Develop a comprehensive financial plan for program development.
PROFORMA BUDGET
Program Start-Up Costs
Estimate initial costs associated with program initiation, including curriculum development, accreditation fees, and initial marketing expenses. Consider expenses related to hiring key personnel, such as faculty and administrative staff.
Operational Expenses
Calculate operational costs, including faculty salaries, administrative and support staff salaries, benefits, and facility expenses. Estimate costs for classroom and laboratory supplies, technology infrastructure, and other educational resources.
Student Support Services
Determine costs for student services such as advising, counseling, and career placement. Consider expenses related to student recruitment, marketing, and outreach efforts.
Clinical Training Costs
Estimate costs associated with clinical training, such as partnerships with healthcare facilities, preceptor payment, simulation technologies, and travel expenses.
Marketing and Recruitment
Allocate funds for marketing materials, recruitment events, and advertising efforts to attract students to the program.
Technology and Infrastructure
Budget for the development and maintenance of technology infrastructure, including e-learning platforms, software, and equipment necessary for effective program delivery.
Revenue Streams
Estimate tuition revenue based on projected student enrollment and tuition rates. Identify potential grant opportunities, philanthropic support, or partnerships that could contribute to the program's funding.
Accreditation and Compliance
Evaluate expenses related to obtaining and maintaining accreditation, as well as costs associated with regulatory compliance.
Financial Projections
Create financial projections for the first few years of the program, considering both optimistic and conservative scenarios