For the first time, the governing board for state universities is allocating money tied to schools' performance and not just the size of their enrollment or according to project requests.
The new performance funding is based on a point system for three categories, which the Board of Governors hopes will increase in future years. Under each of the metrics, a school received two points for meeting the system-wide average, one point for falling slighty short of the average and zero points if they are way behind. There was an opportunity to receive three points for going far above average, but no schools met that threshold for any of the categories.
Two schools earned six points and will share the biggest portion of the funding. University of South Florida and University of Central Florida will each receive $2.6 million.
Earning $2.2 million for five points: Florida International University, Florida State University, Florida Gulf Coast University and University of North Florida.
University of Florida and Florida Atlantic University will receive $1.7 million for four points. University of West Florida will receive $1.3 million for three points.
Florida A&M University will receive $869,565 for earning two points and New College of Florida will receive $434,783 after receiving one point.
- - Percent of bachelor’s degree graduates employed or continuing education after one year
- - Median average full-time wages of graduates employed in Florida after one year
- - Average cost per undergraduate to institution.
For example, the state is not able to track graduates who move out of state. And the third metric ignores the benefit of universities offering expensive programs like engineering and sciences that often lead to higher-paying profession.
The Board of Governors’ Budget and Finance Committee approved the plan this morning and the full board is expected to sign off later this afternoon.
BOG members hope to expand to 10 categories next year if the Legislature allows it. The new categories they hope to add include six-year graduation rate and percentage of degrees awarded in science, technology, math and engineering. There would also be two categories specific to each individual university.
The board wants performance funding increased to $50 million next year.