~ Florida International University becomes the fourth Preeminent Research University ~
Orlando, FL (July 1, 2024) – The Florida Board of Governors approved a plan to allocate $645 million in Performance-Based Funding to the System’s 12 institutions due to the excellence and improvement displayed in the metrics within their accountability plans. The Performance-Based Funding model includes 10 metrics that evaluate institutions on a range of issues with 9 of the same metrics across institutions and one institution-specific metric.
Additionally, Florida International University was designated as the System’s fourth Preeminent Research University after meeting 12 of the 13 preeminence benchmarks. FIU’s rise to preeminence includes a 22-percentage point increase in four-year graduation rates in the last five years and an increase in research expenditures of $91 million. FIU joins Florida State University, the University of Florida, and the University of South Florida as preeminent.
“Thanks to Governor Ron DeSantis and the Florida Legislature, Performance-Based Funding received full funding for the upcoming year. Performance-Based Funding has provided our System a platform to embrace accountability, ensuring all students have opportunities to succeed,” said Chancellor Ray Rodrigues. “Our institutions continue redefining excellence year-over-year to achieve greater accomplishments for our students and our state like Florida International University reaching preeminent status. I look forward to the successes our System will attain in the next five years.”
“Congratulations to our 12 institutions for the incredible outcomes they continue to deliver, and an additional acknowledgment to Florida International University, President Jessell, and Board of Trustees Chair Tovar for receiving preeminent status,” said Brian Lamb, Chair of the Florida Board of Governors. “With record funding from Governor DeSantis and the Florida Legislature, we are committed to building upon our successes by continuing to set high expectations, prioritize student achievement, and recruit and retain world-class faculty to positively impact our state.”
The performance-based funding model continues to drive improvements across the System:
- FIU, UF, FSU and USF were the three highest-scoring institutions in the System (USF and FSU tied).
- The median wages for graduates with bachelor’s degrees increased at all institutions, ranging from $42,500 to $68,000 with the median salary for the System increasing to $50,000.
- All 12 institutions met or exceeded their goal.
- The System set a record-high four-year graduation rate of 62% for first-in-time-college students.
- 9 institutions improved their graduation rate from last year.
- FIU had the largest five-year improvement with a 22-percentage point increase.
- The graduation rate for Pell Grant recipients continues to improve year-over-year.
- 6 institutions met or exceeded their goal.
- Florida Poly and FAMU had the largest one-year improvement.
- 9 institutions improved by 5 or more percentage points in the last five years.
- FIU had the largest five-year improvement with a 25-percentage point increase.
- 74% of bachelor’s graduates within the System were enrolled or employed one year after graduation.
- 11 institutions met or exceeded their goal.
- Florida Poly, FGCU, UWF, and New College had the largest one-year improvement.
- Across the system, 88% of first-time-in-college students returned for their sophomore year at the same institution.
- FAU, FSU, UCF, and UWF met or exceeded their goal.
- FAU had the largest one-year improvement.
- The System had an increase of $658 million in research expenditures over the past five years to reach $2.93 billion.
- 9 institutions met or exceeded their goal for research expenditures.
- 11 institutions increased their research expenditures last year.
The accountability plans for each institution and the performance-based funding allocations can be found on the June Meeting page of the Florida Board of Governors website.
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About the State University System of Florida and the Board of GovernorsThe 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. Florida has held the top spot in U.S. News & World Report for higher education since the inception of the rankings in 2017. 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 information, visit flbog.edu or follow us on Facebook and Twitter.