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Sir Sandford Fleming College of Applied Arts & Technology (Fleming College) generates value in return for the investments made by its major stakeholder groups—students, provincial government, and society—and creates a positive impact on the regional economy. It is also recognized that in addition to the benefits outlined below, the college provides other economic benefits through applied research and consulting services which lead to increased economic activity. Using a two-pronged approach that involves an investment analysis and an economic impact analysis, the study calculates the benefits to each stakeholder group. Results of the analysis reflect the 2013-14 analysis year.

RETURN ON INVESTMENT TO STUDENTS, PROVINCIAL GOVERNMENT, AND SOCIETY

Student perspective
. Fleming College’s 2013-14 students paid a total of $26.3 million to cover the cost of tuition, fees, books, and supplies. They also forwent $102.8 million in money that they would have earned had they been working instead of learning.
. In return for the monies invested in the college, students develop the skills required for an increasingly globalized workplace, receiving a present value of $586.1 million in increased net earnings over their working lives.
. Dividing benefits by costs yields a benefit-cost ratio of $4.50 in higher future income. In other words, students not only recover the cost of the original investment but also receive an additional $3.50 in benefits over and above every $1 in costs. The average annual internal rate of return for students is 18.7%.

Provincial government perspective
. In 2013-14, the Ontario government paid $69.1 million to support the operations of Fleming College. The net present value of the added tax revenue stemming from higher lifetime student earnings and increased output of businesses amounts to $316 million. Savings to the public sector add another $6.6 million in benefits due to a reduced demand for government-funded services in Ontario.
. Dividing benefits to provincial government by the associated costs yields a 4.7 benefit-cost ratio, i.e., every $1 in costs returns $4.70 in benefits. The net return on investment thus comes to $3.70 in additional benefits over and above every $1 in costs. The average annual internal rate of return for the Ontario government is 18.1%.

Social perspective
. Society as a whole in Ontario will receive a present value of $2 billion in added provincial income over the course of the students’ working lives. Society will also benefit from $16.2 million in present value social savings related to reduced crime, fewer demands for income assistance, and increased health and wellbeing across the province.
. For every dollar invested by students, taxpayers, and society on Fleming College and then spent by the college during the analysis year, society as a whole will receive a cumulative value of $19.00 in benefits, for as long as Fleming College’s 2013-14 students remain active in the provincial workforce.

IMPACT ON THE REGIONAL ECONOMY
During the analysis year, Fleming College and its students added $518.2 million in income to Central Eastern Ontario’s economy, approximately equal to 5.2% of the region’s Gross Regional Product. The economic impacts of Fleming College break down as follows:

Impact of college operations
. Fleming College employed 693 full-time equivalent (FTE) employees in 2013-14. Payroll amounted to $70.1 million, a portion of which was spent in Central Eastern Ontario to purchase groceries, clothing, and other household goods and services. The college spent another $35.1 million to support its day-to-day operations.
. The net impact of college payroll and expenses in Central Eastern Ontario during the analysis year was approximately $86.4 million in added regional income.

Impact of student spending
. Around 3,972 Fleming College students (including international) relocated to Central Eastern Ontario from outside of the region and spent money at local businesses to purchase groceries, rent accommodation, pay for transport, and so on.
. The expenditures of students who relocated to the region during the analysis year added approximately $18.2 million in income to the economy.

Impact of past students’ productivity
. Over the years, students have studied at Fleming College and entered or reentered the workforce with newly-acquired skills. Today, thousands of these former students are employed in Central Eastern Ontario.
. The accumulated contribution of former students currently employed in the regional workforce amounted to $413.6 million in added income during the analysis year.