NVI Technical College Information

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The indirect cost approach methodology was utilized for the value estimate associated with the furniture, fixtures, and equipment asset classes including:

• Automotive repair and diagnostic equipment • Automotive training modules and equipment • Furniture and fixtures • Office and technology equipment

The indirect costs were obtained through the analysis of asset inventory files provided by BVI. CAA assumed all costs associated with the cost of acquiring and installing the asset (i.e., sales tax, installation, freight, procurement, engineering and design) were included in the initial costs. The first step in our valuation process for personal property assets was to estimate the asset’s replacement cost new (RCN). Estimates of RCN for the subject assets were made by multiplying an asset ’ s original acquisition cost by a trend factor, which represents price inflation since the acquisition date. Trend factors were based on cost indices published by the U.S. Bureau of Labor Statistics. We then reduced the RCN by applying depreciation based on the normal useful life per asset class and the asset’s respective age.

CONCLUSION OF VALUES

We reconciled the value indications obtained from the indirect and direct cost approaches to determine our final conclusions of the fair value of the subject assets.

Based upon the procedures, analysis and findings further described in this report, it is our opinion that the fair value of the subject assets is fairly represented below.

REPLACEMENT COST

Replacement Value: $27,807,975

Twenty-Seven Million, Eight Hundred Seven Thousand, Nine Hundred Seventy-Five

FAIR MARKET VALUE

Fair Market Value: $18,502,418

Eighteen Million, Five Hundred Two Thousand, Four Hundred Eighteen

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