I am interested in modeling the economic impact of a scholarship program. The scholarship funds would be from out of state donors to cover the tuition of in-state students. Is there any new economic impact? The scholarship would only cover a few students, not enough to change the size of the program or hire new staff. If there is no new economic impact, would it be fair to run this as an industry contribution analysis that would support ongoing operations?
In order to model the value of the scholarships in IMPLAN, we will have to drill into what exactly those dollars are going to represent -
As these are going to be dollars given directly to students, we will have to assume which portion of the scholarship will be used for tuition and which portion goes to books, etc. To keep it simple, let's say that we know that 1/5 of a $1M scholarship fund is going to be spent on books, while the other $800k is directly for tuition costs. So to model the $1M scholarship, we would have two Events in IMPLAN, $200k would be Output in Industry 410 - Retail - Sporting goods, hobby, musical instrument and book stores, and the other $800k would be Industry Output in Industry 481- Junior colleges, colleges, universities, and professional schools.
Hope this helps!
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