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Issues Involved with Calculating the Cost of Capital in the Not-for-Profit and Public Sectors

In order to determine whether the net present value of a project is likely to be positive, the expected net cashflows (or benefit flows) are discounted at the entity’s cost of capital. Our key focus will be on the equity cost of capital for the not for profit and public sectors. The cost of equity to the not-for-profit and public sectors, on top of the real return, inflation return, and the typical risk premium, also requires and extra return for a lack of liquidity, and in the public sector case perhaps a premium for being forced into the investment. We will, also, ultimately need to include the debt sector to determine the overall discount rate. Finally we will have to tackle the knotty problem of whether adjustments need to occur in the cost of capital or the net benefit part of the present value analysis.