Franklin Pierce University Economic Impact Study

prepared by

A POSITIVE FORCE — AND AN ECONOMIC DRIVER

I NTRODUCTION

1

E XECUTIVE S UMMARY

3

A BOUT THE S TUDY

5

C ONTRIBUTING TO THE S TATE AND L OCAL E CONOMY

7

C REATING AND S USTAINING J OBS

9

G ENERATING S TATE AND L OCAL R EVENUES

10

T RAINING THE N EXT G ENERATION OF H EALTHCARE L EADERS

11

H OME OF THE R AVENS : #R AVEN N ATION

12

F RANKLIN P IERCE A LUMNI M AKE AN I MPACT

13

F RANKLIN P IERCE U NIVERSITY G IVES B ACK

14

C ONCLUSION

15

A PPENDIX A: T ERMS & D EFINITIONS

17

A PPENDIX B: D ATA & M ETHODS

18

INTRODUCTION

One University. Boundless Opportunity.

Franklin Pierce University offers a bold vision for higher education. Whether programs are delivered at our main 1,200-acre campus in Rindge, New Hampshire, at our academic centers in Manchester and Lebanon, New Hampshire, Goodyear, Arizona, or Round Rock, Texas, through a hybrid model, or completely online — Franklin Pierce meets students where they are, enabling them to succeed academically and preparing them for rewarding careers across a breadth of fields.

Reflecting the needs of today's students and tomorrow's employers, Franklin Pierce offers a rigorous and relevant curriculum that produces graduates who are confident and ethical leaders. Students go beyond their comfort zone to develop the critical thinking, communication, and multi-disciplinary skills necessary to become engaged citizens. Faculty and staff are deeply committed to student success as they challenge and support students through their academic journeys, connecting them to future occupations.

Aligned with the goals of the University's most recent strategic plan, Pierce@60, Franklin Pierce has re-envisioned and adapted academic offerings to promote flexible learning pathways for all students. PATHS@PIERCE connects all undergraduate programs to a graduate degree at Franklin Pierce or a defined career trajectory. A student’s path is based on what their ultimate objective may be, whether that includes being job market ready upon graduation, completing an undergraduate degree in just three years, or continuing on to a graduate degree with an accelerated completion option. PATHS@PIERCE allows students flexibility and the opportunity to choose how to study – in-person, online, hybrid, year-round, or in a variety of combinations, complete with internship, co-op, or other experiential learning opportunities, offering the financial aid and support services needed to ensure students’ dreams are well within reach.

One such example is the growing partnership with the Jaffrey-Rindge Cooperative School District (JRCSD). In 2022, Franklin Pierce and JRCSD announced a formal partnership to provide undergraduate students with hands-on, real-world classroom training in preparation for the job market or graduate study. The partnership allows students seeking certification in elementary, secondary, or special education the option of placements throughout the JRCSD. Franklin Pierce students may also have an opportunity to transition into a job within the district after graduation, giving the JRCSD new employees who already have experience within the school community. In 2023, the internship program was expanded to include graduate students.

“

Franklin Pierce’s Center for Professional Programs and Partnerships (CPPP) moves beyond the traditional undergraduate and graduate experience by working with businesses, municipalities, and organizations to create an engaged workforce. Employees of 74 partner organizations can finish a bachelor’s degree, start a new graduate degree, “One of my early priorities as or obtain a specific industry certification 100% online president was to establish better and in programs that provide support and flexibility. more intentional working relationships Organizations that partner with Franklin Pierce see this with local, regional, and state as a win/win - enhancing employee skills all while businesses and to better understand attracting, developing, and retaining high-performing the driving force behind businesses employees that are vital to facing the business and entrepreneurial spirit. ” challenges of tomorrow. One such partnership is that with Lindt & Sprüngli (USA) Inc., which has been a — Dr. Kim Mooney ’83 partner with Franklin Pierce since 2020.

President, Franklin Pierce University

“

1

Mission

Franklin Pierce University delivers programs and educational experiences that develop essential intellectual and professional skills; promotes close community connections; and empowers our students to realize their potential through the intersection of highly personalized liberal learning, innovative engagement, and professional programming.

Vision

Franklin Pierce University will be a leader in innovative teaching and experiential learning, having a positive social and economic impact on its communities. The University will establish a legacy for its unique ability to support and prepare students to thrive as leaders and engaged members of society.

DEI Statement

WE BELIEVE:

• • • •

In the intrinsic worth of every person.

In the value of diversity and inclusion.

That our differences - perspectives, experiences, backgrounds - strengthen our community.

That Franklin Pierce University is a place where all are welcome.

WE ARE DEDICATED TO: • • • •

Embracing every person for who they are and who they wish to become.

Addressing inequality while promoting equity and accessibility.

Fostering a culture of care, respect, and safety within and outside the University.

Nurturing the self-discovery and self-worth of every student.

2

EX UMBRIS AD LUCEM (FROM THE SHADOWS TO THE LIGHT) Since 1962, Franklin Pierce University has empowered thousands of undergraduate and graduate students to achieve academic excellence and lead meaningful, successful lives.

Drawing from a strong foundation in liberal education, the University offers programs that develop essential, professional skills; promote close in state & local tax revenue connections between students, faculty members, and staff; and position students to realize their potential through highly personalized, financially accessible academic offerings. Through partnerships with corporate leaders and policymakers, Franklin Pierce University is increasing its visibility in New England and across the nation. These efforts allow Franklin Pierce to continue to advance its mission Supports and and honor its motto —Ex Umbris Ad sustains Lucem— by shining the light of learning in ways that benefit the entire community.

$5M

951 jobs

Franklin Pierce generates

$101M

in economic impact per year

$1.5M in community contributions Franklin Pierce alumni generate

$165.7M in economic impact annually

CONTRIBUTING TO THE ECONOMY The combined economic contribution of Franklin Pierce University in 2022 was $101 million. This includes a direct impact of $58.7 million and an indirect/induced impact of $42.3 million. Operational and capital spending in New Hampshire generated $79.8 million of the impact, and $21.2 million was generated from student and visitor spending.

SUPPORTS AND SUSTAINS JOBS Franklin Pierce University employs 553 people and supports 951 jobs (732 direct and 219 indirect/induced) as a result of operational, and student and visitor spending.

CONTRIBUTES TO THE STATE AND LOCAL TAX BASE In 2022, Franklin Pierce University, its students, visitors, and vendors, contributed an estimated $5 million in state and local taxes through spending in the local and statewide economy. Of this $5 million, over $2.8 million was generated in local taxes only.

3

ALUMNI CONTINUE TO CONTRIBUTE TO NEW HAMPSHIRE

MISSION TO SERVE AND GIVE BACK A commitment to community service and partnership can be found across Franklin Pierce’s campus and academic centers.

Whether it is leading a senior citizen movement class or greeting local students on the first day of school, our Ravens impact the community in myriad positive ways. Student-athletes demonstrate an impressive level of character and commitment—completing thousands of hours of community service each year and our volunteer fire department supports surrounding towns while training a new generation of first responders. In addition, staff and faculty serve on local boards, in community organizations, and contribute to the vibrant cultural scene in the region.

Based upon assumptions derived from the U.S. Census Bureau and the Do Good Institute at the University of Maryland regarding donation amounts and volunteerism rates by age, income level, and employment status, it is estimated that staff, faculty, and students give $360,969 annually in charitable donations and volunteer an estimated 38,819 hours, a value of $1.2 million. In 2022, the combined impact of charitable giving and volunteerism totaled an estimated $1.5 million. These benefits were in addition to the $101 million in annual economic impact.

“

“What we do is bigger than all of us when we embrace the Franklin Pierce motto – from the shadows to the light.

That path is essentially what education is about, and it motivates me and motivates all of us. When students graduate from Franklin Pierce, they are forever changed. We have altered the course their lives. What is more powerful than that?”

“

Franklin Pierce University alumni can be found throughout New Hampshire, New England, the United States, and the world. More than 8,400 alumni living in New Hampshire are making a positive economic impact after graduation. Graduates are an integral part of the Granite State’s workforce, impacting the economy over their careers through their spending and the extra earning power bolstered by earning a degree from Franklin Pierce. Each year, the University's alumni generate $165.7 million in economic output for New Hampshire, support and sustain 881 jobs, and contribute $8.9 million in state and local taxes.

— Dr. Kim Mooney ’83

President, Franklin Pierce University

FPU STUDENT PROFILE

1,717

100%

49%

undergraduate and graduate students enrolled

of Rindge undergraduate students receive financial aid

studentathletes

22%

44+

27%

first generation to attend college

majors offered

Pell Grant eligible

prepared by

4

ABOUT THE STUDY In November 2022, Franklin Pierce University engaged Parker Philips, Inc. to measure the economic contribution of the institution. The goal of this analysis is to tell Franklin Pierce’s story from a numbers and narrative perspective. To develop this report, Parker Philips gathered student, financial, and employment data, met with key staff, and reviewed primary data and information to inform the writing and key messages in this report.

Financial and Data Gathering

Narrative Building

Analysis and Reporting

The primary tool used in the performance of this study is the Input-Output model and data set developed by IMPLAN Group LLC. Financial data used in this study was obtained from Franklin Pierce University and included the following data points: operational expenditures, capital expenditures and payroll and benefits for employees for FY 22. Secondary data was used to estimate spending by visitors (day and overnight) and students (undergraduate and graduate) exclusive of tuition and fees.

Additional information on the methodology and assumptions used to complete this study can be found in Appendix B. The impact presented in this analysis is broken down into three categories: direct impact, indirect impact and induced impact. The indirect and induced impacts are commonly referred to as the “multiplier effect.” The following graphic below provides an overview of the types of impact detailed in this report.

5

DIRECT

Investment in construction and expenditures for operations

INDIRECT

Purchases from local suppliers

INDUCED

Household spending from earnings of direct and indirect expenditures

FRANKLIN PIERCE UNIVERSITY STUDY PROFILE

LEBANON ACADEMIC CENTER

Data Source: Franklin Pierce University Study Type: Economic Contribution Analysis Geography: New Hampshire Study Year: Fiscal Year 2022 Methodology: IMPLAN

MANCHESTER ACADEMIC CENTER

RINDGE CAMPUS

6

FRANKLIN PIERCE UNIVERSITY CONTRIBUTES TO THE STATE AND LOCAL ECONOMY Franklin Pierce University contributes to the local and state economy through its expenditures on operations, capital projects, wages, and student and guest off-campus spending, and student and visitor off-campus spending. The direct, day-to-day expenditures of Franklin Pierce University, combined with the student and visitor spending, cause a ripple effect throughout the statewide economy. The importance of Franklin Pierce to the local and regional economy is critical for the sustainability of impacted communities.

The economic impact of Franklin Pierce University in 2022 totaled $101 million. This contribution to the local and statewide economy is a point-in-time snapshot depicting how the expenditures of Franklin Pierce University and its faculty, staff, students, and visitors make an impact.

OPERATIONS CONTRIBUTION

Franklin Pierce University operations and capital spending in 2022 contributed a total of $79.8 million. Franklin Pierce University’s operations generated $46.8 million in direct economic impact, $10 million in indirect economic impact, and $23 million in induced economic impact.

STUDENT SPENDING CONTRIBUTION

Franklin Pierce University students contributed a total of $16 million to the state’s economy in 2022 as a result of their spending.

Students generated $8.8 million in direct economic impact, $2.7 million in indirect economic impact, and $4.5 million in induced economic impact.

VISITOR SPENDING CONTRIBUTION

Visitor spending at Franklin Pierce University in 2022 contributed a total of $5.2 million. Visitors to Franklin Pierce University generated $3 million in direct economic impact, $1 million in indirect economic impact, and $1.1 in induced economic impact.

Franklin Pierce University Combined Economic Impact (FY 21)

Operations

Student Spending

Visitor Spending

Combined Economic Impact

$46,854,952 Direct

$8,839,775 Direct

$3,013,961 Direct

$58,708,688 Direct

$9,983,656 Indirect

$2,724,436 Indirect

$1,039,261 Indirect

$13,747,353 Indirect

$22,969,683 Induced

$4,474,321 Induced

$1,147,419 Induced

$28,591,423 Induced

Total $79,808,291

Total $16,038,532

Total $5,200,641

Total $101,047,464

Source: Parker Philips using IMPLAN with data from Franklin Pierce University

7

ENDLESS ON RAMPS TO SUCCESS At Franklin Pierce, residential undergraduate students begin to explore career opportunities as soon as they become a part of the “beautiful institution on a hill.” Through partnerships with local businesses and community organizations, the university offers internships, co-ops, and mentorships that help students identify careers they may wish to pursue. An example of this partnership is the one the university has with Keene, NH’s C&S Wholesale Grocers, the nation’s largest wholesale grocery distributor and eighth largest privately held company in the country.

The C&S Internship Program has allowed Franklin Pierce University students to take their learning outside the walls of the classroom and apply textbook knowledge to the real world. According to Bob Palmer ’90, ’97, CEO of C&S and a Franklin Pierce alumnus, the company was having trouble with employee retention and recruitment. Palmer appreciated how Franklin Pierce faculty have their “fingers on the pulse of the business world,” and proposed C&S work with the university on an innovative scholarship internship and co-op program leading to full-time employment.

Franklin Pierce students engage in career development opportunities starting in their first year. They are taught interview and resume-building skills, participate in job shadowing, and attend career panels all aimed at preparing them to succeed in the business world. As they progress through the program, students can apply for paid internships and co-ops that give them college credit for their work. Through ample networking opportunities and flexibility to try multiple roles within the company, it is not uncommon for students to transition to full-time employment at C&S following their graduation from Franklin Pierce.

“I saw the C&S Internship Program as a great way to get hands-on experience before I graduated,” says Bailey Clapp ’19, MS ’21, who is currently employed at C&S as a financial analyst after starting as an intern in the program. “I’m so proud of the opportunities that Franklin Pierce provided to me. I don’t think I would be where I am today without the C&S Internship Program.”

The symbiotic partnership benefits both Franklin Pierce University and C&S Wholesale Grocers. It is part of Franklin Pierce University President Kim Mooney’s initiative to make the university an economic engine for the community and the state.

“Every Franklin Pierce student who has interned or worked for us loves New Hampshire,” says Marc Martel, C&S’s vice president of general accounting. “They want to stay here. They want to be connected here. That ‘secret sauce’ is invaluable to us an employer.”

While there are only two roads onto Franklin Pierce University’ Rindge Campus, partnerships like the C&S Internships Program prove the pathways to success are unlimited.

8

CREATING AND SUSTAINING JOBS THROUGHOUT NEW HAMPSHIRE Franklin Pierce University supports 951 full- and part-time jobs throughout the state. Beyond the direct jobs at the university, indirect and induced jobs include construction for campus projects, retail, restaurants, daycare, real estate, and banking – to name a few.

OPERATIONS CONTRIBUTION

Franklin Pierce University operations supported and sustained a total of 724 jobs: 553 direct jobs, 48 indirect jobs, and 123 induced jobs.

STUDENT SPENDING CONTRIBUTION

Students from Franklin Pierce University supported and sustained a total of 188 jobs as a result of student spending: 151 direct jobs, 13 indirect jobs, and 24 induced jobs.

VISITOR SPENDING CONTRIBUTION

Visitors to Franklin Pierce University supported and sustained a total of 39 jobs as a result of their spending: 28 direct jobs, 5 indirect jobs, and 6 induced jobs.

Based on analysis by industry sectors, other jobs supported by the University’s economy outside of the higher-education and healthcare sectors include jobs in real estate, retail, and services (e.g., restaurants, child-care centers, and entertainment).

Franklin Pierce University Employment Contribution (Jobs, FY 21) Operations

Student Spending

Visitor Spending

Combined Economic Impact

553 jobs Direct

151 jobs Direct

28 jobs Direct

732 jobs Direct

48 jobs Indirect

13 jobs Indirect

5 jobs Indirect

66 jobs Indirect

123 jobs Induced

24 jobs Induced

6 jobs Induced

153 jobs Induced

Total 724 jobs

Total 188 jobs

Total 39 jobs

Total 951 jobs

Source: Parker Philips using IMPLAN with data from Franklin Pierce University

9

GENERATING STATE AND LOCAL TAX REVENUES Franklin Pierce University’s employees, suppliers, and related constituencies contribute to the local and statewide tax bases. In FY 22, the University contributed an estimated $5 million ($2.9 million direct and $2.1 million indirect and induced) through local spending (operational, capital, students, and visitors) as well as direct and indirect support of jobs. At the state and local levels, Franklin Pierce contributes to the tax bases through its purchasing.

Franklin Pierce University State and Local Tax Impacts (FY 21) City and Township

Fire and Public School Taxes

County

State

Total

$955,259 Direct

$726,794 Direct

$122,226 Direct

$1,091,004 Direct

$2,895,283 Direct

$187,456 Indirect

$142,591 Indirect

$23,981 Indirect

$236,354 Indirect

$590,382 Indirect

$472,135 Induced

$359,126 Induced

$60,401 Induced

$597,699 Induced

$1,489,361 Induced

Total $1,614,850

Total $1,228,511

Total $206,608

Total $1,925,057

Total $4,975,026

Source: Parker Philips using IMPLAN with data from Franklin Pierce University

10

PHYSICIAN ASSISTANT PROGRAM PREPARES STUDENTS TO PROVIDE CARE TO RURAL AND UNDERSERVED POPULATIONS Students from rural communities have always been attracted to Franklin Pierce University’s Master of Physician Studies (MPAS) program. Based in Lebanon, NH, it is known for its unique emphasis on collaborative medicine and support of life-long learning. Designed to train outstanding PAs who are compassionate, patient-centered providers, the program educates students beyond preparation for work in traditional settings, encouraging them to share their skills with individuals in rural and medically underserved populations.

The University has also expanded its network of clinical partnerships to offer students practical clinical rotations in rural settings. One such partnership with an addiction medicine specialist physician that allows Franklin Pierce to offer MPAS students a clinical rotation in substance use disorder medicine.

“

“Intensive, high-quality simulated training is key to preparing our students for success upon graduation. By focusing on rural healthcare scenarios, we are addressing the vital need for skilled providers in New Hampshire’s rural and medically underserved communities.”

“

Understanding the limitations of the rural healthcare system is what prompted Franklin Pierce to think about how to more intentionally prepare its students for careers that meet the needs of underserved patients. The curriculum teaches how logistical and social barriers can impact the ability of rural populations to receive adequate healthcare. Students take a deep dive into psychosocial issues as they consider things like how a lack of public transportation influences patient care and how a lack of reliable internet services limits telemedicine options. The curriculum also focuses on specific health concerns like diabetes, heart disease, and substance abuse disorders that patients in rural and underserved populations may be more likely to face.

— Priscilla Marsicovetere, JD, PA-C, Dean of the College of Health and Natural Sciences

Nicole Wasylyk MPAS ’22 completed rotations in two rural communities, which gave her hands-on experience managing high-acuity patients in areas with limited resources. “These experiences were invaluable,” Wasylyk says, “and demonstrated how we continue to strive to provide the same level of care and outcomes for patients no matter if they arrive at a Level 1 trauma center or a small community hospital.”

In addition, the program relies heavily on clinical simulation training. Through simulations involving patient actors, students learn how to have challenging conversations where they can discuss underlying issues while simultaneously earning patient trust, helping set realistic goals, and considering the existing resources that can be used as part of a patient’s healthcare team. In 2022, the University received $825,000 in Congressionally Directed Spending to fund healthcare simulation training equipment to support these efforts.

“It’s so unfortunate about the lack of access to high-quality healthcare for rural and medically underserved people,” Marsicovetere says, “but given where we exist right now and where we’re looking to open new programs, Franklin Pierce is in a position to make a dent. All of our health sciences programs play a distinct role on a healthcare team. That gives us a greater potential for impact across patient experiences”

11

HOME OF THE RAVENS: #RAVENNATION With 24 varsity teams, Franklin Pierce University Athletics is known for its accomplishments on and off the field. The University has seven NCAA Division II National Championships, 104 championship appearances, 46 conference championships, and ten NE10 players of the year. The 2022 men's soccer team had a historic undefeated season, winning 25 games and the national title.

Game days at Franklin Pierce bring on average more than 23,000 annual visitors to campus, generating increased economic impact for the region and the state. The creation of the Franklin Pierce Football team in 2019 has added to the energic atmosphere surrounding Ravens Athletics, complete with Raven Row, a tailgate area with representation from local businesses and vendors. In addition, the award-winning Raven Sports Network (RSN), provides live broadcast of all home games. RSN students, who work through the Marlin Fitzwater Center for Communication, run every aspect of game day operations, learning valuable and transferable skills for careers in media and production.

As the star power of Franklin Pierce’s athletic programs continues to succeed – the economic impact cannot be denied.

Mascot: Rocky the Raven Colors: Crimson and Grey 24 varsity teams 50% student-athlete population Joined NE10 Conference in 2000 8 NCAA Division II National Championship titles since 1994 100+ NCAA championship appearances 100+ NE10 Conference Championship titles 3 NE10 Scholar Athletes of the Year 23,000+ spectators at home games each year Named #1 game day environment in the NE10 900+ recruit family visits annually 12

FRANKLIN PIERCE UNIVERSITY ALUMNI MAKE AN IMPACT IN NEW HAMPSHIRE Franklin Pierce University alumni can be found throughout New Hampshire, the country, and the globe. They are prominent in their fields and impact the lives of others. More than 8,400 alumni live in New Hampshire and they are an integral part of the state's workforce. Each year, Franklin Pierce University alumni generate $165.7 million in economic output, support and sustain 881 jobs, and contribute $8.9 million in state and local taxes. These impacts are based on the added value of having a degree or credential from Franklin Pierce University, not alumni full wages.

NOTABLE ALUMNI UNIVERSITY PRESIDENT: Dr. Kim Mooney has been president of Franklin Pierce University since 2016. She is the university’s first female and alumna president. Over her seven-year tenure, President Mooney has positioned Franklin Pierce University for long-term sustainability through clear strategic objectives and the tripling of the University’s endowment. President Mooney’s administration has also increased Franklin Pierce’s collaboration with civic leaders, businesses, municipalities, nonprofits, and healthcare facilities in New Hampshire, the New England region, and beyond. Dr. Mooney graduated from Franklin Pierce in 1983 with a B.A. in Psychology and English, and earned her Ph.D. in social psychology from the University of New Hampshire.

AUTHOR/ANIMAL BEHAVIORIST: Dr. Temple Grandin is an academic and animal behaviorist who fights for the humane treatment of livestock. She is also a vocal advocate for people with autism spectrum disorder. Grandin graduated from Franklin Pierce College in 1970 with a degree in human psychology. She earned her master's degree in animal science from Arizona State University in 1975, and a doctoral degree in animal science from the University of Illinois at Urbana–Champaign in 1989.

FEDERAL MAGISTRATE: Talesha Saint-Marc is the first Black person to serve as a federal magistrate in New Hampshire. Ms. Saint-Marc is also a shareholder at Bernstein Shur, focusing on labor and employment law. She graduated from Franklin Pierce College, summa cum laude, in 2006, and received her law degree from Northeastern University in 2009. Following graduation, she served as a law clerk in the New Hampshire Supreme Court and before that, the New Hampshire Superior Court. In recent years, Saint-Marc has been recognized for her excellence as an attorney and her leadership in New Hampshire, receiving a Chambers USA ranking for Labor and Employment Law in 2022 and being listed among New Hampshire’s 200 most influential business leaders by the New Hampshire Business Review in 2021 and the New Hampshire Union Leader’s 40 Under Forty in 2019. Ms. Saint-Marc is a dedicated advocate for diversity, equity, and inclusion in the legal industry and New Hampshire.

HEALTH CARE LEADER: Lori Shibinette led the New Hampshire Department of Health and Human Services (DHHS) from 2020 to 2022, helping the state successfully navigate the COVID-19 pandemic. As Commissioner of DHHS, Shibinette oversaw programs and budgets that accounted for nearly half of New Hampshire’s total state spending. Prior to this, Ms. Shibinette was the CEO of New Hampshire Hospital, the state’s inpatient psychiatric facility in Concord and served as the state’s deputy health commissioner. A registered nurse, Shibinette also served as the CEO of the Merrimack County Nursing Home. Shibinette’s ties to Franklin Pierce University run deep. A graduate of the M.B.A. program with a concentration in healthcare administration, she was an adjunct professor teaching business and organizational behavior from 2013 to 2017, and served on the College of Business Advisory Board from 2019 to 2020. In 2022, Shibinette (pictured right) was awarded the Fitzwater Medallion for Leadership in Public Communication by an Alumnus.

13

FRANKLIN PIERCE UNIVERSITY GIVES BACK A commitment to community service and partnership can be found across Franklin Pierce’s campus and academic centers.

Whether it is leading a senior citizen movement class or greeting local school children on the first day of school, our Ravens impact the community in a myriad of positive ways. Student-athletes demonstrate an impressive level of character and commitment — completing thousands of hours of community service each year and our campus fire department supports surrounding towns while training a new generation of first responders. In addition, staff and faculty serve on local boards, in community organizations, and contribute to the vibrant cultural scene in the region. Based upon assumptions derived from the U.S. Census Bureau and the Do Good Institute at the University of Maryland regarding donation amounts and volunteerism rates by age, income level and employment status, it is estimated that staff, faculty, and students give $380,969 annually in charitable donations and volunteer for an estimated 38,819 hours, valued at $1.2 million. In 2022, the combined impact of charitable giving and volunteerism totaled $933,162. These benefits were in addition to the $1.5 million in annual economic impact.

14

CONCLUSION Franklin Pierce University’s combined economic impact from operations, student and visitor spending is an impressive $101 million annually. Franklin Pierce’s presence generates significant economic benefits in the communities where its campus and academic centers are based. In New Hampshire, where it has long been a vital, positive force in the Monadnock Region, Franklin Pierce is increasing its statewide visibility through outreach efforts and alliances with businesses and government organizations—efforts that position the University as a key player within the state’s vibrant economy and workforce.

15

16

APPENDIX A: TERMS & DEFINITIONS Direct Economic Impact – All direct expenditures made by an organization due to its operating expenditures. These include operating expenditures, capital expenditures, and pay and benefits expenditures.

Direct Employment – Total number of employees, both full-time and part-time, at the organization based on total jobs, not FTEs. Dollar Year – Presented in 2022 dollars.

Government Revenue/State and Local Tax Impact – Government revenue or tax revenue that is collected by governmental units at the state and local levels in addition to those paid directly by an organization. This impact includes taxes paid directly by the organization itself, employees of the organization and vendors who sell products to the organization, and at the household level.

IMPLAN Data Year – 2021 Indirect Economic Impact – The indirect impact includes the impact of local industries buying goods and services from other local industries. The cycle of spending works its way backward through the supply chain until all money is spent outside of the local economy, either through imports or by payments to value added (multiplier effect).

Indirect Employment – Additional jobs created as a result of an organization’s economic impact. Local companies or vendors that provide goods and services to an organization increase their number of employees as purchasing increases, thus creating an employment multiplier.

Induced Economic Impact – The response by an economy to an initial change (direct effect) that occurs through re-spending of income received by a component of value added. IMPLAN’s default multiplier recognizes that labor income (employee compensation and proprietor income components of value added) is not lost to the regional economy. This money is recirculated through household spending patterns causing further local economic activity (multiplier effect).

Induced Employment – Additional jobs created as a result of household spending by employees of an organization and the employees of vendors. This is another wave of the employment multiplier.

Multiplier Effect – The multiplier effect is the additional economic impact created as a result of the organization’s direct economic impact. Local companies that provide goods and services to an organization increase their purchasing by creating a multiplier (indirect/supply-chain impacts). Household spending generated by employees of the organization and the organization’s suppliers create a third wave of multiplier impact (induced/household-spending impacts).

Study Year – FY 2022 Total Economic Output/Economic Impact – Includes organizational spending on operations, capital expenditures, labor income expenditures and value added to the economy as a result of expenditures made by an organization. It is the combined impact of direct, indirect and induced impacts.

17

APPENDIX B: DATA & METHODS Franklin Pierce University provided the primary economic data used to complete the contribution analysis. Data supplied included operating expenditures, capital spending, pay and benefits, and total employees. Primary and secondary data were used to complete the input-output models in IMPLAN. The study approach and economic-impact findings are a conservative estimate of impact and are based on actual financial information. The study is a snapshot in time of Franklin Pierce University.

OVERVIEW AND THE IMPLAN MODEL The most common and widely accepted methodology for measuring the economic impacts of economic sectors is input-output (I-O) analysis. At its core, an I-O analysis is a table that records the flow of resources to and from companies/organizations and individuals within a region at a given time. For a specified region such as a state, the I-O table accounts for all dollar flows among different sectors of the economy in a given period. With this information, a model can then follow how a dollar added into one sector is spent and represented in other sectors of the economy, generating outgoing ripples of subsequent economic activity. This chain of economic activity created by one event is called the “economic multiplier” effect.

The primary tool used in the performance of this study is the I-O model and data set developed and maintained by IMPLAN Group LLC (formerly Minnesota IMPLAN Group Inc.). IMPLAN is a widely accepted and used software model first developed by the U.S. Forest Service in 1972. Data used in the baseline IMPLAN model and data set come largely from federal-government databases. The I-O tables themselves come from the Bureau of Economic Analysis. Much of the annual data on labor, wages, final demand and other market data come from the Bureau of Labor Statistics, the U.S. Census Bureau and other government sources.

Government agencies, companies and researchers use IMPLAN to estimate the economic activities associated with spending in a particular industry or on a particular project. The IMPLAN model extends conventional I-O modeling to include the economic relationships among government, industry and household sectors, allowing IMPLAN to model transfer payments such as taxes.

Producers of goods and services must secure labor, raw materials and other services to produce their product.

The resources transferred to the owners of that labor or those raw materials and services are then used to secure additional goods and services or inputs to the products they sell. For example, an organization in a region may develop a company that produces tractors with a value of $1 million. However, to produce that product, they may be required to spend $500,000 in wages and benefits, $200,000 to suppliers of tractor parts, $100,000 for electricity, $50,000 for transportation of goods and raw materials to and from the plant, and $50,000 in various professional services fees associated with operating a business (e.g., attorneys and accountants). The suppliers will, in turn, spend those resources on labor and raw materials necessary to produce tractors. Workers and the owners of the company will buy goods and services from other firms in the area (e.g., restaurants and gas stations) and pay taxes. The suppliers, employees and owners of this second tier will, in turn, spend those resources on other goods and services whether within the study region or elsewhere. The cycle continues until all of the money leaves the region.

IMPLAN METHODOLOGY The model uses national production functions for more than 536 industries to determine how an industry spends its operating receipts to produce its commodities. These production functions are derived from U.S. Census Bureau data. IMPLAN couples the national production functions with a variety of county-level economic data to determine the impacts at a state and congressional-district level. IMPLAN collects data from a variety of economic data sources to generate average output, employment and productivity for each industry in a given county. IMPLAN combines this data to generate a series of economic multipliers for the study area. The multiplier measures the amount of total economic activity generated by a specific industry’s

18

APPENDIX B: DATA & METHODS spending an additional dollar in the study area. Based on these multipliers, IMPLAN generates a series of tables to show the economic event’s direct, indirect and induced impacts to gross receipts, or output, within each of the model’s more than 536 industries. The model calculates three types of effects: direct, indirect and induced. The economic impact of New Hampshire’s independent colleges and universities is the sum of these three effects.

CONSIDERATIONS CONCERNING IMPLAN There are three important points about the use of IMPLAN (or any other I-O model): It is a fixed-price model. The model assumes that changes in consumption are not limited by capacity and do not affect prices. This assumption does not cause a problem for the analysis presented here, because we are taking a snapshot of New Hampshire’s independent colleges and universities in a specific year. As in many studies using this type of model, the direct impacts are not calculated by the model; they reflect actual spending levels and patterns created by each college or university. Changing the level of direct spending allows us to calculate the magnitude of the indirect and induced effects associated with the initial level of spending.

Because the model continues to calculate additional spending until all of the money leaves the region (i.e., “leakage”), the larger and more economically diverse the region, the longer it will take for spending to leave the region and the larger the impact is likely to be. For example, an employee of a college or university may spend some amount of their income on buying a car. If there are no car manufacturers in the state or county, this spending will leave the region and the multiplier effect will stop. At the national level, a portion of that same spending by that same individual may go to a national auto producer. That spending would lead to more spending at the national level than would be captured by a more regional model. The national impact will be larger than the sum in the individual states, and the individual state impact will be larger than the sum of the impacts in its congressional districts.

19

@FRANKLINPIERCEUNIVERSITY @FRANKLINPIERCEUNIVERSITY FRANKLIN PIERCE UNIVERSITY @FPUNIVERSITY @MYFRANKLINPIERCE

WWW.FRANKLINPIERCE.EDU