USF Board of Trustees Strategic Initiatives Committee
Thursday, August 17, 2017
11:30 am – 12:45 pm
Marshall Student Center Room 3707
Trustees: Hal Mullis, Chair; Michael Carrere, Stephanie Goforth,
James Stikeleather, Jordan Zimmerman
Senior Vice President: Edmund Funai
Community Liaison: Bob Churuti
Staff Liaisons: Paige Beles, April Ingram, Judy Lowry
A G E N D A
I. Call to Order and Comments Chair Hal Mullis
II. Public Comments Subject to USF Procedure Chair Mullis
III. New Business – Action Items
a. Approval of May 18, 2017 Meeting Minutes Chair Mullis
b. St. Petersburg Campus P3 Project Regional Vice Chancellor Joe Trubacz
IV. New Business – Information Items
a. Morsani College of Medicine Project Update Vice President Calvin Williams
Senior Vice President Charles Lockwood
b. Stadium Feasibility Study Vice President Calvin Williams
Athletic Director Mark Harlan
c. Understanding and Navigating Institutional Executive Vice President Ralph Wilcox
Rankings at USF Tampa
V. Adjournment Chair Mullis
Next Scheduled Meeting: October 12, 2017
Strategic Initiatives Committee Meeting - Agenda
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Board of Trustees
Strategic Initiatives Committee
Meeting Minutes
Thursday, May 18, 2017
9:04 a.m. - 11:45 a.m.
Marshall Student Center, Room 3707
Tampa, Florida
Present:
Committee Members: Vice Chair Scott Hopes; Mike Carrere; Stephanie Goforth; James
Stikeleather; Jordan Zimmerman
Trustees: Brian Lamb, James Garey, Byron Shinn, Nancy Watkins
President: Judy Genshaft
Senior Vice President: Edmund Funai
I. Call to Order and Comments
Vice Chair Hopes called the meeting to order at 9:04 a.m.
II. Public Comment Subject to USF Procedure
There being no public comments, Vice Chair Hopes proceeded to New Business.
III. New Business – Action Items
Approval of the April 6, 2017 Meeting Minutes
A request to adopt the Minutes was made by Vice Chair Hopes. A motion was made by
Trustee Carrere and seconded by Trustee Goforth and the Minutes were unanimously
approved as submitted.
IV. New Business – Information Items
A. USF St. Petersburg Campus P3 Project Update
USF St. Petersburg (USFSP) Regional Chancellor Sophia Wisniewska introduced her
Vice Chancellor of Finance and Administration, Joe Trubacz, to present an update
regarding a current plan to construct new student housing at that campus. Due to a steady
rise in student enrollment over the past 10 years, USFSP’s current student housing
demand exceeds capacity. As a result, in August 2016, the USF Board of Trustees
authorized proceeding under current P3 (public/private partnership) authority. So, under
Florida law and Florida Board of Governors’ (BOG) Guidelines’ processes, an Invitation
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USF Board of Trustees Strategic Initiatives Committee May 18, 2017 Meeting Minutes Page 2 of 5 ________________________________________________________________________________________
to Negotiate was issued and a design/build firm (EDR) ultimately selected. The proposed
Project facility would house a 550 bed residence hall, a conference center and a dining
area. In addition, $5M is needed to build out the conference center portion and Sodexo,
its managing vendor, has preliminarily committed that investment amount as well as an
additional $600,000 for furnishings and audio visual needs.
Trustee Goforth clarified that while this has not yet been finalized as a P3 Project, USFSP
has strictly followed current BOG Guidelines to date with all items on the BOG Guidance
checklist to be completed in the next few weeks. However, as President Genshaft noted,
the current BOG Guidelines and processes are under review; therefore, EDR will prepare
a comparison of the advantages and disadvantages of proceeding under P3 process versus
a university-financed facility.
Chair Lamb asked that the prepared comparison be shared as soon as available with
Trustees; Mr. Trubacz agreed that each trustee will be briefed in that regard. Recognition
of the necessity for the Board to consider operating costs, details of a Sodexo future
agreement and consideration of the strategic importance of preserving the University’s
capital assets and debt capacity were also raised.
All agreed the facility is critically needed, that a P3 is the University preferred vehicle,
that BOG guidance will be sought and followed and that, to accommodate USFSP student
needs, time is of the essence for submission of this Project plan to the BOG (no later than
November 2017), and its approval with a planned facility opening by Fall 2019 for
student/community benefit.
B. Plan to Improve Student to Faculty Ratio at USF Tampa
University of South Florida Executive Vice President and Provost Ralph Wilcox presented
the USF Tampa 5-year plan to enhance its student to faculty ratio; noting the goals
outlined in his slideshow were ambitious, yet achievable.
He first defined (1) programs to be included in the presentation (excluding, for purposes of
this discussion, “stand-alone” graduate and professional programs as provided, for
example, at USF Health or the College of Marine Sciences; and (2) FTE value, meaning
the number of students requiring instruction related to the full and part time faculty
providing that instruction.
After generally noting how lower student/faculty ratios would contribute to USF’s
Strategic Goals and higher national rankings, he specifically compared USF Tampa,
USFSP and USFSM’s ratios to each other, to public and private universities within Florida
and to 34 public AAU (American Association of Universities) designated institutions in
the United States and public AAU prospects.
The latter two analyses were based on IPEDs data and illustrated that:
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USF Board of Trustees Strategic Initiatives Committee May 18, 2017 Meeting Minutes Page 3 of 5 ________________________________________________________________________________________
1. For 2008-2015, among USF Tampa and its Florida research university peers, Tampa’s
faculty/student ratio not only ranked above the mean and was higher than USFSP and
USFSM;
2. In 2015, among AAU institutions, the average ratio was a 17 (student) -1 (fulltime
faculty) ratio while 25% of those ranked institutions maintained a 19-1 ratio, the figure
which USF Tampa seeks to achieve;
3. That for 2008-2015, USF Tampa’s ratio was the highest among designated public
AAU prospects.
Based upon certain strategic planning assumptions (reduction of contingent faculty %, no
enrollment growth – except for the USF College of Nursing – that any new faculty
positions would be strategically hired with interprofessional emphasis and distributed to
enhance educational and research profile, that there would also be an even distribution of
ranked faculty hires, that investment in new research hires would be focused on the USF
Morsani College of Medicine and its new downtown site, and that ongoing monitoring
would occur to ensure strategic alignment, he then outlined current student to faculty
ratios by USF Tampa College areas and goals for each; the total goal being achieving a
19-1 ratio in the next 5 years.
He recounted the estimated costs of reaching the outlined goals considering salary,
operational support, overhead, space needed and other factors; also pointing out possible
sources of resource available to underpin these costs.
After linking specific projected “return on investment” to each criterion of Florida’s state
university system preeminence formula via proposed investment in 300 new full-time
faculty members for USF Tampa, he also addressed benefits of lower student/faculty
ratios to faculty and staff retention, student financial aid, enterprise business systems and
branding and marketing.
Provost Wilcox responded to specific questions regarding the current number of USF
Tampa faculty, the difficulty in planning for new faculty hires based on uneven funding
sources-yet gratitude for new sources, e.g., the newly legislatively established World Class
Scholars fund, the “lag” time between funding availability and ability to finalize new
hires, and the relationship of online courses to ratios at USF and other AAU institutions,
such as Purdue.
Robust discussion followed, including notation that many of the AAU compared
institutions were much senior to USF, that the advantageous ratios of some institutions
reflected consistent home state strategic investments, that possible leveraging of the USF
System for new faculty hires could occur and that Board focus should occur in the future
on metrics such as these (among others) to further inform Board strategy, with the primary
goal being to further student success.
C. USF System Strategic Planning Process Update
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USF Board of Trustees Strategic Initiatives Committee May 18, 2017 Meeting Minutes Page 4 of 5 ________________________________________________________________________________________
USF System Senior Vice President Ed Funai handed out a one-page summary of a new
partnership with Suncoast as an example of System interdisciplinary and collaborative
effort.
He announced, on behalf of USF Health Senior Vice President and Morsani College of
Medicine Dean Charles J. Lockwood, that a new Dean for the College of Nursing has been
named, Dr. Victoria Rich with details of Dr. Rich’s experience available on the USF
Health website.
Turning to the USF System Strategic Plan update, he noted a draft version of the Strategic
Plan had been posted and was linked to this Committee Meeting agenda, adding it would
immediately be distributed to all Board of Trustees members for review and comment.
In further remarks by Trustee Stikeleather (Board liaison for the System Strategic
Planning process) he pointed out that future iterations of the Plan will be made using a
different format and structure, and that the Plan will be reviewed at least on a 6-month
cycle of continuous review and fine tuning, especially after each legislative session to
address possible directional/governance needs.
Raising a specific concern about the shortage of highly educated and qualified nurses in
the Sarasota/Manatee area, Trustee Shinn sought information about how this first Plan
iteration or subsequent ones will address such needs. In response, Dr. Funai noted current
faculty and space needs to enable additional nursing graduates, but added that USF Health,
via College of Public Health Dean Donna Petersen, was in process of surveying healthcare
provider needs in that area to enable collaboration with those providers to best address
those needed.
With respect to “branding” and “marketing”, Dr. Funai commented that he was aware of
some of the preliminary observations by current marketing and branding consultants and
which will later be included in the Plan indicating that national recognition of USF is
relatively high among prospective applicants vs. their parents.
Trustee Carrere expressed interest in using the metrics reported now and in future Plan
documents for transmission to the Board of Governors and discussion followed reiterating
the need to align (but not duplicate) those metrics with those already promulgated by USF
to the BOG, e.g., the campus workplans.
Provost Wilcox noted the difference between the USF Tampa Campus 2013-2018
Strategic Plan and those for Sarasota/Manatee and St. Petersburg campuses, with Trustees
Hopes and Stikeleather concluding that this first iteration of the System Strategic Plan
delineates System mission and is intended to address the identity of the System in future
versions.
President Genshaft noted, that as illustrated in all this Meeting’s presentations, student
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USF Board of Trustees Strategic Initiatives Committee May 18, 2017 Meeting Minutes Page 5 of 5 ________________________________________________________________________________________
success was the paramount focus for the System.
V. Adjournment
Vice Chair Hopes thanked all presenters and attendees and adjourned the meeting at
11:45 a.m.
Minutes prepared by Cheryl Lesko and Roberta Burford
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Agenda Item: III.b.
USF Board of Trustees September 7, 2017
Issue: USFSP Proposed Public-Private Partnership (P3) Housing
Development Project ________________________________________________________________ Proposed action: Request the BOT approve a multi-use development project and enter into a ground sublease agreement with National Campus and Community Development Corporation (NCCDC), or an affiliate; request the Florida Board of Governors approve the project and approve the terms of the ground sublease agreement; and provide an effective date as outlined in the attached resolution. ________________________________________________________________ Executive Summary: The USFSP Vision 20/20 Strategic Plan projects a steady rise in student enrollment over the next 10 years. In addition, the university has already exceeded capacity to meet current student housing demand. In response to growing demand for on-campus housing, USFSP developed an Invitation to Negotiate (“ITN”) to solicit responses from interested parties to enter into a public private partnership agreement with the University to develop a new 550 bed residence hall with a new dining facility and a conference center. The University is seeking approval for a Private Entity to design-build-finance the new facilities consistent with the University’s objectives and Florida BOG P3 Guidelines. The Project has a target date of completion of August 2019.
Financial Impact: The public private partnership allows for major capital improvements to be done on the St. Petersburg campus with modest impact to the financial position of the University.
________________________________________________________________ Strategic Goal(s) Item Supports: Infrastructure to Meet Current and Future Needs Sustainable Funding Student Success and Culture BOT Committee Review Date: August 17, 2017 Supporting Documentation Online (please circle): Yes No USF System or Institution specific: USFSP Prepared by: Joseph Trubacz, Regional Vice Chancellor Administrative & Financial Svcs
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Draft Date 8/2
A RESOLUTION APPROVING A MULTI-USE
DEVELOPMENT PROJECT AND ENTERING INTO A
GROUND SUBLEASE AGREEMENT WITH NATIONAL
CAMPUS AND COMMUNITY DEVELOPMENT
CORPORATION, OR AN AFFILIATE; REQUESTING THE
FLORIDA BOARD OF GOVERNORS TO APPROVE THE
PROJECT AND APPROVE THE TERMS OF THE GROUND
SUBLEASE AGREEMENT; PROVIDING AN EFFECTIVE
DATE.
WHEREAS, The University of South Florida Board of Trustees (the “Board”), the
governing body of the University of South Florida (the “University”) is authorized and
empowered pursuant to Section 1013.171 (1), Florida Statutes and the University’s policies to
lease its land for the purpose of having erected thereon facilities and accommodations necessary
and desirable to serve the educational needs and purposes of the University; and
WHEREAS, in 2016, the Board engaged Brailsford & Dunlavey (“B&D”) a nationally
known comprehensive planning and program management firm to act as a development advisor
for USFSP for a new, on campus mixed use project which analysis included a study of the of the
strategic needs and demand for additional on campus housing and an evaluation of alternative
delivery methods including public private partnerships (the “B&D Study”); and
WHEREAS, the B&D Study identified additional student housing, in addition to dining
and conference space, was needed in response to the Board’s strategic objectives, enrollment
growth and short supply of student beds, food service and meeting space on USFSP; and
WHEREAS, the Board finds that a need exists to provide student housing including
associated on-campus dining and a conference center (the “Project”) on its St. Petersburg campus
(“USFSP”); and
WHEREAS, while the student housing and dining components of the project do not
require specific legislative approval the conference center did receive legislative
approval pursuant to Section _11_ of SB 2500 adopted during the 2017 legislative session; and
WHEREAS, the Project is to be located on the USFSP campus and is consistent with the
2010 Campus Master Plan and the 2015 Master Plan Update (collectively referred to as
the “Master Plan”) and the USFSP Strategic Plan 2014-2029; and
WHEREAS, based on the results of the B&D Study the Board conducted a
publically announced competitive selection process as required pursuant to Section 1013.171
(4), Florida statutes and issued ITN #17-06-GC on October 24, 2016 for the development of the
Project using the public private partnership delivery method to include a mixed-use
residential community containing approximately 550 beds and associated residential
spaces (the “Residential Component”), approximately 15,000 square feet of dining space (the
“Dining Component”) and
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approximately 21,000 gross square feet of conference space (the Conference Center Component”)
with appropriate parking, lighting, security, site infrastructure and other related services and
amenities; and
WHEREAS, the Project, as a whole, will support expansion of student life programming,
community building and integration of the USFSP with the City of St. Petersburg, Florida; and
WHEREAS, the Board received eleven proposals in response to the ITN and following a
shortlisting process negotiated with five of the proposers and selected the proposal submitted by
EdR Collegiate Housing (“EdR”); and
WHEREAS, the Housing Component and the Dining Component will be jointly
developed by National Campus and Community Development Corporation, a national not-for-
profit 501(c)(3) organization, or an affiliated entity (“NCCD”) and EdR in order to take advantage
of tax exempt financing available for these components;
WHEREAS, the Conference Center Component will be jointly developed by the Board,
Sodexo, the Board’s current on campus dining provider for USFSP and EdR; and
WHEREAS, the Conference Center Component will be entirely financed with funds
contributed to the Board by Sodexo; and
WHEREAS, the Board will enter a Ground Sublease Agreement, a proposed form of which
is attached hereto as item (b) of Appendix A and the Senior Vice President has reviewed the
Ground Lease Agreement in accordance with the Board’s Real Property Policy; and
WHEREAS, the Board anticipates EdR having certain continuing asset maintenance
responsibilities with respect to the building as a whole, operational responsibilities for the
Housing Component remaining with the Board and operational responsibilities for the Dining
Component and the Conference Center Component remaining with Sodexo; and
WHERAS, in order to accommodate the different ownership interests in the various
components, NCCD anticipates subjecting its leasehold interest to a commercial condominium
whereby NCCD will own the condominium unit associated with the Housing Component and
the Dining Component and the Board will own the condominium unit containing the Conference
Center Component that will be constructed, equipped, operated and managed by Sodexo; and
BE IT RESOLVED BY THE UNIVERSITY OF SOUTH FLORIDA BOARD OF
TRUSTEES:
Section 1. The Board hereby finds that the Project is necessary and desirable to be
erected on USFSP and is consistent with the University’s Master Plan and the USFSP Strategic
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Plan and it is more desirable to have NCCD, Sodexo and EdR develop the Project rather than the
Board. The Board hereby approves the development of the Project, as more particularly described
herein, and the Ground Sublease Agreement with NCCD, or an affiliated entity, to design, build,
finance, manage, operate and maintain the various components of the Project as described herein
and in the Ground Sublease Agreement and requests the Florida Board of Governors (the “Board
of Governors”) to approve the Project and the terms of the Ground Sublease Agreement.
Section 2. The Project is consistent with the objectives contained in the Housing
Element of the 2010 Campus Master Plan (Section 7) that generally provides as a goal of the
University is the provision of enhanced support facilities for campus housing, including
expansion of programs to accommodate food service for the University’s residential program.
Section 3. The Board hereby finds that development of the Project (i) is consistent
with the goals contained in the Board’s 2013-2018 Strategic Plan including Goal 1 to produce well
educated and highly skilled global citizens through our continuing commitment to students
success , Goal 3 to be a highly effective, major economic engine, creating new partnerships to
build a strong and sustainable future for Florida in the global economy, and Goal 4 to use sound
financial management to establish a strong and sustainable economic advancement which
requires enhancing the physical infrastructure of the campus thorough fiscally responsible
investments and (ii) complies with the requirements of the Board’s Real Property Policy.
Construction of the Project is expected to begin following execution of the Ground Sublease
Agreement and is expected to be completed in July 2019.
Section 4. The University President, the authorized representatives of the University
and the members of the Board are hereby authorized to take all actions and steps, to execute all
instruments, documents, and contracts, and to take all other actions as they may deem necessary
or desirable, in connection with the Project and this resolution, including the execution and
delivery of a Ground Sublease Agreement. The University’s President or the President’s designee
is authorized to execute and deliver the Ground Sublease Agreement in a final form acceptable
to the President, or the President’s designee, General Counsel and Bryant Miller Olive P.A., the
University’s Special Counsel.
Section 5. In making the determination to approve the Project and the terms of the
Ground Sublease Agreement, the Board has reviewed the information attached as Appendix A
and finds that the Project and the Ground Sublease Agreement are in compliance with the
University’s Campus Master Plan and applicable law.
Section 6. This Resolution shall take effect immediately upon its adoption.
Adopted this ____ day of ________, 2017.
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Appendix A
The following documents have been reviewed by the Board prior to the execution of this
Resolution:
(a) A study prepared by Brailsford & Dunlavey dated May 2016;
(b) the Project operating pro-forma and cost information provided by EdR as validated
by Public Financial Management and Brailsford & Dunlavey;
(c) the Ground Sublease Agreement;
(d) the depiction of the Project location on the USFSP Campus Master Plan Map, along
with preliminary Project renderings and proposed floor plan; and
(e) the letter of Bryant Miller Olive P.A., University Special Counsel, describing the rights
and remedies to be available to the University upon a default of the Ground Sublease
Agreement by NCCD.
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A u g u s t 2 0 1 7
Project Presentat ion
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T h i s p r o j e c t m e e t s a l l B O G P 3 G u i d e l i n e s W I T H N O E X C E P T I O N S
Project Overviewu 552 beds (538
revenue-generating beds)
u 15,000 GSF residential dining facility
u 21,135 GSF conference center on top floor
u Delivered in Fall 2019
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PROJECT DEFINITIONE N R O L L M E N T P R O J E C T I O N S
Enrollment numbers above were utilized to inform demand projections
USFSP Full-Time Enrollment Projections for Demand
AcademicClassification Fall 2015 Fall 2016 Fall 2017 Fall 2018 Fall 2019 Fall 2020 Fall 2021 Fall 2022 Fall 2023 Fall 2024 Fall 2025Freshman 549 656 689 723 759 797 837 879 923 969 969Sophomore 378 422 451 481 513 547 583 620 660 701 701Junior 765 763 793 825 859 894 931 969 1,009 1,050 1,050Senior 966 935 964 996 1,029 1,062 1,097 1,134 1,172 1,212 1,212Graduate 143 168 206 216 227 238 250 263 276 290 290TOTAL 2,801 2,944 3,103 3,241 3,387 3,538 3,698 3,865 4,040 4,222 4,222
ProjectionsActual Enrollment
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DEFINITIONS T U D E N T H O U S I N G D E M A N D T R E N D S
Growing demand has led to maximum occupancy in existing facilities
USFSP Fall Housing Occupancy Trends
*Fall 2017 occupancy assumes 158 students in Hilton / Prince Gregor Apts.
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PROJECT DEFINITION
Impact of St. Petersburg Off-Campus Marketu Lack of affordable student housing near campus
– On-campus housing directly impacts retention and graduation rate
u Students leave USFSP due to lack of affordable housing in downtown (Fall 2017 rental rates shown below)– AER Apartments – 2 bedroom units start at $1,225 / month including
utilities (equal to $5,513 / semester)• Will not rent to students
– Cottonwood Bayview (formerly Modera Prime 235) – 2 bedroom units start at $1,068 / month including utilities (equal to $4,804 / semester)
– Hermitage Apartments (Opening Fall 2017) – 2 bedroom units start at $1,218 / month including utilities (equal to $5,479 / semester)
P 3 O B J E C T I V E S
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Unit Type Rental Rate 2019 P3 Rental Rate 2019 Dollars Percent
Hilton Double *$4,984 / Semester $4,600 / Semester -$384 / Semester -8.3%
USC Double $4,505 / Semester $4,600 / Semester +$95 / Semester 2.1%
RHO Single $4,671 / Semester $4,800 / Semester +$129 / Semester 2.7%
AER Apts. - 2BR $5,849 / Semester $4,800 / Semester -$1,049 / Semester -21.9%
Cottonwood - 2BR $5,097 / Semester $4,800 / Semester -$297 / Semester -6.2%
Hermitage Apts. - 2BR $5,813 / Semester $4,800 / Semester -$1,013 / Semester -21.1%
2/1 Suite DO $4,571 / Semester $4,600 / Semester +$29 / Semester 0.6%
2/1 Suite SO $5,770 / Semester $4,800 / Semester -$970 / Semester -20.2%
4/2 Suite SO $4,808 / Semester $4,800 / Semester -$8 / Semester -0.2%
*Hilton is projected to come offline in Fall 2019, but rental rate is being utilized as comparison in this chart
**Off-campus rates assume 3% annual inflation between Fall 2017 and Fall 2019
**Off
Campus
On
Campus
Survey
Rates
DifferentialRental Rates
u Rates are priced competitively with the existing housing system
u Rental rates are comparable with those tested in survey
u Students living in the Hilton will experience a reduced rental rate
u Nearby off-campus inventory is priced significantly higher than the new project – most will also not rent to students
P3 HOUSINGR E N T A L R A T E C O M P A R I S O N
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P3 HOUSINGP R O G R A M
Housing Program
Unit Description Bed Count Net SF / Unit Net SF / Bed Net SF4-Bed / 2-Bath Suite (SO) 288 829 207 59,688
2-Bed / 1-Bath Suite (DO) 248 556 139 34,472
2-Bed / 1-Bath Suite (SO) 2 243 243 486
Revenue-Generating Beds: 538 696 176 94,646
RA Beds (SO) 14 243 243 3,402
Total Beds: 552 654 178 98,048
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P3 HOUSINGO P E R A T I O N S / P R O J E C T D E L I V E R Y
Operations
u Within the parameters of debt covenants, annual rate increases will be established by a USFSP-controlled advisory committee
u New and existing USFSP housing operations to be transferred to EdR, resulting in reduced operating costs
u Budget includes mandatory repair and replacement reserves for long-term asset management
Project Delivery
u EdR chose to deliver 538 revenue beds, as well as dining and conference space, for Fall 2019 to comprehensively meet University objectives and quantified 2019 student demand
u USFSP transfers budget, occupancy, construction, and financing risk to EdR
Existing housing system cash flow is not supporting the new project
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P3 HOUSINGD I S T R I B U T I O N S
Distributionsu USFSP receives 100% of cash flow after debt service and expenses,
estimated at $23mm discounted at 8% over 40-year term
u USFSP receives annual reimbursement of $600 per bed for Residence Life and $225 per bed for USFSP IT services
u USFSP receives one-time contributions of $1,054,000 for parking and $500,000 for predevelopment cost reimbursement
u EdR team receives 5.00% of project cost one-time development fees, and $132,000 for one-time foundation partnership fees
u EdR team annually receives 4.00% of project revenue as management fee (of which 1.50% subject to meeting Key Performance Indicators) and $87,000 for foundation partnership fees
u EdR team receives 11.90% taxable interest on subordinate corporate debt ($4.7mm) – The overall weighted interest rate average is 5.20%
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HOUSING COMPONENTSD I N I N G / C O N F E R E N C E C E N T E R / P A R K I N G
u Full Service Dining Program and Operations– New full service dining program replaces existing limited service
facility– 15,000 GSF – Kitchen doubles as cooking area for conference center– Seats up to 400 students (equal to 1/3 of residential population)– Sodexo is guaranteeing $600,000 in commissions to be returned to
USFSP (USFSP will utilize these funds to support dining debt service)– Sodexo is financially responsible for operations
u Conference Center Program and Operations– 21,135 GSF – Ballroom, breakout rooms, and lobby– Sodexo is contributing $5 million in equity upfront for the buildout and
an additional $600,000 for FF&E– Sodexo is financially responsible for operations– Sodexo will be providing commission to USFSP
u Parking Contribution– EdR upfront parking contribution for lost spaces equals $1.05 million
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Assumptions
Net New Revenue-Generating Beds 538 Beds 538 Beds 538 Beds 195 Beds Net New Total Beds 552 Beds 552 Beds 552 Beds 200 Beds
Student Rental RatesConsistent with BOT-Approved Rental Rates in
2019-2020
Consistent with BOT-Approved Rental Rates in
2019-2020
Consistent with BOT-Approved Rental Rates in
2019-2020
Consistent with BOT-Approved Rental Rates in
2019-2020
Housing Construction Cost Per Bed $60,300 $60,300 $60,300 $64,927 (Fall 2020 Delivery)Total Housing / Conference / Dining Cost $49,428,634 $49,428,634 $49,428,634 $22,586,080 (Housing / Dining Only)Dining Facility Cost $6,000,000 $6,000,000 $6,000,000 $3,323,295
Dining Facility Funding SourcesSodexo repays shell and buildout debt through
annual commission
Sodexo repays shell and buildout debt through
annual commission
Sodexo repays shell and buildout debt through
annual commission
Sodexo repays shell debt through annual
commission / Sodexo funds buildoutConference Center Cost $5,006,254 $5,006,254 $5,006,254 N/AConference Center Funding Sources Equity Funded by Sodexo Equity Funded by Sodexo Equity Funded by Sodexo N/AResidence Life Operating Cost / Bed $600 $600 $600 $800USFSP IT / Cable Cost / Bed $225 $225 $225 $225Facilities & Maintenance Cost / Square Foot $2.62 $2.62 $2.62 $3.00Parking Contribution $1,054,000 $1,054,000 $1,054,000 No Parking ContributionGround Lease Term 40 years (30 year bond) 40 years (30 year bond) 50 years N/AMinimum Facility Life 62.5 years 62.5 years 62.5 years 62.5 years
Delivery RisksProject Delivery Date Fall 2019 Fall 2019 Fall 2019 At Earliest - Fall 2020Deliver Dining Facility Included Included Included IncludedDeliver Conference Center Equity Funded by Operator Equity Funded by Operator Equity Funded by Operator Not Funded by OperatorProject Delivery Risk Transfer Private Partner Private Partner Private Partner Design-Builder
Operating Risks Occupancy Assumption 95% 95% 95% 95%
Required Residential Policy Changes: First Fill / Live-on /
Reduction in Existing HousingNo No Developer Requirement No
Required Control over Operations / Performance: Marketing /
Leasing / Maintenance University's Choice University's Choice Developer Requirement University
Facilities Management Private Partner Private Partner Private Partner Private Partner
USF Self Fund
Housing System Debt Project Delivery Methods
USFSP P3 - 501(c)(3)
(No Sub Debt)
USFSP P3 - 501(c)(3)
(10% Sub Debt)
USFSP P3
100% Equity
FUNDING MODEL COMPARISONC O M P A R I S O N M A T R I X
USFSP / EdR collaborated to evaluate and model all partnership options
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Financial Risks% Project Funded with Senior Debt 100% 90% 0% 100%Term of Senior Debt 30 years 30 years N/A 30 years
Credit Rating Baa3 Baa3 N/A A1 - USF Housing SystemRate on Senior Debt 4.46% 4.46% N/A 5.00% (State's Official Bond Rate)
Term of Subordinated Debt N/A 30 years N/A N/ACredit Rating N/A Private Partner Debt N/A N/ARate on Subordinated Debt N/A 11.9% NA N/A
Term of Equity N/A N/A Equal to ground lease term N/AInternal Rate of Return (IRR) N/A N/A 9.17% (Return on Capital) N/AWeighted Average Rate on Project Debt 4.46% 5.20% 9.17% (Return on Capital) 5.00% (State's Official Bond Rate)
DSCR Year 1 1.20x 1.31x N/A 1.02x (1.26x Housing System)DSCR Year 2 1.20x 1.36x N/A 1.05x (1.29x Housing System)DSCR Year 3 1.22x 1.40x N/A 1.08x (1.33x Housing System)USFSP Share of Project Net Cash Flow 100% 100% after Subordinated Debt Payment 100% after Equity Payment 100%40 Years Cumulative Project Cash Flow $178 MM $166 MM $96 MM $60 MM40 Years Net Project Cash Flow (discounted at 8%) $24.8 MM $23.0 MM $8.1 MM $7.8 MMRisk to University Credit Ratings Limited Limited Low DirectRisk to University Debt Capacity Limited / No Impact Limited / No Impact No Impact DirectRisk for USFSP Project Step-In Moderate Moderate / Low Moderate Low Low
Institutional RisksUSFSP Guarantees Occupancy No No Developer Requirement NoUSFSP Support Agreements / Subordinated Expenses No No Developer Requirement NoRental Rates Control University University Developer Requirement UniversityAssignments / Marketing / Leasing Control University University Developer Requirement UniversityBuyout Option Call Bonds at Par Call Bonds at Par Purchase Equity Interest at Premium Call Bonds at ParAdditional Bed Development Restriction Market Study Market Study / Sub Debt Retirement Market Study / Hold Harmless NoneMandatory Replacement Reserve $150 / bed $150 / bed $150 / bed $200 / bedUniversity Competitive Position Value Positive Positive Positive PositiveForce Majure Events Insured Insured Insured Insured
USF Self Fund
Housing System Debt Project Delivery Methods
USFSP P3 - 501(c)(3)
(No Sub Debt)
USFSP P3 - 501(c)(3)
(10% Sub Debt)
USFSP P3
100% Equity
FUNDING MODEL COMPARISONC O M P A R I S O N M A T R I X
USFSP / EdR collaborated to evaluate and model all partnership options
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FUNDING MODEL COMPARISON5 0 1 ( C ) 3 W I T H 1 0 % S u b D e b t V S U S F H o u s i n g S y s t e m D e b t
USFSP P3 Housing Project 501(c)3 with 10% subordinated debt
USF Self Fund Housing System Debt
Net New Total Beds 552 200
Total Project Cost $49,428,634 $22,586,080
Project Completion Date August 2019 August 2020
Ground Lease Term 40 Years N/A
Min. Certified Useful Life 62.5 years 62.5 years
Debt Service Coverage Ratio 1.31x Year 1 1.02x Year 1
EdR Total Management Fee Debt Service on B-Bond
Up to $217,502 first year$618,314
N/A
USFSP Cash Flow over 40 yrs $23 MM (discounted at 8%) $7.8 MM (discounted at 8%)
Construction, Financial and Operating Risks
Transferred to P3 Retained
Weighted Cost of Debt 5.2% 5.0% (State’s Bond Rate)
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RECOMMENDATION
The recommended structure is the 501c3 with subordinate EdR corporate debt because:u Ability to meet student housing demand in Fall 2019u Effective transfer of risk:
– Construction delivery risk– Occupancy risk– Operating risk– Asset management risk
u Strength of financial structure (1.30x DCR in Year 1 and beyond) and cash flow is returned to USFSP
u Ability to include the mixed-use components (dining / conference center), which are funded by Sodexo
u 10% of project debt provided through subordinate EdR corporate debt that functions as equity, enhancing DSCR
u Preserve University debt capacityu Alignment with BoG Guidelines – No exceptions
M O D E L S E L E C T I O N
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P3 ENGAGEMENT SCHEDULEP R O J E C T D E F I N I T I O N T H R O U G H O P E N I N G
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NEXT STEPS
u BoG materials submission due by August 11th
submitted August 4th
u USFSP Campus Board approved August 11th
u USF BOT Strategic Initiatives Committee Meeting is scheduled for August 17th
u USF BOT approval is scheduled for September 7th
u BoG approval is scheduled for November 8-9th
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EdR’s SITE PLAN
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Agenda Item: IV.a.
USF Board of Trustees September 7, 2017
Issue: Update on USF Health Morsani College of Medicine & Heart Institute Proposed action: Information Purposes ________________________________________________________________ Executive Summary: The new USF Health Morsani College of Medicine and Heart
Institute, to be built in downtown Tampa, is envisioned to provide a superior teaching
and research environment. The high-rise tower is to be 11 stories with the addition of
two (2) floors and ground floor retail at this time as shell space. The project area is
projected to be 395,194 GSF, including 57,000 NSF for Morsani College of Medicine,
64,000 NSF for Heart Institute labs, 29,100 NSF for auditorium/dining/support, 22,100
NSF for faculty offices, and 6,000 NSF for Clinical Trials/Care unit. The Design/Build
team is proceeding with the construction phase of project development. Guiding
principals have been followed in the design of the project.
Financial Impact: The total project budget is $173 million.
________________________________________________________________ Strategic Goal(s) Item Supports: USF System Strategic Goals Nos. 1-4; student success, high impact research, major economic engine and more secure economic base BOT Committee Review Date: SIC August 17, 2017 Supporting Documentation Online (please circle): Yes No USF System or Institution specific: USF Health Prepared by: Calvin Williams
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USFSystemMCOM+HIProjectUpdateAugust,2017
Rev.Aug.4,2017
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$112.2M*
$40.5M
$20.3M
Budget: $173M
STATE FOUNDATION OTHER FUNDING
USF Health: Morsani College of Medicine and Heart InstituteScope:Total Usable Space: 277,544 SF
MCOM InstructionalHeart Institute LabsAud/Dining/SupportFaculty OfficesClinical Trials/Care UnitShell Space
Total Gross Area: 395,194 SF
Status: GMP #1 (July2017)
GMP #2 (Oct 2017)
GMP #3 (Jan 2018)Contractor (D/B Team):Skanska/HOK
Legend: End Event
Funding Source:
Schedule:
DD Complete, CD’s in progressConstruction On Schedule
Board-Approved Project
August 2017
*We are not asking the State for anything more than $112.2M for the MCOM+HI project
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3
USFHealth:MCOM&HI– DesignFeaturesBoard-ApprovedProject
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Agenda Item: IV.b.
USF Board of Trustees September 7, 2017
Issue: Draft USF Football Stadium Conceptual Planning Study Overview Proposed action: Information Purposes ________________________________________________________________ Executive Summary:
Provide an overview of the USF Football Stadium Conceptual Planning Study that was requested by the University Board of Trustees.
Financial Impact:
________________________________________________________________ Strategic Goal(s) Item Supports: Goal 1; Goal 2; Goal 3; Goal 4 BOT Committee Review Date: SIC August 17, 2017 Supporting Documentation Online (please circle): Yes No USF System or Institution specific: USF Tampa Prepared by: Calvin Williams
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DRAFTJuly25,2017
1
USFFootballStadiumConceptualPlanningStudy• Background
• PreliminaryProjectParameters
• OutofStateComparisons
• PotentialZoneLocations
• PreliminaryConceptualRenderings
• Long-rangeMilestones
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DRAFTJuly25,2017
2
BackgroundThispresentationisinresponsetotheUSFSystemPresident’sJuly2016-June2017Goals.(PresentedtotheBoardofTrusteesonAugust25,2016)
Goal4:StrategicInitiatives…USFAthletics- completeafeasibilitystudyandanalysisforanoncampusfootballstadium
AtthedirectionoftheUSFSystemPresident,inNovember2016aconsultantwasretainedtoassistUSFwithaconceptualplanningstudytohelpexplorethepossibilityofaUSFfootballstadium.
PotentialsitelocationsonandaroundcampuswereexploredandvettedagainstasetofcriteriadefinedbyUSFAthletics,FacilitiesManagement,anduniversityleadership.Thesepotentialsiteswerenarroweddowntotwo“zones”selectedforfurtherstudyandconsideration.
Concurrentwiththezoneselectionprocess,apreliminaryprojectscopeandbudgetwereestablishedandbenchmarkedagainststadiumsofsimilarqualityandscalebuiltinthelast17years.
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DRAFTJuly25,2017
3
PreliminaryProjectParameters
Stadium:A. 40,000seats(withfutureexpansionupto50,000seats)B. 2,000ClubseatsC. 20to26suitesD. 4to6FoundersSuitesE. 2clubloungesF. 10,000sfofclassroomspace(softtarget)G. Parkingdirectlyadjacenttothestadiumwillsupport200-300spacesH. BullsZone– spacetosupportthe“fanexperience”andpromotetheUSFbrandI. Premiumtailgatingoptions
Mixed-UseFacility:A. Hotel(200beds)B. ConferenceSpace(10,000sf- softtarget)C. RetailOpportunitiesD. Parking
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DRAFTJuly25,2017
4
OutofStateComparisonsUniversityofConnecticut UniversityofLouisville UniversityofHouston ColoradoState
UniversityUniversityofSouth
Florida
NUMBEROFSEATS 40,642 55,000 40,000 41,200 40,000
OVERALLGSF 595,596 715,000 629,000 562,132 520,000
STRUCTURE PrecastConcrete PrecastConcrete Cast-In-Place+PrecastConcrete PrecastConcrete+Steel Cast-In-Place+Precast
Concrete
PROGRAMDESCRIPTION
5,300clubseats(1,300indoor,4,000outdoor),38luxurysuites
450seatfunctionroom
1,800clubseats,62luxurysuites,1,750logeboxes,60'wideverandaoverlookingthefield.
Severallargeballroomsavailableforrent.
Canbeexpandedupto65,000seats.
766clubseats,26luxurysuites,42logeboxes
Stadiumincludes4open-airpartypatios,2open-airpartysuites
Canbeexpandedupto60,000seats.
Indoorandoutdoorclubs,22suites,43logeboxes.HallofChampionsandAlumniCenter,retail.
Stadiumincludescorporateeventspaceavailableforrent.LEEDcertified.HousesandAlumniAssociation,AcademicClassrooms,andStudentAdvisingCenter.
2,000clubseats,20to26suites,4to6founderssuites,2clublounges.
LEDscoreboardandribbonboardscomparabletoRaymondJamesStadium.
Canbeexpandedupto50,000seats.
COSTPERSEAT $2,244 $2,455 $3,200 $5,340 $5,060
YEARPRICED 2000 2007 2012 2015 2017(estimate)
CONSTRUCTIONCOST $91.2M $135M $128M $220M $202.4M
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DRAFTJuly25,2017
5
PotentialZoneLocations
Thetwozoneswereevaluatedforpotentialimpactstoexistinglanduse,infrastructure,parkingavailability,andcampusconnectivity.Preliminaryconceptualrenderingswerecreatedforthetwozones.
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DRAFTJuly25,2017
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PreliminarySiteConcepts
Zone2
Zone1Mixed-useFacility
FowlerAve.
BruceB.Dow
nsBlvd.
N50t
hSt.
SunDome
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DRAFTJuly25,2017
7
Zone1– PreliminaryConceptualRendering
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DRAFTJuly25,2017
8
Zone2– PreliminaryConceptualRendering
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DRAFTJuly25,2017
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Long-rangeMilestones
✓ ConceptualPlanningStudy
•FinancingStrategy
•FundraisingFeasibilityStudy
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Agenda Item: IV.c.
USF Board of Trustees September 7, 2017
Issue: Understanding and Navigating Institutional Rankings at USF Tampa. ________________________________________________________________ Proposed action: Information only ________________________________________________________________ Executive Summary: Given the worldwide proliferation of rankings or “league tables” across the contemporary higher education sector, it is essential for university leadership to be able to identify and understand those rankings that hold greatest significance for USF Tampa, how they align with the university’s strategic goals, and what can and should be done to improve USF Tampa’s standing over time? This high level overview will differentiate between classification systems and rankings in higher education, with a primary focus on select institution-wide rankings identified by the Florida State Legislature and Florida Board of Governors for Preeminence Metric 2: Public University National Ranking:
Academic Ranking of World Universities (Shanghai)
Fiske Guide, Best Buy
Forbes, America’s Top Colleges
Kiplinger Best College Value
Princeton Review, Colleges That Pay You Back
QS World University Rankings
Top American Research Universities/Center for Measuring University Performance
Times Higher Education World Rankings (London)
US News and World Report, National Universities
Washington Monthly The relative importance of each to institutional reputation, student and faculty recruitment, public and private funding, and institutional improvement will be discussed. Furthermore, the challenges associated with enhancing USF Tampa’s position in select rankings and the potential risks associated with adherence to various ranking methodologies will be considered.
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Financial Impact: This presentation will introduce the cost-benefit of prospective strategic initiatives and financial investments in elevating USF Tampa’s institutional rankings while maintaining a disciplined path toward the institution’s long-term strategic vision. At the same time, the importance of improved institutional rankings will be explored in the context of the recruitment, retention and success of world class faculty and student talent, student success, research productivity, along with alumni and philanthropic giving, all measures associated with preeminence designation in the State of Florida.
________________________________________________________________ Strategic Goal(s) Item Supports: USF Tampa Goals: I-IV BOT Committee Review Date: August 17, 2017 Supporting Documentation Online (please circle): Yes No USF System or Institution specific: For USF Tampa Prepared by: Ralph C. Wilcox, Provost and Executive Vice President
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Understanding andNavigating InstitutionalRankings at USF TampaPresented to the USF Board of TrusteesStrategic Initiatives Committee
Ralph C. Wilcox, Ph.D.
Provost & Executive Vice President
August 17, 2017
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Classification vs. Ranking
Classification represents a grouping of institutions based upon mission differentiation or specific attributes.
Rankings denote relative institutional/program positions with respect to a variety of cohorts including global, national, and public institutions.
2USF TAMPA
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Why Focus on Rankings?Potential advantages: • Rankings inform enrollment decisions for students, and influence parents’ perceptions• Rankings affect faculty recruitment• Rankings (and metrics) affect state and private funding• Rankings reflect perceived institutional reputation and sometimes shape reputation• When used strategically, rankings (and associated indicators) can lead to values-based
institutional improvement
Potential disadvantages:• Rankings carry embedded biases of the methodology used• Metrics used for specific rankings may be incompatible with institutional strategic goals• No single ranking will encompass all institutional objectives, leaving potentially significant
areas underemphasized
3USF TAMPA
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Highlights of USF’s Graduate Program Rankings
• Industrial and Organizational Psychology (2)• Library and Information Studies (27)• Master’s of Nursing (27)• Engineering – Environmental &
Environmental Health (29)• Engineering- Industrial/Manufacturing (34)• Best Medical Schools: Primary Care (47)• Doctor of Nursing Practice (48)• Computer Engineering (48)
• Public Health* (8)• Audiology* (13)• Rehabilitation Counseling* (22)• Clinical Psychology* (36)• Speech-Language Pathology* (42)• Health Care Management* (42)• Physical Therapy* (47)• Earth Sciences* (47)*previously-ranked USF graduate programs
4USF TAMPA
USF graduate programs ranked in the top 50 public universities by U.S. News and World Report (2018) Best Graduate Schools:
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USF’s Prominent Global, National & Public Rankings
5USF TAMPA
TOP QUARTILE
SECOND QUARTILE
THIRD QUARTILE
FOURTH QUARTILE
BOLD indicates rankings used for Criterion B of Florida Statute 1001.7065 PreeminentState Research UniversitiesProgram: (A top 50 ranking on at least two well-known and highly respected national public university rankings, using most recent rankings.)
RANKING NAME
YEAR / VERSION OF
RELEASE COHORT NATURE USF RANKING COHORT SIZEGlobal Ranking by the Center for World University Rankings (CWUR) 2016 World Universities 164 1000
Times Higher Education World University Rankings 2016-2017 World Universities 201-250 980Center for Science Technology (CWTS) Leiden Rankings of Scientific
Performance of World Universities 2016 World Universities 227 842Academic Ranking of World Universities (ARWU) by Broad Subject Fields 2016 World Universities 201-300 500
QS World University Rankings 2018 World Universities 501-550 1000Military Times: Best for Vets Colleges Ranking (4-Year Schools) 2017 U.S. 1 130
Top American Research Universities (TARU) Report: Center for Measuring University Performance (CMUP) (Total S&E Research Expenditures)
2015 (2013 data) U.S. 51 953
NSF Ranking of Research (R&D) Expenditures 2015 (FY 2014) U.S. 45 640Washington Monthly: National University Rankings 2016 U.S. 74 303
Global Ranking by the Center for World University Rankings (CWUR) 2016 U.S. 74 224Center for Science Technology (CWTS) Leiden Rankings of Scientific
Performance of World Universities 2016 U.S. 70 173Times Higher Education / Wall Street Journal College Rankings 2017 U.S. 437 1061
Times Higher Education World University Rankings 2016-2017 U.S. 64 148Forbes: America's Top Colleges 2017 U.S. 324 650
US News and World Report Ranking of National Universities & Colleges 2017 U.S. 159 310Academic Ranking of World Universities (ARWU) by Broad Subject Fields 2016 U.S. 72 137
QS World University Rankings 2018 U.S. 94 157Top American Research Universities (TARU) Report: (CMUP) (Total S&E
Research Expenditures)2015 (2013
data) U.S. Public 33 541TARU- Center for Measuring University Performance; Overall Ranking 2015 U.S. Public 26-50 N/A
NSF Ranking of Research (R&D) Expenditures 2015 U.S. Public 28 397Washington Monthly: National University Rankings 2016 U.S. Public 46 188Times Higher Education World University Rankings 2016-2017 U.S. Public 33 97
Forbes: America's Top Colleges 2017 U.S. Public 102 256US News and World Report Ranking of National Universities & Colleges 2017 U.S. Public 83 189
Academic Ranking of World Universities (ARWU) by Broad Subject Fields 2016 U.S. Public 42 92QS World University Rankings 2018 U.S. Public 56 98
Kiplinger Best College Value (in-state students) 2017 U.S. Public 66 100
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Rankings in Focus
6USF TAMPA
Florida SUS Preeminence
Criteria
Performance Based Funding Metrics
AAU Phase I and Phase II Indicators
*Preeminent Criteria(all public rankings in parentheses)
*THE World University(Public US)
(33)
US News & World Report: National
Public Universities
(83)
Kiplinger Best Public College
Value: In-State
(66)
Forbes: America’s Top Public Colleges
(102)
*Washington Monthly:
Natl. Public Univ. (46)
*TARU: CMUP(Public)(26-50)
*Academic Ranking of World
Universities(Public US)
(42)
Fiske Guide: Best Buy
Public Colleges(Not rated)
Princeton Review:
Colleges That Pay You Back
(Not listed)
QS World University(Public US)
(56)
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Times Higher Education Ranking Model
7USF TAMPA
Sources: January to March 2016 plus 2015 Academic Reputation Survey; Scopus (Elsevier) database
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Times Higher Education Ranking Model
8USF TAMPA
Sources: January to March 2016 plus 2015 Academic Reputation Survey; Scopus (Elsevier) database
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USNWR Ranking Model
9USF TAMPA
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USNWR Ranking Model
10USF TAMPA
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Conclusions
11USF TAMPA
∑ USF’s national and global rankings are essential to building reputation, recruiting world class student and faculty talent, and institutional funding (including philanthropy and research investments),
∑ We must align national and global rankings with USF’s strategic goals whenever possible,
∑ USF’s recent gains in national and global rankings have been driven, in large part, by improvements in student success,
∑ We must not “game the system” but rather foster positive long-term strategic impact on the university’s broader ecosystem,
∑ Brand recognition and reputation by peers represents the greatest challenge to enhancing USF’s national and global rankings,
∑ We are developing models, based on sophisticated data analysis, to predict the impact of strategic institutional action on gains in selected rankings, and
∑ Our emphasis on selected rankings must positively impact the broader university ecosystem.
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