Sustained excellence expected to translate into millions of dollars in additional state funds
TAMPA, Fla. (March 16, 2016) – The University of South Florida System continues to be ranked among the State University System’s top performers, as revealed during the Board of Governors Budget and Finance Committee meeting on Wednesday in Pensacola. The ranking reflects the USF System’s continued trajectory toward excellence and is expected to provide millions of dollars in additional state support.
This year the Florida Legislature has proposed a $500 million investment to the State University System through the BOG’s performance funding model, with the universities contributing $275 million to match a $225 million new investment from the state. The specific allocation amounts will be announced by the BOG at a future date.
“Performance-based funding has ushered in a new era of purposeful, data-driven accountability that continues to make our State University System stronger,” said USF System President Judy Genshaft. “At the same time it has brought hundreds of millions of dollars to our universities for strategic educational investments, allowing us to enhance quality while keeping costs down for students.”
The BOG’s performance-based funding model includes 10 metrics that measure key indicators of student success and post-graduation productivity. The model rewards either improvement or sustained excellence in each metric.
USF System highlights this year include:
[if !supportLists]· [endif]75% of baccalaureate graduates are employed full-time or continuing their education
[if !supportLists]· [endif]3% increase in median wages of graduates employed full time in Florida
[if !supportLists]· [endif]1st in the state in graduate degrees awarded in areas of strategic emphasis, including high-need and highly paid areas such as accounting, education, global initiatives, health, and STEM disciplines (2nd in the state in baccalaureate degrees awarded in those same fields)
[if !supportLists]· [endif]Six-year graduation rate continues to rise, now at 67.8%
“USF’s remarkable gains in graduation rates continue across all student groups, underscoring our commitment to preparing graduates to meet the needs of a high-skilled, highly paid workforce in Florida, and ready to succeed in top graduate, law and medical schools around the world,” said USF System Provost and Executive Vice President Ralph Wilcox. “USF System’s position as a high-performing university is the product of careful strategic planning, smart investments, disciplined execution, and an unrelenting focus on accountability.”
The University of South Florida is a high-impact, global research university dedicated to student success. USF is a Top 25 research university among public institutions nationwide in total research expenditures, according to the National Science Foundation. Serving over 48,000 students, the USF System has an annual budget of $1.6 billion and an annual economic impact of $4.4 billion. USF is a member of the American Athletic Conference.