In looking at the final product, one can only be shocked and amused. Much of the report is a simple narrative discussion of all that UC does and how it is hard to determine the cost of its many activities. When the UC finally gets to the discussion of the cost differences, the entire new methodology is explained in a single paragraph: “First, graduate students are considered full-time when taking 12 units a term whereas undergraduates are full-time at 15 units per term. This is a standard practice in other institutions and is the basis for the ratio of 1.25 (15/12) used in the NACUBO report. Second, the University collects data on the proportion of student credit hours (SCH) offered by level and that data includes the type of instructor delivering the student credit hours. There is a substantial differential between undergraduate and graduate students in the proportion of SCH taught by ladder faculty. For graduate students, 79% of SCH are taught by ladder faculty compared to 49% for undergraduates. Since expenditures for ladder faculty are higher than for other types of faculty, expenditures by level of faculty can be used to estimate an overall differential between undergraduate and graduate expenditures. The estimate of the differential for 2012-13 is 1.33. Combining these two factors – 1.25 for the FTE calculation times 1.33 for faculty type – results in an estimate that graduate expenditures per FTE for instruction are on average at least 1.7 times greater than undergraduates.” Really?!! How in the world did they come up with such a reductive methodology and why did it take them over a year to produce it?