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NMC projects $3M revenues for FY2005
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Posted on Sep 25 2004
The Northern Marianas College is projecting to generate a total of $3 million in revenues in fiscal year 2005—a 20-percent increase from its projected revenue for FY2004.
In a budget adopted recently by the NMC Board of Regents, the college made the $3-million revenue projection based on an analysis of enrollment trends for the past five years, current data for the Fall 2004 semester, and actual revenues since 2000.
The NMC finance department said the increased revenue projection came as a result of the college’s efforts to consolidate all its operating revenue sources and prepare a consolidated budget.
“Previously, this portion of the budget was focused only on tuition and fees,” the finance group said. “The budget presented in this document includes other sources of revenues, which are currently accounted for in the ‘special accounts,’ including indirect cost revenues, rental income from the snack bar, rental income from the Small Business Development Center, etc.”
According to NMC, actual revenues generated by the college averaged $2.89 million from FY2000 to FY 2004. Using enrollment and other factors as basis, NMC-Finance projected total revenues of $3.16 million.
Both figures were then averaged to come up with the $3-million proposed revenue for the FY2005 budget.
Tuition and fees made up $2.42 million of the $3-million projection. The rest of the amount came from other revenue sources such as indirect cost revenues, the college lab school, educational tax credits and other donations, special offerings, rental and program revenues, and radio station fees and dues.
NMC also projected a total minimum enrollment of 2,700 students during the entire FY2005, which covers the Fall 2004 and Spring 2005 semesters, as well as Summer 2005.
Some 1,200 students are expected to enroll in each of the fall and spring semesters, while the remaining 300 students are expected to register for the summer sessions.
The college broke down the projected enrollment to 2,565 resident students and 135 nonresident students.
