1. Financial Ratios and Benchmarks Fiscal Year 2005

2. Peer Institutions Eastern Oregon University Henderson State University Lander University Longwood College Mary Washington College SUNY College at Old Westbury University of Minnesota – Morris University of North Carolina at Asheville University of Wisconsin - Parkside

3. Net Tuition Per Student Sum of: Gross tuition and fees revenue Less Scholarship discount and allowances Less Scholarship expense Divided by total FTEs Indication: Shepherd: Positive Peers: Negative

4. State Appropriations Per Student FTE State appropriations Divided by total FTEs Indication: Shepherd: Negative Peers: Negative

5. Educational Expense Per FTE Total operating expenses Divided by total FTEs Indication: Shepherd: Positive Peers: Negative

6. Capital Expense to Operations The sum of: Depreciation expense Plus Interest expense Divided by total operating expenses Indication: Peers: Positive

7. Unrestricted Financial Resources to Operations Unrestricted Net Assets Divided by total operating expenses Indication: Peers: Positive

8. Expendable Financial Resources to Operations The sum of: Unrestricted net assets Plus Restricted Expendable net assets Divided by total operating expenses Indication: Peers: Positive

9. Direct Debt Per FTE Direct Debt Divided By Total FTEs Indication: Shepherd: Negative Peers: Negative

10. Net Operating Margin Operating surplus (deficit) Divided by total operating Revenue plus State Appropriations Indication: Shepherd: Negative Peers: Negative

11. Return on Net Assets (Increase ) decrease in net assets Divided by average total net assets (the sum of beginning and ending net assets divided by 2) Indication: Peers: Negative