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Interest in cloud computing has grown significantly over the past few years both in the commercial and non-profit sectors. In the commercial sector, various companies have advanced economic arguments for the installation of cloud computing systems to service their clients' needs. This paper focuses on non-profit educational institutions and analyzes some operational data from the Virtual Computing Laboratory (VCL) at NC State University from the past several years. The preliminary analysis from the VCL suggests a model for designing and configuring a cloud computing system to serve both the educational and research missions of the university in a very economical cost efficient manner.