The economic role of Kentucky s nonprofit private colleges in the Commonwealth Annual Economic Impact Estimate, 2014-15
The Association of Independent Kentucky Colleges and Universities The Association of Independent Kentucky Colleges and Universities is the nonprofit association that supports, represents, and advocates for Kentucky s 18 nonprofit, private (independent) four-year colleges and universities. Alice Lloyd College Pippa Passes Asbury University Wilmore Bellarmine University Louisville Berea College Berea Brescia University Owensboro Campbellsville University Campbellsville Centre College Danville Georgetown College Georgetown Kentucky Christian University Grayson Kentucky Wesleyan College Owensboro Lindsey Wilson College Columbia Midway University Midway Spalding University Louisville Thomas More College Crestview Hills Transylvania University Lexington Union College Barbourville University of the Cumberlands Williamsburg University of Pikeville Pikeville aikcu.org
Overview of the Economic Impact of AIKCU Members Kentucky s 18 nonprofit private colleges & universities: The Association of Independent Kentucky Colleges and Universities (AIKCU) is composed of eighteen (18) diverse nonprofit, private colleges and universities. AIKCU member institutions directly employ more than 6,750 employees. These jobs are widely spread across the Commonwealth and can be characterized as being economically, socially, and environmentally friendly. Additionally, AIKCU s member colleges and universities serve 38,000 students and play a critical role in Kentucky s postsecondary education system. AIKCU students are composed of both undergraduates (77%) and graduate students (23%). AIKCU s member colleges and universities account for approximately 22% of Kentucky s bachelor degrees. This economic estimate measures the operational annual economic impact value of AIKCU s member institutions. This economic impact estimate does not measure the economic and social value of the students and alumni to the Commonwealth of Kentucky. The economic benefits that Kentucky receives from AIK- CU s member institutions operating in Kentucky are significant, adding $700 million to Kentucky s state gross domestic product (GDP) annually. These annual operational values recur each year. Based on the one-year (academic year 2014-2015) operational impact estimate, the AIKCU s member institutions could easily add $7 billion (cumulative) to Kentucky s state GDP during a ten (10) year period. If the value of the AIK- CU s member institutions alumni were to be added to this impact, then the impact would be noticeably higher. Add $700 million to the Kentucky economy annually $404 million in direct effects $121 million in indirect efffects $175 million in induced effects Are responsible for the creation of 10,588 jobs 6,755 direct employees Average salary (with benefits): $53,674 1,400 indirect jobs Average salary (with benefits): $38, 915 2,443 induced jobs Average salary (with benefits): $40, 613 1
Thomas More College Biology Field Station, Ohio River Uniqueness of the Economic and Social Impact AIKCU s member institutions vary from Kentucky s public universities to Kentucky s Community and Technical College System (KCTCS) in how they cost and benefit the Commonwealth. Kentucky s public institutions of higher education receive funding from state revenues. AIKCU s member institutions do not receive direct state operational funds. AIKCU s member institutions provide both economic benefits and social benefits to Kentucky without direct state appropriations for the operation of these institutions. This may make AIKCU s member institutions one of the greatest economic and social bargains for the residents and taxpayers of Kentucky. AIKCU s member institutions provide both economic benefits and social benefits to Kentucky without direct state appropriations for the operation of these institutions. This may make AIKCU s member institutions one of the greatest economic and social bargains for the residents and taxpayers of Kentucky. Additionally, Kentucky historically has utilized state revenue to assist in the creation of jobs in the Commonwealth. Each year in Kentucky, several hundred new and existing businesses are approved to receive state financial incentives for creating and retaining jobs in the state. 2 Industries such as manufacturing and transportation tend to have a significant impact on the environment and the state s infrastructure. Air and water pollution tend to be externalities of these types of industries, while at the same time they place a burden on the state s infrastructure (exempli gratia:
heavy trucks put wear and tear on the highway system and commercial freight hauling jets create both sound and air pollution). Operationally, AIKCU s member institutions are friendly to the environment and to the state s cost of maintaining its infrastructure. Location and Population Base Kentucky s eighteen (18) Association of Independent Kentucky Colleges and Universities (AIKCU) member main campuses are located in sixteen (16) Kentucky counties. These sixteen (16) counties have an aggregate population of more than 1.73 million Kentuckians (2015) (see Table 1 on following page). The Kentucky population residing within a sixty (60) minute drive range of an AIKCU member s main campus is 3.76 million Kentuckians and is inclusive of 91 Kentucky counties. As a result, 85% of Kentucky s population (2015) is located within a sixty (60) minute drive zone from one (1) or more of AIKCU s member s main campuses. Table 1 and the map on the following pages indicate the coverage of the AIKCU institutions across the Commonwealth. The significant geographic coverage...indicates the strategic value of these educational institutions. The significant geographic coverage of Kentucky s eighteen (18) Association of Independent Kentucky Colleges and Universities (AIKCU) member campuses indicates the strategic value of these educational institutions. COMMUNITY PARTNERS SAY: Thomas More College is a longtime partner and valued contributor to the Northern Kentucky economy. Thomas More is focused on meeting the needs of today s employers witness their new values-based leadership majors and works collaboratively with employers and other education providers in the region. They have a good track record, as many local leaders are TMC graduates. And Thomas More s students, faculty, and employees help make our region a better place through their community engagement and service in area churches, nonprofits, the Chamber, and other organizations. Trey Grayson President & CEO Northern Kentucky Chamber of Commerce 3
Table 1: Kentucky Population by 60-Minute Drive Zone from AIKCU Member Main Campus Map location (opposite) AIKCU Member Main Campus Location (County) Main Campus County Population Population within 60-minute drive zone from main campus 1 Alice Lloyd College Knott 15,693 150,831 2 Asbury University Jessamine 51,961 838,932 3 Bellarmine University Jefferson 763,623 1,221,523 4 Berea College Madison 87,824 889,697 5 Brescia University Daviess 99,259 265,395 6 Campbellsville University Taylor 25,420 394,662 7 Centre College Boyle 29,809 793,973 8 Georgetown College Scott 52,420 1,188,306 9 Kentucky Christian University Carter 27,158 225,629 10 Kentucky Wesleyan College Daviess 99,259 311,617 11 Lindsey Wilson College Adair 19,027 285,848 12 Midway University Woodford 25,793 1,680,247 13 Spalding University Jefferson 763,623 1,115,084 14 Thomas More College Campbell 92,066 481,104 15 Transylvania University Fayette 314,488 958,265 16 Union College Knox 31,730 193,245 17 University of Pikeville Pike 61,792 186,654 18 University of the Cumberlands Whitley 36,129 253,892 Source: Derived from data provided by the U.S. Census Bureau, Population Division, 2015 Annual Estimates of the Resident Population for Kentucky, ADDs, and Counties, Release Date: March 24, 2016. Note: The sixty (60) minute drive zones were generated utilizing Microsoft MapPoint 2013 North America. Note: Multiple AIKCU member drive zones may overlap when the sixty (60) minute drive covers the same geographic area and population. 4
Kentucky s Population Within a 60-Minute Drive Range of One or More of the Association of Independent Kentucky Colleges and Universities (AIKCU) Member (Main) Campuses 85% of Kentucky s population (yellow) is located within a sixty (60) minute drive zone from one (1) or more AIKCU main campuses. Source: Population Data -- Derived from data provided by the U.S. Census Bureau, Population Division, 2015 Annual Estimates of the Resident Population for Kentucky, ADDs, and Counties, Release Date: March 24, 2016. Note: The Kentucky counties shown as yellow are within the 60-minute drive range of one or more of the Association of Independent Kentucky Colleges and Universities (AIKCU) member (main) campuses. Note: The entire Kentucky county is included within the 60-minute drive range if the centroid point of the county is within the drive range. Note: Maps and drive zones were generated utilizing Microsoft MapPoint 2013 North America. The sixty (60) minute drive zones originating from the main campuses of the AIKCU member institutions were generated utilizing Microsoft MapPoint 2013 North America and U.S. Census Bureau 2015 Annual Estimates of the Resident Population for Kentucky counties. Note: All populations shown in this report are inclusive of Kentucky populations (only) and exclude out of state (Kentucky) populations. Note: Kentucky s eight (8) public university main campuses are located in eight (8) Kentucky counties. These eight (8) counties have a combined population of 1.53 million Kentucky residents. 5
University of the Cumberlands, Williamsburg Economic Impacts Not Measured in This Report 1. Perhaps the greatest benefit AIKCU s member institutions provide for the state of Kentucky is an economic impact not measured in this report. The impact of AIKCU s member institutions alumni has a tremendous effect across the spectrum of industries doing business within the Commonwealth. Human capital is the most essential input for any state s economy, and Kentucky receives this benefit at little or no cost from the alumni of these eighteen (18) AIKCU member institutions. It can easily be expected that wages, productivity, employment levels, business and industry recruitment, and state and local taxes paid are each enhanced by the presence of the eighteen (18) AIKCU s member institutions alumn. Note: One (1) year after graduation 83% of the AIKCU member in-state graduates were employed in Kentucky and 29% of the out-of-state AIKCU member graduates were employed in Kentucky (AIKCU class of 2012). 7.6% continued their education. Source: Kentucky Center for Education and Workforce Statistics (KCEWS) 2014 postsecondary education (special) feedback report roll up. 6 2. Construction projects that take place on the campuses of AIKCU s member institutions generate non-recurring economic impacts, which generate jobs and pay taxes. 3. Student spending beyond payments to AIKCU s member institutions are not accounted for in this report. 4. Research, federal and corporate grants, and community services provided by the AIKCU s member institutions have a true value to the state s economy. However, the results of research projects and the community service provided have not been calculated in this study.
Input Data The direct inputs for the economic impact estimates for the operational impact of Kentucky s AIKCU s member institutions are listed in Table 1 (below). The member institutions are shown in Table 2 (below), which is inclusive of total wages and employment. Wage and salary benefits have been estimated at 30.9% of total wages. The benefit value for this industry sector is derived from the United States Bureau of Economic Analysis, Kentucky state average annual wage benefit for educational services. The components of personal income benefits are inclusive of employer contributions for employee pension and insurance funds (these consist of employer payments to private and government employee retirement plans, private group health and life insurance plans, privately administered workers compensation plans, and supplemental unemployment benefit plans) and of employer contributions for government social insurance. The industry sectors utilized for the economic impact model are NAICS 611310 (Colleges, Universities, and Professional Schools). COMMUNITY PARTNERS SAY: We re fortunate to have two private colleges in our region. University of the Cumberlands and Union College are major employers and contributors to the local and regional economies. Perhaps most importantly, they are key partners in developing our workforce and improving the quality of life in Southeastern Kentucky, which are vital to our prosperity and economic growth. Bruce Carpenter Executive Director Southeast Kentucky Regional Industrial Authority 7
Table 2: Direct Input Assumptions for the Economic Impact Estimate Full & Part-time Employment Total Annual Payroll Without Benefits Estimated Benefits Total Annual Payroll with Benefits Annual Average Wage without Benefits Annual Average Wage with Benefits 6,755 $276,981,000 30.9% $362,568,000 $41,004 $53,674 The AIKCU Frankfort, Kentucky, has provided the employment and wage values, utilizing National Center for Education Statistics (NCES) Integrated Postsecondary Education Data System (IPEDS) datasets. The employment and wage values are for the academic year 2014 to 2015. The employment and wage values are for AIKCU member institutions. Table 3: Wages and Employment - Member Colleges and Universities Institution Name Total Expenses - Salaries and Wages Full-Time Employees Part-Time Employees Total Employees AIKCU TOTAL $276,980,607 4864 1,891 6,755 Alice Lloyd College $4,279,559 104 13 117 Asbury University $16,860,281 317 169 486 Bellarmine University $35,663,155 461 298 759 Berea College $38,051,640 615 123 738 Brescia University $6,207,734 137 70 207 Campbellsville University $17,528,843 360 171 531 Centre College $22,782,925 400 42 442 Georgetown College $14,002,821 255 116 371 Kentucky Christian University $5,090,364 98 51 149 Kentucky Wesleyan College $5,588,101 117 64 181 Lindsey Wilson College $17,377,909 382 164 546 Midway University $6,443,082 99 80 179 Spalding University $15,380,214 233 103 336 Thomas More College $10,177,023 164 81 245 Transylvania University $16,233,882 277 37 314 Union College $7,418,072 160 41 201 University of Pikeville $16,941,756 290 51 341 University of the Cumberlands $20,953,246 395 217 612 Source: National Center for Education Statistics (NCES) Integrated Postsecondary Education Data System (IPEDS) HR Survey datasets - IPEDS FINANCE SURVEY (Spring 2015). Employee salary and wage data is for Spring 2015. 8
Spalding University, Louisville Economic Impact Operational Estimate (These impacts occur annually within the state of Kentucky) The comprehensive estimate of AIKCU s member institutions economic impact will combine direct, indirect, and induced economic effects. These economic impacts have been segmented as follows: Direct Effects: Direct effects are the initial employment and wage impacts of AIKCU s member institutions, id est, the direct employment of faculty and staff (full and part-time). Monies spent by the AIKCU s member institutions directly flow into the salaries of 4,864 full-time faculty and staff and 1,891 part-time faculty and staff. Total direct wages of $277 million were paid during the 2014 2015 academic year. Total direct wages inclusive of benefits during this academic year were $363 million. The average annual wage (inclusive of benefits) is $53,674 (full and part-time combined average). The direct GDP impact is estimated at $404 million (annual). Indirect Effects: This involves AIKCU s member institutions purchasing goods and services from other Kentucky businesses and industries. These recirculating dollars go on to support the employment of suppliers of goods and services to AIKCU s member institutions. These dollars continue to circulate further into Kentucky s economy as business owners and employees spend their wages in the state s economy (induced effect below). An estimated indirect 1,400 Kentucky jobs exist due to the operation of the AIKCU s member institutions. These industries may consist of food services, building maintenance/repair, employment services, computer related services, wholesale trade, waste management, tele- communications, utilities, air transportation, legal services, et cetera. Total indirect wages with benefits were more than $54.5 million. The average annual wage (inclusive of benefits) for those workers supporting the AIKCU s member institutions as suppliers of goods and services is $38,915 (estimate) annually. Indirect Kentucky (GDP) was $121 million (estimate) during the 2014 2015 academic year. Induced Effects: This involves the response by Kentucky s economy to the AIKCU s member institutions, which occurs through re-spending of income received at the direct and induced stages of the AIKCU s member institutions operating within the Commonwealth. The induced benefit is the result of direct AIKCU faculty and staff and the indirect jobs of the suppliers of goods and services to the AIKCU s member institutions spending money as consumers in Kentucky s economy. This money is recirculated through the household spending patterns, causing further local economic activity. An estimated induced 2,443 Kentucky jobs exist due to the operation of the AIKCU s member institutions. New jobs created in the areas of food services, plumbing, medical/dental care, barbershops, clothing sales, police & fire protection, lawn care, legal services, financial services, real estate, merchandise stores, automobile dealers, and service stations, et cetera, are due to the direct and indirect effects of the initial creation of jobs. Total induced wages with benefits were $99 million (annual). The average annual wage (inclusive of benefits) is $40,613. Induced Kentucky (GDP) was $175 million (estimate) during the 2014 2015 academic year. 9
Midway University, Midway The value added to Kentucky s economy on an annual operational basis by AIKCU s member institutions indicates this to be one of Kentucky s primary economic engines. 10 Total Economic Impact: The value added to Kentucky s economy on an annual operational basis by AIKCU s member institutions indicates this to be one of Kentucky s primary economic engines. AIKCU s member institutions direct employment of 6,755 (full and part-time) has the total estimated operational (recurring) economic impact of Creating a total of 10,599 Kentucky jobs which pay an average of $48,713 per year (inclusive of benefits); and Generating $700 million in Kentucky GDP annually; - Approximately 0.4% of Kentucky s total (GDP).
Table 4: Annual Operational Economic Impact Estimate for AIKCU Institutions Impact Type Employment Average Annual Wage and Salary (Inclusive of Benefits) Total Labor Income (Inclusive of Benefits) Gross Domestic Product/Value Added Direct Effect 6,755 $53,674 $362,568,000 $403,817,000 Indirect Effect 1,401 $38,915 $54,520,000 $120,864,000 Induced Effect 2,443 $40,613 $99,226,000 $174,894,000 Total Effect 10,599 $48,713 $516,314,000 $699,575,000 Note: All economic impacts values occur within Kentucky. Note: All impact values are annual. Note: Totals may have variance due to rounding. $700 Million Value Added to Kentucky s Economy by AIKCU Member Institutions (Gross Domestic Product Estimate Induced Effect 19% Indirect Effect 11% Direct Effect 70% Table 4 breaks the operational economic impact into direct, indirect, induced, and total effects on the state s economy. Tables 5 and 6 more specifically break out the employment and value added (GDP) impacts for the operational impact of the aggregated eighteen (18) AIKCU member institutions. This breakout is based on the North American Industry Classification System (NAICS). The industry sectors are delineated at the 2-digit NAICS level. 11
Table 5: Annual Employment Operational Economic Impact Estimate for AIKCU Member Institutions (2-digit NAICS) NAICS and Industry Sector Direct Indirect Induced Total Total 6,755 1,401 2,443 10,599 11 Agriculture, Forestry, Fish & Hunting - 19 12 31 21 Mining - 8 3 12 22 Utilities - 26 6 33 23 Construction - 46 30 76 31-33 Manufacturing - 28 20 50 42 Wholesale trade businesses - 31 52 83 44-45 Retail trade - 12 447 459 48-49 Transportation & Warehousing - 43 59 101 51 Information - 39 33 72 52 Finance & insurance - 44 154 198 53 Real estate & rental - 348 102 450 54 Professional- scientific & tech services - 101 95 196 55 Management of companies - 229 161 390 56 Administrative & waste services - 12 5 17 61 Educational services 6,755 67 67 6,888 62 Health & social services - - 528 528 71 Arts- entertainment & recreation - 33 66 100 72 Accommodation & food services - 129 337 466 81 Other services - 106 239 345 92 Government & non NAICs - 78 26 104 Note: All economic impacts values occur within Kentucky. Note: All impact values are annual. Note: Totals may have variance due to rounding. 12
Table 6: Annual Value Added (GDP) Operational Economic Impact Estimate for AIKCU Member Institutions (Values in $1000s) NAICS and Industry Sector Direct Indirect Induced Total Total $403,817 $120,864 $174,894 $699,575 11 Agriculture, Forestry, Fish & Hunting $0 $441 $294 $735 21 Mining $0 $385 $200 $586 22 Utilities $0 $6,276 $2,537 $8,813 23 Construction $0 $3,027 $1,948 $4,975 31-33 Manufacturing $0 $2,858 $3,280 $6,138 42 Wholesale trade businesses $0 $4,876 $8,090 $12,966 44-45 Retail trade $0 $494 $19,841 $20,335 48-49 Transportation & Warehousing $0 $3,141 $4,005 $7,146 51 Information $0 $6,907 $6,410 $13,316 52 Finance & insurance $0 $3,763 $13,481 $17,244 53 Real estate & rental $0 $48,426 $42,752 $91,177 54 Professional- scientific & tech services $0 $6,664 $6,296 $12,960 55 Management of companies $0 $7,893 $6,397 $14,290 56 Administrative & waste services $0 $1,004 $415 $1,419 61 Educational services $403,817 $1,304 $2,134 $407,255 62 Health & social services $0 $1 $33,031 $33,033 71 Arts- entertainment & recreation $0 $736 $1,898 $2,633 72 Accommodation & food services $0 $3,600 $9,871 $13,471 81 Other services $0 $6,485 $8,516 $15,001 92 Government & non NAICs $0 $12,583 $3,499 $16,082 Note: All economic impacts values occur within Kentucky. Note: All impact values are annual. Note: Totals may have variance due to rounding. 13
Comparable to the economic effects produced by AIKCU s member institutions Professional industry sectors such as medical offices, law firms, insurance agencies, accounting firms, veterinary services, and private higher education institutions are industries that have similar employment impacts for Kentucky economy. The graph below provides prospective concerning how AIKCU s member institutions fit into Kentucky s economy. The employment multiplier for AIKCU s member institutions is comparable to these Kentucky professional (white-collar) industries. 160 120 80 40 Induced Employment Indirect Employment Direct Employment TOTAL Employment per 100 Direct 0 AIKCU Members Accounting Dentist Office Newspaper Publishing Veterinary Services Hotels 36.2 39.8 36.8 29.8 30.4 22.8 20.7 15.2 17.5 22.3 21.4 23.2 100.0 100.0 100.0 100.0 100.0 100.0 156.9 155 154.3 152.1 151.8 146 14
Centre College, Danville Taxes AIKCU s member institutions are nonprofit entities operated as educational and research organizations. Therefore, AIKCU s member institutions are exempt from direct taxation. This does not mean that the economic effects of these institutions do not generate tax revenue. The 6,755 direct full and part-time employees of the AIKCU s member institutions do pay personal taxes without exemption to federal, state, and local governments. These taxes consist of income, occupational, sales, ad valorem, license, excise, social security, et cetera, taxes. Additionally, the indirect and induced businesses, the employees, and the commerce generated by AIKCU s member institutions pay taxes. AIKCU s member institutions economic effects generate estimated Kentucky state and local tax revenue (annual) of $24 million. AIKCU s member institutions economic effects generate estimated federal tax revenue (annual) of $98 million. Approximately $60 million of the federal taxes are social insurance tax (primarily Social Security). Note: This economic impact estimate does not include taxes paid to school districts (education taxes) in the tax estimates. Table 7 (below) provides a breakout estimate of Kentucky state and local taxes paid. Table 8 (below) provides a breakout estimate of federal taxes paid. AIKCU s member institutions economic effects generate estimated Kentucky state and local tax revenue (annual) of $24 million. 15
Table 7: Annual Kentucky State and Local Taxes based on economic activities which occur in Kentucky State and Local Taxes (Estimates Exclude Education Taxes) Total Tax Social Ins Tax- Employee Contribution (1) $ 363,000 Social Ins Tax- Employer Contribution (2) $ 733,000 Tax on Production and Imports: Sales Tax (3) $ 4,884,000 Tax on Production and Imports: Property Tax (4) $ 2,588,000 Tax on Production and Imports: Motor Vehicle License (5) $ 74,000 Tax on Production and Imports: Severance Tax (6) $ 194,000 Tax on Production and Imports: Other Taxes (7) $ 290,000 Tax on Production and Imports: S/L NonTaxes (8) $ 16,000 Corporate Profits Tax (9) $ 653,000 Personal Tax: Income Tax (10) $ 12,728,000 Personal Tax: NonTaxes (Fines- Fees) (11) $ 734,000 Personal Tax: Motor Vehicle License (12) $ 376,000 Personal Tax: Property Taxes (13) $ 130,000 Personal Tax: Other Tax (Fish/Hunt) (14) $ 232,000 Total State and Local Tax $ 23,995,000 1. Tax estimates are model based. 2. Estimates are based on 6,755= direct, 1,401= indirect, 2,443 = induced Kentucky AIKCU jobs. 3. Local education taxes are excluded. Table 8: AIKCU Member Institutions Estimated Annual Kentucky Federal Taxes based on economic activities which occur in Kentucky Federal Taxes Total Tax Social Ins Tax- Employee Contribution (15) $31,037,000 Social Ins Tax- Employer Contribution (16) $29,373,000 Tax on Production and Imports: Excise Taxes (17) $3,399,000 Tax on Production and Imports: Custom Duty (18) $1,280,000 Tax on Production and Imports: Fed NonTaxes (19) $208,000 Corporate Profits Tax (20) $3,552,000 Personal Tax: Income Tax (21) $29,015,000 Total Federal Tax $97,863,000 1. Tax estimates are model based. 2. Estimates are based on 6,755= direct, 1,401= indirect, 2,443 = induced Kentucky AIKCU jobs. 16
Technical notes: The online version of this document includes elements that do not appear in this print version, including: a glossary of economic impact terms; tax data sources; notes on multipliers, methodologies and sources; and a detailed appendix. To download the full version, visit http://aikcu.org. Methodology/Sources (partial) The economic impacts estimates and conclusions resulting from this study have been derived from Minnesota IMPLAN Group, Inc. databases. This aggregate database is primarily composed of government data sources including information from US Bureau of Economic Analysis Benchmark I/O Accounts of the US; US Bureau of Economic Analysis Output Estimates; US Bureau of Economic Analysis REIS Program; US Bureau of Labor Statistics ES 202 Program; US Bureau of Labor Statistics Consumer Expenditure Survey; US Bureau of County Business Patterns; US Census Bureau Decennial Census and Population Surveys; US Census Bureau Economic Census and Surveys; US Department of Agriculture; and US Geological Survey. Model Source: The estimates are derived from and based on IMPLAN 2015 databases and IMPLAN Version 3.1 software system matrices. Prepared by Phil Flynn Economist Versailles, Kentucky The information provided herein is believed to be accurate and has been prepared for the Association of Independent Kentucky Colleges and Universities (AIKCU). Users of the information other than AIKCU and/or those authorized by AIKCU should perform their own due diligence in drawing conclusions from the information provided. This economic impact report is not a product of any government agency. The Association of Independent Kentucky Colleges & Universities (AIKCU) 484 Chenault Road Frankfort, Kentucky 40601 502.695.5007 http://aikcu.org
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