Question Details

[answered] Main Street Cultural Arts Center - A Technology Decision A


  • Address specifically the following questions:
    • Should Main Street buy a standard setup, buy a virtual network, lease a standard setup, or lease a virtual network? Why??
    • For each of the four options, determine:
      • How much cash is needed in present value dollars for the capital purchase?
      • What is the total investment value in present value dollars?
      • What is the internal rate of return for the investment?
    • For comparative purposes, if Main Street were a for-profit entity with aneffective federal tax rateof 25 percent and all other factors remain the same, would your decision remain the same? Why? For each of these four options, determine the following:
      • How much cash is needed in present value dollars for the capital purchase?
      • What is the total investment value in present value dollars?
      • What is the internal rate of return for the investment?
    • If Main Street accelerated its depreciation through thedouble-declining method, would that influence the decision? Why?
    • If Main Street had a minimum internalrequired rate of returnof 12 percent for any new investments, what option would best meet this requirement?
    • If terms could be negotiated so that the lease were designated acapital lease, would that influence the decision? Why?
    • What other factors or options, financial or nonfinancial, should the stakeholders consider before a decision is made?



Main Street Cultural Arts Center ? A Technology Decision

 

A Teaching Case Study In Capital Equipment Purchasing Decision Making Educational material supplied by The Case Centre

 

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Order reference F283593 This case was written by Patrick A. Kelsey, MBA, MFA, Professor, Department of Arts Administration,

 

Savannah College of Art and Design. It is intended to be used as the basis for class discussion rather

 

than to illustrate either effective or ineffective handling of a management situation.

 

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A Teaching Case Study In Capital Equipment Purchasing Decision Making

 

By Patrick A. Kelsey, MBA, MFA

 

Professor, Department of Arts Administration, Savannah College of Art and

 

Design This case study presents a situation where an organization must decide whether to buy

 

or lease its information technology infrastructure. The situation takes into account the topics

 

of expensing,1 assets,2 depreciation,3 and the time value of money.4 While many other factors

 

may also play a role in the decision making process, for the purpose of this case study only

 

the monetary factors have a significant influencing factor on the decision makers. Educational material supplied by The Case Centre

 

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Order reference F283593 Organizational Background

 

Main Street Cultural Arts Center (?Main Street?) is a 501(c) (3) charitable

 

organization about to celebrate its 15-year anniversary. Main Street operates on a $5 million

 

operating budget and serves as interdisciplinary producer and presenter of various art forms

 

ranging from gallery exhibitions to after-school classes to performing arts performances.

 

With a full-time staff of fifteen, and three minimum seasonal staff at any one time, it serves

 

about 75,000 annually. Additional labor is hired either seasonally or based on programming

 

needs. As a registered 501(c) (3), it must follow both federal and state reporting

 

requirements, and due to its budget size, it requires an annual independent accounting audit

 

1 Expense is defined as money spent or costs incurred that are tax-deductible and reduce taxable

 

income. Investopedia, s.v. ?expense,? accessed April 4, 2014,

 

http://www.investopedia.com/terms/e/expense.asp.

 

2

 

Asset is defined as a resource with economic value that an individual, corporation or country owns or

 

controls with the expectation that it will provide future benefit. It is a balance sheet item representing what a

 

firm owns. In the context of accounting, assets are either current or fixed (non-current). Current means that the

 

asset will be consumed within one year. Generally, this includes things like cash, accounts receivable, and

 

inventory. Fixed assets are those that are expected to keep providing benefit for more than one year, such as

 

equipment, buildings, and real estate. Investopedia, s.v. ?asset,? accessed April 4, 2014,

 

http://www.investopedia.com/terms/a/asset.asp.

 

3

 

Depreciation is defined as a method of allocating the cost of a tangible asset over its useful life.

 

Businesses depreciate long-term assets for both tax and accounting purposes. It is a contra account on the

 

balance sheet. For accounting purposes, depreciation indicates how much of an asset's value has been used up.

 

For tax purposes, businesses can deduct the cost of the tangible assets they purchase as business expenses;

 

however, businesses must depreciate these assets in accordance with IRS rules about how and when the

 

deduction may be taken based on what the asset is and how long it will last. Equipment, software licenses, and

 

installation costs are commonly depreciated. Investopedia, s.v. ?depreciation,? accessed April 4, 2014,

 

http://www.investopedia.com/terms/d/depreciation.asp.

 

4

 

Time Value of Money is defined as the idea that money available at the present time is worth more

 

than the same amount in the future due to its potential earning capacity. This core principle of finance holds

 

that, provided money can earn interest, any amount of money is worth more the sooner it is received. It is

 

standard that any capital purchases (or first lease payments) are recorded and accounted for in year 0.

 

Alternatively, year 1 would represent a time that is in fact 12 months after the purchase or payment.

 

Investopedia, s.v. ?time value of money,? accessed April 4, 2014,

 

http://www.investopedia.com/terms/t/timevalueofmoney.asp. 2 Purchased for use by Shujun Xu on 10-Nov-2016. Order ref F283593.

 

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under Generally Accepted Accounting Principles (GAAP).5 Under GAAP, Main Street

 

chooses to use the straight-line method6 for asset depreciation using a term of 5 years for

 

their office equipment as opposed to the double-declining method.7 For capital leases,

 

however, it uses a term of up to 7 years. Approximately 60% of the total revenue is

 

contributed income.8 About 100 institutional funders as well as 7,000 individual donors with

 

gifts ranging from $25 - $25 thousand make up the current contributed income. The average

 

gift size is $150 and the expected donor lifetime value9 is about 5 years before donors find a

 

new organization to support. In addition, Main Street estimates that 75% of total revenue is

 

processed through credit cards. Main Street has an average in-house merchant discount rate

 

of 3.5%.10 To date, Main Street has operated on a balanced budget; however, at times it has not

 

always been able to take advantage of growth opportunities or capacity building let alone to

 

follow best practices related to long-term sustainability. It barely weathered the recent

 

recession through expense cutting and postponing of hiring desperately needed staff. Educational material supplied by The Case Centre

 

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Order reference F283593 From an information technology perspective, Main Street currently works on what is

 

an antiquated or out of date information technology infrastructure piecing together largely 5 Generally Accepted Accounting Principles (GAAP) are the common set of accounting principles,

 

standards and procedures that companies use to compile their financial statements. GAAP are a combination of

 

authoritative standards (set by policy boards) and simply the commonly accepted ways of recording and

 

reporting accounting information. GAAP are imposed on companies so that investors have a minimum level of

 

consistency in the financial statements they use when analyzing companies for investment purposes. GAAP

 

cover such things as revenue recognition, balance sheet item classification, and outstanding share

 

measurements. Companies are expected to follow GAAP rules when reporting their financial data via financial

 

statements. Investopedia, s.v. ?generally accepted accounting principles,? accessed April 4, 2014,

 

http://www.investopedia.com/terms/g/gaap.asp.

 

6

 

Straight-Line Method is a method of computing amortization (depreciation) by dividing the difference

 

between an asset's cost and its expected salvage value (the book value) by the number of years it is expected to

 

be used. If there is any residual value in the final year, it is added to the final year so the total book value

 

amount is accounted for. Investopedia, s.v. ?straight line basis,? accessed April 4, 2014,

 

http://www.investopedia.com/terms/s/straightlinebasis.asp.

 

7

 

Double-Declining Method is defined as an accelerated depreciation method that counts twice as much

 

of the asset?s book value each year as an expense compared to straight-line depreciation. It should be noted that

 

if there is any residual value in the final year, it is added to the final year so the total depreciation amount is

 

accounted for. Investopedia, s.v. ?double-declining balance depreciation model,? accessed April 4, 2014,

 

http://www.investopedia.com/terms/d/double-declining-balance-depreciation-method.asp.

 

8

 

Contributed Income are gifts, grants or other similar amounts from the general public, governmental

 

units, foundations, and other exempt organizations. The general public includes individuals, corporations,

 

trusts, estates, and other entities. Voluntary contributions are payments, or the part of any payment, for which

 

the payer (donor) does not receive full retail value (fair market value) from the recipient (donee) organization.

 

US Internal Revenue Service, IRS Publication i990 - Instructions for Form 990 Return of Organization Exempt

 

From Income Tax, December 2, 2013.

 

9

 

Donor Lifetime Value is defined as how much a given donor might be worth to the organization over

 

time. Sargeant, Adrian and Jen Shang, ?Donor Retention and Loyalty,? Study Fundraising, accessed April 4,

 

2014, http://www.studyfundraising.info/page52.php.

 

10

 

Merchant Discount Rate is defined as the rate charged to a merchant by a bank for providing debit

 

and credit card services. The rate is determined based on factors such as volume, average ticket price, risk, and

 

industry. Investopedia, s.v. ?merchant discount rate,? accessed April 4, 2014,

 

http://www.investopedia.com/terms/m/merchant-discount-rate.asp 3 Purchased for use by Shujun Xu on 10-Nov-2016. Order ref F283593.

 

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Order reference F283593 ?in-kind?11 equipment donations over time. Though connected to the World Wide Web via

 

its internet technology, Main Street does not maintain a database server12 nor is it able to

 

process transactions online. The Sales Department maintains the current database on a single

 

terminal. The other Departments share the information through exporting and importing a

 

copy of the data periodically, but such data may be used for reference purposes only. To that

 

end, Main Street must also rely on other vendors or services to sell tickets or take donations

 

online. Through some analysis, it is estimated that 13.164% of all credit card charges are

 

online through a third-party service, which is 1.5% higher than its own in house merchant

 

discount rate. If problems arise, a staffer who has some experience with computers helps to

 

the best of their ability. Absent internal help and simple problems that develop, they are

 

required to call a local professional IT services provider to troubleshoot. They do have a

 

Board member that contributes some in-kind maintenance labor through his firm, but this inkind labor only provides limited assistance. While it may help Main Street, if the help

 

stopped it would not be necessary to pay an outside firm for the same services.

 

The newly hired Executive Director, Sam, quickly recognized that without an upgrade

 

or straight replacement in their information technology infrastructure they will continue to

 

miss growth or capacity building opportunities, cost savings by bringing their sales and

 

donations in house, and/or operational efficiency using shared data updated in real-time.

 

Through some estimating and anecdotal information, Sam thought that contributed income

 

might increase by one-half percent (.5%) from spontaneous online donations if donors were

 

not routed through a third-party provider. In addition, discussions have begun regarding a

 

possible capital campaign with a goal of at least three times their current operating budget.

 

After discussions with the staff and Board of Directors, Sam decided to prioritize the

 

acquisition and installation of a new information technology infrastructure that can help them

 

operate more effectively and more efficiently while remaining cost effective.

 

After much research using a five-year term, it came down to either buy or lease. Sam

 

was confident that lease terms would include all initial installation costs as well as any costs

 

related to replacing equipment for the first two years, which was a relief as it was expected

 

that that one computer would fail per year for the term and would need to be replaced. All

 

other hardware is expected to continue operating. In addition to any replacement computer

 

costs incurred, there would be an associated cost for installation charged for any non-virtual

 

network computer. A computer replacement on a virtual network can be easily completed in

 

house by existing staff.

 

Omitted was an in-kind option, as they were not able to obtain a satisfactory system to

 

use as a long-term solution. An alternative to each of the two scenarios, though, was to adopt 11 In-Kind is defined as a contribution of property made to a qualified organization. A contribution is

 

?for the use of? a qualified organization when it is held in a legally enforceable trust for the qualified

 

organization or in a similar legal arrangement. It is valued at a fair market price. Among other restrictions, inkind may not include the value of time or services. US Internal Revenue Service, IRS Publication 526 Charitable Contributions, November 12, 2013.

 

12

 

Database Server is the term used to refer to the back-end system of a database application using

 

client/server architecture. The back-end, sometimes called a database server, performs tasks such as data

 

analysis, storage, data manipulation, archiving, and other non-user specific tasks. Webopedia, s.v. ?database

 

server,? accessed April 4, 2014, http://www.webopedia.com/term/d/database_server.html. 4 Purchased for use by Shujun Xu on 10-Nov-2016. Order ref F283593.

 

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either a virtual network,13 i.e., cloud computing, or a non-virtual or standard network. There

 

would also be the decision to accept the proposed lease terms as an operating lease14 or

 

negotiate the lease to be defined as a capital lease.15 Main Street does not plan to incur more

 

debt. Main Street currently does have a small line of credit with their local bank. The cost of

 

capital16 for Main Street is set at an annual rate of 10%. Any capital or initial payment would

 

be required before Main Street took possession of the equipment. Educational material supplied by The Case Centre

 

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Order reference F283593 13 Virtual Network is defined as the use of software VNC, acronym for virtual network computing,

 

making it possible to interact with a computer from any computer or mobile device on the Internet. VNC

 

software provides cross-platform support allowing remote control between different types of computers. It is

 

essentially one computer hosting all applications and data to where terminals or other devices may access the

 

information, but the information does not reside or get saved to that terminal or device. Webopedia, s.v. ?virtual

 

network computing,? accessed April 4, 2014,

 

http://www.webopedia.com/term/v/virtual_network_computing.html.

 

14

 

Operating Lease is defined as a contract that allows for the use of an asset, but does not convey

 

rights of ownership of the asset. An operating lease is not capitalized; it is accounted for as a rental expense in

 

what is known as "off balance sheet financing.? For the lessor, the asset being leased is accounted for as an

 

asset and is depreciated as such. Operating leases have tax incentives and do not result in assets or liabilities

 

being recorded on the lessee's balance sheet, which can improve the lessee's financial ratios. Investopedia, s.v.

 

?operating lease,? accessed April 4, 2014, http://www.investopedia.com/terms/o/operatinglease.asp.

 

15

 

Capital Lease is defined as a lease considered to have the economic characteristics of asset

 

ownership. A capital lease would be considered a purchased asset for accounting purposes. With such a

 

purchase, a liability would also be recorded. Therefore, the capital lease would impact the balance sheet

 

performance and associated ratios. An operating lease, on the other hand, would be handled as a true lease, or

 

rental, for accounting purposes. The choice of lease classification will have important results on a firm's

 

financial statements. A lease falls into this category if any of the following requirements are met: 1. The life of

 

the lease is 75% or greater of the assets useful life. 2. The lease contains a purchase agreement for less than

 

market value. 3. The lessee gains ownership at the end of the lease period. 4. The present value of lease

 

payments is greater than 90% of the asset's market value. Investopedia, s.v. ?capital lease,? accessed April 4,

 

2014, http://www.investopedia.com/terms/c/capitallease.asp.

 

16

 

Cost of Capital is defined as the cost of funds used for financing a business. Cost of capital depends

 

on the mode of financing used ? it refers to the cost of equity if the business is financed solely through equity, or

 

to the cost of debt if it is financed solely through debt. Many companies use a combination of debt and equity to

 

finance their businesses, and for such companies, their overall cost of capital is derived from a weighted average

 

of all capital sources, widely known as the weighted average cost of capital (WACC). Since the cost of capital

 

represents a hurdle rate that a company must overcome before it can generate value, it is extensively used in the

 

capital budgeting process to determine whether the company should proceed with a project. The cost of debt is

 

merely the interest rate paid by the company on such debt. Investopedia, s.v. ?cost of capital,? accessed April 4,

 

2014, http://www.investopedia.com/terms/c/costofcapital.asp. 5 Purchased for use by Shujun Xu on 10-Nov-2016. Order ref F283593.

 

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Please note that you are not permitted to reproduce or redistribute it for any other purpose. Sam did some shopping around and came up with some figures for the four scenarios

 

(See Exhibits A, B, C, and D). With research, Sam also found that for select scenarios that

 

10% of the capital purchase could be salvaged in the end. A board meeting was coming up

 

soon so it was time to analyze the scenarios and to present the findings with a

 

recommendation. 115-041-1

 

Questions

 

1. Should Main Street, a not-for-profit, buy a standard network setup, buy a virtual

 

network setup, lease a standard network setup, or lease a virtual network setup?

 

Why?

 

For each of the four (4) scenarios determine:

 

a. How much cash is needed, in net present value dollars, for the capital

 

purchase? c. What is the internal rate of return for the investment?

 

2. If Main Street was a for-profit entity with an effective federal tax rate of 25%17 and

 

all

 

other factors remain the same, would your decision remain the same? Why? Educational material supplied by The Case Centre

 

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Order reference F283593 For each of the four (4) scenarios determine:

 

a. How much cash is needed, in net present value dollars, for the capital

 

purchase?

 

b. What is the total investment value in net present value dollars?

 

c. What is the internal rate of return for the investment?

 

3. If Main Street, in both the not-for-profit and for-profit situation, accelerated their

 

depreciation through the double-declining method, would that influence the decision?

 

Why?

 

4. If Main Street had a minimum internal required rate of return18 of 12% for any new

 

investment in assets, what scenario would closest meet this requirement?

 

5. If terms could be negotiated so the lease for a virtual network was designated a capital

 

lease using straight line depreciation and analysis for the same initial 5-year time

 

period, would that influence the decision? Why?

 

6. What other factors or options, financial or non-financial, should Sam consider before

 

a decision is made?

 

17 Effective tax rate is computed by dividing total tax expenses by the firm's earnings before taxes. The

 

effective tax rate is the net rate a taxpayer pays if all forms of taxes are included and divided by taxable income.

 

Investopedia, s.v. ?effective tax rate,? accessed April 4, 2014,

 

http://www.investopedia.com/terms/e/effectivetaxrate.asp.

 

18

 

Required Rate of Return is defined as the minimum annual percentage earned by an investment that

 

will induce individuals or companies to put money into a particular security or project. Investopedia, s.v.

 

?required rate of return,? accessed April 4, 2014, http://www.investopedia.com/terms/r/requiredrateofreturn.asp. 6 Purchased for use by Shujun Xu on 10-Nov-2016. Order ref F283593.

 

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Please note that you are not permitted to reproduce or redistribute it for any other purpose. b. What is the total investment value, in net present value dollars? 115-041-1

 

Exhibit A - Standard Equipment Needs

 

Price Per Unit

 

$750.00

 

$5,000.00

 

$175.00

 

$2,000.00

 

$200.00

 

$275.00

 

$5,000.00

 

$100.00/hour

 

$1,500.00

 

$100.00/hour

 

$100.00/hour

 

$100.00/hour Educational material supplied by The Case Centre

 

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Order reference F283593 Exhibit B - Standard Equipment Needs For A Virtual Network

 

Description(s)

 

? 18 Computers (15 staff, 3 workstations)

 

? 1 Server

 

? 15 Black/white printers

 

? 1 Color network printer

 

? 18 Monitors

 

? 18 Operating licenses for desktop applications (one time

 

only)

 

? Donor database license (initial fee)

 

? Install labor (2 hour/ computer and/or 24 hours/server)

 

? Donor database annual service agreement fee

 

? Initial training on new systems (1 day/8 hours, year 1 only)

 

? Maintenance labor (4 hours/month)

 

? In-kind maintenance labor (2 hours/month) 7 Price Per Unit

 

$600.00

 

$20,000.00

 

$175.00

 

$2,000.00

 

$200.00

 

$275.00

 

$5,000.00

 

$100.00/hour

 

$1,500.00

 

$100.00/hour

 

$100.00/hour

 

$100.00/hour Purchased for use by Shujun Xu on 10-Nov-2016. Order ref F283593.

 

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? 18 Computers (15 staff, 3 workstations)

 

? 1 Server

 

? 15 Black/white printers

 

? 1 Color network printer

 

? 18 Monitors

 

? 18 Operating licenses for desktop applications (one time

 

only)

 

? Donor database license (initial fee)

 

? Install labor (2 hour/computer and/or 8 hours/server)

 

? Donor database annual service agreement fee

 

? Initial training on new systems (1 day/8 hours, year 1 only)

 

? Maintenance labor (8 hours/month)

 

? In-kind maintenance labor (4 hours/month) 115-041-1

 

Exhibit C ? Lease Standard Equipment Needs

 

Price Per Unit

 

$8,679.24

 

Included in lease

 

Included in lease

 

Included in lease

 

Included in lease

 

Included in lease

 

Included in lease

 

Included in lease

 

Included in lease

 

$1,500.00

 

$100.00/hour

 

$100.00/hour

 

$100.00/hour

 

$750.00 Exhibit D ? Lease Standard Equipment Needs For A Virtual Network

 

Description(s)

 

? Annual lease (paid at beginning of year)

 

? 18 Computers (15 staff, 3 workstations)

 

? 1 Server

 

? 15 Black/white printers

 

? 1 Color network printer

 

? 18 Monitors

 

? 18 Operating licenses for desktop applications (one time

 

only)

 

? Donor database license (initial fee)

 

? Install labor (2 hour/computer and/or 24 hours/server)

 

? Donor database annual service agreement fee

 

? Initial training on new systems (1 day/8 hours, year 1 only)

 

? Maintenance labor (4 hours/month)

 

? In-kind maintenance labor (2 hours/month)

 

? Replacement Computer 8 . Price Per Unit

 

$11,616.26

 

Included in lease

 

Included in lease

 

Included in lease

 

Included in lease

 

Included in lease

 

Included in lease

 

Included in lease

 

Included in lease

 

$1,500.00

 

$100.00/hour

 

$100.00/hour

 

$100.00/hour

 

$600.00 Purchased for use by Shujun Xu on 10-Nov-2016. Order ref F283593.

 

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