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FAMU Retention Cost-Benefit

This report examines the cost-benefit analysis of student retention initiatives implemented at Florida A&M University (FAMU). Key performance metrics, such as graduation rates and employment outcomes for graduates, are analyzed alongside retention expenditures from the 2013-2014 fiscal year. Highlighting successful programs like the Office of University Retention and the First Year Experience Program, it emphasizes the financial and academic benefits of improved retention, including increased revenue, enhanced institutional reputation, and better quality of life for students.

julian-whitfield
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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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