FAMU Retention Cost-Benefit Board of Trustees Finance Committee May 5, 2014 1.

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Presentation transcript:

FAMU Retention Cost-Benefit Board of Trustees Finance Committee May 5,

Impact of Retention on Performance Base Funding Metrics Performance Based Funding Metrics Metric 1: Percent of Bachelor's Graduates Employed and/or Continuing their Education Further 1 Year after Graduation Metric 3: Average Cost per Undergraduate Degree to the Institution Metric 4: Six Year Graduation Rates (Full-time and Part-time FTIC) Metric 5: Academic Progress Rate (2nd Year Retention with GPA above 2.0) Metric 6: Bachelor's Degrees Awarded in Areas of Strategic Emphasis (includes STEM) Metric 8a: Graduate Degrees Awarded in Areas of Strategic Emphasis (includes STEM) Metric 9: Percent of Bachelor’s Degrees without Excess Hours 2

Retention Expenditures (FY ) Retention Budget –$1.1M E&G (Tuition Differential) –$2M Title III Grant 3

Current Retention Efforts Established Office of University Retention (2010) First Year Experience Program Academic Success Programs Restructured Access Summer Bridge Program Debt Management Program Faculty Development 4

Benefits of Higher Student Retention High graduation rates –Better quality of life for students –Increased career opportunity & earning potential Reduction in student debt Improved Institutional Image/Standings Increased revenue Increased Performance Funding 5

Fiscal Impact of Student Attrition Annual Attrition (based on 3-year average, ) Calculation based on tuition, fees, housing, and meal plan Average Revenue Dollars per FTIC Student: $ 9, (In state)-approximately 87% $21, (Out-of-state)-approximately 13% 6 Attrition# of Students Revenue Loss First Year400$4.6M Overall1,200$10.3M

Return on Investment Retention Revenue Scenario Calculation based on tuition, fees, housing, and meal plan Average Revenue Dollars per FTIC Student: $ 9, (In state)-approximately 87% $21, (Out-of-state)-approximately 13% 7 Retention# of Students Revenue Student Persistence First Year50 FTIC$572,000$1.2M Non-Freshman75$540,000$1.3M Students on SAP 100 Less$719,000$1.7M

Challenges & Opportunities Expand program and services for high- performing students Effective Recruitment Enhance the wrap-around services for first-year students, student athletes, and academically at- risk students Leverage the full power of the technology enterprise to better meet the needs of all constituents 8

Challenges & Opportunities Employ innovative supplemental instruction strategies Enhance Campus Facilities –State-of-the-art classrooms and learning spaces –Centralized student services facilities Extend faculty and staff development efforts with an orientation towards student success 9

Questions 10