Question

accountancy

Happy Valley University (HVU) needs to establish a budget for the upcoming calendar year.  The current Budget Director has retired so you and your Team have been brought in establish a budget for the coming year.  You are being tasked to develop a balanced budget (meaning No Profit, since HVU is a non-profit) and a tuition rate per credit hour for students to pay in the coming year.  FACTS:  REVENUES:  HVU has three semesters during a calendar year. There are 10,000 students during the Fall and Winter semesters and 3,000 students during the Summer semester. Class size averages 30 students per class and students take an average of 12 credit hours per semester. As such, 334 professors are employed during the Fall and Winter semesters and 100 professors are employed during the Summer semester. Tuition is currently set at $80.00 per credit hour.  Sports generate a total of $500,000 through gate receipts and concessions during the calendar year.  HVU receives from State appropriations, $5,000,000 per calendar year (divide equally to 3 semesters)  HVU receives from annual Endowments, $500,000 per calendar year (divide between Fall and Winter semesters)  EXPENSES:  Faculty teach 12 credits (4 classes at 3 credits each) per semester.  The average Faculty salary is $60,000 academic year, plus benefits that run at 30% of salaries. Faculty receive as additional 30% of their salary for teaching Summer classes, if they choose to do so (no additional benefits)  There are four colleges within HVU: College of Business, College of Technology, College of Arts and Science, and College of Health Science. Each college has a Dean, and Associate Dean and each has their own Admin Assistant. Each college is allowed to spend $100,000 per calendar year on supplies, travel, telephone, and miscellaneous expenses. (You will need to establish your own salaries for the Dean, Assoc. Dean, plus benefits at 30%)  The Executive Office has a President and two Vice Presidents and each has their own Admin Assistant. The President and Vice Presidents each spend $100,000 per calendar year for supplies, travel, telephone, and miscellaneous expenses. (You will need to establish your own salaries for the President, VPs, and Admins plus benefits at 30%)  HVU also has the following extra curricula activities that need to be funded:              Football           $450,000 during the Fall semester              Hockey             $400,000 during ½ Fall semester, ½ Winter semester              W. Basketball $100,000 during the Winter semester              M. Basketball $100,000 during the Winter semester              W. Volleyball $175,000 during the Winter semester              W. Softball      $175,000 during the Winter semester  Maintenance will cost 2% of tuition  Utilities will cost 3% of tuition  Business office expenses are $250,000 per year (divide equally to 3 semesters)  Financial Aid office expenses are $175,000 per year (divide equally to 3 semesters)  ADDITIONAL COMENTS:  Because HVU is a non-profit organization, the goal is to budget for net income that is as close to zero as possible. An acceptable range for your final results will be plus/minus $10,000.  Wherever specific information is not given regarding the amount of an expense, you will need to decide how much it should be. You may not change any given numbers, except for the rate of tuition per hour.  Spreadsheets need to be Excel based worksheets.

0 0
Add a comment Improve this question Transcribed image text
Request Professional Answer

Request Answer!

We need at least 10 more requests to produce the answer.

0 / 10 have requested this problem solution

The more requests, the faster the answer.

Request! (Login Required)


All students who have requested the answer will be notified once they are available.
Know the answer?
Add Answer to:
accountancy
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Similar Homework Help Questions
  • Roberta College is a not-for-profit entity. Record the following transactions for the fiscal year ended June...

    Roberta College is a not-for-profit entity. Record the following transactions for the fiscal year ended June 30, 2017. That year... a.Tuition revenue for the fall semester 2016 (August - December) was $4 million; tuition for the Spring semester 2017 (January - May) was $3.8 million; tuition for the summer semester 2017 (June 1-August 15) was $2 million. All tuition was received in cash. b.Faculty salaries for the fall semester were $3 million; for the spring semester, $2.9 million; and for...

  • Accountancy

    Linda paid her tuition and later received a Pell grant (tax-free educational assistance) covering part of the tuition. All of the following are true except:a) The Pell grant should reduce the amount of qualified expenses for the education credit.b) If the Pell grant was received after Linda claimed the education credit on her return, shemay have to repay all or part of the credit.c) If Linda claimed an education credit and received a reimbursement for that same year;Linda must refigure...

  • Prepare a tuition revenue budget for the upcoming academic year. Western State University (WSU) is preparing...

    Prepare a tuition revenue budget for the upcoming academic year. Western State University (WSU) is preparing its master budget for the upcoming academic year. Currently, 12,000 students are enrolled on campus; however, the admissions office is forecasting a 7 percent growth in the student body despite a tuition hike to $80 per credit hour. The following additional information has been gathered from an examination of university records and conversations with university officials: • WSU is planning to award 160 tuition-free...

  • EX 21-1 Personal budget Obj. 2,5 cash At the beginning of the school year, Priscilla Wescott...

    EX 21-1 Personal budget Obj. 2,5 cash At the beginning of the school year, Priscilla Wescott decided to prepare a cash budget for the 3,150 months of September, October, November, and December. The budget must plan for enough TNPLATE CL Reserved layot copied or dupa w a rt WON 2020 Chapter 21 Budgeting 108 cash on December 31 to pay the spring semester tuition, which is the same as the fall tuition The following information relates to the budget: $6,000...

  • Prepare a tuition revenue budget for the upcoming academic year. 16,500 1,320 17,820 Tuition revenue budget:...

    Prepare a tuition revenue budget for the upcoming academic year. 16,500 1,320 17,820 Tuition revenue budget: Current student enrollment Add: Increase in student body Total student body Less: Tuition-free scholarships Tuition-paying students Credit hours per student per year Total credit hours Tuition rate per hour Forecasted tuition revenue 200 17,620 45 792,900 85 $67,396,500 Western State University (WSU) is preparing its master budget for the upcoming academic year. Currently, 16,500 students are enrolled on campus; however, the admissions office is...

  • State University's College of Business is divided into three departments, accounting, marketing, and management. Relevant information...

    State University's College of Business is divided into three departments, accounting, marketing, and management. Relevant information for each department is provided below: Accounting Marketing Cost Driver Management Number of students 700 400 200 Number of classes per semester 32 18 14 Number of faculty 10 12 5 The Dean of the College of Business is trying to assign funds from the operating budget to the three departments. Assuming that the chair of each department is trying to attain the highest...

  • Good evening, I am hoping that someone can double check my answers below and let me...

    Good evening, I am hoping that someone can double check my answers below and let me know if the math is correct? Western State University (WSU) is preparing its master budget for the upcoming academic year. Currently, 15,500 students are enrolled on campus; however, the admissions office is forecasting a 6 percent growth in the student body despite a tuition hike to $70 per credit hour. The following additional information has been gathered from an examination of university records and...

  • Budgeting for an Academic Department at a State University: Can You Believe the Numbers? INTRODUCTION You...

    Budgeting for an Academic Department at a State University: Can You Believe the Numbers? INTRODUCTION You are the senior accounting faculty member in the business school and your dean, Dean Weller, is asking for help. She is very discouraged after a midyear budget meeting with the Vice President of Finance. The college's Department of Social Work has a large budget deficit, and because of this the VP is inclined towards closing the department entirely or closing its bachelor's program. The...

  • Western State University (WSU) is preparing its master budget for the upcoming academic year. Currently, 12,500...

    Western State University (WSU) is preparing its master budget for the upcoming academic year. Currently, 12,500 students are enrolled on campus; however, the admissions office is forecasting a 6 percent growth in the student body despite a tuition hike to $65 per credit hour. The following additional information has been gathered from an examination of university records and conversations with university officials: WSU is planning to award 170 tuition-free scholarships. The average class has 20 students, and the typical student...

  • We would like to develop a database to manage all the data relevant to students and...

    We would like to develop a database to manage all the data relevant to students and faculty at Virginia Tech. For each department, we have a department ID and name. The students enroll in departments. Each student will have a hokie ID, birthdate, gender, photo in the system. The department will hire multiple faculty members to teach courses. Each faculty member will have faculty hokie ID, research (including papers, patents, etc), gender, birthdate. The department will determine (1) what courses...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT