LA Board Of Regents’ Summit Focuses On ‘Maximizing Formula Outcomes’
BATON ROUGE – To continue open and transparent communication regarding the funding formula, the Louisiana Board of Regents hosted its second Formula Outcomes Summit Monday, July 10, at the Pennington Biomedical Research Center in Baton Rouge, Louisiana.
Since July 2015, the Board of Regents' finance team has met regularly with systems and their administrators to review and revise the outcomes-based funding formula methodology.
The summit, attended by more than 125 higher education leaders and policy makers from around the state, representative of each of the four systems, featured presentations that emphasized areas of opportunity for institutions to grow its outcomes portion of state institutional support.
Following a brief history of the formula by Regents Deputy Commissioner Terrence Ginn, Associate Commissioner Kimberly Kirkpatrick presented cost and outcomes calculations, while emphasizing the importance of data integrity and reporting. Kirkpatrick also illustrated how the primary measures from the GRAD Act and Workforce and Innovation for a Stronger Economy (WISE) are incentivized as part of the current outcomes-based formula adopted in fiscal year 2017.
In addition, the summit featured a keynote presentation by Dr. Toya Barnes-Teamer, director, HCM Strategists, who volunteered her time to share best practices on using the formula on campus. Dr. Barnes-Teamer's message included concrete ways in which institutions can increase outcome measures by utilizing a collaborative approach across departments; specifically how to recruit, retain and progress traditional and non-traditional students.
Dr. Joseph C. Rallo, commissioner of higher education, said “Monday's well attended event continues the Board of Regents' outreach to higher education to assist in managing the formula allocation process to best maximize institutional funding. Since the formula process involves offices from across campus-from the registrar to academic affairs to institutional planning-we specifically broadened the participant list well beyond campus financial officers. Participants and presenters alike were uniform in their appreciation for the information, transparency and suggestions which will allow them to fully participate in this important budgetary process.”
Dr. Toya Barnes-Teamer, director, HCM Strategists, said “It is important for our state to stay on top of all of these [funding and outcomes] issues not only nationally but locally as well. I want everyone to understand that in order for them to increase enrollment that each institution has to work together not only on campus, but also with other institutions in the state.”
Terrence Ginn, Board of Regents deputy commissioner, said “Monday's summit provided a great opportunity to share the outcomes incentivized in our funding formula. Our campus leaders are energized to recruit and retain the students needed to increase educational attainment in our state. We remain committed to open communication about the formula and want to ensure that everyone not only understands the formula, but embraces the outcomes portion as a way to achieve the best possible results in elevating education in our state.”
Kimberly Kirkpatrick, Board of Regents associate commissioner, said “We just want everyone to be informed of the [funding formula outcomes] process and see the importance of the role that each faculty and staff member plays in student outcomes and ultimately their success.”
Additional information and presentations can be found here