curento Mecosta (UM) needs to establish a budget for the coming calendar year. The leavine tget Director has submitted her resignation (circumstances unknown) and will be for the comioniversity immediately. You and your team have been hired to establish a budget They are re protit institution) and a tuition rate for students to pay per the credit hour. FACTS: ear and complete a presentation to the President and the Board of Trustees. g that you present a balanced budget (meaning zero profit since UM is a non- Revenuss: UM has three semesters during the vear: there are 10,000 students during fall and spring semesters and 3.000 students during summer semester. Class size averages 30 per class, students take an average 5 classes per semester and faculty teach 4 classes per semester. ith this information you should be able to determine the number of faculty per semester.) Sports generate a total of $500,000 through gate receipts and concessions throughout the academic school year (you decide how to allocate it). UM receives from the state- appropriations: $5,000,000 per academic year (divide equally over 3 semesters) UM receives from their endowment annually: S 500,000 per academic year (split between fall and spring semesters) Expenses: Faculty teach 12 credits (4 classes at three credits each) per semester and the average salary is $60,000 per academic school year, plus benefits that run at 25% of salaries. Faculty receive an additional 30% of their salary ($18,000) for teaching summer classes if they choose to do so (no additional benefits). There are four colleges within UM, College of Business, College of Technology, College of Arts and Sciences and the College of Health Sciences. Each college has a Dean, and an Associate Dean and each of these two people has a administrative assistant. Each college is allowed to spend $50,000 per year to cover supplies, travel, telephones, and other miscellaneous expenses. The Executive branch has a president and two (2) vice presidents and each of these people has a administrative assistant. The president and vice presidents each spend $50,000 for supplies, travel, telephones, and other miscellaneous expenses per academic year. Where salaries are not given, establish a reasonable salary for each position, plus benefits at 30% of salaries. Assume that Deans, Associate Deans and executives make more than faculty and that the maximum salary is $250,000 per year. UM also has the following extra curricula activities that need to be funded: Football Hockey W. Basketball M Basketball W. Volleyball W. Softball $500,000 during fall semester $400,000 during fall semester and $100,000 during spring semester $100,000 during spring semester $75,000 during spring semester during spring semester acu $75,000 during spring semester Page 1 of 2