The Economic Value of Main Report

learn new skills through participation in community education classes and visit the well -stocked MCC Library. Further, MCC is a vital asset to regional employers. Specifically, the college adds highly trained human capital to the regional workforce and provides support and expert advice to small business owners and entrepreneurs through the top-notch MCC Economic & Workforce Development Center.

MCC employee and finance data

The study uses two general types of information: 1) data collected from the college and 2) regional economic data obtained from various public sources and Lightcast ’ s proprietary data modeling tools. 3 This chapter presents the basic underlying information from MCC used in this analysis and provides an overview of the MCC Service Area economy.

Employee data

Data provided by MCC include information on faculty and staff by place of work and by place of residence. These data appear in Table 2.1. As shown, MCC employed 751 full-time and 553 part-time faculty and staff in FY 2022-23 (including student workers). Of these, all worked in the region and 89% lived in the region. These data are used to isolate the portion of the employees’ payroll and household expenses that remains in the regional economy.

Table 2.1: Employee data, FY 2022-23

Full-time faculty and staff

751

Part-time faculty and staff

553

Total faculty and staff

1,304

% of employees who work in the region

100%

% of employees who live in the region

89%

Source: Data provided by MCC

Revenues

Table 2.2 shows the college ’s annual revenues by funding source – a total of $151.7 million in FY 2022-23. As indicated, tuition and fees comprised 16% of total revenue, and revenues from local, state, and federal government sources comprised another 73%. All other revenue (i.e., auxiliary revenue, sales and services, interest, and donations) comprised the remaining 11%. These data are critical in identifying the annual costs of educating the student body from the perspectives of students, taxpayers , and society.

3 See Appendix 5 for a detailed description of the data sources used in the Lightcast modeling tools.

The economic value of Monroe Community College

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