Economic Impact Worksheet
Art Testing
I. Local Business Volume
A. Non-personnel expenditures for the fiscal year
- 1. Your non-personnel budget total: $92,000.00.
- 2. 85% of this is $78,200.00.
B. Personnel expenditures for the fiscal year
- 3. Your total budget for staff wages and benefits (excluding instructors): $200,000.00
- Withholding: $50,000.00
- 4. Disposable Income = Your total wage and benefit budget less withholding: $150,000.00
C. Expenditures by Visitors from outside the area (Seminars & Conferences, Special Events, etc.)
- 5. Average Amount spent per day X average number of days in the community:
$60,000.00
D. Expenditures by non-credit/enrichment class attended
- 6. Number of participants per year x the average number of sessions per year x
average amount (non-fee) spent per session attended (vending, meals, parking supplies, etc. : $960.00
- 7. Direct business impact on Community (2 + 4 + 5 + 6): $288,200.00
- Local business volume generated by program: $864,600.00
II. Cost Savings to Business and Industry
- 8. Number of people who regularly participate in fitness related programs
(yoga, aerobics, belly dance, ballroom dance, etc.) in your program: 10.00
-
9. Multiply the number of participants by $225 to
determine savings in health care costs to local employers: $2,250.00
III. Measure the productivity increases facilitated by your program
- 10. Average number of professionals who participate in your training programs: 5.00
- 11. Average salary for the professionals attending your training programs: $45,000.00
- 12. Multiply the average salary of professional participants (10)
x the number of participants (8) x .04 for a conservative estimate of productivity increase.
(Studies have found that greater increases can occur).:
$18,000.00
- 13. Number of participants you serve in non-credit business classes: 5.00.
- 14. Average salary of these participants: $39,000.00.
- 15. Multiply the average salary of non-credit business class attendees (13) x
the number of participants (12) x .04 for a conservative estimate of productivity increase:
$2.00
-
16. Add the numbers you got in items 12 and 15 to determine the total dollars saved in increased productivity:
$18,002.00
IV. Total Cost Savings to Business and Industry
- 17. Add items 9 and 16 to determine the total cost savings in health care and
productivity to businesses and industry: $20,252.00
Jobs Created
- 18. your total non-personnel expense budget: $92,000.00
- 19. Multiply your non-personnel expense budget x .45 (based on percentage of total expenditures that are local):
$2.25
- 20. Multiply the number in 19 x .00008 to determine how many jobs, in addition to your staff,
are created by your organization: 0
VI. Total personal income to regional residents
- Total Salary for instructors: $120,000.00
- 21. Total salary for instructors x 0.939 (the percent spent in the local area):$112,680.00
VII. Total expansion of local credit base
- Your total budget: $320,000.00
- 22. Your total budget x .24: $76,800.00 (primary credit base expansion)
- 23. Number in item 22 x 8.1: $622,080.00 (secondary credit base expansion)
- 24. Add 22 + 23 for total credit base expansion: $698,880.00
VIII. Total Economic Impact
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Add items 7 + 17 + 21 + 24 to determine total economic impact of your program: $1,696,412.00.
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