You are on page 1of 26

Opening Message

Enterprise ABC
Agency XYZ
Sample SROI Model -- Opening Message

Welcome to the Sample SROI Excel Model. We hope you will enjoy using it to better
understand the SROI methodology and perhaps calculate SROI for your own organization.
This document is a Sample SROI Excel Model with data from Enterprise ABC. You can use
it alongside the SROI Methodology Paper to better understand how the SROI Excel Model
works. However, if you would like to calculate SROI metrics for your own organization,
please use the document "SROI Excel Model". You cannot make changes to this
document.

5074027.xls Page 1 of 26 The Roberts Enterprise Development Fund


General Instructions
♦ You must select “Enable Macros” when you open Excel in order to use all of the features of the model.
♦ Spreadsheets are color coded by Title Line to show whether they are Input, Summary or Caculation Sheets.

Ø Green Shading reflects Input Pages


Ø Tan Shading reflects SROI Summary Sheet (This is the end result of all the calculations).
Ø Yellow Shading reflects Calculation Sheets (These 4 sheets show the detailed calculations behind the
Summary Sheet).
♦ Input Spreadsheets are further color coded to guide your data input.
Ø Blue Shading indicates cells in which you MUST input information in order to calculate SROI metrics. If
blue shaded cells remain empty, you will receive an error message. Therefore you must enter a zero if
the value is zero or “NA” if the particular item is not relevant to your social purpose enterprise.

Ø Gray shading indicates cells where it is OPTIONAL to enter information. You will be able to calculate
SROI results without these numbers. However, you will not be able to calculate some of the
supplementary information without them.
Ø Blue Text shows cells in which you have input data.
Ø Black Text signifies cells where calculations are performed. You do not need to do anything with these
cells. However, you can look at the formulas within them to better understand how SROI metrics are
calculated.

Ø Purple Text denotes cells that include information pulled from other parts of the model. You do not
need to do anything with these cells. However, you can look at the formulas to better understand where
the data is coming from.

Ø Orange Text indicates a reminder to input specific data.

Ø Red Text indicates an error. Read the specific message for details.
♦ Allworksheets are protected – this means that you can only input data in designated areas. You cannot
accidentally change a formula in the spreadsheet
Ø However, if you wish to adjust the formulas you can unprotect each sheet (Tools à Protect Document
à Unprotect Sheet). No password is required. Changed formulas will not yield the intended SROI
results.

Ø If you need to do additional calculations, add new sheets to the model. If you change existing sheets
you may accidentally compromise the integrity of the model.

♦ Further instructions on how to input specific types of information is included on each input page. If this
information is not sufficient, review the SROI Methoddology Paper for additional detail.

5074027.xls 2 of 26 The Roberts Enterprise Development Fund


Enterprise ABC
Agency XYZ Sample Data Do not change cell L1!!
Inputs -- Background Information

Guidelines:
- The data input on this page provides the backbone of the model. The information will be used to determine discount rates and terminal periods.
- The glossary of the SROI Methodology Paper (found in the appendix) gives more precise definitions of the financial, economic and industry data.
- Financial, economic and industry data from Enterprise ABC is included for your information. Consider the following as you enter your data:
- The financial data for Enterprise ABC is from 1999. This data provides a baseline but more current information will yield better results.
- The industry data reflects the restaurant/food service industry. Your data should reflect your specific industry.
- It is critical that each of the inputs described on this page are input into the model as accurately as possible.
- However, it is not necessary that you have a detailed understanding of these numbers -- if you can obtain the correct numbers, the model will do the rest of the work.

Social Purpose Enterprise Background


Name of Business: Enterprise ABC
Name of Parent Organization: Agency XYZ

SROI Analysis Background


Valuation Year 1999 - The most recent year for which you have complete financial and social impact data for your business.
Periods to discount 10 - The number of years forward that you will project financial and social results. This must be between 5 and 10 years.

Financial Data Enterprise ABC Data


10 Year Treasury 6.58% 6.58% - Used to approximate the "risk free rate".
Market Risk Premium 3.50% 3.50% - The difference between the "risk free rate" and the "market rate". Market rate can be based on the Dow Jones Index.
Small Business Premium 3.00% 3.00% - Addition risk due to the fact that the businesses are small and illiquid.
Muni Bond Rate 5.32% 5.32%

Economic Data
Tax Rate: 15% 15% - Use the tax rate most relevant to the population you employ.
Wage Growth Rate : 1.50% 1.50% - Consider economic projections for wage growth.

Industry Specific Data


Average Total Debt ($) $60,634 $60,634 - Industry specific data can be obtained from sources such as Robert Morris Associates Reports, which are available at your local
Debt to Equity Ratio 2.88 2.88 public library. If you cannot find data for your specific industry, use the most similar industry you can find.
Weighted Avg cost of debt 10.00% 10.00%
LTD ($) $11,213 $11,213
Industry Beta 1.03 1.03

5074027.xls 3 of 26 The Roberts Enterprise Development Fund


Enterprise ABC
Agency XYZ Sample Data
Inputs -- Historical Investment in the Enterprise

Guidelines:
- Information from the "Total Historical Investment" row will be used to calculate the "Investment to Date" later in the model.
- The "Parent Agency" line accounts for all funding provided by the agency itself (i.e., from the agency's reserves).
- The "Historical Funder" lines represent external sources of funding.
- If you have more than 2 sources of external funding, click on "Add a Historical Funder" for additional rows.
- You can also consolidate funders in a single row if you have information in that form.
- Try to project back as far as possible -- ideally this should reflect ALL investment in the enterprise from its start.
- If you do not include any investment you will receive an error message and you will be unable to calculate SROI metrics.
- The "Investment in the Enterprise" should reflect money used for the enterprise -- not grants used in other ways for the parent agency

Investment in the Enterprise


Investor 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990
Parent Agency $- $- $- $- NA NA NA NA NA NA
Historical Funder A $83,750 $169,000 $25,000 $47,000 NA NA NA NA NA NA
Historical Funder B $50,000 $40,000 $- $- NA NA NA NA NA NA
Total Historical
Investment $133,750 $209,000 $25,000 $47,000 $- $- $- $- $- $-

Add a Historical Funder

5074027.xls 4 of 26 The Roberts Enterprise Development Fund


Enterprise ABC
Agency XYZ Sample Data
Inputs -- Income Statement Projections

Guidelines
- Notice the unique format of this income statement -- expenses and revenues are separated depending on whether they are related to the business or to the social mission. REDF calls this True Cost Accounting Analysis. See Chapter 2 of the SROI
Methodology Paper for further information.
- The historical data (in the shaded gray area) should be based on actual numbers. Although it will provide a baseline for your future projections, it is not required for the calculation of SROI metrics.
- See Chapter 3, Figure 3-3 of the SROI Methodology Paper for more information on making projections.
- Net Income before S&S, as well as social expenses, will be used in calculating SROI values later in the model.
- The terminal value should represent the "steady state" of the business. Assuming the business continues indefinitely, the business should perform at that level.

Historical Performance
(Optional) Projected Financial Performance (Required) Terminal
1998 1999 2000P 2001P 2002P 2003P 2004P 2005P 2006P 2007P 2008P 2009P Period

Sales 233,004 537,789 708,957 779,853 850,039 918,043 982,306 1,041,244 1,093,306 1,137,038 1,171,150 1,194,573 1,206,518
Cost of Goods Sold 69,750 168,345 248,067 257,351 280,513 302,954 324,161 343,610 360,791 375,223 386,479 394,209 398,151
Business Related

Gross Profit 163,254 369,444 460,890 522,501 569,526 615,089 658,145 697,633 732,515 761,816 784,670 800,364 808,367

Gross Margin 70% 69% 65% 67% 67% 67% 67% 67% 67% 67% 67% 67% 67%

Operating Expenses 152,760 322,671 475,391 514,117 550,251 586,346 623,878 653,031 673,741 688,276 695,179 702,151 709,192
Depreciation 0 70,381 15,799 16,368 17,368 15,330 7,882 4,000 3,000 2,000 2,000 2,000 2,000
Net Income Before Subsidies and
Social Operating Expenses (S&S) 10,494 (23,608) (30,300) (7,984) 1,907 13,412 26,385 40,603 55,774 71,539 87,491 96,213 97,175

Subsidies/ Grants
Parent Agency 0 0 0 0 0 0 0 0 0 0 0 0 0
Social Mission

Historical Funder A 169,000 83,750 112,460 93,430 86,957 0 0 0 0 0 0 0 0


Related

Historical Funder B 40,000 50,000 0 0 0 0 0 0 0 0 0 0 0


New Funder 0 0 0 0 0 79,007 68,807 57,444 45,215 31,469 17,577 10,957 11,067
Total Subsidies and Grants 209,000 133,750 112,460 93,430 86,957 79,007 68,807 57,444 45,215 31,469 17,577 10,957 11,067

Social Expenses 28,995 56,287 82,160 85,446 88,864 92,419 95,191 98,047 100,989 103,008 105,068 107,170 108,242

Net Income After Social


Expenses and Subsidies 190,499 53,855 0 0 0 0 0 0 0 0 0 0 0

Add a Future Funder

5074027.xls 5 of 26 The Roberts Enterprise Development Fund


Enterprise ABC
Agency XYZ Sample Data
Inputs -- Social Impact

Guidelines
- The "Projected # of Target Employees" should include the total number of target employees -- regardless of whether they are full time or part time.
- The "Change in Annual Income" should reflect the average difference between each target employee's income at the time of hire, to his or her income one year later.
- When calculating "Criminal Convictions Savings", consider the following:
- The cost of conviction is the weighted average cost of carrying out the sentence (probation or incarceration) -- other costs are excluded.
- Consider the following in the "Calculation of Average Social Cost Savings Per Employe" table:
- The "Total decrease" in annual visits or annual costs reflects the sum of usage for all target employees. These values are not averages.
- Cost savings values should be relevant for your geographic area and the time period of your analysis.
- The "# of Target Employees Responding" provides the basis for averaging the cost savings.
- See the appendix of the SROI Methodology Paper for more information on specific sources of cost savings data.

Projected Number of Target Employees


Terminal
Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Period
# of Target Employees 78 82 82 82 82 82 82 82 82 82 82

Change in Annual Income $12,097

Calculating Criminal Conviction Savings

1) Calculation of Cost of Conviction

Average Cost of
X % of People =
Yearly Cost Conviction
Sentence
Incarceration $21,243 x 69% = $14,658
Parolee $2,182 x 31% = $676
$15,334

Cost of Conviction $15,334

5074027.xls 6 of 26 The Roberts Enterprise Development Fund


Reduction in Expected Criminal Convictions
Expected Repeact Convictions Actual
First
Number of
# of Employees Time Reduction in Expected
Recidivism - Repeat - =
w/Conviction at X Convic- Convictions
Rate Convic-
Baseline tions
tions

7 X 67.6% - 2 - 1 = 1.73

Average Per Person Cost Savings for Criminal Convictions


Cost
# Target Savings
Reduction in Expected Cost of for
Criminal Convictions ÷ Employees
Responding to
X
Conviction
=
Criminal
Question Convictio
ns
1.73 ÷ 20 X $15,334 = $1,328

Calculation of Average Social Cost Savings Per Employee


# of Target
Total decrease Total decrease Average Cost
(increase) in
annual visits
X Cost Per
Visit/Use = (increase) in
annual cost
÷ Employees
Responding to = Savings per
Target Employee
Question

Public Assistance Programs*


TANF NA NA = $- ÷ 20 = $0.00
General Assistance NA NA = $300 ÷ 20 = $15.00
Food Stamps NA NA = $3,362 ÷ 20 = $168.10
SSI NA NA = $5,004 ÷ 20 = $250.20
Social Service Programs
Food Banks 1,050 x $26 = $27,300 ÷ 20 = 1,365.00
Case Management 980 x $41 = $40,180 ÷ 17 = 2,363.53
Community Clinics 34 x $86 = $2,924 ÷ 20 = 146.20
Mental Health Treatment 222 x $176 = $39,072 ÷ 20 = 1,953.60
Housing Services (shelter, trans. housing, grp home) 1,650 x $62 = $102,300 ÷ 20 = 5,115.00
Emergency Room 2 x $211 = $422 ÷ 18 = 23.44
Legal Services 4 x $1,029 = $4,116 ÷ 18 = 228.67
Substance Abuse Trmt. 2 x $8,060 = $16,120 ÷ 20 = 806.00
MediCal (includes employee and dependents) 10 x $3,762 = $37,620 ÷ 20 = 1,881.00
Criminal Conviction Savings (see below) 1,327.93
Average Social Cost Savings Per Employee $15,643.67
*For indiv employees, NOT other members of household.

Average Social Cost Savings Per Employee $15,644

5074027.xls 7 of 26 The Roberts Enterprise Development Fund


5074027.xls 8 of 26 The Roberts Enterprise Development Fund
5074027.xls 9 of 26 The Roberts Enterprise Development Fund
5074027.xls 10 of 26 The Roberts Enterprise Development Fund
5074027.xls 11 of 26 The Roberts Enterprise Development Fund
5074027.xls 12 of 26 The Roberts Enterprise Development Fund
5074027.xls 13 of 26 The Roberts Enterprise Development Fund
5074027.xls 14 of 26 The Roberts Enterprise Development Fund
5074027.xls 15 of 26 The Roberts Enterprise Development Fund
Enterprise ABC
Agency XYZ Sample Data
Inputs - Cash Items

Comments
- Not all financial information needed for valuation is included on the income statement.
- Current long term debt should be debt solely for the enterprise -- not debt used to finance other activities of the agency.
- Investment in working capital can be easily calculated based on information typically found in a business balance sheet.
- If a balance sheet asset (like Accounts Receivable) increases, you must have invested cash in the business to support that increase.
- If a balance sheet liability (like Accounts Payable) decreases, you must have invested cash in the business to support that change.
- Therefore, to calculate the "investment" (or cash required) you will have to compare the current year to the previous year.
- If your enterprise does not have a separate balance sheet there are two ways to estimate and project this information:
- Estimate values based on experience and an understanding of the industry (Accounts receivable and accounts payable may be estimated based on a % of sales. Inventory can be based on COGS).
- Sometimes amounts spent for inventory can be extracted directly from the accounting system.
- The SROI Methodology Paper gives further information on techniques for projecting capital expenditures and investment in working capital.

Current Long Term Debt $50,000

Projected Investment in Working Capital


Terminal
1999 2000P 2001P 2002P 2003P 2004P 2005P 2006P 2007P 2008P 2009P Period
Accounts receivable (% sales) - - - - - - - - - - - -
Inventory (% sales) 54,750 63,463 66,636 69,635 72,420 74,955 77,203 79,134 80,716 81,927 82,746 83,160
Accounts payable (% COGS) 3,035 4,473 4,640 5,058 5,462 5,845 6,195 6,505 6,765 6,968 7,108 7,179
Net Working Capital $51,715 $58,990 $61,996 $64,577 $66,958 $69,110 $71,008 $72,629 $73,951 $74,959 $75,639 $75,981
Investment in Working Capital $7,276 $3,006 $2,581 $2,381 $2,152 $1,898 $1,620 $1,322 $1,008 $680 $343

Projected Capital Expenditures


Terminal
2000P 2001P 2002P 2003P 2004P 2005P 2006P 2007P 2008P 2009P Period
Annual Capital Expenditures 20,000 5,000 5,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000

5074027.xls 16 of 26 The Roberts Enterprise Development Fund


Enterprise ABC All Data Entry Complete
Agency XYZ Sample Data
Click to see Data Entry Status Report

SROI Results
For detail on how these metrics were calculated, see the Calculation Worksheets

1999
SROI Metrics Index of Return
Enterprise Value $411,906 0.93
Social Purpose Value $20,861,055 47.14
Blended Value $21,222,960 47.96

Investment to Date $442,543

Social Purpose Results (Per Target Employee) 1999


Public Savings $15,644
New Taxes $1,815
Wage Improvement $12,097
Financial Improvement $9,849

Enterprise Financials 1998 1999 2000P


Sales $233,004 $537,789 $708,957
Gross Margin 70% 69% 65%
Operating Margin (Before S&S) 5% -4% -4%
Operating Margin (After S&S) 82% 10% 0%

Projected Values (1999 Into Perpetuity)


Total Projected Investment $575,775
Total Projected Social Savings and New Taxes $22,434,361
Total Projected Social Expenses $1,573,306
Total Projected Contribution to Parent $0

Revenues and Expenses


900,000

800,000 Revenues
112,460Social82,160
Subsidies
700,000 Sales

600,000 133,750 Expenses


Social Operating
500,000 56,287
Expenses
Enterprise
400,000 Expenses
708,957 723,458
209,000
300,000
537,789
28,995 491,016
200,000

100,000 233,004 222,510

0
Column K Column L Column Column Column Column P Column Column
M N O Q R

5074027.xls 17 of 26 The Roberts Enterprise Development Fund


le Data

5074027.xls 18 of 26 The Roberts Enterprise Development Fund


1998 1999 2000P
Revenues Expenses Revenues Expenses Revenues
Enterprise 233,004 222,510 537,789 491,016 708,957
Social Purpose 209,000 28,995 133,750 56,287 112,460

# of Employees 1998 #REF! 781999 82 82 822000P 82


Sales 537,789 708,957 779,853 850,039 918,043 982,306

5074027.xls 19 of 26 The Roberts Enterprise Development Fund


Expenses
723,458
82,160

5074027.xls 20 of 26 The Roberts Enterprise Development Fund


Enterprise ABC
Agency XYZ
Calculating Enterprise Value
Sample Data
Step 1: Project Enterprise Cash Flow

Terminal
2000P 2001P 2002P 2003P 2004P 2005P 2006P 2007P 2008P 2009P Period
Net Income Before S&S $(30,300) $(7,984) $1,907 $13,412 $26,385 $40,603 $55,774 $71,539 $87,491 $96,213 $97,175
Add Back Depreciation $15,799 $16,368 $17,368 $15,330 $7,882 $4,000 $3,000 $2,000 $2,000 $2,000 $2,000
Less: Investment in Working Capital $7,276 $3,006 $2,581 $2,381 $2,152 $1,898 $1,620 $1,322 $1,008 $680 $343
Less: Capital Expenditures $20,000 $5,000 $5,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000
Business Cash Flow $(41,777) $378 $11,694 $24,361 $30,114 $40,705 $55,153 $70,217 $86,483 $95,533 $96,832

Step 2: Determine Appropriate Discount Rate

2a) Calculate LTD to Equity Ratio 2b) Calculate Cost of Equity


Small
Risk free Market Risk Cost of
+ Beta X + Business =
Rate Premium Equity
Total Debt ($) $60,634 Premium
Total Debt to Equity (x) 2.88 6.58% + 1.03 X 3.50% + 3.00% = 13.19%
Equity ($) 21,053
LTD ($) $11,213
LTD to Equity (x) 0.53 2c) Calculate Weighted Average Cost of Capital (WACC)
Cost of
% Debt X Cost of Debt + % Equity X = WACC
% Debt 35% Equity
35% x 10.00% X 65% + 13.19% = 12.08%
Appropriate Discount Rate (WACC) 12.08%

Step 3: Discount the Enterprise Cash Flow


A) Determine the Present Value of the Enterprise Cash Flow
2000P 2001P 2002P 2003P 2004P 2005P 2006P 2007P 2008P 2009P
Time 0 1 2 3 4 5 6 7 8 9
Present Value of Cash Flow $(41,777) $338 $9,309 $17,303 $19,083 $23,015 $27,823 $31,604 $34,730 $34,229

B) Determine the Present Value of the Terminal Value C) Calculate Social Purpose Value
Enterprise Cash Flow for Terminal Period $96,832 Terminal Value $256,249
Terminal Value $801,583 Sum of PV of Cash Flow $155,657
Present Value of Terminal Value $256,249 Social Purpose Value $411,906

5074027.xls 21 of 26 The Roberts Enterprise Development Fund


Enterprise ABC
Agency XYZ Sample Data
Calculating Social Purpose Value

Avg. Social Cost per Employee $15,644 Income Growth Rate 1.5%
Avg. Change in Annual Income per Employee $12,278 Tax Rate 15%

Step 1: Project Social Cash Flow


Terminal
2000P 2001P 2002P 2003P 2004P 2005P 2006P 2007P 2008P 2009P Period
Background Information
Time 0 1 2 3 4 5 6 7 8 9 10
# of Employees 78 82 82 82 82 82 82 82 82 82 82
Change in income per employee $12,278 $12,463 $12,649 $12,839 $13,032 $13,227 $13,426 $13,627 $13,832 $14,039 $14,250
Total wages $957,713 $1,021,929 $1,037,258 $1,052,817 $1,068,609 $1,084,639 $1,100,908 $1,117,422 $1,134,183 $1,151,196 $1,168,464

Cash Flow Projections


Total new taxes $143,657 $153,289 $155,589 $157,923 $160,291 $162,696 $165,136 $167,613 $170,127 $172,679 $175,270
Total social cost savings $1,220,206 $1,282,781 $1,282,781 $1,282,781 $1,282,781 $1,282,781 $1,282,781 $1,282,781 $1,282,781 $1,282,781 $1,282,781
Total social purpose inflows $1,363,863 $1,436,071 $1,438,370 $1,440,704 $1,443,073 $1,445,477 $1,447,917 $1,450,394 $1,452,909 $1,455,461 $1,458,051
Less: social operating expenses $82,160 $85,446 $88,864 $92,419 $95,191 $98,047 $100,989 $103,008 $105,068 $107,170 $108,242
Social purpose cash flow $1,281,703 $1,350,624 $1,349,506 $1,348,285 $1,347,881 $1,347,430 $1,346,929 $1,347,386 $1,347,840 $1,348,291 $1,349,809

Step 2: Determine Appropriate Discount Rate


Municipal bond rate 5.32%
Appropriate Discount Rate (Tax Adjusted Muni Rate) 6.65% (Rate adjusted to reflect higher return due to tax free status of municipal bonds)

Step 3: Discount the Social Cash Flow

A) Determine the Present Value of the Social Cash Flow

2000P 2001P 2002P 2003P 2004P 2005P 2006P 2007P 2008P 2009P
Time 0 1 2 3 4 5 6 7 8 9
Present Value of Cash Flow $1,281,703 $1,266,408 $1,186,460 $1,111,473 $1,041,857 $976,567 $915,334 $858,551 $805,289 $755,328

B) Determine the Present Value of the Terminal Value C) Calculate Social Purpose Value
Social Cash Flow for Terminal Period $1,349,809 Present Value of Terminal Value $10,662,085
Terminal Value $20,297,882 Sum of PV of Cash Flow $10,198,970
Present Value of Terminal Value $10,662,085 Social Purpose Value $20,861,055

5074027.xls 22 of 26 The Roberts Enterprise Development Fund


Enterprise ABC
Agency XYZ Sample Data
Calculating Indices of Return

Step 1: Determine Present Value of Investment to Date

Weight of Discount Contribution


Value Value Rate to Rate
Enterprise $411,906 2% 12.08% 0.23%
Social Purpose $20,861,055 98% 6.65% 6.52%
Weighted Average Discount Rate 6.76%

Investment in the Enterprise


Investor 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990
Time 0 -1 -2 -3 -4 -5 -6 -7 -8 -9
Historical Value of Investment $133,750 $209,000 $25,000 $47,000 $- $- $- $- $- $-
Present Value of Historical Investment $133,750 $223,118 $28,492 $57,183 $- $- $- $- $- $-

PV of Last 10 years of Investment $442,543

Step 2: Calculate Indices of Return

Investment to Index of
Value / Date = Return
Enterprise Index of Return $411,906 / $442,543 = 0.93
Social Purpose Index of Return $20,861,055 / $442,543 = 47.14

Long Term Debt $50,000

Blended Index of Return $21,222,960 / $442,543 = 47.96

5074027.xls 23 of 26 The Roberts Enterprise Development Fund


Enterprise ABC
Agency XYZ Sample Data
Calculation of Projected Values

Investment Required & Contribution to Parent


2000P 2001P 2002P 2003P 2004P 2005P 2006P 2007P 2008P 2009P Terminal Period
Enterprise Cash Flow $(41,777) $378 $11,694 $24,361 $30,114 $40,705 $55,153 $70,217 $86,483 $95,533 $96,832
Social Operating Expenses $82,160 $85,446 $88,864 $92,419 $95,191 $98,047 $100,989 $103,008 $105,068 $107,170 $108,242
Cash Available $(123,937) $(85,068) $(77,170) $(68,057) $(65,077) $(57,342) $(45,835) $(32,791) $(18,585) $(11,637) $(11,409)

Future Value of Contribution to Parent* $- $- $- $- $- $- $- $- $- $- $-


Future Value of Investment Required* $(123,937) $(85,068) $(77,170) $(68,057) $(65,077) $(57,342) $(45,835) $(32,791) $(18,585) $(11,637) $(11,409)
*If excess cash is available, it is contributed to the parent agency. If cash is needed, this is the additional investment required.

Discount Rate (same discount rate as investment to date) 6.76%

2000P 2001P 2002P 2003P 2004P 2005P 2006P 2007P 2008P 2009P
Time 0 1 2 3 4 5 6 7 8 9
Present Value of Contribution to Parent $- $- $- $- $- $- $- $- $- $-
Present Value of Investment Required $(123,937) $(79,685) $(67,713) $(55,938) $(50,104) $(41,355) $(30,965) $(20,751) $(11,017) $(6,462)

Contribution to Investment Contribution to Investment


Parent Required Parent Required
Value in Terminal Period $- $11,409 Terminal Value $- $87,849
Terminal Value $- $168,899 Sum of PV of Cash Flow $- $487,926
Present Value of Terminal Value $- $87,849 Total Present Value $- $575,775

Projected Social Savings & New Taxes


2000P 2001P 2002P 2003P 2004P 2005P 2006P 2007P 2008P 2009P Terminal Period
Social Savings $1,220,206 $1,282,781 $1,282,781 $1,282,781 $1,282,781 $1,282,781 $1,282,781 $1,282,781 $1,282,781 $1,282,781 $1,282,781
New Taxes $143,657 $153,289 $155,589 $157,923 $160,291 $162,696 $165,136 $167,613 $170,127 $172,679 $175,270
Future Value of Social Savings + Taxes $1,363,863 $1,436,071 $1,438,370 $1,440,704 $1,443,073 $1,445,477 $1,447,917 $1,450,394 $1,452,909 $1,455,461 $1,458,051

Discount Rate (Tax Adjusted Muni Rate)) 6.65%

2000P 2001P 2002P 2003P 2004P 2005P 2006P 2007P 2008P 2009P
Time 0 1 2 3 4 5 6 7 8 9
Present Value of Social Savings & Taxes $1,363,863 $1,346,527 $1,264,587 $1,187,660 $1,115,436 $1,047,627 $983,963 $924,188 $868,063 $815,366

Value in Terminal Period $1,458,051 Terminal Value $11,517,080


Terminal Value $21,925,575 Sum of PV of Cash Flow $10,917,281
Present Value of Terminal Value $11,517,080 Total Present Value $22,434,361

5074027.xls 24 of 26 The Roberts Enterprise Development Fund


Projected Social Operating Expenses
2000P 2001P 2002P 2003P 2004P 2005P 2006P 2007P 2008P 2009P Terminal Period
Future Value of Social Operating Expenses $82,160 $85,446 $88,864 $92,419 $95,191 $98,047 $100,989 $103,008 $105,068 $107,170 $108,242

Discount Rate (Tax Adjusted Muni Rate)) 6.65%

2000P 2001P 2002P 2003P 2004P 2005P 2006P 2007P 2008P 2009P
Time 0 1 2 3 4 5 6 7 8 9
Present Value of Social Savings & Taxes $82,160 $80,119 $78,128 $76,186 $73,579 $71,061 $68,629 $65,637 $62,775 $60,038

Value in Terminal Period $108,242 Terminal Value $854,995


Terminal Value $1,627,692 Sum of PV of Cash Flow $718,311
Present Value of Terminal Value $854,995 Total Present Value $1,573,306

5074027.xls 25 of 26 The Roberts Enterprise Development Fund


Input Sheet Status
Background Information Complete
Historical Investment Complete
Income Statement Complete
Social Impact Complete
Cash Items Complete

Return to SROI Summary Results

5074027.xls 26 of 26 The Roberts Enterprise Development Fund