Has UWF Libraries calculated its Institutional Return on Investment (IROI)?
UWF University Libraries informally calculated its Institutional Return on Investment (ROI) for eight of its services provided during fiscal year 2017 (July 1, 2016 - June 30, 2017). Services included:
- students studying in the library;
- borrowing books, e-books, DVDs, laptops, and course-required print textbooks;
- students or faculty members asking reference questions or meeting with reference librarians for individual research consultations;
- conducting library instruction sessions;
- students using a day study carrel; and
- students or faculty members using subscription databases when off-campus.
Calculations (the .pdf of the Excel spreadsheet is found below) were based on the number of occurrences (service outputs) multiplied by an informal and conservative market value of the occurrence to calculate a summed value for the services. The summed value was then divided by sum of the University Libraries' personnel and operating expenditures.
It was calculated that for every dollar expended by the University Libraries, at least $6.72 was returned for the services identified.