Business Plan and Budget Approved. Board of Governors. April 24, 2014

Transcription

1 Business Plan and Budget Approved by Board of Governors April 24, 2014

2 LAMBTON COLLEGE Business Plan and Budget Approved by the Board of Governors April 24, 2014 TABLE OF CONTENTS Page No. EXECUTIVE SUMMARY LAMBTON COLLEGE STRATEGIC PLAN 1.1 Vision 1.2 Mission 1.3 College Priorities 2.0 ENVIRONMENTAL SCAN 2.1 Provincial Funding 2.2 Enrolment 2.3 Tuition and Fees 2.4 Staffing 2.5 Compensation 2.6 Contract Services 2.7 Research 2.8 Apprenticeship 2.9 International 2.10 Employment Programs 2.11 School to College to Work Initiative 2.12 Fundraising 3.0 BUDGET SUMMARY DRAFT BUDGET 12 Lambton College Page 2 Business Plan and Budget

3 LAMBTON COLLEGE BUSINESS PLAN AND BUDGET EXECUTIVE SUMMARY The Province of Ontario continues to face serious economic challenges. The current annual Provincial deficit has climbed to $11. 78, with the accumulated deficit forecast to reach $ With Provincial net debt of $2728, annual debt servicing cost of $10.68 is imposing significant strain on provincial cash flows. With an objective of elimination of the deficit by the end of fiscal , the Province is compelled to exercise strenuous fiscal restraint. In the post-secondary education sector, this has resulted in imposition of measures to limit funding, such as reduction of 0.9% in per student grant funding for a second year and charges to institutions such as the international student recovery charge on international enrolment. As a result, public colleges in Ontario continue to be the lowest funded of all provinces in Canada. Colleges Ontario estimates that Ontario colleges will face a funding gap of $109M in , despite 3% tuition increases allowed under current Ministry tuition policy. Capital funding has also been constrained. The government has indicated that its plan to construct three new satellite university/college campuses will preclude funding of any other post-secondary capital projects over the following decade. Serious concern exists regarding deteriorating condition of facilities across the base of existing college assets, and the chronic and significant underfunding of critical deferred maintenance projects which confront Ontario colleges. During the Province funded a number of college and university projects aimed at improving productivity in academic delivery and enhancing access to online programming. Lambton College received $51 OK of this Productivity Improvement Funding which concluded at the end of the fiscal year. Also awarded in were Financial Health & Stability grants, aimed at smaller institutions, to implement projects to improve administrative efficiency. This funding, spanning two fiscal years, delivered $899K to Lambton College, with $454.5K to be received in Late in 2013 the Province announced plans to develop Strategic Mandate Agreements (SMA) with all provincial colleges and universities. Institutions were required to define areas of strategic importance and major academic program focus. Metrics were defined, against which institutions will be measured. Approval of new academic program applications has been suspended by the Ministry until completion of the SMAs. In the absence of Provincial budget announcements, the College budget has been based on previously reported programs, and the assumption of continued or expected funding for existing initiatives. Lambton College Page 3 Business Plan and Budget

4 Enrolment in Ontario Colleges is expected to continue to grow, although the rate of expansion will moderate in to approximately 2% over the previous year. Provincial apprenticeship and employment programs are expected to continue unaffected, after months of uncertainty related to the effect of a new Canada Job Grant. After protracted negotiations, an agreement was reached between the Federal Government and the Provinces that enable Provinces to fund a required $300M toward the Job Grant from any of the $2.5B in training-related federal transfers to the provinces. The Canada Job Grant will be launched in July International students continue to demonstrate strong interest in pursuing educational opportunities in Canada. Lambton College continues to contribute to the achievement of the goals of both the Federal government and the Province of Ontario to attract greater numbers of international students. Provincial unemployment remains high at 7.9%. The most current statistics for the Sarnia-Lambton area demonstrate a local unemployment rate 1.2% higher than that of the Province. An anticipated project to construct a liquefied natural gas processing facility at the Shell Corunna plant has been indefinitely postponed, negatively impacting the local construction industry. In late 2013 NOVA Chemicals delayed a decision regarding the location of a $1 B world-scale polyethylene facility, hoped to be located in Sarnia-Lambton. The company did commence a four year, $300M expansion of its existing local ethylene and polyethylene facilities and conversion of its processing facilities to enable use of natural gas liquids as feedstock at its Corunna facility. A burgeoning bio-based industry is taking hold in the area with a number of start-up companies, most notably BioAmber, choosing to locate in Sarnia-Lambton. Research plays a growing role in Ontario colleges, and has had a marked effect on the profile of Lambton College. Important five-year grant funding acquired in enabled significant projects to proceed, such as Bluewater Technology Access Centre, the Lambton Water Centre, and a second Industrial Research Chair. Work on these projects impact this budget The Budget and Business Plan continues toward achievement of goals laid out in the College's Strategic Plan Significant effort aimed at development of a new Centre for Health Education and Sustainable Care, as well as new athletic and recreational facilities, will continue in the coming year. The College will pilot a number of academic programs as part of the launch of its "Mobile Learning: A Class+ Experience" program. The Lambton College Business Plan and Budget anticipates an in-year deficit of $124,300 including a contingency of $500,000. This Business Plan and Budget will enable the College to serve a diverse student body and extensive group of community partners in a flexible and cost-effective manner, while building the framework for achievement of the goals of the Lambton College Strategic Plan As defined in the proposed Strategic Mandate Agreement, Lambton College plays a strong role in Sarnia-Lambton and the Province of Ontario, providing comprehensive education and specialized programs that meet the needs of students while supporting the economic development and prosperity of the region and the province. Lambton College Business Plan and Budget Page4

5 LAMBTON COLLEGE BUSINESS PLAN AND BUDGET LAMBTON COLLEGE STRATEGIC PLAN 1.1 Vision Lambton College fosters innovation and entrepreneurship among our faculty, staff, and students - and in the local and global communities we serve. As the sole provider of higher education in our region, we remain committed to providing teaching and learning excellence in a broad range of program offerings, and a full range of credentials. We will enhance the student experience and learning outcomes by becoming a mobile learning college. In particular, we will distinguish ourselves amongst all Canadian colleges by leveraging our unique strengths to become a global leader in education and applied research in the areas of Energy & Bio-Industrial Technology, and Fire & Public Safety. 1.2 Mission Lambton College is committed to student and community success. We achieve our mission through quality teaching and an innovative learning environment that: provides relevant, accessible, value added programs and services that engage and develop the whole student. proactively addresses the needs of a constantly changing labour market. supports community & economic development through innovative partnerships and applied research initiatives. 1.3 College Priorities We will realize our vision and fulfill our mission by achieving results and measuring our success in: 1.0 Enhance the Student Experience 2.0 Establish a Centre of Excellence in Energy & Bio-Industrial Technologies 3.0 Enhance Our Centre of Excellence in Fire & Public Safety 4.0 Provide Students with Innovative and Flexible Learning Options 5.0 Partner with Industry, the Community, and Other Post-Secondary Institutions 6.0 Renew our Campus Environment Plans and new initiatives contained in Business Plan and Budget are directed at fulfilling the strategic priorities of Lambton College. Lambton College Page 5 Business Plan and Budget

6 2.0 ENVIRONMENTAL SCAN 2.1 Provincial Funding The Province of Ontario has not yet brought forward a Spring Provincial Budget. The province's $11.7 B deficit will prove challenging to development of the budget. Further cuts to operating funding and very limited capital spending are expected to impact all public services in the Province in coming years. Funding for post-secondary education will decline again in For a second year a reduction of 0.9% in grant funding, from $4,317/WFU to $4,277/WFU, will be imposed, affecting funding. Operating funding increases by a total of $501,400 over The Base General Purpose Operating Grant (GPOG) declines to $12,856,600, a further reduction of $118,900 from the previous year, due to the cut to per student funding. Enrolment Growth funding, based on past enrolment levels, is estimated at $3,017,800. This represents $620,300 over Second Career funding is assumed to decline by $125,800 as the number of students funded by this program is expected to decline. Co-Op Diploma Apprenticeship (CODA) program funding declines modestly as a slight reduction in enrolment is forecast. Grant funding for Bachelor of Science - Nursing students will also decline by 0.9% per student, resulting in a slight loss of grant revenue, based on constant enrolment in this program. The Northern/Rural Grant of $4, 160, 700 has remained at the same level for many years. The capital instructional equipment grant is assumed to remain at the level of $163,200. The facility renewal fund grant was lowered to $176,200 in , and is expected remain at that reduced level for As one of the earliest participants in the School to College to Work Initiative (SCWI), Lambton College served students from a broad region of south western Ontario. Over the past year, based on the success of the SCWI program, the Ministry of Education encouraged all provincial school boards to participate with their local college. As a result, enrolment in Lambton College's SCWI program declined in and will continue to moderate in as students are directed to institutions closer to home. Grant funding will decline, from $2,176,400 in to $1,762,200 in , a reduction of $208,400. In the International Student Recovery Fee (ISRF) of $750 per student was imposed on first year International students enrolled in post-secondary programs on Ontario college campuses. The ISRF is being phased in, now assessed on Years 1 and 2 students. Implementation of an ISRF on off-shore students is not being pursued by government at this time. Lambton College Business Plan and Budget Page6

7 Late in a two-year Financial Health and Stability Grant affecting eleven smaller institutions was announced. Lambton College will receive the second instalment of $454,500 in This grant must be expended in-year to fund projects aimed at delivering administrative system efficiencies. A one-time grant of $500,000 from the Productivity and Innovation Fund that was received in results in a reduction of revenue and expenditure in Enrolment Full-time enrolment growth at Ontario post-secondary institutions continues to slow from the aggressive pace of recent years. Total enrolment at all postsecondary institutions across the province is expected to increase by approximately 2% over Lambton College's total full-time post-secondary enrolment for Fall 2014 is budgeted at 3,292, a 0.8% decrease from Fall enrolment of 3,319 fulltime students. Included in this enrolment is a decline of 30 Second Career students, with 171 students expected in Fall International student enrolment on campus declined overall, with postsecondary program enrolment of 174 versus 231 students in International students enrolled in Board of Governors certificate programs increase to 99 students, a marginal increase from the level. 2.3 Tuition and Fees Tuition levels will increase by 3% for all post-secondary programs, as authorized by MTCU Tuition and Compulsory Ancillary Fees policy. Compulsory ancillary fees, including fees imposed by the Students Administrative Council, have increased an average of 2.66% over the previous year. 2.4 Staffing The budget includes two faculty additions to complement, required to support budgeted enrolment. Closure of the Child Care Centre in July 2014 will result in elimination of eight support staff positions. Two Child Care employees were already filling vacancies in other departments. One staff member has elected to retire. Following constructive discussions with the Support Staff Union, a plan has been developed that will result in five Child Care employees assigned to new positions requested in this budget or to existing vacant positions for which they are appropriately qualified. The Manager of the Child Care Centre will be reassigned. As a result, no Child Care staff will involuntarily leave the College. Lambton College Page 7 Business Plan and Budget

8 Three new support staff positions are proposed, replacing part-time positions. Five Initiatives and Opportunities positions are proposed, all of which are either fully or partially funded by various revenue grants, or replace part-time staff expense. One new administrative position is requested, representing a secondment from support staff. Overall, a net of two new positions are added to the staffing complement. 2.5 Compensation Both the faculty and support staff collective agreements conclude on August 31, Legislative changes to the BPS Executive Compensation Act are currently proposed by government. With no available information regarding compensation terms for any of the College's three employee groups, this budget contains a contingency for potential compensation costs. Movement through the range for all employee groups has been estimated in this budget. 2.6 Contract Services Corporate training continues to be challenging. The creation in of a new Learning and Training Solutions department and addition of a new Manager brought focus to this area. Marketing of many exciting new fire training programs and courses together with other corporate training offerings create important synergies, generating opportunities for both existing and new commercial and municipal clients. Introduction of new marine and aviation scenarios will open new markets, as will public security training courses. This will be an area of significant focus over the next twelve months. 2.7 Research Three major new grant awards during altered the landscape for research at Lambton College. Development of the Bluewater Technology Access Centre, the Lambton Water Centre and installation of a new Industrial Research Chair for Colleges elevated the profile of Lambton College to new heights. Already ranked sixth among Ontario colleges in research activity, these grants establish Lambton as an important research asset in the Province of Ontario. Lambton College Page 8 Business Plan and Budget

9 This Budget and Business Plan reflects significant growth in activity, as these new five year grants ramp up, and existing grants continue to the completion of these projects. Revenue increases in excess of $1.1 M over the previous year. 2.8 Apprenticeship Delivery of apprenticeship training is anticipated to increase. Increases in enrolment in the Steamfitter, Carpenter and Electrician as well as Arborist programs are somewhat offset by lack of demand for Hairstylist and Cook apprenticeship training in The Instrumentation and Control Technician apprenticeship (formerly Industrial Instrument Mechanic) program will be offered, in conjunction with the Bruce Power Workers Union, both in Sarnia and at the Bruce Power site during The Pre-Apprenticeship program will operate with funding of $142,000 in This program commenced very late in Apprenticeship Enhancement Funding for renewal of instructional equipment has been budgeted at the same level as MTCU funding announcement is pending. 2.9 International International education continues to play a critical role in the success of Lambton College, with revenues increasing over $900,000 from the previous year. On campus revenue declines based on the decrease in international students on campus enrolled in post-secondary programs. In addition, a change in the delivery model of one program with strong International enrolment creates a onetime drop in revenue. Off-shore revenues also decline, as competition from other foreign institutions as well as greater access to spaces at home country institutions present students with many educational options. These losses are more than offset by significant growth in curriculum licensing arrangements with private colleges in Canada that cater to international graduate students, a rapidly growing segment of the international student market Employment Programs Following Federal I Provincial agreement regarding the participation of the provinces in the new Canada Job Grant, the Budget anticipates little change in funding of existing adult employment programs in the coming year. Additional funding for Youth Employment Services will be received in Lambton College Page 9 Business Plan and Budget

10 2.11 School to College to Work Initiative Redistribution of funding for SCWI across the province results in decline in funding for Lambton's SCWI program in as students are directed to institutions closer to home. Grant funding will decline, from $2, 176,400 in to $1,762,200 in Fundraising The Lambton College Foundation will launch a new capital campaign in , focused on two major campus renewal projects: the Centre for Health Education and Sustainable Care and a new Athletics/Recreation facility. This campaign is supported by existing capital reserves. Lambton College Page 10 Business Plan and Budget

11 3.0 BUDGET SUMMARY Budget Year End Estimate Revenues $ 66,458,300 $ 65,712,400 Expenses $ (65,309,300) $ (63,348,000) Surplus before GAAP Adjustments Total GAAP Adjustments (Deficit) I Surplus after GAA.P Adjustment Transfer from Reserve Transfer to Reserve Net Surplus after Reserve Transfer Opening Accumulated Unrestricted Surplus (see Note) Closing Accumulated Unrestricted Surplus $ 1,149,000 $ (1,273,300) $ (124,300) $ 424,300 $ (280,000) $ 20,000 $ 1,938,100 $ 1,958,100 $ 2,364,400 $ (1,340,600) $ 1,023,800 $ 987,700 $ (1, 150,000) $ 861,500 $ 1,076,600 $ 1,938,100 Note: In-year adjustments requiring actuarial estimates are not yet available so have not been included but are assumed not to be material. Lambton College Page 11 Business Plan and Budget

12 THE LAMBTON COLLEGE OF APPLIED ARTS AND TECHNOLOGY Draft Budget Statement of Revenue and Expenditure for the period April 1, March 31, 2015 Page 12

13 DRAFT BUDGET THE LAMBTON COLLEGE OF APPLIED ARTS AND TECHNOLOGY Statement of Revenue and Expenditure For the period: April 1, March 31, 2015 REVENUE Post Secondary Contract Services Child Care Services Student Services Administrative Services Physical Resources Ancillary Sch 2A Sch 28 Sch 2C Sch 3 Sch 4 Sch 5 Sch BUDGET Winter Forecast variance $ 38,435,900 18,610, ,800 2,842,600 1,074, ,800 4,815,600 66,458,300 $ 38,963,800 16,966, ,700 2,623,900 1,235, ,000 4,788,700 65,712,400 $ (527,900) 1,644,000 (513,900) 218,700 (160,700) 58,800 26, ,900 EXPENDITURE Post Secondary Sch 2A $ 29,102,400 $ 28,717,100 $ 385,300 Contract Services Sch 28 14,918,000 13,339,500 1,578,500 Child Care Services Sch 2C 222, ,300 (545, 100) Student Services Sch 3 6,072,100 5,642, ,700 Administrative Services Sch 4 5,836,500 6,075,600 (239, 100) Physical Resources Sch 5 4,612,200 4,254, ,500 Ancillary Sch 6 4,545,900 4,551,400 (5,500) 65,309,300 63,348,000 1,961,300 EXCESS OF REVENUE OVER EXPENDITURE BEFORE GAAP ADJUSTMENTS $ 1, 149,000 $ 2,364,400 $ (1,215,400) LESS: GAAP ADJUSTMENTS Depreciation/Contribution Amortization expense 1,132,300 1,211,300 (79,000) Vacation pay expense 137, ,300 11,700 Termination gratuity expense 4,000 4,000 1,273,300 1,340,600 (67,300) NET EXCESS OF EXPENDITURE OVER REVENUE (124,300) 1,023,800 (1, 148, 100) TRANSFER FROM CAPITAL RESERVES 424, ,700 (563,400) TRANSFER TO CAPITAL RESERVES (280,000) (1, 150,000) 870,000 EXCESS OF EXPENDITURE OVER REVENUE $ 20,000 $ 861,500 $ (841,500) OPENING ACCUMULATED UNRESTRICTED SURPLUS 1,938,100 1,076, ,500 CLOSING ACCUMULATED UNRESTRICED SURPLUS $ 1,958,100 $ 1,938,100 $ 20,000 Page 13

14 DRAFT BUDGET THE LAMBTON COLLEGE OF APPLIED ARTS AND TECHNOLOGY Analysis of Post Secondary Expenditure For the period: April 1, March 31, 2015 Schedule 2A BUDGET Winter Forecast variance REVENUE: Fees: Tuition and Other MTCU Grants Other $ 14,598, ,481, ,000 38,435,900 $ 14,725,800 23,640, ,300 38,963,800 $ (127,700) (158,900) (241,300) (527,900) EXPENDITURE: Compensation 25,144,000 24,430, ,800 Instructional software and equipment 1,075,700 1,543,100 (467,400) Equipment maint./rentals 163, ,100 (3,000) Field work 85,100 71,900 13,200 Advertising/Promotion 141,300 58,600 82,700 Instructional 1,000, ,900 79,700 Premise rental 3,800 2,400 1,400 Office 109, ,700 (2,700) I.T. Networking 188, ,400 (75,900) Professional development 217, ,100 26,700 Travel 182, ,000 59,600 Tuition set aside 790, ,700 (42,800) 29,102,400 28,717, ,300 CONTRIBUTION: $ 9,333,500 $ 10,246,700 $ (913,200) Page 14

15 DRAFT BUDGET THE LAMBTON COLLEGE OF APPLIED ARTS AND TECHNOLOGY Analysis of Contract Services For the period: April 1, March 31, 2015 Schedule 2 B REVENUE: Contract Revenue Course Fees International MTCU Apprenticeships MTCU Contracts Other Provincial Contracts Municipal Contracts Research Contracts Fire School Other BUDGET $ 465,400 1,794,800 5,475,300 1,271,400 2,973,300 2,321, ,000 2,615,700 1,013, ,000 18,610, Winter Forecast $ 441,200 2,201,700 4,555,700 1,080,700 2,735,900 2,741, ,600 1,498, , ,200 16,966,800 variance $ 24,200 (406,900) 919, , ,400 (419,800) (97,600) 1,117,300 64,300 14,800 1,644,000 EXPENDITURE: Compensation 7,724,800 6,965, ,500 International Recruitment 2,013,800 1,670, ,900 Stipends/Support Allowances 871, , ,200 Equipment 1,068, , ,000 Equip & Building Maintenance 208, ,800 (71,600) Advertising/Promotion 364, ,100 44,600 Instructional/Program 1,507,200 1,696,200 (189,000) Office 148, ,800 Travel Domestic 515, ,700 (41,000) Travel International 119,000 92,000 27,000 Professional development 39,100 42,700 (3,600) Premise rental and utilities 336, ,300 (21,500) 14,918,000 13,339,500 1,578,500 CONTRIBUTION: $ 3,692,800 $ 3,627,300 $ 65,500 Page 15

16 DRAFT BUDGET THE LAMBTON COLLEGE OF APPLIED ARTS AND TECHNOLOGY Analysis of Child Care Services For the period: April 1, March 31, 2015 Schedule 2 C REVENUE: Day Care Centre Fees Municipal Revenue BUDGET $ 62, , , Winter Forecast $ 333, , ,700 variance $ (270, 100) (243,800) (513,900) EXPENDITURE: Compensation 214, ,300 (513,300) Equipment 500 (500) Instructional 7,300 29,500 (22,200) Office (400) Professional development 300 (300) Travel (200) Other 500 8,700 (8,200) 222, ,300 (545, 100) CONTRIBUTION: $ (56,400) $ (87,600) $ 31,200 Page 16

17 DRAFT BUDGET THE LAMBTON COLLEGE OF APPLIED ARTS AND TECHNOLOGY Analysis of Student Services For the period: April 1, March 31, 2015 Schedule BUDGET Winter Forecast variance REVENUE: MTCU Revenue $ 948,800 $ 818,500 $ 130,300 Sundry Fees 1,505,800 1,401, ,400 Other 388, ,000 (16,000) 2,842,600 2,623, ,700 EXPENDITURE: Compensation 5,233,800 4,922, ,400 Advertising/Promotion 240, ,600 (5,500) Equipment 49,100 25,200 23,900 Athletics 145, ,900 (14,600) Educational resources 154, ,500 (11,100) Awards 120, ,000 Office 90,800 85,800 5,000 Professional development 1,200 1,200 Travel 37,400 36, ,072,100 5,642, ,700 CONTRIBUTION: $ (3,229,500) $ (3,018,500) $ (211,000) Page 17

18 DRAFT BUDGET THE LAMBTON COLLEGE OF APPLIED ARTS AND TECHNOLOGY Analysis of Administrative Services For the period: April 1, March 31, 2015 Schedule 4 REVENUE: MTCU Revenue Rental Revenue Other BUDGET $ 748, , ,000 1,074, Winter Forecast $ 734, , ,100 1,235,500 variance $ 13,800 (13,400) (161,100) (160,700) EXPENDITURE: Compensation 3,245,700 3,365,500 (119,800) Advertising/Marketing 361, ,700 (93, 100) Insurance 200, ,400 14,600 Duplicating/Printing 235, ,000 (45,800) Postage 96, ,500 (53,200) Office 66,900 66,900 Service charges 399, ,400 (5,900) Professional fees 248, ,600 (55,600) Taxes 260, ,200 3,800 Travel 105, ,700 (8,000) Staff employment/recruitment 39,800 22,500 17,300 Contingency 500, , ,000 Other 77, ,200 (193,400) 5,836,500 6,075,600 (239, 100) CONTRIBUTION: $ (4,761,700) $ (4,840, 100) $ 78,400 Page 18

19 DRAFT BUDGET THE LAMBTON COLLEGE OF APPLIED ARTS AND TECHNOLOGY Analysis of Physical Resources For the period: April 1, March 31, 2015 Schedule BUDGET Winter Forecast variance REVENUE: Facilities Renewal $ 176,200 $ 176,200 $ Other MTCU Revenue 23,000 23,000 Facilites Fee 160, ,700 2,400 Other 153,500 97,100 56, , ,000 58,800 EXPENDITURE: Compensation 1,351,200 1,174, ,600 Equipment 45,000 95,900 (50,900) Equip & Building Maintenance 663, ,100 67,100 Utilities 1,429,300 1,258, ,500 Contract Security & Cleaning 899, ,200 2,200 Office 3,300 3,300 Telecommunications 155, ,000 (9,000) Vehicle 7,000 7,000 Travel 8,600 8,600 Other 50,200 49,200 1,000 4,612,200 4,254, ,500 CONTRIBUTION: $ (4,099,400) $ (3,800, 700) $ (298,700) Page 19

20 DRAFT BUDGET THE LAMBTON COLLEGE OF APPLIED ARTS AND TECHNOLOGY Analysis of Ancillary Operations For the period: April 1, March 31, 2015 Schedule BUDGET Winter Forecast variance REVENUE: Campus Shop $ 2,687,500 $ 2,724,500 $ (37,000) Parking 528, ,200 5,800 Residence 1,600,100 1,542,000 58, 100 4,815,600 4,788,700 26,900 EXPENDITURE: Campus Shop 2,468,900 2,523,500 (54,600) Parking 329, ,000 4,500 Residence 1,747,500 1,702,900 44,600 4,545,900 4,551,400 (5,500) CONTRIBUTION: $ 269,700 $ 237,300 $ 32,400 Page 20