New College of Florida is set to receive a significant financial boost from the state legislature, pending approval from Governor Ron DeSantis. The budget proposal for 2024-2025 includes $10 million earmarked for operational improvements at the school.
While President Richard Corcoran and the Board of Trustees will have control over how the money is allocated, there are specific requirements attached to some of the funds.
A portion of the $10 million must be dedicated to providing scholarships for students, totalling $5 million. This directive aligns with the goal of increasing enrollment at the liberal arts institution, a priority that Corcoran and the trustees have been actively pursuing.
Additionally, $15 million from the budget is designated for specific purposes, including $10 million for temporary student housing, $2 million for scholarships to support student recruitment, $2 million for technology upgrades and academic resources, and $1 million for campus security enhancements.
To access these funds, New College must submit a comprehensive business plan to the state university system’s Board of Governors. This plan must outline the institution’s long-term enrollment goals and detail how the funding will be utilized to achieve these objectives.
It should include strategies and initiatives to be implemented over the next five years, focusing on enrollment growth while maintaining academic excellence.
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Furthermore, the Board of Governors will provide quarterly status reports to legislative committees, offering updates on enrollment figures, expenditure of funds, and any necessary adjustments to the business plan. This oversight ensures transparency and accountability in the use of state funding for New College’s development and improvement initiatives.
