theLAKER | 17 STUDENTS FLCC students paid $13.6 million in 2020-21 to cover tuition, fees, supplies, and interest on student loans. They also gave up $11.8 million they would have earned had they been working instead of attending college. In return for their investment, this group of students will receive a cumulative present value of $123.6 million in increased earnings over their working lives. This translates to a return of $4.90 in higher future earnings for every dollar students invest in their education. This means students’ average annual rate of return is 17.5 percent. TAXPAYERS Taxpayers provided FLCC with $24.3 million in state and local funding. In return, they get back additional tax revenue stemming from students’ higher lifetime earnings and increased business output, amounting to $51.7 million. A reduced demand for government-funded services in New York will add another $6.7 million in benefits to taxpayers. For every dollar of public money invested in FLCC, taxpayers will receive $2.40 in return, over the course of students’ working lives. The average annual rate of return for taxpayers is 4.8 percent. SOCIETY To consider the impact of FLCC on society overall, Lightcast calculated the scientific benefits of education. For example, higher levels of education are linked to more healthful lifestyles and reduced crime. The company first calculated the total spending by the College and its students over one year: $68.9 million. It then added up the economic activity and avoided costs that investment generates. Altogether, the social benefits from that $68.9 million investment total $555.2 million. Here is how that breaks down: $344.4 million in added student income, $154.6 million in added business income, $43.6 million in added income from college activities, and $12.6 million in savings related to health, crime, and income assistance. Society is the biggest beneficiary with a return of $8.10 in added income and social savings from every dollar invested. COLLEGE OPERATIONS The College employed 476 full-time and part-time faculty and staff with a payroll of $33.7 million, much of it spent on groceries, mortgage payments and other household expenses. FLCC spent another $14.1 million on day-to-day expenses related to facilities, supplies, and professional services. Lightcast then calculated a net impact by simulating a scenario in which funds spent on the College are instead spent on consumer goods and savings. The net impact is $35.4 million in added income. In addition, the net impact of FLCC’s construction spending to maintain and improve facilities was $1.7 million in added income for one year. STUDENT SPENDING Lightcast estimated the impact of student spending by looking at two populations: 1) the approximately 10 percent of FLCC students who come from outside the region and 2) an estimate of in-region students who would have otherwise left the area for other educational opportunities if not for FLCC. These two groups added $5 million to the economy with spending on groceries, housing and other living expenses in 2020-21. ALUMNI IMPACT Over the years, students have studied at FLCC and entered or re-entered the workforce with newly-acquired knowledge and skills. Today, thousands of these former students are employed in the region. The net impact of former students currently employed in the regional workforce amounted to $155.8 million in added income for the year. Economic impact Investment returns View the executive summary and full report online at flcc.edu/about
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