For institutional Investor use only. Not for public distribution. The information contained herein is confidential and
proprietary to SEI and is not to be reproduced or made available in any form to any persons without the express prior written
consent of SEI.
6
Source: ABCs audited financial statements and financial forecasts, SEI analysis.
Key financial metric projections for 2021
2021 Assumptions, using 2020 estimates as of 12/31/19
• Total Operating Revenue Shocks (-2%, -0.5%, 0.0%)
• Total Operating Expense Shocks (2.0%, 1.0%, -1.5%)
Projected
Operating Income 2019 2020
2021 2021 2021
Worst Base Best
Net Student Revenue $74,278,308 $77,992,000 $75,462,160 $77,359,540 $77,992,000
Total Operating Revenue $123,087,123 $126,492,000 $123,962,160 $125,859,540 $126,492,000
Change in Total Operating Revenue -0.24% 2.77% -2.00% -0.50% 0.00%
Total Operating Expenses $252,645,730 $258,500,000 $263,670,000 $261,085,000 $254,622,500
Net Operating Income ($129,558,607) ($132,008,000) ($139,707,840) ($135,225,460) ($128,130,500)
Net Position $252,098,000 $245,322,800 $227,775,104 $234,293,812 $242,906,936
Change in Net Position 1.58% -2.69% -7.70% -4.71% -0.99%
State Appropriations $100,023,819 $103,632,800 $101,560,144 $102,596,472 $103,114,636
Net Non-Operating Revenue $133,477,164 $125,232,800 $122,160,144 $124,196,472 $125,714,636
• Investment Income Shocks (-$1M, $0M, $1M)
• State Appropriations Shocks (-2.0%, -1.0%, -0.5%)
