The Board of Governors today authorized the release of $20 million tied to specific goals for Florida’s public universities in a new performance funding system being used for the State University System.
This year, universities will receive a portion of that total based on scores for three metrics listed in statute: average wages of employed baccalaureate graduates, percent of baccalaureate graduates employed and/or continuing their education further, and cost per undergraduate degree.
UCF will receive an allocation of $2,608,696 — tied with USF for the most amount to be received — out of the $20 million being given.
On average, UCF graduates make more money coming out of college and working in Florida than do graduates from schools like the University of Florida and Florida State University, according to the Board of Governors.
This marks the first step toward a larger, more comprehensive performance-funding model being developed by the board with a total of 10 metrics, which is tied to a $50 million legislative budget request for the upcoming legislative session.
“The Board of Governors is committed to providing access to high-quality, affordable higher education in Florida,” said Board Chairman Dean Colson. “We’re confident this new funding model, and the performance gains it will inspire, will help us make good on that promise.”
This funding from the state also comes at a time when UCF is facing a budget crisis after over-projecting the number of credit hours it expected students to take.
It wasn’t immediately clear when universities were expected to receive this funding.
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