TAMPA— 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 $645 million in performance funds for the 2023-24 fiscal year. Universities will reinvest the money into initiatives designed to enhance their performance on the 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 ten percentage points 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 historic financial investment of Governor DeSantis and our legislative leadership, the State University System is building incredible year-over-year momentum in nearly every quantitative measure,” said Brian Lamb, chair of the Board of Governors. “With strong leadership, our institutions create transformational value in Florida by targeting areas where we can most impact our students, communities, and the state. Our success inspires me, and I remain laser-focused on working together as a System to foster the growth needed to advance student success to even greater heights.”
Other performance highlights include:
- The three highest-scoring institutions in the System were FIU, FSU, UF, and USF (tie).
- The System continues to make significant strides in four-year graduation rates, with all institutions improving over the last five years. Seven universities met or exceeded their goals (FSU, NCF, UCF, UF, UNF, USF, and UWF). Additionally, UF and FSU exceeded the Board’s goal of 65% (75% and 74%, respectively).
- The System is graduating more Pell students in four years. Seven institutions improved by more than ten percentage points in the last five years (USF, FIU, UCF, UNF, FAU, UWF, FGCU), and five met or exceeded the Board’s Strategic Goal of 54% (UF, FSU, USF, FIU, UCF). Additionally, more African American & Hispanic students are receiving bachelor’s degrees, with nine institutions improving in this metric in the last year.
- The median wages for graduates increased at all institutions last year, ranging from $34,900 to $54,800. This amount is up 19% in the last five years. With lower costs & higher starting wages, Florida graduates see a more significant return on investment from their SUS degree. UNF, FAMU, and FGCU had the largest 1-year improvement.
“The State University System is dual-focused on quality and affordability, and I am proud that our institutions are continuing to raise the bar for both, as evidenced by their improved performance scores,” said Raymond Rodrigues, Chancellor of the State University System of Florida. “Ultimately, our goal is to provide students with a high-value high-quality education that fuels Florida’s talent and workforce needs while driving the crucial economic impact that contributes to the vitality of our state.”
The Board also confirmed the appointment of Dr. Aysegul Timur as the fifth president of Florida Gulf Coast University.
In other meeting highlights the Board:
- Approved the 2023 university accountability plans.
- Approved Special Education and Elementary Education, two new state-approved teacher preparation programs eligible for the Programs of Strategic Emphasis Tuition Waiver.
- Approved the 2022 Annual Report for Online Education.
- Approved the allocation of $100 million in Performance-Based Recruitment and Retention funds for the 2023-2024 fiscal year.
- Appointed the following trustees:
- Mr. John Crossman , Florida Agricultural & Mechanical University
- Mr. Pablo Paez, Florida Atlantic University
- Recognized outgoing board member Nimna Gabadage and outgoing FGCU President Dr. Mike Martin.
For more information, consult the meeting’s official minutes at http://www.flbog.edu/. The Board’s next in-person meeting is August 29-30, 2023, at the University of Florida in Gainesville.
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.