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Why Use a Student Return on Investment Calculator?
A calculator tool can offer students an understanding of library services and their "financial relationship" to the library. Interactive ROI calculators list the most used library services and resources and help students to get an estimate of the value of their personal use of the library.
Alternatively, or in addition, you can prepare a worksheet of the expected use of the library that students would need to realize the value of their tuition contribution. A sample table is provided in the "Value of Resources and Services" tab.
In academic year 2017-2018 (July 2017 to June 2018), a full time student paid about $614 of their tuition to support the Library. Under the tab labeled “Value of Resources and Services” we have assigned values for our most-used services to show you how to “take advantage” of the Library and get the most from your tuition money this academic year.
Additionally, you may use this calculator to determine your personal “return on investment” from the Library.
Create Your Own!
Steps to Creating Your Own ROI Calculator:
- Set up a profile document - easy access to all the numbers you may use and need. Your ACRL stats are a great way to start!
- Decide on the services and values you want to include - this can be as minimal or as comprehensive as you want
- Establish values for the resources and services - conservative estimates are recommended. Sample formulas included in the documents below
- Create a sample chart of student actions: minimum level of use of listed services/resources in one year to realize a student's tuition value
- Download and customize calculator code
- Publish your calculator! You can use the Page Template in the next tab to create a LibGuide for your library
PALNI ROI Calculator Worksheet
Includes spreadsheets for developing a library data profile, calculating values, and setting up institutional and student ROI tables.
Financial Management in Academic Libraries: Data-Driven Planning and Budgeting by
Call Number: available in ProQuest Ebook Central
Publication Date: 2017