I need assistance, I have no clue what i am doing with this question. i cannot seem to get the right numbers. Specifically with part four. my professor is looking for total budgeted operating revenue, deficit from operations, budgeted capital expenditures and total cash needed from fund-raising. However, I cannot seem to get the numbers right and do not know where i am going wrong
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. 10 set an appropriate target, hi has asked you to prepare a budget for the academic year. You have collected the following data for the current year (20X6-20X7): Undergraduate Division Graduate Division Average salary of faculty member $58,000 $58,000 Average faculty teaching load in semester credit-hours per year 24 18 (eight undergraduate or six graduate courses) 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 24CHAPTER 7 . INTRODUCTION TO BUDGETS AND PREPARING THE MAST For 20X7-20X8, all faculty and staff will receive a 6% salary increase. Undergraduate enrollment is expected to decline by 2%, but graduate enrollment is expected to increase by 5%. . The 20X6-20X7 budget for operation and maintenance of facilities was $500,000, which includes $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: 20X6-20X7 General administrative 20X7-20X8 $500,000 Library $525,000 Acquisitions 150,000 Operations 155,000 190,000 200,000 Health services 48,000 50,000 Intramural athletics 56,000 60,000 Intercollegiate athletics bebop 240,000 245,000 Insurance and retirement oenoopen an ting innewe 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. *. Prepare a schedule for President Larsson showing the amount that must be raised by the annual fund-raising campaign
