University showed improvements in seven of 10 areas.
Florida A&M University (FAMU) received its highest score under the Florida Board of Governors (BOG) Performance Based Funding (PBF) model, which will result in $13.3 million for the University’s key strategic initiatives.
FAMU improved in seven of 10 metrics in scoring 73, a three-point increase, over 2019, according to information release during the Thursday, May 28 BOG conference call meeting.
FAMU was noted for its continuous improvement and was removed from the BOG’s “watch list.” The Board approved FAMU’s PBF State Investment allocation of $13,322,826, noting that Gov. Ron DeSantis has not yet approved the state’s budget.
“I’m extremely proud of every member of our team at FAMU who contributed to establishing this new watermark in our score in performance metrics. This clearly shows our commitment to student success at Florida A&M University,” said President Larry Robinson, Ph.D., following the Board of Governor’s meeting.
Among FAMU’s key areas of improvement are the four-year graduation rate, cost to student in obtaining a bachelor’s degree, and median wages for bachelor’s graduates. Additionally, over the last two years, FAMU has seen a 12 percentage-point increase in the number of students who graduated without excess credit hours. In the metric of University Access Rate – percent of undergrads with a Pell Grant – FAMU earned the highest score of all State University System (SUS) institutions.
“We’re excited about FAMU’s outcomes and overall score in Performance Based Funding,” said FAMU Board of Trustees Chair Kelvin Lawson. “It speaks to us changing to a culture of higher accountability and shows that we’re leveraging the newly-created dashboards to drive the results.”
This is the seventh year of the BOG’s Performance Based Funding model. In 2019, FAMU secured $13.7 million after earning 70 points. The funding allocation was used to bolster the University’s student success initiatives by hiring counselors and advisors; support for implementation of strategic initiatives in the colleges and schools; and for faculty and student retention.