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FAMU Retention Cost-Benefit

FAMU Retention Cost-Benefit. Board of Trustees Finance Committee May 5, 2014. Impact of Retention on Performance Base Funding Metrics . Performance Based Funding Metrics

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FAMU Retention Cost-Benefit

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

  2. Impact of RetentiononPerformance 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

  3. Retention Expenditures (FY 2013-2014) • Retention Budget • $1.1M E&G (Tuition Differential) • $2M Title III Grant

  4. 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

  5. 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

  6. Fiscal Impact of Student Attrition • Annual Attrition (based on 3-year average, 2009-2011) • Calculation based on tuition, fees, housing, and meal plan • Average Revenue Dollars per FTIC Student: • $ 9,894.60 (In state)-approximately 87% • $21,835.40 (Out-of-state)-approximately 13%

  7. Return on Investment Retention Revenue Scenario • Calculation based on tuition, fees, housing, and meal plan • Average Revenue Dollars per FTIC Student: • $ 9,894.60 (In state)-approximately 87% • $21,835.40 (Out-of-state)-approximately 13%

  8. 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

  9. 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

  10. Questions

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