Project/Milestones Taxpayer provides refrigerated warehousing and logistic distribution services to clients throughout the United States. In consideration for the Credit, Taxpayer agrees to invest in a new refrigeration and distribution facility in the XxXxxxxxx Park area of Sacramento, California, and hire full-time employees (collectively, the “Project”). Further, Taxpayer agrees to satisfy the milestones as described in Exhibit A (“Milestones”) and must maintain Milestones for a minimum of three (3) taxable years thereafter. In the event Taxpayer employs more than the number of full-time employees, determined on an annual full-time equivalent basis, than required in Exhibit A, for purposes of satisfying the “Minimum Annual Salary of California Full-time Employees Hired” and the “Cumulative Average Annual Salary of California Full-time Employees Hired,” Taxpayer may use the salaries of any of the full-time employees hired within the required time period. For purposes of calculating the “Minimum Annual Salary of California Full-time Employees Hired” and the “Cumulative Average Annual Salary of California Full-time Employees Hired,” the salary of any full-time employee that is not employed by Taxpayer for the entire taxable year shall be annualized. In addition, the salary of any full-time employee hired to fill a vacated position in which a full-time employee was employed during Taxpayer’s Base Year shall be disregarded.
Targets and Milestones 6.1 The University notes the importance of monitoring success through achievements against the HESA Performance Indicators, supplemented by targets for the rates of application and offer to non-traditional learners, and overall student satisfaction ratings for those in receipt of support.
6.2 Whilst acknowledging the delay in publication of Performance Indicator data, we believe that it is preferable to monitor our performance through publicly available information where possible. We monitor these same indicators internally to ensure that we are well placed to understand the impact of our work. However, we are concerned that it is often difficult to identify a simple causal link between work which has been undertaken within the widening participation field, and achievement (whether improved or less strong). The fact that work to raise aspiration may well take place 3-4 years before prospective enrolment, which is then reported 18 months later, makes it extremely difficult to propose actions in direct response to performance. It is for this reason that some of our targets relate to activities, as well as achievement, although these activities are also strongly monitored for successful progression.
6.3 We were concerned that the new financial arrangements were poorly understood by many prospective students, and were likely to be a particular impediment to those from non-traditional backgrounds. However, we are reassured that the early signs indicate that there has been a less significant short-term impact on the recruitment of those from under-represented groups than had been anticipated, although we are not complacent and will continue to promote the value and benefits of higher education.
6.4 The targets set by the University reflect our current position, and our understanding of our own catchment area. Most applicants and enrolments are from those within 100 miles of the University, spread evenly across the south-east and south-west regions. This is not surprising, given our location on the boundary between these two regions, and the superior travel links to the south-east and London. In addition, we have not set targets in those areas where numbers are too small to be meaningful; or where our experience over the last ten years indicates that activity is unlikely to have significant impact (this applies, for instance, to mature learners from low participation neighbourhoods without previous experience of higher education).
6.5 Our targets are set over five years, with annual milestones. We routinely monitor performance against these criteria on an annual basis and have noted that because of the relatively small numbers involved, apparent performance can vary considerably year on year. Data to monitor progression and achievement will be most effectively looked at within the periodic review of courses, where trends can be reviewed over a number of years, although the recruitment and retention of non-traditional students is an important aspect of the Annual Course Review process, and is therefore considered by course teams on a yearly basis.
6.6 We wish to ensure that milestones are meaningful, and are based on the actual circumstances rather than speculation. Therefore, we shall not seek to revise any targets or associated milestones at this stage. In general, at institutional level, we note that whilst we aim to make progress against each objective in each year, the relatively small numbers involved and the unreliability of some datasets (such as the socio-economic classification of the main earner in a household, or the precise impact of a low participation neighbourhood) mean that this is unrealistic. We shall normally expect to have made progress against two-thirds of the statistical targets in each year, and will consider this to be successful performance.
6.7 The University considers each of its targets to be minima, and hence where targets have been exceeded, there will be no activity designed to reduce subsequent achievement. However, targets will not themselves necessarily be revised upwards.
