PART I: Marquoya College ( MC) is a medium- sized private school located in the Midwest.

In the past, MC administrators established a budget for the next academic year by adding a specific percentage ( e. g., 6%, 8%) to the tuition revenue and operating expenses.

This year MC has asked for your assistance in developing its budget for the next academic year.

You are supplied with the following data for the current year.

Problem #4 (15 Points) PART I: Marquoya College ( MC) is a medium- sized private school located in the Midwest. In the past, MC administrators established a budget for the next academic year by adding a specific percentage ( e. g., 6%, 8%) to the tuition revenue and operating This year MC has asked for your assistance in developing its budget for the next academic year. You are supplied with the following data for the current year. Enrollment Tuition Full-time Faculty Fees Average Faculty Salary Full tuition only scholarships 4,300 students $3,300 per year 250 (72% tenured) $280 per year $36,000 per year $400 students For the next academic year, enrollment is expected to increase by 300 students with each student taking an average of 32 credit hours. Tuition will increase by $100/ year. Prepare a schedule computing the next academic year's tuition and fee revenue budget. Explicitly show the effect of scholarships. PART II: The additional students will require MC to hire 20 adjunct faculty members. Each adjunct will teach 18 credit hours and will be paid at the rate of $ 750/ credit hour. Full- time faculty members will receive a 5 percent pay increase. Additional merit increases to be awarded to individual faculty members will amount to $ 280,000. Prepare a schedule computing the next academic year's budget for faculty salaries. ting expenses