Are you saying the original FTEs calculated for Emory include part-time students or that in your specific measuring period example, the FTE would be lower? What you put down measures information from 2015 and not 2017.
Here is the language:
Private endowments tax: The bill includes a 1.4 percent excise tax on investment income at private colleges with an enrollment of at least 500 students and with assets valued at $500,000 per full-time student.
Of course the market won’t go up forever, but this also impacts investment income going forward. With respect to Emory, Coke will either reinvest the 14% delta or dividend it out. Even a if they dividend out 20% of the delta, Emory’s income and tax goes up.