UBC Undergraduate Research

Furniture Reuse Enterprise Chaudhary, Abhinav; Chandran, Magesh; Bhattad, Mahesh; Kaushal, Girish; Paul, Arun 2009-12-07

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 UBC Social, Ecological Economic Development Studies (SEEDS) Student Reports  Furniture Reuse Enterprise Abhinav Chaudhary  Magesh Chandran Mahesh Bhattad Girish Kaushal Arun Paul University of British Columbia MBA December 7, 2009     Disclaimer: “UBC SEEDS provides students with the opportunity to share the findings of their studies, as well as their opinions, conclusions and recommendations with the UBC community. The reader should bear in mind that this is a student project/report and is not an official document of UBC. Furthermore readers should bear in mind that these reports may not reflect the current status of activities at UBC. We urge you to contact the research persons mentioned in a report or the SEEDS Coordinator about the current status of the subject matter of a project/report.”ii  Furniture Reuse Enterprise   Prepared for SEEDS Program UBC Sustainability Office  Prepared by Abhinav Chaudhary  Magesh Chandran Mahesh Bhattad Girish Kaushal Arun Paul   Acknowledgments Colin Gibson, Moving Crew Liska Richer, SEEDS Coordinator Kara Bowen, Coordinator, Sustainability Program  iii   7th December 2009  Table of Contents Executive Summary   ........................................................................................................................ v 1 UBC and Sustainability   ........................................................................................................... 1 2 Need for Furniture Reuse Enterprise   ....................................................................................... 2 3 Reuse Operations today   ........................................................................................................... 2 4 Business and Product   ............................................................................................................... 3 5 Market Research and Analysis   ................................................................................................ 3 5.1 Market Segmentation   ....................................................................................................... 4 5.2 Customers   ......................................................................................................................... 5 5.3 Primary Market Research   ................................................................................................. 5 5.4 Secondary Market Research   ............................................................................................. 7 5.5 Market Size and Trends  .................................................................................................... 9 5.6 Competition and Competitive Edges  .............................................................................. 10 5.7 Estimated Market Share and Sales Projection  ................................................................ 10 6 Marketing Plan   ...................................................................................................................... 11 6.1 Segment   .......................................................................................................................... 11 6.2 Product   ........................................................................................................................... 11 6.3 Pricing   ............................................................................................................................ 11ii  6.4 Distribution  ..................................................................................................................... 12 6.5 Promotion   ....................................................................................................................... 13 6.6 Marketing Calendar   ........................................................................................................ 14 6.7 Sales Strategy   ................................................................................................................. 14 6.8 Sales Forecast   ................................................................................................................. 14 7 The Economics of the Business   ............................................................................................. 15 7.1 Investments  ..................................................................................................................... 15 7.2 Gross and Operating Margins   ........................................................................................ 15 7.3 Fixed and Variable Cost   ................................................................................................. 16 7.4 Breakeven Point   ............................................................................................................. 16 7.5 Income Statement   ........................................................................................................... 16 7.6 Cash Flow Statement   ...................................................................................................... 17 7.7 Sensitivity Analysis   ........................................................................................................ 17 7.8 Value Created   ................................................................................................................. 18 8 Operations   .............................................................................................................................. 18 8.1 Current operations   .......................................................................................................... 18 8.2 Proposed operations   ....................................................................................................... 19 8.3 Storage   ............................................................................................................................ 20 8.4 Selling  ............................................................................................................................. 20 8.5 Staff   ................................................................................................................................ 21iii  9 Human Resources and Organizational Structure   ................................................................... 21 9.1 Human Resources   ........................................................................................................... 21 9.2 Organizational Structure   ................................................................................................ 22 10 Major Risks  ............................................................................................................................ 22 11 APPENDICES   ....................................................................................................................... 24 11.1 APPENDIX 1: Current Operations  ............................................................................. 24 11.2 APPENDIX 2: Proposed Operations   .......................................................................... 24 11.3 APPENDIX 3:Perceptual map of Furniture Market   ................................................... 25 11.4 APPENDIX: 4 Perceptual Map of used furniture market   .......................................... 25 11.5 APPENDIX 5: Primary Market Survey results   .......................................................... 26 11.6 APPENDIX 6: Secondary Market Research   .............................................................. 28 11.7 APPENDIX 7: Secondary Quantitative Market Research   ......................................... 29 11.8 APPENDIX 8: Organizational Structure   .................................................................... 30 11.9 APPENDIX : Porters Analysis   ................................................................................... 30 11.10 APPENDIX 10: Dumping Charges For Departments   ................................................ 31 11.11 APPENDIX 11: Sales Mix   ......................................................................................... 31 11.12 APPENDIX 12: Start-Up Investment Costs   ............................................................... 32 11.13 APPENDIX 13: Monthly Income Statement  .............................................................. 33 11.14 APPENDIX 14: Income Statement for first 5 years   ................................................... 34 11.15 APPENDIX 15: Statement of Cash Flow for first 5 years   ......................................... 34iv  11.16 APPENDIX 16: Generation of Value in the whole chain   .......................................... 35 11.17 APPENDIX 17: Annual Savings for Students and Departments of UBC   .................. 35 11.18 APPENDIX 18: Value generated over a period of 5 years   ........................................ 35 11.19 APPENDIX 19: Contribution Analysis for sales of furniture.   ................................... 36 11.20 APPENDIX 20: Breakeven calculations   .................................................................... 36 11.21 APPENDIX 20: Sensitivity Analysis   ......................................................................... 36 12 REFERENCES:   ..................................................................................................................... 37  v  Executive Summary With the global community becoming increasingly conscious about protecting the environment and saving wastages from going to the landfill, the proposed UBC Furniture Reuse Enterprise will function as an entity that will collect, warehouse, and resell furniture that could be reused within the UBC community. The UBC community here will include all the 49 departmental buildings in the university, the staff, students and all residences in the UBC campus. Reusing old furniture will meet two critical needs:  • It will prevent reusable furniture from going unnecessarily to the landfill and help generate revenues by selling them to interested buyers.  • It will help realize cost savings for the various departments that would otherwise incur dumping charges. The moving crew which currently operates under UBC’s Plant Operations department collects an average of 50 cubic yards of furniture per month from various departments. With an average of 30 cubic yards of reusable furniture in it, owing to space constraints, only 10 cubic yards of furniture is warehoused and the rest 20 cubic yards of reusable furniture is moved to the dump site. The ones that are warehoused are communicated to the departments by word of mouth and interested buyers drop at the warehousing facility and buy them for cheap dollars. With increased promotions and awareness, there lies a huge opportunity to realize revenues and increase net savings to UBC. With a potential to sell 20 extra cubic yards of reusable furniture, this new enterprise program will aim to collect additional furniture from UBC residences like Acadia Park, Gage, Fairview etc and sell them back to the community. The primary competition for this program vi  would be from websites like craiglist.org, vancouver.kijiji.ca, classifieds in regular newspapers and local second hand stores. Since the program’s target segment is the UBC community, we will not compete for the broader Vancouver market. But we will price our products according to the competition and increase awareness towards saving the environment from increasing landfill.  There are around 6000 students relocating to Vancouver to study at UBC, and our market research revealed that 63% of the relocated students buy furniture and about 32% of them buy used furniture. The survey also revealed their interests to buy furniture like chair, desks, tables and file cabinets which aligns with the furniture that is right now being collected. With an initial investment of $5000, the program is expected to sell 40 cubic yards of furniture every month that will comprise an average of 108 units comprising an average of 36 chairs, 48 desks and tables and 24 file cabinets. Every cubic yard of furniture will generate $48.9 of revenue and the program is expected to breakeven in the seventh month of operations which will require a sale of about 223 cubic yards of furniture. With an element of seasonality in operations owing to peak demands in admission months and low demands in holiday months, the income for the first year of operations is estimated to be $8097. The enterprise will be able to create a value of approximately $65000 and 480 cubic yards of space every year.   Proposed operations will additionally involve warehousing reusable furniture collected from residences, maintaining a new website that will serve as the prime sales channel, operating garage sales once a week and continually doing promotional activities to increase and sustain the awareness about the program. 1  1 UBC and Sustainability UBC is reputed as global leader in sustainability being Canada’s first university to adopt a sustainable policy, to open a Sustainability Office and to lead with innovative sustainable practices on campus. In 1990, UBC signed Talloires Declaration, a ten-point action plan for incorporating sustainability and environmental literacy in teaching, research, operations and outreach at colleges and universities1  The government of British Columbia set an example to rest of the world by committing to make its operations carbon neutral by end of 2010. This commitment, embodied by legislation is first of its kind in North America. This legislation mandates that all public offices, including universities, be carbon neutral by 2010. As a public institution, UBC is mandated to be carbon neutral by 2010. On March 13th, 2008, President Stephen J. Toope, along with BC’s five other university presidents signed the University and College Climate Change Statement of Action for Canada. This statement commits UBC to commence a collaborative planning process to develop an institutional climate action plan .  2  UBC has achieved significance progress in reducing its carbon footprint by continuously committing itself to innovative programs in environmental sector. From 1999 till date, by introducing sustainable practices on Vancouver campus, UBC has saved . 3 • 232,638,800 sheets of copy/printing paper  . • 226,774,450 kWh of electricity and 34,916,705,000 litres of water  • 91,746 tonnes of green house gas emissions • $40,047,929   2  2 Need for Furniture Reuse Enterprise   One challenge that UBC currently faces is the large volume of office furniture that cannot be recycled or composted through conventional channels. As a result, furniture, such as desks, chairs and file cabinets are typically sent to the landfill, contributing to water and air pollution, and climate change. On top of this heaping challenge is the fact that UBC has to pay for dealing with all this furniture, including storage, staff and transportation associated costs. As a result, UBC is faced with not only environmental but also socio-economic challenges. The office furniture mostly consists of two types of materials: wood and metal. According to statistics from waste management, the total waste generated in UBC in 2007-’08 contained 114MT of wood and 146MT of metal4. UBC has incurred an expense of $17,000 for dumping this wood and metal waste5 . 114MT of wood waste could release 210MT of CO2 into the atomosphere 6 .  A well functioning reuse system on university campus could divert majority of wood waste from being dumped to landfill. It reduces pollution and saves the energy and cost that would be otherwise used to make new substitute product. .  3 Reuse Operations today Currently at UBC the reuse operation is managed by volunteers of Moving Crew in Plant operation department with the support from senior management. Whenever a department wants to dump the furniture, they call the moving crew which then moves the reusable furniture to the waste management warehouse, making it available to potential buyers. The damaged furniture is 3  moved to the dump yard. There is no proper mechanism to inform potential buyers of this available furniture. Due to the lack of storage space, reusable furniture often gets dumped in the landfill.  4 Business and Product Furniture Reuse Enterprise is the Reuse business on UBC campus that collects Reusable furniture from University campus and sells to customers. It will be a sustainable alternative to the adhoc reuse operations that exist on campus now.  Furniture Reuse Enterprise will be a new entity under Plant operations that will facilitate the re-use of disposed furniture.  The Furniture Reuse Enterprise will adopt triple bottom line of “people, planet and profit” while it pursue the goal to maximize the social, economical and ecological benefits to all its stakeholders. This entity will take the responsibility to promote and create awareness about this reusable furniture, thereby reducing the amount of furniture that goes to the dump yard. The cost savings in dumping fees, along with the potential of generating revenues by selling the furniture makes the business model economically viable and environmentally sustainable. 5 Market Research and Analysis The primary objectives of the Market Research were to segment the market, estimate the size of targeted market segment and understand customer preferences. It is also imperative, to find out the amount of reusable furniture dropped by UBC Departments, on a regular basis. A further study was done to understand the operations of similar businesses, carried out in different Universities in Canada and The United States. 4  5.1 Market Segmentation A perceptual map of the furniture business is given in Appendix 1. The functionality of the furniture is plotted on the vertical axis and price is plotted on the horizontal axis. Functionality of furniture implies the extent to which it suits its original practical purpose. The customers who seek high quality and luxury furniture buy it from new furniture businesses while those who are willing to compromise the functionality at the benefit of low prices buy it from used furniture businesses. The used furniture business, which is now focused on the lower left corner, can find more customers if it could be extended towards positive vertical axis by offering products with higher functionality. Also, more customers would be willing to switch to used furniture if there is awareness about the positive environmental impact. The customer, who wants to buy used furniture, considers three factors to choose the furniture store: price, variety and accessibility. A perceptual map of the used furniture business with variety and accessibility as buying criteria is shown in Appendix 2. It is assumed that all used furniture is competitively priced. The web intermediaries like Craigslist offer more variety of furniture, but most of the time, location of the seller would be far away from the customer. The customer who owns a vehicle and has plenty of free time to check various products would be willing to use such web intermediary services. The customer who doesn’t have easy transport facility and is ready to compromise on variety would buy used furniture from nearby brick and mortar stores. UBC Furniture Reuse Enterprise provides only office furniture as of now and it’s highly accessible to on-campus residences and neighborhood communities. As shown in the perception map, this business can increase its number of customers by increasing the variety of reuse products. 5  5.2 Customers The customers of the Furniture Reuse Enterprise are university departments, staff and students of the university staying on campus and in neighborhood communities. Every year thousands of students gain admission to UBC and relocate to either the university campus or in its proximity. The UBC Furniture Reuse Enterprise would be an ideal fit for these students.  5.3 Primary Market Research A market survey was conducted to estimate the demand for used furniture among students. The questionnaire was distributed among a sample size of 115 students. The sample contains a good mix of graduate, undergraduate, international and local students. The summary of survey results is given in Appendix 5. According to the survey, 63 out of 115 students were relocated this year and 43 of them bought furniture after relocating to Vancouver. Among the students who bought furniture, 51% chose to buy used furniture. Currently, the Furniture Reuse Enterprise sells only office furniture such as chairs, desks and file cabinets. In the survey, 78% of the students indicated that they want to purchase at least one of these items. 62% students have expressed interest in buying an office desk or table. Expert interviews with Colin and Dean Shorounis11, Moving Crew were conducted to collect information on existing operations and to gain insight into demand and supply of reusable furniture. Continuous availability of surplus furniture and demand for used furniture is essential to sustain the business for the long term.  Currently the departments drop 50 cubic yards of surplus furniture every month to the MRF site. An approximate break down of yards into furniture is given in Appendix 11. Colin has been voluntarily doing the task of diverting good 6  and used furniture to waste management storage space. Currently he could divert 10 cubic yards of furniture from the MRF site and give it away to customers. According to Colin and Dean, there is potential to save 40 cubic yards of more furniture every month if there’s more space. Faster inventory turnover and better space utilization would enable the enterprise to operate with monthly sales of 50 cubic yards. The transfer of used furniture that is diverted from landfill is currently done on a voluntary basis and transactions are not entered in the books. Interviews with facility managers of various university departments were conducted to collect expert opinions. As far as reuse business is concerned, the university departments act in two different roles. They act as suppliers, when they give surplus furniture to the enterprise and they act as customers, when they buy used furniture from the enterprise.  Facility manager of a department takes care of all furniture needs of a department. The information we collected from administrators of 3 building facilities12 • Some departments have yearly allocation of budget to buy new furniture. The set of new furniture coming every year will push out older furniture from the department facility.  is summarized below. • A department dumps 3 cubic yards of surplus furniture on average every month  • During refurbishment, a department dumps the furniture in bulk.  • Some departments have shortage of furniture budget and they are interested in buying used furniture. • Currently, many departments exchange used furniture on campus. But it’s not organized and communication happens by word of mouth. • The 3 departments interviewed invariably feel the need for a Furniture Reuse Enterprise, where they can drop and buy surplus furniture. 7  • The 3 departments interviewed have suggested the necessity of a website for easy communication. • Most of the departments in UBC have accepted sustainability as their core value and are promoting reuse and recycling. 12 5.4 Secondary Market Research A quantitative research on student population and UBC departments was carried out using the data available from Planning and Institutional Research8 In total there are 49 departmental buildings on campus , UBC. The result of quantitative research is given in Appendix 7. In total, there is a student population of 46,789 in UBC. Approximately 10,579 are newly admitted to UBC every year and 6,082 out of them are from outside Vancouver. After taking up admissions, they relocate to either on-campus residences or neighborhood communities. 9 A qualitative research was done on 11 Universities in North America who have put reuse business into practice. 3 of them are in Canada and 8 of them are in United States. The information collected from qualitative survey is summarized below. Please refer to Appendix 6 for more detailed results.  with variable demand for furniture. • 9 of 10 Universities have full-fledged surplus stores open on all working days and sell all surplus items available on campus. The items include furniture, computer peripherals, electric appliances, office stationary and other rare items like antique books. • Other Universities conduct weekly sales to dispose the surplus items. • 3 of 10 Universities have contracted with eBay to sell items online. 8  • 1 of 10 University use social networking sites like facebook and twitter to publish updates on new arrivals and sales. • 7 of 10 University offer paid pick-up and drop-off services inside campus. Lionel Johnson, University of Calgary11 Ruth Daoust, University of Oregon  informed that the weekly surplus sales generate revenue of 2800$ per month on average. But the surplus business in this University, works as a part of supply chain management department as a way to get rid of surplus materials from the campus. The surplus business doesn’t have separate budget or separate workforce and the money generated from sales go back to the overall budget of supply chain management department. He feels that independent surplus business will not be feasible in his campus without university aid, because the money generated from surplus sales is not be enough to pay the staff.  11  The Surplus store of Michigan State University (MSU) has been in this business since 1920 , said that the money saved by departments by diverting surplus items from landfill, justify the operations of surplus store in their University. 13  The MSU Surplus Store also provides several services that support reuse and recycling on University Campus. These initiatives include e-waste, toner and ink cartridge, book and scrap . The MSU Surplus Store is responsible for the disposition of all university surplus property and provides managed storage services to university departments. Their vision is to become the premier university or college "Surplus Store" in the nation through being resourceful, creative, and providing friendly, responsive customer service. There are a large variety of items for sale, many of which are unique or not readily available elsewhere. The typical inventory includes office and residence hall furniture, lab equipment and supplies, vehicles, computers, farm equipment, books and much more.  9  metal recycling. They have an e-commerce website that facilitate online purchase of items. The MSU Surplus Store is a self-supporting department at Michigan State University. Operating expenses are paid out of a percentage of revenue produced from the sale of surplus goods. Each year the MSU Surplus Store returns over 1 million dollars to MSU departments for the consigned sale of their items. Apart from that, it saves 20% of University’s annual landfill expenses. Another distinct feature of MSU Surplus Store is the way they leverage social media for promotional activities. They use facebook, twitter and blog to regularly send information on new arrivals, sale and promotional offers. The Surplus store has been selling items through ebay website since 2000 and is graded as top-rated seller by its customers.    The surplus stores of University of Iowa and University of Missouri too have top rated ebay accounts, which help them to get best deals through auctions and sell items even when their brick and mortar store is closed13  . 5.5 Market Size and Trends Data collected from Market survey is used to estimate the market size among student population (Appendix 5). In this year at-least 2200 students on campus and neighborhood communities have bought furniture10 Also, it’s evident from primary research that there is substantial demand for furniture among university departments. . At least 7000 students are willing to buy furniture from Furniture Reuse Program in UBC when it’s operational.  10  Used furniture is treated as inferior good. The demand will not go down during economic recession. With growing student population size and growing awareness on sustainability the market size is predicted to increase in future years. 5.6 Competition and Competitive Edges The business does not expect any competition, while targeting the market segment that contains student, staff and Departments of UBC. Furniture Reuse enterprise would be the only entity on UBC campus that deal with surplus materials.  The business might face some competition, if targeted customer could find furniture sellers in the vicinity of campus through intermediaries like Craigslist, kijiji, classifieds in regular newspapers and local consignment stores. But the Furniture Reuse Enterprise would have competitive advantage of brand reputation and low prices. Porter’s analysis for the reused furniture business is shown in Appendix 9. The Reuse Enterprise can attract more customers if it can increase the scope and offer more variety of surplus materials in the future. 5.7 Estimated Market Share and Sales Projection With the given market size and competition, it can be safely assumed that all furniture dropped by the departments would be sold within a month if the business operates with the proposed marketing plan (Section 6). To begin with, the business would able to sell 25 cubic yards of furniture (Refer Appendix 20 for breakeven analysis) on average in a month. By promotions and spreading awareness the sales are expected to go to 40 cubic yards. Also, it is expected that sale of furniture would be higher in the months when the winter and summer terms start. Please refer to section 7 for sensitivity analysis and break-even analysis.  11  6 Marketing Plan 6.1 Segment As stated earlier, the primary competition for reuse furniture would be from websites like craiglist.org, vancouver.kijiji.ca, classifieds in regular newspapers and local second hand stores. Since our service focuses on helping the UBC community we will not compete for the broader Vancouver market. Instead, we will establish ourselves as one of the brands under the UBC umbrella and establish a niche position in serving this particular segment of the Vancouver reuse furniture market. 6.2 Product Chairs, desks / tables, file cabinets, couches and other rarity items like foosball and ping pong tables would comprise the variety of furniture items that will be sold. They would either be a collection from the ones disposed from individual departments in UBC or from the resident students/faculties in the UBC residences like Acadia Park, Thunderbird, Totem Park, Fairview, and Gage. They would not be altered for any modifications and will be sold as such to the next willing customer. However all of them would have gone through an inspection process before being tagged for sales. 6.3 Pricing Prices in craigslist.org and local thrift stores were looked up to determine the range of prices for reused furniture. While prices in craigslist were set by the sellers, local second hand stores set their own prices.  In craigslist, file cabinets were sold in the price range of $20 to $80, desks and tables in the range of $25 to $150, and chairs in the range of $12 to $25. In local stores the prices averaged $15 for chairs and $35 for desks and tables. In common, the prices varied 12  based on the dimensions, the relative newness, the extent to which it was reusable and the manufacturer/brand that made the furniture. Slab Pricing:  With regards to pricing in our case, our competitive stance will be cost leadership and we will place our products relatively low to our competition as the main purpose of the project is to increase the re-usable value. Each of our product categories will be classified into 3 segments of High, Medium and Low and prices will be set categorically. The low segment will have the lowest of the price range, the medium segment will have an average range and the high segment will have the highest price range. On an average, the prices will be set at $12 for chairs, $25 for desks and $20 for cabinets. Slashed pricing: 6.4 Distribution  When inventory does not sell over a period of 2 weeks, the space it occupies prevents other potential sellable furniture that could be warehoused in the same period of time.  To overcome this inventory holding cost and the opportunity cost on other inventory, we will also adopt a slashed pricing model. Inventory that is not sold over a period of 2 weeks would be slashed at 25% its original price and for every other week it would be slashed at another 25%.  Sales will be done via an open garage sale process for students and via direct delivery for departments. The open garage type sales will be done once in a week where the warehouse will be opened up for students to come directly and make their purchases. For individual departments in UBC, the respective facilities will have to call up Furniture Reuse Enterprise to have the moving crew deliver the furniture directly at their doorsteps. The listings for the furniture available will be hosted on a website that will be made accessible to the students and departmental faculty. 13  6.5 Promotion With environment protection and green initiatives increasingly gaining popularity, our program will have a competitive edge in garnering the interest of students and faculty. In the process, it will help the community to join the movement towards reuse that would otherwise cause pollution. Our value proposition statements will orient towards this goal and will aim to create a sustainable community that supports this initiative in the long run.   Our promotional strategy will involve the following. a. Publicity/Awareness: The listing of furniture for sales will be routinely updated on the website and also posted in SUB and VILLAGE notice boards. The listings will contain price, picture and summarized information on selected products and general information on the rest of the products.  A new website will be created under the UBC domain and all listings about the furniture available will be posted on the website. A link to this website will be made available on the admissions page of all departments and in the housing website for UBC. Since the preference from market survey indicates the need to publish the postings on my.ubc.ca and Facebook, regular inventory updates will be posted in those media. The website database will stay as the central repository of inventory information whereas my.ub.ca and facebook will serve as different interfaces to this information. The facebook page is intended for student segment while my.ub.ca is made for both student and staff segment. Information about the furniture reuse program will also be communicated to prospective students via admission acceptance letter packages and via Students Guide given to them on the first day of classes.  14  A facebook group will also be created and RSS feeds from the new website will automatically update the group with the latest furniture listing. b. Advertising: c.  We will have promotional pamphlets posted in the notice boards of libraries, food courts and all individual departments like art, science, law etc. The promotional pamphlets will also be made available in admin offices of all the UBC residences.  Branding: 6.6 Marketing Calendar   The program would be branded as an enterprise program under the hood of UBC and will aim to deliver a value proposition that helps both sellers and buyers to save valuable landfill space. All promotional attempts via websites and notice boards will have the value proposition statement in them and communicate the vision of the program in way that induces more participation from the community. Since the sourcing for reused furniture is from students and departments, the amount of furniture disposed can peak during admission months and can be low during other periods. Hence a proper marketing calendar will be put in place to ensure high promotional activities during admission months and sustainable promotions in off-season months. 6.7  Sales Strategy Our sales will be relatively straight forward. We will strive to get the word out about reusable furniture to all of the UBC community, educate them about the value addition it brings and ensure that the program sells itself. 6.8 Sales Forecast It is estimated that the enterprise will be able to sell the available furniture throughout the year. It is estimated there will be monthly sale of 40 cubic yards of furniture. Looking at the 15  response from the market survey, it is believed that there will be more demand for re-usable furniture available at lower prices. But the supply will be limited to availability of dumped furniture by university department and university residencies. The numbers from the current 10 cubic yard figures have been used to project for the 40 cubic yards per month and 480 cubic yards per year. 7 The Economics of the Business 7.1 Investments In order to setup the Furniture Re-use Enterprise, several costs will be incurred in terms of launch of new website, promotional activities, stationary needed to maintain easily accessible inventory, a camera to upload pictures, a computer. In addition to this, there will be other expenses such as monthly website hosting charges, wages of employees, trainings and other maintenance activities. The initial one-time cost to set up the enterprise is estimated to be $3790. The details of these costs are given in Appendix 12. The project will start with an initial funding of $5000 from the Sustainability Office at UBC. 7.2 Gross and Operating Margins The input raw material for the Furniture Reuse Enterprise will be furniture dumped by various departments and by people residing in UBC communities. Out of these, only that furniture which is in usable form will be provided to the Furniture Re-use Enterprise by the moving crew. As such, the input cost for the enterprise would be zero. So all the revenue generated by the enterprise will be its gross margin. 16  For departments, they will be saving on the dumping charges that would be otherwise incurred on them if the furniture was not re-sold. This would also serve as an incentive for them to let Furniture reuse Enterprise sell the dumped furniture.  7.3 Fixed and Variable Cost  As there is no input cost associated with the sale of furniture there are no variable costs present for the business.  To store the good quality incoming furniture, a warehouse will be required. Monthly maintenance activities will be needed to maintain the furniture and sort it accordingly so that any furniture present in the warehouse is easily reachable. It is estimated that efforts of two people will be required on a part time basis to maintain the warehouse. This will be the highest fixed cost of all. The total monthly fixed cost will be $1280 and what it is based upon.(Please refer Appendix 13: Monthly Income Statement) 7.4 Breakeven Point As per the sales mix calculation shown in Appendix 11, every cubic yard of furniture will generate $48.9 of revenue. So, with sales of 40 cubic yards of furniture every month and considering all the fixed costs associated for every month, it is estimated that the enterprise will break-even in the 7th 7.5 Income Statement  month.  This will require sale of about 223 cubic yards of furniture. Appendix 13 shows the pro forma income statement for Furniture Reuse Enterprise shows that barring the initial investment, the enterprise will be profitable from the first month itself. The factor of no input cost on acquiring the furniture can be attributed to this. Also the income generated will have some elements of seasonality in it, i.e., more furniture is expected to 17  be sold to students during beginning of semesters when new students actually arrive to Vancouver for the first time. Appendix 14 shows the pro forma income statements for the first 5 years of operations. The income for the first year of operations is estimated to be $8097.  The income for all subsequent years will also remain within this range, as profit maximization is not the ultimate motive of this enterprise. The ultimate motive is to generate reusable value from furniture that was supposed to be dumped. 7.6 Cash Flow Statement Appendix 15 shows the pro forma cash flow statement for Furniture Reuse Enterprise for the first five years. It can be observed that the enterprise generates positive cash flows from the first year itself. It shows that the operations are sustainable from the beginning and will not need any further investments. Cash generated from the enterprise can be used to widen its scope and to support buying and selling of other re-usable items as well. 7.7 Sensitivity Analysis Appendix 21 shows that to remain sustainable in its operations, with the current prices, FRE will be required to sell at least 25 cubic yards of furniture every month. If it sells below this quantity, losses will be incurred and the enterprise might require further investments by the university to continue its operations. Even though the value generated will remain positive, extra money will be required to sustain the operations. In case the department is able to sell more than 40 cubic yards of furniture every month, which also depends on quantity of  re-usable available, prices of these furniture’s can be reduced further for the benefit of departments and students. 18  7.8 Value Created  Appendix 18 shows the total value generated over the period of five years. As this is the ultimate motive of Furniture Reuse Enterprise, it is important to look at the total amount of value created. To calculate this alternative furniture purchase options for departments and students was considered. In absence of Furniture Reuse Enterprise, departments will be purchasing new furniture as per current practices. Also, students who prefer second hand furniture will be purchasing it from other shops in Vancouver. As Furniture Reuse Enterprise is making them available used furniture at cheaper prices, it is generating potential savings for them. Also, by re- selling furniture that was supposed to be dumped, FRE is saving dumping costs that would have been charged to departments. There is also saving of precious land space that would have been required to dump this furniture.  After considering all above factors, it is estimated that the dollar value generated for UBC by the enterprise over the first year will be worth $62717 along with 480 cubic yards savings in land space (Appendix 17). 8 Operations 8.1 Current operations At present Plant Operations of UBC handles all the waste generated in UBC. The waste is categorized into three types: wood, metal and miscellaneous. This waste consists of both reusable and damaged chairs, tables, and file cabinets. The department that wants to dispose the furniture calls the moving crew, who picks up the furniture, shifts the good furniture to the warehouse and dumps the damaged furniture to the MRF dump site. The source department pays the moving crew an hourly rate of $49 and also 19  pays the MRF site a dumping fee that depends on the quantity of furniture being dumped. Students and other residents in the UBC campus either sell their furniture through craigslist or dump their furniture in different waste bins located in the campus, which the moving crew picks up once a week. But this furniture directly goes to the dump site (see APPENDIX 1). The quantity of waste collected in a month at present is around 50 cubic yards containing approximately 30 cubic yards of reusable furniture. But due to limited storage space of 10 cubic yards in the warehouse, 20 cubic yards of re-usable furniture ends up in dump site. The demand for furniture from students can be seasonal. It is expected to peak during the months when a term begins and remain a bit lower during other months. But the demand from departments is quite constant. 8.2 Proposed operations When a department wants to dispose off the furniture, it will call the moving crew to move the furniture out of their buildings. When the moving crew collects the furniture, during the loading process they will group the furniture that can be reused and keep it separate from the ones that will be not be reusable. The grouped ones will be dropped off at the warehouse and the rest will be taken directly to the dump site. In the case of UBC residences, the waste management crew will collect the furniture left near the garbage bins. In a fashion similar to the moving crew, while loading the furniture into their trucks they will group the reusable ones separately and leave them at the warehouse while the rest will be taken to dump site.  20  8.3 Storage With the furniture collected from residences along with the ones from the departments, the combined potential reusable furniture is estimated to be 40 cubic yards (Please refer to 5.3 Primary Market Research to for this estimation). So we will begin operations under this new unit of Furniture Reuse Enterprise with 50 cubic yards of warehouse space, keeping in mind the increased demand during some months. At the warehouse, the staff will tag the different furniture that arrive newly and segregate them into 3 different segments namely low, medium and high price based on the condition of usability, the relative newness of the furniture and the maker/brand of the furniture. The purpose of tagging is to easily identify the source and keep track of the rate of turnover of furniture. After the tagging process, the staff will created a consolidated list of the furniture available for sale. Complete check of inventory will be planned twice a year, just before the start of a new term on campus. 8.4 Selling There will be an open garage sale which will be conducted once every week. The students or staff willing to buy the furniture will be allowed to visit the warehouse on the day of the sale. After they make a purchase, the students will be responsible for taking the furniture back to their place. When selling to departments, departments will call up the reuse enterprise office anytime during office hours and place an order for purchase. The furniture will then be sent to the departments with the help of the moving crew. In case if any furniture remains at the warehouse for more than two weeks from the day of arrival, their prices will be slashed by 25% and then later by another 25% for another week. If 21  the furniture has no takers even after one month the furniture will be dumped in the dump site and the department which had disposed off that piece of furniture will be charged the appropriate dumping fees. (see Appendix 2 for proposed plan). 8.5 Staff There will be two staff who members who will be in charge of the new furniture reuse facility. They will be the new contact points for departments to call them for disposal of furniture or for purchase of new furniture. They will then have to coordinate with the moving crew to get the furniture transported. On arrival of new furniture, their job will involve to sort the furniture into the 3 segments namely low, medium and high and tag them with proper identification details and price. They will create a consolidated list of furniture that exist in the warehouse and post them on the website. They will also send the update list once a week to the SUB and VILLAGE notice boards. Since the warehouse facilities in UBC have to abide by safety regulations, they will also be responsible to regulate the buyers who come on the day of the garage sales to abide by the rules. They will be responsible to keep track of the sales and report the revenue details to the accounting department of Plant Operations. 9 Human Resources and Organizational Structure 9.1 Human Resources As a part of the initiative to carry the activities of the Re-use enterprise, 2 part-time student workers will be hired. These students will work together with their functional roles clearly specified to them. They will need to carry out all the promotional activities, maintain well organised inventory as well as co-ordinate with various departments and the moving crew.  22  But as the positions are for part-time work, it is expected that employee turnover will be high. So it is necessary to create and keep in place all training modules so as to familiarize the new employees with the required processes. This will help make transition of work from one employee to another in a smoother way. Also, as the process involves high degree of communication with the Moving Crew and Waste Management department, combined trainings of with employees will be scheduled. Necessary trainings will be provided to the moving crew and waste management crew to help them differentiate re-usable quality furniture from other ones.  9.2 Organizational Structure 10 Major Risks As given in the figure 4, the new re-usable furniture enterprise will be placed under the same level as Waste Management Centre and Moving Crew and all three will be placed under the umbrella of UBC Plant Operations. • Re-usable Furniture market decline         There is always the risk of a decline in demand of re-usable furniture because of a decrease in the student resident population at UBC and this decline in the demand will directly impact the revenues of this enterprise. • Lack in Supply of Re-usable Furniture 23          If the supply of the furniture from different departments and the students declines, then there will be lesser amount of furniture available to be sold or if the re-usable furniture supplied by the departments or the students are of low quality then there will be few takers for that furniture and ultimately it will impact the revenues of the enterprise. • UBC’s Hierarchical Structure         The enterprise is part of UBC. Any major change or a decision that will be taken will have to go through approval process of the board, which can be slow as well as time-consuming.     24  11 APPENDICES 11.1 APPENDIX 1: Current Operations  11.2 APPENDIX 2: Proposed Operations  25   11.3 APPENDIX 3:Perceptual map of Furniture Market                       11.4 APPENDIX: 4 Perceptual Map of used furniture market  Variety Accessibility Web Intermediaries Neighborhood Used Furniture store Price Functionality New Furniture Businesses Old Furniture Businesses 26  11.5 APPENDIX 5: Primary Market Survey results Results of market survey   Sample size Sample % Populatio n Margin of error Minimum Demand Maximum Demand Total response 115  10579     Students Relocated 63 55% 6082       On Campus 37 59%      Off Campus 26 41%         On Campus 15 35%      Off Campus 28 65%         Students who bought furniture 43 37%         Used 22 51%      New 21 49%         Students who bought used furniture 22 19%         On Campus 10 45%      Off Campus 12 55%         Student who relocated and bought furniture 30 48%   10% 2288 3504 Used furniture 22 19%         Delivered by seller 6 27%      Delivered by buyer 16 73%         Students who want to buy used furniture from UBC 90 78%   10% 7221 9337 Delivery             Willing to pay for Delivery 74 82%      Expect free Delivery 8 9%      Ready to arrange Delivery 8 9%              27                                          28  11.6 APPENDIX 6: Secondary Market Research  SECONDARY MARKET RESEARCH University Store space Marketing channels Sales channel Customer service URL University of Oregon       Paid pickup http://surplus.uoregon.edu/ Michigan State University Yes Website, facebook, Blog, twitter Store, eBay Free pickup, Paid Delivery University of Wisconsin http://www.msusurplusstore.com/ servlet/StoreFront Yes Website Store Pickup and Delivery on campus http://www.uwsp.edu/Surplus/Def ault.aspx University of Iowa Yes Website Store eBay Delivery available within the Iowa City ($30 dollar per truckload fee).  http://www.uiowa.edu/~fusmm/su rplus.html University of Utah Yes Website Store Free pickup http://fbs.admin.utah.edu/index.p hp/surplus// University of Washington Yes Website Store Paid pickup http://www.washington.edu/facilit ies/transportation/movingandsurpl us/ University of Missouri Yes Website Store, eBay Paid pickup http://www.surplus.missouri.edu/ Indiana University Yes Website Store Paid pickup http://www.indiana.edu/~surplus/ Simon Fraser University Yes Website Store Paid pickup http://www.sfu.ca/policies/admin/ ad11-10.htm University of Calgary No Website   Paid pickup University of Saskatchew an http://www.ucalgary.ca/scm/surpl us Yes Website Store Paid pickup http://facilities.usask.ca/units/logi stics_mgmt/surplus_equipment/ 29  11.7 APPENDIX 7: Secondary Quantitative Market Research Quantitative Data on Student Population Category Size Undergraduate   Full Time 25334 Part Time 12447 Graduate   Full Time 7875 Part Time 957 Continuing 176 Total 46789 Number of undergraduate students admitted in 2009 7591 Number of Graduate students admitted in 2009 2988 Total New Admissions 10579 Number of International Graduate Students 865 Estimated number of Graduate students outside Vancouver 1000 Total Number of Graduate students outside Vancouver 1865 Undergraduate Students new to Vancouver every year         4,217  Grand Total new students outside Vancouver every year        6,082       30  11.8 APPENDIX 8: Organizational Structure    11.9 APPENDIX : Porters Analysis  31  11.10 APPENDIX 10: Dumping Charges For Departments Dumping Charges Calculations   Metal Wood Misc Approximate content in 40 Yards of dumped furniture 3 7 30 Approximate weight/Yard (lbs) 500 280 350 Approximate weight/Yard (tonnes) 0.25 0.14 0.175 Approximate Weight/40 yards (tonnes) 0.75 0.98 5.25 Dumping Charges/ton ($) 56 15 56 Dumping Charges/40 yard ($) 42.00 14.70 294.00 Total dumping charges/ 40 yards 351   1lbs = 0.0005 tonnes     http://www.recyclecddebris.com/rCDd/Handbook/Chapter06.aspx       11.11 APPENDIX 11: Sales Mix  Sales Mix Calculations   Desks Chairs Cabinets Quantity of items in 10 yards 9 12 6 Average Price/Unit ($) 25 12 20 Revenue/10 yards of furniture ($) 225 144 120 Total Revenue from sale of 10 yards of furniture 489           32  11.12 APPENDIX 12: Start-Up Investment Costs Start-Up Investment   Website       Concept Quantity Total Cost ($) Annual Depreciation Website designing 1 1500 500 Total   $1,500.00 $500.00       Equipment Cost Computer 1 500 167 Camera 1 120 40 Printer 1 100 33 Total   $720.00 $240.00       Promotional Activities Small Banners  150 50   Big Banners 30 20   Promotional Banners 5000 300   Glue (kg) 2 40   Pen 5 2   Marker 5 5   Cell Tape 5 10   Labels 100 20   Lock 1 30   Bill Book 1 5   Total   $482.00         Other Current expenses Monthly Salary 2 989   Maintenance 1 50   Other 1 50   Total   1089         Grand Total   $3,791.00 $740.00        33  11.13 APPENDIX 13: Monthly Income Statement Furniture Re-use Enterprise Income Statement Forecast (First year)   Month 0 Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 Sales 0 1467 1467 1956 1956 1956 1956 2445 1956 1956 1956 1956 1956 Cost of Sales 0 0 0 0 0 0 0 0 0 0 0 0 0 Gross Margin 0 1467 1467 1956 1956 1956 1956 2445 1956 1956 1956 1956 1956                 Direct Labour Cost 989 989 989 989 989 989 989 989 989 989 989 989 989 Total Labour cost 989 989 989 989 989 989 989 989 989 989 989 989 989                 Promotional Activities 500 100 100 50 50 50 50 300 50 50 50 50 50 Office Expenses 50 50 50 50 50 50 50 50 50 50 50 50 50 Website Hosting Charges 15 15 15 15 15 15 15 15 15 15 15 15 15 Depreciation 0 62 62 62 62 62 62 62 62 62 62 62 62 Total Administrative Expenses 565 227 227 177 177 177 177 427 177 177 177 177 177                 Operating Margin -1554 252 252 791 791 791 791 1030 791 791 791 791 791                 Net Income -1554 252 252 791 791 791 791 1030 791 791 791 791 791               * UBC is a not for profit entity and is also a registered charity and therefore exempt from income taxes under section 49 of the Income Tax Act.  Refer http://www.finance.ubc.ca/documents/financial_statements/2004-05/notes_for_statements_2005.pdf               *As per UBC's policies, Buildings will be capitalized by Financial Services only. Refer http://www.finance.ubc.ca/financialreporting/accountingforcapitalitems.cfm               *As per UBC's policies, computers and related equipments are depreciated over a period of 3 years using straight line depreciation method.  34  11.14 APPENDIX 14: Income Statement for first 5 years Furniture Re-use Enterprise Income Statement Forecasts   Year 1 Year 2 Year 3 Year 4 Year 5 Sales 23000 23472 23472 23472 23472 Cost of Sales 0 0 0 0 0 Gross Margin 23000 23472 23472 23472 23472         Direct Labour Cost 11868 11868 11868 11868 11868 Total Labour Cost 11868 11868 11868 11868 11868             Promotional Activities 1450 1450 1000 1000 1000 Office Expenses 650 600 600 600 600 Website Hosting Charges 195 195 195 195 195 Depreciation 740 740 740 740 740 Total Administrative Expenses 3035 2985 2535 2535 2535         Operating Margin 8097 8619 9069 9069 9069 Net Income 8097 8619 9069 9069 9069  11.15 APPENDIX 15: Statement of Cash Flow for first 5 years Furniture Reuse Enterprise Statement of Cash Flows   Year 1 Year 2 Year 3 Year 4 Year 5 Operating Activities           Net Profit 8080 8602 9052 9052 9052 Depreciation 740 740 740 740 740 Change in cash due to Operating Activities 8820 9342 9792 9792 9792         Investing Activities       Website Development -1500 0 0 -1500 0 Computer -500 0 0 -500 0 Camera -120 0 0 -120 0 Printer -100 0 0 -100 0 Change in Cash due to Investing Activities -2220 0 0 -2220 0         Financing Activities       Funding From Sustainability Office 5000 0 0 0 0 Change in Cash due to Financing Activities 5000 0 0 0 0         Increase or Decrease in Cash 11600 9342 9792 7572 9792 Cash at the beginning of the period 0 11600 25942 40734 53306 Cash at the end of period 11600 20942 35734 48306 63098 35  11.16 APPENDIX 16: Generation of Value in the whole chain Annual Value generated at each point in the Chain  Annual Savings by Departments                                        Dumping Cost 4212                                     New Furniture Cost 42984  Average Cost Savings by students 8424  Income generated by Furniture Dept 9069  Annual Space Savings by Landfill Dept. 480 Yards  Total Savings of $64889 and 480*480 yards space  Dumping Cost = Cost of dumping 40 yards of furniture every month(12*40 cubic yards) New Furniture Cost = Difference in cost of purchasing 20 yards of furniture from outside 11.17 APPENDIX 17: Annual Savings for Students and Departments of UBC Savings for Departments and Students (all figures in $)   Desk Chair File Cabinet Price Charged for All 25 12 20 Department Savings Price for alternative for Departments 120 50 100 Estimated Annual Quanity purchased by departments 216 288 144 Estimated Savings for Departments 20520 10944 11520 Estimated Total Savings for Departments 42984       Students Savings Price of alternative for students 40 20 40 Estimated Annual Quantity purchased by students 216 288 144 Estimated Savings for Students 3240 2304 2880 Estimated Total Savings for Students 8424       Total Estimated Savings 51408  11.18 APPENDIX 18: Value generated over a period of 5 years Furniture Re-use Enterprise Re-use value generated Forecasts   Year 1 Year 2 Year 3 Year 4 Year 5 Annual Savings by Departments                                            Dumping Cost 4212 4212 4212 4212 4212                                    New Furniture Cost 42984 42984 42984 42984 42984 Average Cost Savings by students 8424 8424 8424 8424 8424 Income generated by Furniture Dept 8097 8619 9069 9069 9069 Annual Space Savings by LandFill Dept. 480 Yards 480 Yards 480 Yards 480 Yards 480 Yards Total $ Value generated by furniture Re- use $62717 & 480 Yards space $64239 & 480 Yards space $64689 & 480 Yards space $64689 & 480 Yards space $64689 & 480 Yards space 36  11.19 APPENDIX 19: Contribution Analysis for sales of furniture. Contribution Margin/Yard Furniture Sales Mix Furniture Type Sales Price Quantity/10 Yard Sales/10 Yard Variable Cost Contribution Margin Desk 25 9 225 0 225 Chair 12 12 144 0 144 File Cabinet 20 6 120 0 120 Contribution Margin/10 Yard 489 Contribution Margin/Yard 48.9 11.20 APPENDIX 20: Breakeven calculations Break-Even Calculation Month Initial Cost Profit/Month Cumulative Profit 0 3790     1  252 252 2  252 504 3  791 1295 4  791 2086 5  791 2877 6  791 3668 7  1030 4698 8  791 5489 9  791 6280 10  791 7071 11  791 7862 12   791 8653  11.21 APPENDIX 20: Sensitivity Analysis Sensitivity Analysis Number of Customers Goal: 50 customers per day % change Yards Furniture Sale Profit ($) -40% 24 -337 -30% 28 2010 -20% 32 4358 -10% 36 6705 0% 40 9052 10% 44 11399 20% 48 13746 30% 52 16094 40% 56 18441 50% 60 20788 37  12 REFERENCES: 1. University Leaders for a Sustainable Future (http://www.ulsf.org/programs_talloires.html) 2. Climate action Plan, Government of British Columbia, (http://www.livesmartbc.ca/government/plan.html) 3. Sustainability Office, UBC (www.sustain.ubc.ca) 4. Diversion Statistics for 2006-‘07 and 2007-’08 Obtained from Sarah Orchard, Outreach Coordinator, Waste Management, Plant Operations, UBC 5. Dumping fees in Vancouver Landfill is 65$ per MT 6.  Dry wood is approximately 50% carbon by weight. For every 1 ton of carbon, there is 3.67 tons of carbon dioxide equivalent, because of the atomic weights of atoms of Carbon (6) and Oxygen (8). Hence 1 tonne of wood is equivalent to 0.5*3.67=1.84 tonne of CO2 (http://www.pprc.info/html/biorefineing.htm, ) 7. Offsetting cost of 1 tonne of CO2 is $50 (http://commontragedies.wordpress.com/2008/04/02/fifty-dollars-per-ton-of-carbon- dioxide/) 8. Planning and Research Institute, UBC (http://pair.ubc.ca/statistics/students/students.htm) 9. Student Services, UBC (http://www.students.ubc.ca/facultystaff/buildings.cfm ) 10. Margin of error -10% is calculated for 95% confidence interval. Planning and Research    38      11. Liska Rischer, Coordinator, SEEDS Program, Sustainability Office, UBC Bruce Franklin Facilities Coordinator Sauder School of Business Bruce.franklin@sauder.ubc.ca Kara Bowen,  Coordinator Sustainability Program  Sustainability Office, UBC Christian Beaudrie, OutReach Coordinator, Waste Management Department, UBC christian@recycle.ubc.ca Colin Gibson,  Moving Crew, Plant Operations, UBC re.use@ubc.ca Gary Wolfram Operations Head, Dean Shourounis,  Waste Management Department, UBC Supervisor, Moving Crew,  Plant Operations, UBC dean.shourounis@ubc.ca Sara Orchard, OutReach Coordinator, Waste Management Department, UBC sara@recycle.ubc.ca Karyn Kaplan Campus Recycling program University of Oregon knowaste@uoregon.edu Furnishing Services  Lionel Johnson University of Calgary ljohns@ucalgary.ca  12. Administrators of Building facilities contacted for Market Research 39  Nancy Wiggs  Administrator, Law Department, UBC wiggs@law.ubc.ca. Rita Zamluk.  Administrator.  Liu Institute for Global Issues, UBC  Simon Naeme Assistant Director, Irving K. Barber Learning Centre, UBC Linda. K. Tommasini Associate Director, Facilities Operations and Administration Sauder School of Business, UBC Linda.tommasini@sauder.ubc.ca  13. Websites of MSU Surplus store(http://www.msusurplusstore.com/servlet/StoreFront); University Surplus, The University of Iowa(http://www.uiowa.edu/~fusmm/surplus.html);  Surplus Property, University of Missouri(http://www.surplus.missouri.edu/) 

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