                    4          90%                            0           0         292         437         510         510
53                                                                 400        960        1564        2108        2334        2407        2407
54   Bachelor of Business Admin.      1                            450        700         800         800         800         800         800
55                                    2          90%                          405         630         720         720         720         720
56                                    3          90%                            0         365         567         648         648         648
57                                    4          90%                            0           0         329         510         583         583
58                                                                 450       1105        1795        2416        2678        2751        2751
59        Bachelor of Arts            1                            400        600         710         710         710         710         710
60                                    2          90%                          360         540         639         639         639         639
61                                    3          90%                            0         324         486         575         575         575
62                                    4          90%                            0           0         292         437         518         518
63                                                                 400        960        1574        2127        2361        2442        2442
64     Bachelor of Technology         1                            200        400         700         700         700         700         700
65                                    2          90%                          180         360         630         630         630         630
66                                    3          90%                            0         162         324         567         567         567
67                                    4          90%                            0           0         146         292         510         510
68                                                                 200        580        1222        1800        2189        2407        2407
69
70
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75
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82
83
84      TOTAL ENROLMENTS                  1st year              1,450       2,300       2,910      2,910        2,910      2,910       2,910
85                                        2nd year                -         1,305       2,070      2,619        2,619      2,619       2,619
86                                        3rd year                -           -         1,175      1,863        2,357      2,357       2,357
87                                        4th year                -           -           -        1,059        1,676      2,121       2,121
88                                         Totals               1,450       3,605       6,155      8,451        9,562     10,007      10,007
89




          3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                               394 of 493
                    A                   B           C            D         E        F        G        H        I        J      K            L
90           PRO FORMA                           Year 0        Year 1    Year 2   Year 3   Year 4   Year 5   Year 6   Year 7
91       STUDENT COHORTS
92 Maximum cohort sizes:
93 Bachelor of Fine Arts                                         50       50       50       50       50       50       50
94 Bachelor of Business Admin.                                   50       50       50       50       50       50       50
95 Bachelor of Arts                                              50       50       50       50       50       50       50
96 Bachelor of Technology                                        50       50       50       50       50       50       50
97
98
99
100
101 NUMBER COHORTS (rounded up)
102      Bachelor of Fine Arts          1                        8        12       14       14       14       14       14
103                                     2                        0         8       11       13       13       13       13
104                                     3                        0         0        7       10       12       12       12
105                                     4                        0         0        0        6        9       11       11
106                                                              8        20       32       43       48       50       50
107   Bachelor of Business Admin.       1                        9        14       16       16       16       16       16
108                                     2                        0         9       13       15       15       15       15
109                                     3                        0         0        8       12       13       13       13
110                                     4                        0         0        0        7       11       12       12
111                                                              9        23       37       50       55       56       56
112        Bachelor of Arts             1                        8        12       15       15       15       15       15
113                                     2                        0         8       11       13       13       13       13
114                                     3                        0         0        7       10       12       12       12
115                                     4                        0         0        0        6        9       11       11
116                                                              8        20       33       44       49       51       51
117     Bachelor of Technology          1                        4         8       14       14       14       14       14
118                                     2                        0         4        8       13       13       13       13
119                                     3                        0         0        4        7       12       12       12
120                                     4                        0         0        0        3        6       11       11
121                                                              4        12       26       37       45       50       50
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137   TOTALS BY PROGRAM YEAR            1                        29       46        59      59       59        59       59
138                                     2                        0        29        43      54       54        54       54
139                                     3                        0         0        26      39       49        49       49
140                                     4                        0         0         0      22       35        45       45
141                                                              29       75       128      174      197      207      207
           3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                             395 of 493
                       A                   B              C              D              E              F               G               H                I               J         K            L
142              PRO FORMA              Program         Year 0         Year 1         Year 2         Year 3          Year 4          Year 5           Year 6          Year 7
143     GRANT & TUITION REVENUE         Weights
144   Grant per FTE by program weight        1.0   $       3,100   $      3,100   $      3,100   $       3,100   $      3,100   $         3,100   $       3,100   $       3,100
145                                          1.5   $       5,800   $      5,800   $      5,800   $       5,800   $      5,800   $         5,800   $       5,800   $       5,800
146                                          2.0   $       8,500   $      8,500   $      8,500   $       8,500   $      8,500   $         8,500   $       8,500   $       8,500
147
148
149                                     Program        1st year
150   Basic Income Units:               Weights        Students
151    Bachelor of Fine Arts              1.5            1.0                400          1,140           1,996          2,812             3,151           3,261           3,261
152    Bachelor of Business Admin.        1.5            1.5                675          1,658           2,693          3,624             4,017           4,127           4,127
153    Bachelor of Arts                   1.5            1.0                400          1,140           2,006          2,836             3,187           3,308           3,308
154    Bachelor of Technology             2.0            1.0                200            760           1,744          2,900             3,678           4,114           4,114
155
156
157
158   Total Basic Income Units                                            1,675          4,698           8,439         12,172            14,033         14,809          14,809
159      average program weight                                           1.16           1.30          1.37            1.44             1.47            1.48            1.48
160
161   GRANT FUNDING                                                $8,030,000     $17,075,000    $31,411,400     $46,288,800        $53,782,900   $56,952,500     $56,952,500
162
163   Tuition- 2 semesters                                             $5,300          $5,300         $5,300          $5,300             $5,300        $5,300          $5,300
164   Total students                                                    1,450           3,605          6,155           8,451              9,562        10,007          10,007
165   TUITION FEES                                                 $7,685,000     $19,106,500    $32,621,500     $44,790,300        $50,678,600   $53,037,100     $53,037,100
166
167   Other fees:
168   Incidental fee (2 semesters)                                         $603           $603           $603            $603              $603           $603            $603
169   Distance Learning course fee                                          $70            $70            $70             $70               $70            $70             $70
170




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                            396 of 493
                    A                             B             C                  D               E               F                  G                  H                  I                  J                K                   L
171            PRO FORMA                                      Year 0             Year 1          Year 2          Year 3             Year 4             Year 5             Year 6             Year 7
172        TEACHING STAFF DATA
173
174   Student course load/cohort/semester                                                5               5               5                  5                  5                  5                  5
175   Total courses one semester                                                       145             375             640                870                985               1035               1035
176   Total courses 2 semesters - nominal                                              290             750            1280               1740               1970               2070               2070
177   Adjustment for vacant seats                                                      5%              5%             10%                10%                10%                10%                10%
178   Total courses 2 semesters - real                                                 305           787.5            1408               1914               2167               2277               2277
179   share taught by sessional instructors                                           70%             70%             70%                70%                70%                70%                70%
180   Courses taught by sessional instructors                                          213             551             986               1340               1517               1594               1594
181   Courses taught by FT faculty                                                      92           236.5             422                574                650                683                683
182
183   Avg course load per year - FT faculty                                              4               4                4                 4                   4                  4                  4
184   Avg class size                                                                 47.6            45.8             43.7              44.2                44.1               43.9               43.9
185
186   Avg FT faculty required                                        0                 23              59              106               144                 163                171                171
187   Adjustment: 50% release for chairs                             5                  5              10               10                10                  10                 10                 10
188   Adjustment for sabbaticals                                 1.000              1.000           1.000            1.133             1.133               1.133              1.133              1.133
189   Total FT faculty required                                      5                 28              69              131               174                 196                205                205
190
191   Deans/Assoc. Deans                                               2.0            4.0             4.0                 4.0                4.0                4.0                4.0                4.0
192
193   Administrative clerical support (0.5 per program)                5.0           10.0            10.0             10.0              10.0                10.0               10.0               10.0
194   FT Faculty- (new July starts)                                    0.0           17.2            30.9             46.3              32.3                16.2                7.0                0.0
195   FT Faculty- (ongoing)                                            0.0            0.0            27.9             69.1             130.9               174.0              195.5              204.9
196
197                                                                                                                                                                                                         1 staff for:
198   Faculty clerical support                                         0.0            1.0             3.0              5.0               7.0                 8.0                8.0                8.0                  25    faculty
199   Classroom support techn- B. Tech.                                0.0            3.0             9.0             19.0              28.0                34.0               37.0               37.0                  65    students
200   Classroom support techn- all other programs                      0.0            6.0            15.0             25.0              33.0                37.0               38.0               38.0                 200    students
201   Common computer technicians                                      0.0            5.0            12.0             21.0              28.0                32.0               33.0               33.0                 300    students
202   Total Teaching staff                                             7.0           46.2           111.8            199.4             273.2               315.2              332.5              334.9
203
204   AVERAGE SALARY RATES:
205   Deans/Assoc. Deans                      $170,000        $170,000           $170,000        $170,000        $170,000           $170,000           $170,000           $170,000           $170,000
206
207   Administrative clerical support          $50,000         $50,000            $50,000         $50,000         $50,000            $50,000            $50,000            $50,000            $50,000
208   FT Faculty                              $110,000        $110,000           $110,000        $110,000        $110,000           $110,000           $110,000           $110,000           $110,000
209
210   Faculty clerical support                  $50,000        $50,000            $50,000         $50,000         $50,000            $50,000             $50,000           $50,000            $50,000
211   Classroom support technicians             $60,000        $60,000            $60,000         $60,000         $60,000            $60,000             $60,000           $60,000            $60,000
212   Common computer technicians               $60,000        $60,000            $60,000         $60,000         $60,000            $60,000             $60,000           $60,000            $60,000
213   Sessional instructors (per course)                  $      6,000       $      6,000    $      6,000    $      6,000       $      6,000       $       6,000      $      6,000       $      6,000
214
215   Note: New faculty hires are assumed to be July 1st.




                3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                                                                397 of 493
                        A                        B      C              D             E             F             G             H               I              J                K                L
216                PRO FORMA                          Year 0         Year 1        Year 2        Year 3        Year 4        Year 5          Year 6         Year 7
217                 EXPENSE
218
219   Deans/Assoc. Deans                              $340,000       $680,000      $680,000       $680,000     $680,000       $680,000       $680,000        $680,000
220
221   Administrative clerical support                  250,000         500,000       500,000       500,000       500,000        500,000        500,000        500,000
222   FT Faculty                                             0       1,892,000     6,465,250    12,696,750    17,952,000     20,918,333     22,275,000     22,533,500
223
224   PT Faculty                                               0     1,278,000     3,306,000     5,916,000     8,040,000      9,102,000      9,564,000      9,564,000
225
226
227   Faculty clerical support                               0          50,000       150,000       250,000       350,000        400,000        400,000        400,000
228   Classroom support technicians                          0         540,000     1,440,000     2,640,000     3,660,000      4,260,000      4,500,000      4,500,000
229   'Commons' computer technicians                         0         300,000       720,000     1,260,000     1,680,000      1,920,000      1,980,000      1,980,000
230   TOTAL TEACHING SALARIES                          590,000       5,240,000    13,261,250    23,942,750    32,862,000     37,780,333     39,899,000     40,157,500
231   Employee benefits FT                             147,500         990,500     2,488,813     4,506,688     6,205,500      7,169,583      7,583,750      7,648,375              25.0% of FT salary
232   Employee benefits PT                                   0         153,360       396,720       709,920       964,800      1,092,240      1,147,680      1,147,680              12.0% of PT salary
233   Non-salary teaching costs                         88,500         786,000     1,989,188     3,591,413     4,929,300      5,667,050      5,984,850      6,023,625              15.0% Teach salary
234
235   Distance Education- develop/deliver               441,000      1,407,000     1,491,000     1,491,000     1,491,000      1,491,000      1,491,000      1,491,000 see page 7
236   Curriculum development                                  0      1,750,000     1,750,000     1,750,000     1,750,000              0              0              0            $7,000 per course
237   Distance content                                        0      1,088,000     1,088,000     1,088,000     1,088,000              0              0              0           $20,000 per course
238   Transfer to Research Overhead                           0        200,000       400,000       500,000       600,000        700,000        700,000        700,000
239   Total Teaching and Related Expense              1,267,000     11,614,860    22,864,971    37,579,771    49,890,600     53,900,206     56,806,280     57,168,180 c/f to page 1
240
241   Library Services expense                          316,250    1,168,688      2,265,500       2,622,575    2,880,750      3,125,125      3,125,125      3,125,125 see page 8
242   Student Services expense                                0      787,500      1,537,500       2,212,500    3,127,500      3,367,500      3,607,500      3,607,500 see page 9
243   Registrar/recruitment                           1,800,000    2,875,000      3,860,000       3,860,000    3,860,000      3,860,000      3,860,000      3,860,000 see page 10
244   Bursaries                                               0      922,200      2,292,780       3,914,580    5,374,836      6,081,432      6,364,452      6,364,452 see page 13
245   Student Aid set-aside                                                               0
                                                              0 Included in "Bursaries Expense" below     0            0              0              0              0 see page 12
246   Information Technology                                  0    1,160,000      2,163,000       3,077,500    4,225,500      4,781,000      5,003,500      5,003,500 see page 14
247   Registrarial systems development                  120,000      200,000              0               0            0              0              0              0
248   Academic Services expense                       2,236,250    7,113,388     12,118,780      15,687,155   19,468,586     21,215,057     21,960,577     21,960,577 c/f to page 1
249
250   General Administration                                 0       1,450,000     2,703,750     3,693,000     5,070,600      5,737,200      6,004,200      6,004,200 see page 14
251   Facilities                                             0       1,920,000     3,840,000     5,760,000     7,680,000     10,240,000     10,240,000     10,240,000 see page 16
252   Faculty recruitment                                    0          17,200        30,900        46,300        32,300         16,200          7,000              0           $1,000   per new faculty
253   Municipal levy in lieu of realty tax                   0         108,750       270,375       461,625       633,825        717,150        750,525        750,525           $75.00   per student
254   Capital equipment                                500,000         500,000       500,000       500,000       500,000        500,000        500,000        500,000 see row 541
255   Equipment renewal                                      0               0       400,000       400,000       400,000        400,000        400,000        400,000           $2,000   x 200 PC's
256   Building renovations                                   0         192,000       384,000       576,000       768,000      1,024,000      1,024,000      1,024,000            $1.00   per sq ft
257   Contingency fund                                 600,000       1,500,000     2,500,000     3,500,000     4,000,000      4,000,000      4,000,000      4,000,000
258   Credit card service fees                               0          99,718       247,920       423,287       581,186        657,591        688,194        688,194 see page 14
259   Interest on capital debt                                                     1,200,000     1,200,000       800,000        400,000              0              0 4%                 interest rate
260   Contribution to capital debt - principal                                                           0    10,000,000     10,000,000     10,000,000              0 $     30,000,000
261
262   Debt servicing cost                                92,065        338,079       655,427       841,776      906,849         885,050        707,648        283,250 see page 15
263   Institutional Services expense                  1,192,065      6,125,747    12,732,372    17,401,988   31,372,760      34,577,191     34,321,567     23,890,169 c/f to page 1
264   TOTAL EXPENSE                                  $4,695,315    $24,853,995   $47,716,123   $70,668,914 $100,731,946    $109,692,454   $113,088,424   $103,018,926


                3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                           398 of 493
                    A                         B        C             D              E             F              G             H               I              J                 K                L
265            PRO FORMA                             Year 0        Year 1         Year 2        Year 3         Year 4        Year 5          Year 6         Year 7
266        DISTANCE EDUCATION
267
268   No. classroom courses to be developed                             250            250            250           250                0              0              0              1000 courses
269   No. distance courses to be developed                               54             54             54            54                                                              272 courses
270   No. distance courses to be delivered                    0          29             75            128           174               197         207            207
271
272   Number of staff:
273   Distance Learning specialists                           3              7              7             7              7             7               7              7
274   Project Coordinator                                     1              1              1             1              1             1               1              1
275   Technical Support                                       0              3              3             3              3             3               3              3
276   Copyright Assistant                                     0              1              1             1              1             1               1              1
277   Production Coordinator                                  0              1              1             1              1             1               1              1
278   Technical Help Support                                  0              1              2             2              2             2               2              2
279   Administration Support                                  0              1              1             1              1             1               1              1
280                                                           4             15             16            16             16            16              16             16
281   Base salaries rates:
282   Distance Learning specialists                   $75,000       $75,000        $75,000        $75,000       $75,000        $75,000        $75,000        $75,000
283   Project Coordinator                             $90,000       $90,000        $90,000        $90,000       $90,000        $90,000        $90,000        $90,000
284   Technical Support                               $60,000       $60,000        $60,000        $60,000       $60,000        $60,000        $60,000        $60,000
285   Copyright Assistant                             $50,000       $50,000        $50,000        $50,000       $50,000        $50,000        $50,000        $50,000
286   Production Coordinator                          $50,000       $50,000        $50,000        $50,000       $50,000        $50,000        $50,000        $50,000
287   Technical Help Support                          $60,000       $60,000        $60,000        $60,000       $60,000        $60,000        $60,000        $60,000
288   Administration Support                          $50,000       $50,000        $50,000        $50,000       $50,000        $50,000        $50,000        $50,000
289
290
291
292   Distance Education expense:
293   Distance Learning specialists                  $225,000       $525,000      $525,000        $525,000      $525,000       $525,000      $525,000        $525,000
294   Project Coordinator                             $90,000         90,000         90,000         90,000        90,000         90,000         90,000         90,000
295   Technical Support                                     0        180,000        180,000        180,000       180,000        180,000        180,000        180,000
296   Copyright Assistant                                   0         50,000         50,000         50,000        50,000         50,000         50,000         50,000
297   Production Coordinator                                0         50,000         50,000         50,000        50,000         50,000         50,000         50,000
298   Technical Help Support                                0         60,000        120,000        120,000       120,000        120,000        120,000        120,000
299   Administration Support                                0         50,000         50,000         50,000        50,000         50,000         50,000         50,000
300   TOTAL SALARIES                                  315,000      1,005,000      1,065,000      1,065,000     1,065,000      1,065,000      1,065,000      1,065,000
301   Employee benefits                                78,750        251,250        266,250        266,250       266,250        266,250        266,250        266,250               25.0% of salaries
302   Non-salary office/travel/other                   47,250        150,750        159,750        159,750       159,750        159,750        159,750        159,750               15.0% of salaries
303   Distance Education Services expense            $441,000     $1,407,000     $1,491,000     $1,491,000    $1,491,000     $1,491,000     $1,491,000     $1,491,000     c/f to page 6




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                            399 of 493
                      A                     B           C               D            E           F             G           H             I            J               K               L
304              PRO FORMA                            Year 0          Year 1       Year 2      Year 3        Year 4      Year 5        Year 6       Year 7
305           LIBRARY SERVICES
306
307   Number of staff:
308   Librarian                                                1.0          3.0          4.0          5.0          6.0          7.0          7.0          7.0
309   IT support position                                      0.0          0.5          0.5          1.0          1.0          1.0          1.0          1.0
310   Library technician                                       1.0          3.0          4.0          5.0          6.0          7.0          7.0          7.0
311   Library clerk                                            1.0          0.5          1.0          2.0          2.0          2.0          2.0          2.0
312                                                            3.0          7.0          9.5         13.0         15.0         17.0         17.0         17.0
313   Base salaries rates:
314   Librarian                                       $110,000        $110,000     $110,000     $110,000     $110,000     $110,000     $110,000     $110,000
315   IT support position                              $60,000         $60,000      $60,000      $60,000      $60,000      $60,000      $60,000      $60,000
316   Library technician                               $60,000         $60,000      $60,000      $60,000      $60,000      $60,000      $60,000      $60,000
317   Library clerk                                    $50,000         $50,000      $50,000      $50,000      $50,000      $50,000      $50,000      $50,000
318
319   Library Services expense:
320   Librarian                                       $110,000         $330,000    $440,000      $550,000     $660,000     $770,000    $770,000      $770,000
321   IT support position                                    0           30,000       30,000       60,000       60,000       60,000       60,000       60,000
322   Library technician                                60,000          180,000      240,000      300,000      360,000      420,000      420,000      420,000
323   Library clerk                                     50,000           25,000       50,000      100,000      100,000      100,000      100,000      100,000
324   TOTAL SALARIES                                   220,000          565,000      760,000    1,010,000    1,180,000    1,350,000    1,350,000    1,350,000
325   Employee benefits                                 55,000          141,250      190,000      252,500      295,000      337,500      337,500      337,500             25.0% of salary
326   Library acquisitions                                   0          300,000    1,000,000    1,000,000    1,000,000    1,000,000    1,000,000    1,000,000
327   Courier/Van delivery                                   0           10,000       20,000       18,000       30,000       30,000       30,000       30,000
328   Non-salary office/travel/other                    41,250          152,438      295,500      342,075      375,750      407,625      407,625      407,625            15.0% of above
329   Library Services expense                        $316,250       $1,168,688   $2,265,500   $2,622,575   $2,880,750   $3,125,125   $3,125,125   $3,125,125   c/f to page 6




                3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                  400 of 493
                    A                         B        C            D           E           F             G           H             I            J               K               L
330            PRO FORMA                             Year 0       Year 1      Year 2      Year 3        Year 4      Year 5        Year 6       Year 7
331         STUDENT SERVICES
332
333   Number of staff:
334   Housing off-campus coordinator                                   1.0          1.0          1.0          1.0          1.0          1.0          1.0
335   Orientation                                                      0.5          0.5          0.5          0.5          0.5          0.5          0.5
336   Peer tutoring coordinator                                        1.0          3.0          4.0          5.0          5.0          5.0          5.0
337   Program counsellor- Academic advising                            2.0          3.0          5.0          7.0          7.0          7.0          7.0
338   Employment advisor- Career services                              1.0          1.0          2.0          5.0          5.0          5.0          5.0
339   Counsellors- Counselling staff                                   1.0          3.0          4.0          5.0          6.0          7.0          7.0
340   LD Consultant- Disability Services                               1.0          3.0          4.0          5.0          6.0          7.0          7.0
341                                                                    7.5         14.5         20.5         28.5         30.5         32.5         32.5
342   Base salaries rates:
343   Clerical support- Housing off-campus                         $50,000     $50,000      $50,000      $50,000      $50,000      $50,000      $50,000
344   Clerical support- Orientation                                $50,000     $50,000      $50,000      $50,000      $50,000      $50,000      $50,000
345   Clerical support- Peer tutoring                              $50,000     $50,000      $50,000      $50,000      $50,000      $50,000      $50,000
346   Program counsellor- Academic advising                        $80,000     $80,000      $80,000      $80,000      $80,000      $80,000      $80,000
347   Employment advisor- Career services                          $80,000     $80,000      $80,000      $80,000      $80,000      $80,000      $80,000
348   Counsellors- Counselling staff                               $80,000     $80,000      $80,000      $80,000      $80,000      $80,000      $80,000
349   LD Consultant- Disability Services                           $80,000     $80,000      $80,000      $80,000      $80,000      $80,000      $80,000
350
351   EXPENSE:
352   Clerical support- Housing off-campus                         $50,000      $50,000      $50,000      $50,000      $50,000      $50,000      $50,000
353   Clerical support- Orientation                                 25,000       25,000       25,000       25,000       25,000       25,000       25,000
354   Clerical support- Peer tutoring                               50,000      150,000      200,000      250,000      250,000      250,000      250,000
355   Program counsellor- Academic advising                        160,000      240,000      400,000      560,000      560,000      560,000      560,000
356   Employment advisor- Career services                           80,000       80,000      160,000      400,000      400,000      400,000      400,000
357   Counsellors- Counselling staff                                80,000      240,000      320,000      400,000      480,000      560,000      560,000
358   LD Consultant- Disability Services                            80,000      240,000      320,000      400,000      480,000      560,000      560,000
359   TOTAL SALARIES                                               525,000    1,025,000    1,475,000    2,085,000    2,245,000    2,405,000    2,405,000
360   Employee benefits                                            131,250      256,250      368,750      521,250      561,250      601,250      601,250             25.0% of salary
361   Non-salary expenses incl. work-study                         131,250      256,250      368,750      521,250      561,250      601,250      601,250             25.0% of salary
362
363   Student Services expense                                    $787,500   $1,537,500   $2,212,500   $3,127,500   $3,367,500   $3,607,500   $3,607,500   c/f to page 6




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                              401 of 493
                      A                    B           C             D             E             F              G             H              I              J                 K                    L
364              PRO FORMA                           Year 0        Year 1        Year 2        Year 3         Year 4        Year 5         Year 6         Year 7
365              REGISTRAR
366
367   Number of staff:
368   Registrar                                               1             1              1             1              1             1              1              1
369   Admin Assistant/Office mgr                              1             1              1             1              1             1              1              1
370   Registration                                            1             3              6             6              6             6              6              6
371   Financial Aid officer                                   1             2              4             4              4             4              4              4
372                                                           4             7             12            12             12            12             12             12
373   Base salary rates:
374   Registrar                                      $110,000      $110,000      $110,000       $110,000      $110,000       $110,000      $110,000       $110,000
375   Admin Assistant/Office mgr                      $50,000       $50,000       $50,000        $50,000       $50,000        $50,000       $50,000        $50,000
376   Registration                                    $60,000       $60,000       $60,000        $60,000       $60,000        $60,000       $60,000        $60,000
377   Financial Aid officer                           $60,000       $60,000       $60,000        $60,000       $60,000        $60,000       $60,000        $60,000
378
379   REGISTRAR EXPENSE:
380   Registrar                                       $110,000       110,000       110,000        110,000       110,000        110,000       110,000        110,000
381   Admin Assistant/Office mgr                        50,000        50,000        50,000         50,000        50,000         50,000        50,000         50,000
382   Registration                                      60,000       180,000       360,000        360,000       360,000        360,000       360,000        360,000
383   Financial Aid officer                             60,000       120,000       240,000        240,000       240,000        240,000       240,000        240,000
384   Employee benefits                                 70,000       115,000       190,000        190,000       190,000        190,000       190,000        190,000               25.0% of salary
385   Sub-total Registrar                              350,000       575,000       950,000        950,000       950,000        950,000       950,000        950,000
386   Recruitment non-salary                         1,450,000     2,300,000     2,910,000      2,910,000     2,910,000      2,910,000     2,910,000      2,910,000     $           1,000 per Year 1 student
387                                                                                                                                                                                       in following Sept.
388
389
390
391
392
393
394
395
396
397
398
399
400
401
402   Sub-total Recruitment                         1,450,000      2,300,000     2,910,000      2,910,000     2,910,000      2,910,000     2,910,000      2,910,000
403   Total Registrar / recruitment                $1,800,000     $2,875,000    $3,860,000     $3,860,000    $3,860,000     $3,860,000    $3,860,000     $3,860,000     c/f to page 6




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                           402 of 493
                   A                         B        C              D          E          F              G              H              I              J                    K                L
404           PRO FORMA                             Year 0         Year 1     Year 2     Year 3         Year 4         Year 5         Year 6         Year 7
405      DIRECT STAFFING (FTE)
406
407   Deans/Assoc. Deans                                     2.0        4.0        4.0            4.0            4.0            4.0            4.0            4.0
408
409   Administrative clerical support                        5.0       10.0       10.0        10.0          10.0            10.0           10.0           10.0
410   FT Faculty- (new July starts)                          0.0       17.2       30.9        46.3          32.3            16.2            7.0            0.0
411   FT Faculty- (ongoing)                                  0.0        0.0       27.9        69.1         130.9           174.0          195.5          204.9
412
413
414   Faculty clerical support                               0.0        1.0        3.0         5.0           7.0             8.0            8.0            8.0
415   Classroom support techn- B.Tech.                       0.0        3.0        9.0        19.0          28.0            34.0           37.0           37.0
416   Classroom support techn- all other programs            0.0        6.0       15.0        25.0          33.0            37.0           38.0           38.0
417   'Commons" computer technicians                         0.0        5.0       12.0        21.0          28.0            32.0           33.0           33.0
418                Teaching                                  7.0       46.2      111.8       199.4         273.2           315.2          332.5          334.9
419   Distance Learning specialists                          3.0        7.0        7.0         7.0           7.0             7.0            7.0            7.0
420   Project Coordinator                                    1.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
421   Technical Support                                      0.0        3.0        3.0         3.0           3.0             3.0            3.0            3.0
422   Copyright Assistant                                    0.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
423   Production Coordinator                                 0.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
424   Technical Help Support                                 0.0        1.0        2.0         2.0           2.0             2.0            2.0            2.0
425   Administration Support                                 0.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
426          Distance Education                              4.0       15.0       16.0        16.0          16.0            16.0           16.0           16.0
427   Librarian                                              1.0        3.0        4.0         5.0           6.0             7.0            7.0            7.0
428   IT support position                                    0.0        0.5        0.5         1.0           1.0             1.0            1.0            1.0
429   Library technician                                     1.0        3.0        4.0         5.0           6.0             7.0            7.0            7.0
430   Library clerk                                          1.0        0.5        1.0         2.0           2.0             2.0            2.0            2.0
431            Library Services                              3.0        7.0        9.5        13.0          15.0            17.0           17.0           17.0
432   Clerical support- Housing off-campus                   0.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
433   Clerical support- Orientation                          0.0        0.5        0.5         0.5           0.5             0.5            0.5            0.5
434   Clerical support- Peer tutoring                        0.0        1.0        3.0         4.0           5.0             5.0            5.0            5.0
435   Program counsellor- Academic advising                  0.0        2.0        3.0         5.0           7.0             7.0            7.0            7.0
436   Employment advisor- Career services                    0.0        1.0        1.0         2.0           5.0             5.0            5.0            5.0
437   Counsellors- Counselling staff                         0.0        1.0        3.0         4.0           5.0             6.0            7.0            7.0
438   LD Consultant- Disability Services                     0.0        1.0        3.0         4.0           5.0             6.0            7.0            7.0
439           Student Services                               0.0        7.5       14.5        20.5          28.5            30.5           32.5           32.5
440   Registrar                                              1.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
441   Admin Assistant/Office mgr                             1.0        1.0        1.0         1.0           1.0             1.0            1.0            1.0
442   Registration                                           1.0        3.0        6.0         6.0           6.0             6.0            6.0            6.0
443   Financial Aid officer                                  1.0        2.0        4.0         4.0           4.0             4.0            4.0            4.0
444                Registrar                                 4.0        7.0       12.0        12.0          12.0            12.0           12.0           12.0
445                                                                                                                                                                 Excludes Admin and IT (p. 14)
446            TOTAL STAFF                               18.0          82.7      163.8       260.9         344.7           390.7          410.0          412.4 and Facilities (p. 15)




              3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                         403 of 493
                   A                           B          C         D              E             F             G              H              I             J           K            L
447           PRO FORMA                                 Year 0    Year 1         Year 2        Year 3        Year 4         Year 5         Year 6        Year 7
448       STUDENT AID SET-ASIDE
449
450   Tuition fee increases over base year:
451   Bachelor of Fine Arts                                       base year         $0.00          $0.00            $0.00       $0.00          $0.00         $0.00
452   Bachelor of Business Admin.                                 base year         $0.00          $0.00            $0.00       $0.00          $0.00         $0.00
453   Bachelor of Arts                                            base year         $0.00          $0.00            $0.00       $0.00          $0.00         $0.00
454   Bachelor of Technology                                      base year         $0.00          $0.00            $0.00       $0.00          $0.00         $0.00
455
456
457
458
459   Percent of tuition increase to be set aside                                   30.0%          30.0%            30.0%       30.0%          30.0%         30.0%
460
461   Amount of tuition increase to be set aside- per student:
462   Bachelor of Fine Arts                                                           n/a            n/a             n/a             n/a        n/a           n/a
463   Bachelor of Business Admin.                                                     n/a            n/a             n/a             n/a        n/a           n/a
464   Bachelor of Arts                                                                n/a            n/a             n/a             n/a        n/a           n/a
465   Bachelor of Technology                                                          n/a            n/a             n/a             n/a        n/a           n/a
466
467
468
469
470   Student Aid Set-Aside:
471   Bachelor of Fine Arts                                                $0             $0            $0            $0              $0            $0            $0
472   Bachelor of Business Admin.                                           0              0             0             0               0             0             0
473   Bachelor of Arts                                                      0              0             0             0               0             0             0
474   Bachelor of Technology                                                0              0             0             0               0             0             0
475
476
477
478   Total Student Aid Set-Aside:                                          Included in "Bursaries Expense" below
479




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                 404 of 493
                       A                      B         C            D            E             F             G            H              I             J               K              L
480               PRO FORMA                           Year 0       Year 1       Year 2        Year 3        Year 4       Year 5         Year 6        Year 7
481               BURSARIES
482
483   Tuition fee
484   Bachelor of Fine Arts                                          $5,300       $5,300        $5,300        $5,300        $5,300        $5,300        $5,300
485   Bachelor of Business Admin.                                    $5,300       $5,300        $5,300        $5,300        $5,300        $5,300        $5,300
486   Bachelor of Arts                                               $5,300       $5,300        $5,300        $5,300        $5,300        $5,300        $5,300
487   Bachelor of Technology                                         $5,300       $5,300        $5,300        $5,300        $5,300        $5,300        $5,300
488
489
490
491
492   Enrolments:
493   Bachelor of Fine Arts                                             400          960          1564          2108          2334          2407          2407
494   Bachelor of Business Admin.                                       450         1105          1795          2416          2678          2751          2751
495   Bachelor of Arts                                                  400          960          1574          2127          2361          2442          2442
496   Bachelor of Technology                                            200          580          1222          1800          2189          2407          2407
497
498
499
500     Total enrolments                                              1,450         3,605         6,155         8,451         9,562       10,007        10,007
501
502   Total value of tuition fees:
503   Bachelor of Fine Arts                                       2,120,000     5,088,000     8,289,200    11,172,400    12,370,200    12,757,100    12,757,100
504   Bachelor of Business Admin.                                 2,385,000     5,856,500     9,513,500    12,804,800    14,193,400    14,580,300    14,580,300
505   Bachelor of Arts                                            2,120,000     5,088,000     8,342,200    11,273,100    12,513,300    12,942,600    12,942,600
506   Bachelor of Technology                                      1,060,000     3,074,000     6,476,600     9,540,000    11,601,700    12,757,100    12,757,100
507
508
509
510   Total tuition fees                                         $7,685,000   $19,106,500   $32,621,500   $44,790,300   $50,678,600   $53,037,100   $53,037,100
511
512   12% of Total tuition fees value                              $922,200    $2,292,780    $3,914,580    $5,374,836    $6,081,432    $6,364,452    $6,364,452
513   Less- Student Aid set-aside (page 12)                               0             0             0             0             0             0             0
514   Bursaries expense                                            $922,200    $2,292,780    $3,914,580    $5,374,836    $6,081,432    $6,364,452    $6,364,452   c/f to page 6
515




                3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                   405 of 493
                     A                          B          C             D             E              F              G              H               I              J                K              L
516            PRO FORMA                                 Year 0        Year 1        Year 2         Year 3         Year 4         Year 5          Year 6         Year 7
517          ADMIN & INFO TECH
518
519   Total students                                -             -        1,450         3,605          6,155          8,451           9,562        10,007          10,007
520
521   Cost per student:
522
523   Admin cost per student (allowance)                                 $1,000          $750           $600           $600            $600           $600           $600
524
525   Info Tech cost per student (allowance)                               $800          $600           $500           $500            $500           $500           $500
526
527   total Administration expense                      $1,000,000    $1,450,000    $2,703,750     $3,693,000     $5,070,600      $5,737,200     $6,004,200     $6,004,200    c/f to page 6
528   Information Technology expense                      $500,000    $1,160,000    $2,163,000     $3,077,500     $4,225,500      $4,781,000     $5,003,500     $5,003,500    c/f to page 6
529
530                                                      Year 0        Year 1        Year 2         Year 3         Year 4         Year 5          Year 6         Year 7
531          CAPITAL EQUIPMENT
532   Distance Education
533   Registrar
534   Library Services
535   Student Services
536   Total Capital Equipment                            $500,000      $500,000      $500,000       $500,000       $500,000        $500,000       $500,000       $500,000     c/f to page 6
537
538                                                      Year 0        Year 1        Year 2         Year 3         Year 4         Year 5          Year 6         Year 7
539     CREDIT CARD SERVICE FEES
540   Total all student fees                                          $8,863,850   $22,037,365    $37,625,515    $51,660,963     $58,452,506    $61,172,791    $61,172,791
541   Estimated fees paid by credit card       60%                     5,318,310    13,222,419     22,575,309     30,996,578      35,071,504     36,703,675     36,703,675
542   Estimated service fees                   1.5%                      $79,775      $198,336       $338,630       $464,949        $526,073      $550,555        $550,555    c/f to page 6
543
544                                                      Year 0        Year 1        Year 2         Year 3         Year 4         Year 5          Year 6         Year 7
545    Debt servicing / Interest income
546
547   Revenue before interest income                            $0 $17,002,600 $39,382,740        $69,498,540    $98,583,588    $112,952,556 $118,875,816 $118,875,816
548   Expense before debt servicing cost                (4,603,250) (24,515,916) (47,060,696)     (69,827,138)   (99,825,097)   (108,807,404) (112,380,776) (102,735,676)
549   Net before interest calculation                   (4,603,250) (7,513,316) (7,677,956)          (328,598)    (1,241,509)      4,145,152     6,495,040    16,140,140
550   Interest on current year net             2.0%        (92,065)    (150,266)    (153,559)          (6,572)       (24,830)         82,903       129,901       322,803
551
552   Accumulated prior years net                                 -   (4,695,315) (12,546,710)    (20,880,093)   (22,050,467)    (24,198,825)   (20,938,723)   (15,151,331)
553   Interest on prior years net              4.0%               -     (187,813)    (501,868)       (835,204)      (882,019)       (967,953)      (837,549)      (606,053)
554
555   Debt servicing expense                              ($92,065)   ($338,079)     ($655,427)     ($841,776)     ($906,849)      ($885,050)     ($707,648)     ($283,250) c/f to page 6
556   Interest income revenue                                   $0           $0             $0             $0             $0              $0             $0             $0 c/f to page 1
557




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                                406 of 493
                       A                       B         C                D              E                    F                G               H                I                J               K               L
558                                                    Year 0           Year 1         Year 2               Year 3           Year 4          Year 5           Year 6           Year 7
559               FACILITIES
560   Area used (net assignable square feet)                               120,000        240,000            360,000          480,000          640,000          640,000          640,000
561   Area used (gross square feet)                             nil        192,000        384,000            576,000          768,000        1,024,000        1,024,000        1,024,000               1.6 gross-to-net
562
563
564   Cost per sq ft
565    Building maintenance
566    Custodial
567    Security
568    Grounds
569    Electric energy
570    Fossil fuel
571    Plant admin/eng
572    total                                       $      10.00        $     10.00    $     10.00       $       10.00    $      10.00    $       10.00    $       10.00    $       10.00
573
574
575
576
577
578
579
580
581
582
583
584
585
586
587
588
589
590
591
592   TOTAL FACILITIES EXPENSE                                        $ 1,920,000    $ 3,840,000    $       5,760,000   $ 7,680,000     $ 10,240,000     $ 10,240,000     $ 10,240,000     c/f to page 6
593
594   cost/gross sq ft incl. Staff costs                                   $ 10.00         $10.00            $ 10.00          $ 10.00         $ 10.00          $ 10.00          $ 10.00
595
596




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                                             407 of 493
                        A                        B      C            D          E         F        G         H        I         J       K            L
597               PRO FORMA                           Year 0       Year 1     Year 2    Year 3   Year 4    Year 5   Year 6    Year 7
598     EXPENDITURE DISTRIBUTION
599   Deans/Assoc. Deans                               7.2%          2.7%      1.4%     1.0%      0.7%     0.6%      0.6%      0.7%
600   Program co-ordinators                            0.0%          0.0%      0.0%     0.0%      0.0%     0.0%      0.0%      0.0%
601   Administrative clerical support                  5.3%          2.0%      1.0%     0.7%      0.5%     0.5%      0.4%      0.5%
602   FT Faculty                                       0.0%          7.6%      13.5%    18.0%     17.8%    19.1%     19.7%     21.9%
603
604   PT Faculty                                       0.0%          5.1%      6.9%     8.4%      8.0%     8.3%      8.5%      9.3%
605
606
607   Faculty clerical support                         0.0%          0.2%      0.3%     0.4%      0.3%     0.4%      0.4%      0.4%
608   Classroom support technicians                    0.0%          2.2%      3.0%     3.7%      3.6%     3.9%      4.0%      4.4%
609   'Commons' computer technicians                   0.0%          1.2%      1.5%     1.8%      1.7%     1.8%      1.8%      1.9%
610   TOTAL TEACHING SALARIES                          12.6%         21.1%     27.8%    33.9%     32.6%    34.4%     35.3%     39.0%
611   Employee benefits FT                             3.1%          4.0%      5.2%     6.4%      6.2%     6.5%      6.7%      7.4%
612   Employee benefits PT                             0.0%          0.6%      0.8%     1.0%      1.0%     1.0%      1.0%      1.1%
613   Non-salary teaching costs                        1.9%          3.2%      4.2%     5.1%      4.9%     5.2%      5.3%      5.8%
614   Research/study leave                             0.0%          0.0%      0.0%     0.0%      0.0%     0.0%      0.0%      0.0%
615   Distance Education- service                      9.4%          5.7%      3.1%     2.1%      1.5%     1.4%      1.3%      1.4%
616   Curriculum development                           0.0%          7.0%      3.7%     2.5%      1.7%     0.0%      0.0%      0.0%
617   Distance content                                 0.0%          4.4%      2.3%     1.5%      1.1%     0.0%      0.0%      0.0%
618   Transfer to Research Overhead                    0.0%          0.8%      0.8%     0.7%      0.6%     0.6%      0.6%      0.7%
619     Total Teaching expense                         27.0%         46.7%     47.9%    53.2%     49.5%    49.1%     50.2%     55.5%
620
621   Library Services expense                         6.7%          4.7%      4.7%     3.7%      2.9%     2.8%      2.8%      3.0%
622   Student Services expense                         0.0%          3.2%      3.2%     3.1%      3.1%     3.1%      3.2%      3.5%
623   Registrar expense                                38.3%         11.6%     8.1%     5.5%      3.8%     3.5%      3.4%      3.7%
624   Bursaries                                        0.0%          3.7%      4.8%     5.5%      5.3%     5.5%      5.6%      6.2%
625   Student Aid set-aside                            0.0%          0.0%      0.0%     0.0%      0.0%     0.0%      0.0%      0.0%
626   Information Technology                           0.0%          4.7%      4.5%     4.4%      4.2%     4.4%      4.4%      4.9%
627   Registrarial systems development                 2.6%          0.8%      0.0%     0.0%      0.0%     0.0%      0.0%      0.0%
628     Academic Services expense                      47.6%         28.6%     25.4%    22.2%     19.3%    19.3%     19.4%     21.3%
629
630   General Administration                           0.0%          5.8%      5.7%     5.2%      5.0%     5.2%      5.3%      5.8%
631   Facilities                                       0.0%          7.7%      8.0%     8.2%      7.6%     9.3%      9.1%      9.9%
632   Faculty recruitment                              0.0%          0.1%      0.1%     0.1%      0.0%     0.0%      0.0%      0.0%
633   Municipal levy in lieu of realty tax             0.0%          0.4%      0.6%     0.7%      0.6%     0.7%      0.7%      0.7%
634   Capital equipment                                10.6%         2.0%      1.0%     0.7%      0.5%     0.5%      0.4%      0.5%
635   Equipment renewal                                0.0%          0.0%      0.8%     0.6%      0.4%     0.4%      0.4%      0.4%
636   Building renovations                             0.0%          0.8%      0.8%     0.8%      0.8%     0.9%      0.9%      1.0%
637   Contingency fund                                 12.8%         6.0%      5.2%     5.0%      4.0%     3.6%      3.5%      3.9%
638   Credit card service fees                         0.0%          0.4%      0.5%     0.6%      0.6%     0.6%      0.6%      0.7%
639   Interest on capital debt                         0.0%          0.0%      2.5%     1.7%      0.8%     0.4%      0.0%      0.0%
640   Contribution to capital debt - principal         0.0%          0.0%      0.0%     0.0%      9.9%     9.1%      8.8%      0.0%
641   Project start-up and transition                  0.0%          0.0%      0.0%     0.0%      0.0%     0.0%      0.0%      0.0%
642   Debt servicing cost                              2.0%          1.4%      1.4%     1.2%      0.9%     0.8%      0.6%      0.3%
643     Institutional Services expense                 25.4%         24.6%     26.7%    24.6%     31.1%    31.5%     30.3%     23.2%
644
645     Total Expense                                100.0%        100.0%      100.0%   100.0%    100.0%   100.0%    100.0%    100.0%


                3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                 408 of 493
                      A                    B           C             D               E             F              G              H              I              J         K            L
646
647   CHECK:
648   teaching                                       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%
649   acad services                                  0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%
650   institutional                                  0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%
651   total                                          0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%       0.00000%
652
653   COST PER STUDENT:
654   Teaching                                                  $     8,010    $     6,343    $     6,106    $     5,904    $     5,637    $     5,677    $     5,713
655   Academic Services                                               4,906          3,362          2,549          2,304          2,219          2,195          2,195
656   Institutional Services                                          4,225          3,532          2,827          3,712          3,616          3,430          2,387
657                                                             $    17,141    $    13,236    $    11,482    $    11,920    $    11,472    $    11,301    $    10,295




               3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                                                                                   409 of 493
         M         N O      P                       Q                R     S   T   U   V   W   X   Y   Z   AA        AB
 1
 2
 3   This spreadsheet is identical to the pro forma spreadsheet
 4   for the new university, except some of the input rows
 5   (marked in pink below) have been varied.
 6
 7   This spreadsheet does not include the cost of graduate
 8   enrolments.
 9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45




             3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                    410 of 493
     M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89




         3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                    411 of 493
      M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
 90
 91
 92
 93
 94
 95
 96
 97
 98
 99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
          3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                    412 of 493
      M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170




          3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                    413 of 493
        M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
171
172
173
174
175
176
177
178
179
180
181
182
183
184 `
185
186
187
188
189
190
191
192
193
194
195
196
197                `
198
199
200
201
202
203
204
205
206
207
208
209
210
211
212
213
214
215




            3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                    414 of 493
      M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
216
217
218
219
220
221
222
223
224
225
226
227
228
229
230
231
232
233
234
235
236
237
238
239
240
241
242
243
244
245
246
247
248
249
250
251
252
253
254
255
256
257
258
259
260
261
262
263
264


          3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                    415 of 493
      M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
265
266
267
268
269
270
271
272
273
274
275
276
277
278
279
280
281
282
283
284
285
286
287
288
289
290
291
292
293
294
295
296
297
298
299
300
301
302
303




          3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                    416 of 493
      M        N O       P                 Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
304
305
306
307
308
309
310
311
312
313
314
315
316
317
318
319
320
321
322
323
324
325                  `
326
327
328
329




          3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                    417 of 493
      M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
330
331
332
333
334
335
336
337
338
339
340
341
342
343
344
345
346
347
348
349
350
351
352
353
354
355
356
357
358
359
360
361
362
363




          3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                    418 of 493
      M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
364
365
366
367
368
369
370
371
372
373
374
375
376
377
378
379
380
381
382
383
384
385
386
387
388
389
390
391
392
393
394
395
396
397
398
399
400
401
402
403




          3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                    419 of 493
      M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
404
405
406
407
408
409
410
411
412
413
414
415
416
417
418
419
420
421
422
423
424
425
426
427
428
429
430
431
432
433
434
435
436
437
438
439
440
441
442
443
444
445
446




          3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                    420 of 493
      M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
447
448
449
450
451
452
453
454
455
456
457
458
459
460
461
462
463
464
465
466
467
468
469
470
471
472
473
474
475
476
477
478
479




          3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                    421 of 493
      M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
480
481
482
483
484
485
486
487
488
489
490
491
492
493
494
495
496
497
498
499
500
501
502
503
504
505
506
507
508
509
510
511
512
513
514
515




          3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                    422 of 493
      M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
516
517
518
519
520
521
522
523
524
525
526
527
528
529
530
531
532
533
534
535
536
537
538
539
540
541
542
543
544
545
546
547
548
549
550
551
552
553
554
555
556
557




          3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                    423 of 493
      M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
558
559
560
561
562
563
564
565
566
567
568
569
570
571
572
573
574
575
576
577
578
579
580
581
582
583
584
585
586
587
588
589
590
591
592
593
594
595
596




          3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                    424 of 493
      M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
597
598
599
600
601
602
603
604
605
606
607
608
609
610
611
612
613
614
615
616
617
618
619
620
621
622
623
624
625
626
627
628
629
630
631
632
633
634
635
636
637
638
639
640
641
642
643
644
645


          3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                    425 of 493
      M        N O     P                   Q                      R     S   T   U   V   W   X   Y   Z   AA        AB
646
647
648
649
650
651
652
653
654
655
656
657




          3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                    426 of 493
                         AC         AD         AE        AF   AG   AH   AI   AJ   AK   AL   AM
                   1
                   2
                   3
                   4
                   5
                   6
                   7
                   8
                   9
                  10
                  11
                  12
                  13
                  14
                  15
                  16
                  17
                  18
                  19
                  20
                  21
                  22
                  23
                  24
                  25
                  26
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                  29
                  30
                  31
                  32
                  33
                  34
                  35
                  36
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                  38
                  39
                  40
                  41
                  42
                  43
                  44
                  45




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                         AC         AD         AE        AF   AG   AH   AI   AJ   AK   AL   AM
                  46
                  47
                  48
                  49
                  50
                  51
                  52
                  53
                  54
                  55
                  56
                  57
                  58
                  59
                  60
                  61
                  62
                  63
                  64
                  65
                  66
                  67
                  68
                  69
                  70
                  71
                  72
                  73
                  74
                  75
                  76
                  77
                  78
                  79
                  80
                  81
                  82
                  83
                  84
                  85
                  86
                  87
                  88
                  89




3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                      428 of 493
                          AC        AD          AE        AF   AG   AH   AI   AJ   AK   AL   AM
                   90
                   91
                   92
                   93
                   94
                   95
                   96
                   97
                   98
                   99
                  100
                  101
                  102
                  103
                  104
                  105
                  106
                  107
                  108
                  109
                  110
                  111
                  112
                  113
                  114
                  115
                  116
                  117
                  118
                  119
                  120
                  121
                  122
                  123
                  124
                  125
                  126
                  127
                  128
                  129
                  130
                  131
                  132
                  133
                  134
                  135
                  136
                  137
                  138
                  139
                  140
                  141
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                         AC         AD         AE        AF   AG   AH   AI   AJ   AK   AL   AM
                 142
                 143
                 144
                 145
                 146
                 147
                 148
                 149
                 150
                 151
                 152
                 153
                 154
                 155
                 156
                 157
                 158
                 159
                 160
                 161
                 162
                 163
                 164
                 165
                 166
                 167
                 168
                 169
                 170




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                         AC         AD         AE        AF   AG   AH   AI   AJ   AK   AL   AM
                 171
                 172
                 173
                 174
                 175
                 176
                 177
                 178
                 179
                 180
                 181
                 182
                 183
                 184
                 185
                 186
                 187
                 188
                 189
                 190
                 191
                 192
                 193
                 194
                 195
                 196
                 197
                 198
                 199
                 200
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3ba31cf2-2414-472e-9d10-d71a752247d3.xlsx 3/8/2012 11:02 AM                                      431 of 493
   TRADITIONAL UNIVERSITY                 TRANSITION
       Calculation of Grant                            Year 1
for Graduate Student Enrolments
       Calculation of Grant
         ENROLMENTS               rounded by intake

     Bachelor of Fine Arts        1                              400
                                  2              90%
                                  3              90%
                                  4              90%
                                                                 400
 Bachelor of Business Admin.      1                              500
                                  2              90%
                                  3              90%
                                  4              90%
                                                                 500
       Bachelor of Arts           1                              500
                                  2              90%
                                  3              90%
                                  4              90%
                                                                 500
    Bachelor of Technology        1                              250
                                  2              90%
                                  3              90%
                                  4              90%
                                                                 250
        Master's - Arts                                           33




      Master's - Sciences                                         33




           Doctoral                                               17




   TOTAL UG ENROLMENTS                1st year                  1650
                                      2nd year                     0
                                         3rd year                               0
                                         4th year                               0
                                          Totals                             1650
TOTAL GRADUATE ENROLMENTS                                                      83
         Calculation of Grant     Program                            Year 1
   GRANT & TUITION REVENUE        Weights          2011/12          2012/13
Grant per FTE by program weight          1.0   $        3,100   $          3,100
                                         1.5   $        5,800   $          5,800
                                         2.0   $        8,500   $          8,500
                                         3.0   $       12,700   $         12,700
                                         4.0   $       18,200   $         18,200
                                         6.0   $       29,100   $         29,100
                                  Program          1st year
Basic Income Units:               Weights          Students
 Bachelor of Fine Arts              1.5              1.0                      400
 Bachelor of Business Admin.        1.5              1.5                      750
 Bachelor of Arts                   1.5              1.0                      500
 Bachelor of Technology             2.0              1.0                      250
 Masters - Arts                     3.0                                        99
 Masters - Science                  4.0                                       132
 Doctoral                           6.0                                        99
Total Basic Income Units                                                    2,230
   average program weight                                            1.29
GRANT FUNDING                                                        $7,964,850
GRANT FUNDING - undergraduate                                        $6,465,000
GRANT FUNDING - graduate                                             $1,499,850
                     START-UP PERIOD
Year 2        Year 3        Year 4     Year 5         Year 6




      600          700          700          700            700
      360          540          630          630            630
        0          324          486          567            567
        0            0          292          437            510
      960         1564         2108         2334           2407
      700          800          800          800            800
      450          630          720          720            720
        0          405          567          648            648
        0            0          365          510            583
     1150         1835         2452         2678           2751
      600          710          710          710            710
      450          540          639          639            639
        0          405          486          575            575
        0            0          365          437            518
     1050         1655         2200         2361           2442
      400          700          700          700            700
      225          360          630          630            630
        0          203          324          567            567
        0            0          183          292            510
      625         1263         1837         2189           2407
       76          126          172          191            200




         76        126          172             191            200




         38         63           86              96            100




     2300         2910         2910         2910           2910
     1485         2070         2619         2619           2619
              0             1337              1863              2357              2357
              0                 0             1205              1676              2121
          3785              6317              8597              9562             10007
            189               316               430               478               500
     Year 2            Year 3            Year 4            Year 5            Year 6
    2013/14           2014/15           2015/16           2016/17           2017/18
$        3,100    $        3,100    $        3,100    $        3,100    $        3,100
$        5,800    $        5,800    $        5,800    $        5,800    $        5,800
$        8,500    $        8,500    $        8,500    $        8,500    $        8,500
$      12,700     $      12,700     $      12,700     $      12,700     $      12,700
$      18,200     $      18,200     $      18,200     $      18,200     $      18,200
$      29,100     $      29,100     $      29,100     $      29,100     $      29,100



        1,140             1,996             2,812             3,151             3,261
        1,725             2,753             3,678             4,017             4,127
        1,275             2,128             2,945             3,187             3,308
          850             1,826             2,974             3,678             4,114
          227               379               516               574               600
          303               505               688               765               801
          227               379               516               574               600
        5,747             9,965            14,128            15,945            16,810
       1.45              1.50              1.57              1.59              1.60
$21,681,065       $38,203,853       $55,050,173       $62,474,758       $66,048,863
$18,240,500       $32,461,700       $47,235,500       $53,782,900       $56,952,500
 $3,440,565        $5,742,153        $7,814,673        $8,691,858        $9,096,363
Year 7




      700
      630
      567
      510
     2407
      800
      720
      648
      583
     2751
      710
      639
      575
      518
     2442
      700
      630
      567
      510
     2407
      200      2.0% of total UG




         200   2.0% of total UG




         100   1.0% of total UG




     2910
     2619
          2357
          2121
         10007
            500
     Year 7
    2018/19
$        3,100
$        5,800
$        8,500
$      12,700
$      18,200
$      29,100



        3,261
        4,127
        3,308
        4,114
          600
          801
          600
       16,810
       1.60
$66,048,863
$56,952,500
 $9,096,363

				
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