University of Minnesota exceeds Legislature's performance goals
MINNEAPOLIS / ST. PAUL (01/08/2013) —From increased graduation rates to more student financial aid to the growth of sponsored research, the University of Minnesota has far exceeded a set of performance goals established by the 2011 Legislature.
By achieving the goals, the U has earned more than $4.8 million in state funding that was held back from its appropriation, pending the achievement of at least three of five goals.
The five performance goals mandated by legislation required the university to increase: institutionally-provided financial aid to students; degrees awarded; Twin Cities campus undergraduate graduation rates; research and development expenditures; and sponsored expenditures funded by business and industry.
While the University was required to meet three of the five measures, it exceeded all five.
These dollars, which were allocated to departments and colleges early in the fiscal year, are being used to support faculty, staff and programs.
"By exceeding the performance goals set by the Legislature, the University of Minnesota has demonstrated accountability to the people of Minnesota," said President Eric W. Kaler. "With our deep commitment to ensuring access, delivering world-class education and research, and providing value to the state of Minnesota and its citizens, we are delivering on our mission to develop the next generation of leaders, to solve the state’s most pressing problems, and to contribute to Minnesota’s prosperity."
The five performance measures were agreed upon by the U’s Board of Regents and the Minnesota Office for Higher Education on September 9, 2011. By meeting three of the five goals, the University earns one percent of its state allocation, which will be released by Minnesota Management and Budget.
Measure 1: Increase institutional financial aid
- The U of M awarded $210,468,994 of financial aid in FY2012, an increase of $40,779,102 over the $169,689,892 given in FY2010.
Measure 2: Produce at least 13,500 total degrees system-wide in FY2012
- The U of M awarded 15,568 degrees in FY2012, including more than 10,000 undergraduate, 4,400 graduate and 800 professional degrees.
Measure 3: Increase four- and six-year graduation rates for Twin Cities undergraduates
- Four-year graduation rates at the U of M increased to 57.9 percent in 2011-12, up 7.7 percent from 2010-11 numbers. Six-year graduation rates increased 2.5 percent, to 72.9 percent.
Measure 4: Maintain research and development expenditures from 2010 National Science Foundation (NSF) report
- The U of M produced $847 million in research and development expenditures in FY2011, a $106 million increase from FY2009.
Measure 5: Maintain levels of sponsored funding from business and industry between FY2010 and FY2012.
- The $45,139,000 business- and industry-sponsored expenditures in FY2012 represents a nearly $10 million increase from FY2010.