FAMU Earns $25 Million in Performance-Based Funding
Florida A&M University will receive more than $25 million in additional appropriations for the upcoming academic year, a result of the school’s 13-point increase within the state’s performance-based funding model.
FAMU ascended from last in the state to eighth among all public institutions in its total outcomes in graduation rates, student retention, job placement and graduate earnings, educational access to low-income students and degrees awarded in strategic programs like STEM.
Boasting a 13-point improvement over last year’s performance metrics score, Florida Agricultural and Mechanical University (FAMU) will receive nearly $25.6 million in performance funds for the 2016–2017 year.
The additional funding represents $11.5 million awarded by the state, and the return of $14 million in funding given to the competitive metrics program by FAMU, to which all public institutions contributed $275 million in a permanent fund to be awarded annually for institutional achievement.
According to officials, the money will go toward developing and creating more programs to aid students with academic achievement and professional opportunities post-graduation.
“I am thrilled that after only one year we have achieved such a strong improvement in points earned through this Performance Funding Model. Not only did we improve ratings in three areas, but we also received marks of excellence in numerous categories including percent of graduates employed full-time or continuing their education, bachelor’s degrees awarded within programs of strategic emphasis, University access rate, and percent of funding from external resources,” Mangum said.
“As we work to arrive at the destinations of our strategic plan, I am confident that FAMU will continue to move forward and ensure that FAMU students, faculty and staff, and alumni thrive.”