ORLANDO— The Board of Governors advanced several key initiatives Wednesday and Thursday to increase student success, decrease student costs, and produce more degrees for in-demand fields.
Today, the Board approved a plan to allocate $560 million in performance funds for the 2022-23 fiscal year. Universities will reinvest the money into initiatives designed to enhance their performance on the ten metrics in the Board’s performance-based funding model. The model includes metrics that measure performance on retention rates, graduation rates, degrees, employment, and the average cost to the student. The Board’s performance funding model continues to drive improvements, with graduation rates up 17 percent in the past five years and universities now offering a four-year degree for an average of less than $3,400 after factoring in the state’s investment in Bright Futures and other financial aid.
“Thanks to the significant financial investment of Governor DeSantis and our legislative leadership, the State University System is continuing to build incredible momentum in nearly every measure of quality,” said Brian Lamb, chair of the Board of Governors. “In targeting areas where we can be most impactful, our universities are creating transformational value in our state. The strong performance of our universities inspires me, and I look forward to continuing working together as a System to foster the growth needed to advance student success.”
Other performance highlights include:
- The System continues to produce more bachelor’s degrees in programs of strategic emphasis (STEM, Health, Education, Global, and Workforce Gaps). Eleven institutions are at or above the strategic plan goal. Two institutions (UWF and USF) have improved on this metric yearly for the last five years.
- The System average for the metric that measures median wages of bachelor’s graduates who are employed full-time one year after graduation now exceeds $40,000. Median wages for graduates are $40,000 or higher at ten institutions. Graduates from Florida Poly and the University of Florida earned the highest median wages in 2019-20, earning $54,400 and $48,500, respectively.
- The System continues to make significant strides in four-year graduation rates. Nine institutions improved in 2021, with FIU and UWF having the largest year-over-year growth. UF leads the System with a 74.7% four-year graduation rate.
- The three highest-scoring institutions in the System were FIU, UF, and USF. FAMU and FAU improved on the most metrics.
“The State University System is dual-focused on quality and affordability, and I am proud that our universities are continuing to raise the bar for both, as evidenced by their improved performance scores,” said Marshall M. Criser III, the State University System Chancellor. “Ultimately, our goal is to deliver the best possible value to our students, and these improvements demonstrate how the System remains focused on that goal while providing the crucial economic impact that contributes to the vitality of our state.”
The Board also confirmed the appointment of Dr. Moez Limayem as the seventh president of the University of North Florida.
Additionally, Chancellor Marshall Criser announced he would not ask the Board of Governors to renew his contract after it ends in December.
“I am extremely grateful for the dedication and commitment Marshall has shown to this board, our universities, and most importantly, our students,” said Brian Lamb, chair. “Great leaders ensure we are well-positioned for success, so we do not go backwards. The impressive achievements across the System largely evidence Marshall’s extensive efforts during his tenure over the last eight years.”
In other meeting highlights the Board:
- Heard an update on the progress made towards accreditation.
- Recognized outgoing board members – Dr. Bill Self and Nastassia Janvier.
- Approved two programs eligible for the Programs of Strategic Emphasis Tuition Waiver
- Approved the 2022-2023 university Capital Improvement Fee Trust Fund project allocations
- Approved the 2021 Annual Report for Online Education.
- Approved the Office of Inspector General and Director of Compliance Work Plan for the Fiscal Year 2022-2023.
For more information, consult the meeting’s official minutes at http://www.flbog.edu/. The Board’s next in-person meeting is September 13-14, 2022, at the University of West Florida in Pensacola.
Facts about the State University System of Florida and the Board of Governors
The State University System of Florida is a constitutional body led by the 17-member Board of Governors. The System has 12 universities and more than 430,000 students, making it the second-largest public university system in the nation. Responsibilities include defining the distinctive mission of each institution and managing the System’s coordination and operation. The Board appoints a Chancellor who serves as the System’s chief executive. For more, visit flbog.edu or follow us on Facebook and Twitter.