Not to be offensive but that spreadsheet is very poorly done. It doesn't include a number of apparent issues with running a program. The biggest and most obvious is the lack of processing fees, chargebacks, refunds, and overhead expenses.
Also, you didn't account for other additional revenue associated with running a program, including www sales, other non referred sales, members upgrades, emailing opportunities, etc...
PPS works!!
Its all about numbers and running an ACCURATE spreadsheet and hitting all your controllables.