- how do I answer this
CHAPTER 7 . INTRODUCTION TO BUDGETS AND PREPARING THE MASTER For 20X7-20*8, all faculty and staff will receive a 6% salary increase. Undergraduate enrollment expected to decline by 2%%, but graduate enrollment is expected to increase by 370 The 20X6-20X7 budget for operation and maintenance of facilities was $500,000, which "Judes $240.000 for salaries and wages. Experience so far this year indicates that the budget is accurate. Salaries and wages will increase by 6% and other operating costs will increase by $12,000 in 20X7-20X8. The 20X6-20X7 and 20X7-20X8 budgets for the remaining expenditures are as follows; General administrative 20X6-20X7 20X7-20X8 Library $500,000 $525,000 Acquisitions Operations 150,000 Health services 190,000 155,000 Intramural athletics 48,000 200,000 56,000 50,000 Intercollegiate athletics 60,000 Insurance and retirement 240,000 245,000 520,000 560,000 Interest 75,000 75,000 . Tuition is $92 per credit hour. In addition, the state legislature provides $780 per full-time- equivalent student. (A full-time equivalent is 30 undergraduate hours or 24 graduate hours.) Full-tuition scholarships are given to 30 full-time undergraduates and 50 full-time graduate students. . Revenues other than tuition and the legislative apportionment are as follows: 20X6-20X7 20X7-20X8 Endowment income $200,000 $210,000 Net income from auxiliary services 325,000 335,000 Intercollegiate athletic receipts 290,000 300,000 . The chemistry/physics classroom building needs remodeling during the 20X7-20X8 period. Projected cost is $575,000. 1. Prepare a schedule for 20X7-20X8 that shows, by division, (a) expected enrollment, (b) total credit hours, (c) full-time-equivalent enrollment, and (d) number of faculty members needed. 2. Calculate the budget for faculty salaries for 20X7-20X8 by division. 3. Calculate the budget for tuition revenue and legislative apportionment for 20X7-20X8 by division. 4. Prepare a schedule for President Larsson showing the amount that must be raised by the annual fund-raising campaign.7-45 Comprehensive Budgeting for a University Suppose you are the controller of Nebraska State University. The university president, Lisa Larsson is preparing for her annual fund-raising campaign for 20X7-20X8. To set an appropriate target, she has asked you to prepare a budget for the academic year. You have collected the following data for the current year (20X6-20X7): Average salary of faculty member Undergraduate Division Graduate Division $58,000 $58.000 Average faculty teaching load in semester credit-hours per year (eight undergraduate or six graduate courses) 24 IN Average number of students per class 30 20 Total enrollment (full-time and part-time students) 3,600 1.800 Average number of semester credit-hours carried each year per student 25 20 Full-time load, semester hours per year 30 24
