1. The University’s Finances - II Spring Semester, 2010 1

2. Primary Budget Variables Revenue ▫Pricing  Comp Fee  Discount Rate  Net Revenue per student ▫Enrollment ▫Endowment ▫Giving Expenditures ▫Salaries and Wages ▫Benefits ▫Expendables ▫Debt Service 2

3. Revenue Side of the Equation 3

4. 2009-2010 Price Increases of the NCG 4 Median – 4%Mean – 4.2%SLU – 5%

5. 5 Vassar$51,470 Trinity $51,400 Bates$51,300 Skidmore$51,196 Connecticut$51,115 Colgate$50,940 Middlebury$50,780 Bucknell$50,320 Hobart/William Smith$50,245 Carleton$50,205 Dickinson$50,194 St. Lawrence$49,925 Hamilton$49,860 Kenyon$49,410 Holy Cross$49,341 Gettysburg$48,500 Drew$48,385 Macalester$47,392 Denison$45,720 Muhlenberg$45,580 Wooster$44,280 Ohio Wesleyan$44,254 Allegheny$42,000 Kalamazoo$40,419 Wheaton, IL$35,496 Comprehensive Fees St. Lawrence University Ranks 13 th in the NCG

6. 2009-10 Price Increases of Admissions Overlap Group 6 Median =3.9% Mean = 4.1% SLU-5%

7. 7 Skidmore $51,196 Colgate $50,940 Union $50,440 Colby $50,320 Hobart/WS $50,245 Dickinson $50,194 St. Lawrence $49,925 Hamilton $49,860 Admissions Overlap Group

8. Comprehensive Fee Discount Rate 8

9. NCG Estimated 2007-08 Comprehensive Fee Discount 9

10. SLU Net Comprehensive Fee Revenue/Student 10

11. NCG 2007-08 Comp Fee Revenue/Student 11

12. Enrollment (2 semester avg) 12 Projections Assume FY Class of 600

13. NCG 07-08 Enrollment (FTE) 13

14. SLU FY to Sophomore Retention Rate 14 Reached All Time High Retention Rate this Fall

15. Endowment Investment Performance 15

16. Endowment Spending Model 16 $ in millions ActualProjected

17. Giving 17

18. Expenditure Side of the Equation 18

19. Salaries, Wages and Benefits - 59% of Operating Budget Salaries total $46 million Salary Policy ▫One more year of policy ▫Policy level is NCG average increase plus 1% ▫NCG Base is likely to be very small (<1%) Union Contracts ▫Contracts end June, 2010 19

20. SLU Administrative Salaries vs. NCG 20

21. SLU Faculty Salaries vs. NCG Median 21

22. Benefits - $17M ▫Health Care - $4.2M ▫Retirement Plan - $3.7M ▫FICA - $3.2M ▫Tuition Benefits - $3.1M 22

23. Expendables - $27M Utilities$4.6M Food$3.2M Travel (business and athletics)$3.4M Fac & Equip maint/repair$2.4M Int’l Program payments$2.0M Print/copy/mail$1.9M 23

24. Debt Service OriginalInterest*Principle**Total 2009-105.23.58.7 2010-115.03.58.5 2011-124.85.09.8 2012-134.75.09.7 2013-144.6 9.2 24 *Includes interest rate swap**Based on original payment schedule $ in millions

25. Hi/Mid/Low Projection $M10-1111-1212-1313-1414-15Total Impact 5%*77.180.083.388.092.5- 4%76.077.679.782.885.8-19.0 3%74.975.376.077.879.3-37.6 25 Comprehensive Fee - Net Student Revenues $M10-1111-1212-1313-1414-15Total Impact 37%76.879.482.486.791.2-4.4 36%*77.18083.38892.5- 35%77.580.784.389.397.98.8 Discount Rate – Net Student Revenues *Indicates current variable value

26. Hi/Mid/Low Projection $M10-1111-1212-1313-1414-15Total Impact 62577.981.485.590.595.19.5 600*77.180.083.388.092.5- 57576.378.480.984.688.9-11.8 26 Enrollment – FY Class Size – Net Student Revenues $M10-1111-1212-1313-1414-15Total Impact 9%11.710.810.911.311.80.7 8%*11.710.710.811.111.5- 7%11.710.710.811.011.3-0.3 Endowment Return – Formula Income *Indicates current variable value

27. ‘Best’ & ‘Worst Case’ – FY2010-11 Best CaseBase CaseWorst Case Comp Fee Incr. Discount FY Class 5% 35% 625 5% 36% 600 3% 37% 575 Revenues Comp Fee Discount Enrollment - +0.4 +0.8 $108.2M$107.0M -2.2 -0.4 -0.8 103.6 Expenditures$106.0M$111.0M Net Operations$2.2M-$4.0M-$7.4M 27