Static budget		Actual results
New loans originated	8200		10,250
Average amount of loan	145,000		162,000
Variable costs per loan:
Professional labor	360	Eight hours at $45 per hour	475	9.5 hours at $50 per hour
Credit verification	100		100
Federal documentation fees	120		125
Courier service	50		54
Administrative costs, fixed	800,000		945,000
Technology costs, fixed	1,300,000		1,415,000

Student Finance (StuFi) is a start up that aims to use the power of social communities to transform the student loan market. It connects participants through a dedicated lending pool, enabling current students to borrow from schools alumni community. StuFi's revenue model is to take an upfront fee of 40 basis points (0.40%) each from the alumni investor in the student borrower for every loan originated on its platform. StuFi hopes to go public in the near future and is keen to ensure that it's financial results are in line with that ambition. StuFi's budgeted and actual results for the third quarter of 2014 are presented above.prepare the static budget of operating income for the third quarter of 2014