University of Vermont Appropriation Request Fiscal Year 2014 - PowerPoint PPT Presentation

University of Vermont Appropriation Request Fiscal Year 2014

EDUCATIONAL VALUE Fall 2012 Ø 13,097 undergraduate, graduate, medical, and non- degree students from 50 states and over 40 foreign countries Ø 37.7% are Vermonters Ø 101 bachelors, 48 masters, and 22 doctoral programs Ø Over 30,000 alumni living in Vermont 2

EDUCATIONAL VALUE Fall 2012 -- UVM admitted 70% of Vermont applicants. 34% of them enrolled at UVM. THE UNIVERSITY OF VERMONT Vermont First-Time First Year Applicants, Admits and Enrolls, Fall 1999 to Fall 2011 Vermont Applicants Vermont Admits Vermont Enrolls 2,500 2,173 2,086 2,107 2,103 2,133 2,263 2,000 1,842 1,652 1,682 1,709 1,486 1,460 1,500 1,337 1,506 1,495 1,521 1,500 1,557 1,494 1,580 1,328 1,323 1,295 1,231 1,230 1,000 1,129 500 655 644 541 635 630 603 602 587 558 547 533 500 468 0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Fall 3

EDUCATIONAL VALUE Degrees Awarded—2010-2011 Ø UVM awarded 29% of all degrees conferred by Vermont institutions, including 40% of all bachelors degrees. Ø UVM awarded more bachelors degrees to Vermonters than any other school in Vermont. Total Institution Associates Bachelors Masters Doctoral % Degrees UVM 0 2,506 425 207 ¹ 3,138 29.4% VSC 973 996 93 0 2,062 19.3% Vt. Independent Colleges 593 2,811 1,894 180 ² 5,478 51.3% (19) Total 1,566 6,313 2,412 387 10,678 ¹ Includes Ph.D.,D.P.T., Ed.D., M.D. ² JDs awarded by VLS, 3 Ph.D.s awarded by Middlebury 4

EDUCATIONAL VALUE Retention and Graduation Rates Ø UVM’s retention and graduation rates substantially exceed national peer averages • Retention Rates (first to second year) Vermont first time, first year students 91% Out of state first time, first year students 83% Total UVM first time, first year student 85% All Public Doctoral/Research Universities 81% Note: UVM Retention Rates are for class that entered in fall 2011 5

EDUCATIONAL VALUE Ø In the 2011-2012 school year, UVM provided nearly $100 million in scholarships and grant aid (UVM funds) to undergraduate students Ø Over half of the state appropriation ($21 million out of $40.1 million) goes toward non-loan financial aid for Vermont students Ø The average net cost of attendance for a Vermont student after aid is $12,840 ($28,463 total cost of attendance-$15,623 non-loan financial aid/scholarship=$12,840) Ø Approximately 87% of Vermont undergraduates will receive some form of financial aid 6

EDUCATIONAL VALUE University of Vermont Cost of Attendance Increases Compared to National Averages FY 2003 to FY 2013 UVM UVM Public Private In-State Out-of-State 4-Year 4-Year Average Annual Tuition & Fee 5.4% 5.2% 7.8% 4.9%** Increases from FY 2003 to FY 2013 Average Annual Student Cost* 5.1% 5.1% 5.9% 4.5%** Increases from FY 2003 to FY 2013 *Cost of attendance include tuition, fees, room and board **Generally has a substantially higher tuition and fees charge Source: National data are from 2012 The College Board’s “Trends in College Pricing.” 7

ECONOMIC IMPACT Ø UVM is responsible for over $433 million in direct expenditures in Vermont, excluding capital construction spending. (Total expenditure budget, excluding scholarship allowances of $81 million, is $601 million for FY 2012) Ø Each dollar UVM spends in the state multiplies as it filters through the economy. This “multiplier effect” brings the impact to nearly $1 billion. Estimated Direct Expenditures in Vermont; FY11: __ by UVM $174,975,000 __ by UVM employees $153,900,000 __ by UVM students $ 91,175,000 __ by UVM visitors $ 13,900,000 ------------------ TOTAL DIRECT IMPACT $433,950,000 Multiplier x 2.3* TOTAL IMPACT WITH MULTIPLIER $988,085,000 *Recommended by the American Council on Education 8

ECONOMIC IMPACT Ø UVM is the state’s fourth largest employer with 3,871 employees (UVM + FAHC= the largest employer other than the state) Ø 88% are full time Ø Compensation and benefits paid out (FY 2012) = $373.8 million Employee Classification Fall 2012 Full Time Part Time Total Faculty 1,248 287 1,535 Staff 2,168 168 2,336 Total 3,416 455 3,871 % 88% 12% 100% 9

ECONOMIC IMPACT Ø UVM faculty bring in $130 million in research grants and contracts (FY 2012) Ø 84% from out-of-state, mostly federal, sources Sponsored Program Awards FY 2002 - FY 2012 $150,000,000 $100,000,000 In Million Dollars ($) $50,000,000 $0 FY 02 FY 03 FY 04 FY 05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 10

ECONOMIC IMPACT Ø UVM brings over $522 Million into Vermont from out-of-state sources Estimated Dollars Imported into Vermont: • from out-of-state student payments (net of financial aid) $341,174,000 • from federal grants, contracts and appropriations $124,274,000 • from private grants, contracts and gifts $ 51,934,000 • from endowment and investment income $ (5,633,000) • from out-of-state visitors $ 10,425,000 ------------------- TOTAL DOLLARS IMPORTED INTO VERMONT $522,174,000 FY 2012 estimates 11

ECONOMIC IMPACT • UVM is contributing to “brain gain” in Vermont • UVM attracts almost one-third of all out-of-state college students studying in Vermont FALL 2010 OUT-OF-STATE ENROLLMENT AT VERMONT COLLEGES UVM 8,230 32.9% VSC 2,138 8.5% Independent 14,683 58.6% Colleges TOTAL 25,051 100% For every $1 VT taxpayer investment to UVM, there is a return of $25 to the VT economy (25 to 1 return) 12

SUMMARY OF UVM EDUCATIONAL AND ECONOMIC IMPACT UVM is Vermont’s only: Ø research university Ø doctoral institution Ø medical school and tertiary health care facility Ø land grant university UVM has outstanding success and graduation rates UVM provides the state’s agricultural research and extension infrastructure UVM provides most of the states health care, government, business, science and technical professionals UVM is essential to attract and create jobs, businesses, and economic development. 14 companies have emerged from UVM’s research since 2004, with 8 of those in the past 3 years. These companies have created 45 full time jobs and have raised just over $21 million. UVM returns to the VT economy $25 for every $1 VT taxpayer appropriation 13

APPROPRIATIONS FY 2014 State Appropriation Request • FY 2014 UVM Base Appropriation Request $36,740,477 • Global Commitment (Physician education) $4,006,156 • Supplemental Request $1,722,399* (Governor’s recommend for financial aid) ----------------- TOTAL FY 2014 Appropriation Request $42,469,032 *$500,000 re-allocated from the Next Generation fund per recommendation of the Department of Labor and an additional $1,222,399 to be directed to non-loan financial aid for Vermont students, which will result in a zero tuition increase for Vermont students in FY 2014. 14

APPROPRIATIONS FY 2014 Governor’s Recommendation General Fund $38,462,876* Global Commitment $ 4,006,156 TOTAL $42,469,032 *The FY 2014 total appropriation from the Next Generation fund is $1,500,000 less than in previous years. $500,000 of scholarship funds is appropriated separately to UVM, Vermont State Colleges, and VSAC and complies with the recommendation from the Department of Labor. Amount also includes $1,222,399 to be used for non-loan financial aid. 15

APPROPRIATIONS The state appropriation is used to support the following areas of activity at UVM and in the projected amounts indicated. EPSCOR ($383,000) The Experimental Program to Stimulate Competitive Research (EPSCoR) is a program designed to fulfill the National Science Foundation's (NSF) mandate to promote scientific progress nationwide and is directed at those jurisdictions that have historically received lesser amounts of NSF Research and Development (R&D) funding. This includes Vermont and we are required to allocate some state support to be eligible for federal funding. These funds serve as required State cost sharing administered through the University. Vermont Technology Council ($134,000) The Vermont Technology Council is a catalyst for the creation of science- and technology-based business in Vermont and is funded in part from the state appropriation to UVM. __________________________________________________________ 16

APPROPRIATIONS Medicine ($9,788,000) The University applies $4,000,000 of the appropriation to physician education fulfilling the agreed global commitment as part of a $5.3 million direct University allocation to medicine programs.$4.4 million is allocated within the University to the support College of Medicine infrastructure and facilities. Agriculture and Extension ($9,573,000) Our land grant status and federal partnership with Extension (Smith Lever Act) and USDA Agricultural Experiment Station (Hatch Act) funding requires matching state funds . We allocated a total $6,425,000 directly to agricultural programming and a further $3,148,000 is allocated within the University to agriculture infrastructure support . 17