(a) The Department of Higher Education, in collaboration with the state college and university presidents and chancellors, shall develop funding formulas consisting of a needs-based component and an outcome-centered component which will, in principle, seek to provide fair and equitable state support to all postsecondary students across the state, regardless of the state institution attended, while at the same time recognizing:
(1) The different needs for lower level, upper level, and graduate level instruction at the various institutions;
(2) The requirements for specialized equipment, labs, and smaller class sizes in some disciplines;
(3) Unique missions such as agricultural extension services, research, medical sciences, workforce development, and public service; and
(4) Growth, economies of scale, and other appropriate factors.
(b) (1) The funding formulas for two-year colleges and universities shall be composed of a needs-based component under § 6-61-228(b)-(m) and § 6-61-229(b)-(m) and an outcome-centered component.
(2) The outcome-centered component shall constitute twenty-five percent (25%) of funding for two-year colleges and universities by the 2017-2018 school year and shall be phased in at a rate of five percent (5%) per year beginning in the 2013-2014 school year.
(3) The needs-based component shall constitute seventy-five percent (75%) of funding for two-year colleges and universities by the 2017-2018 school year.
(c) The outcome-centered component measures shall begin in the 2012-2013 school year but may include outcomes from multiple previous years.
(d) (1) The outcome-centered component shall seek to promote and increase the satisfactory progression, matriculation, and graduation of all students enrolled in two-year colleges and universities.
(2) The department shall consider the unique factors of each two-year college and university when developing the outcome-centered component, including utilizing variables that may be weighted to reinforce the mission of each two-year college and university and provide incentives for increased credential production.
(3) The outcome-centered component may include without limitation:
(A) End-of-course enrollment;
(B) Student retention;
(C) Student progression toward credential completion;
(D) Number of credentials awarded, including an emphasis on high-demand credentials;
(E) Student transfer activity;
(F) Research activity; and
(G) Number of graduates from underserved populations.
(e) By December 31, 2011, the department shall present the funding formulas approved by the Arkansas Higher Education Coordinating Board, including both the needs-based component and the outcome-centered component, to the President Pro Tempore of the Senate, the Speaker of the House of Representatives, and the Governor.
(f) It is the intent of the General Assembly that the outcome-centered component of funding formulas for two-year colleges and universities become the primary component for funding purposes.
Section: Previous 6-61-215 6-61-216 6-61-217 6-61-218 6-61-220 6-61-221 6-61-222 6-61-224 6-61-226 6-61-227 6-61-228 6-61-229 6-61-230 6-61-231 6-61-232 NextLast modified: November 15, 2016