A new state audit has identified the University of Central Florida as the state’s most financially efficient university, spending significantly less per student and per degree than any other public institution in Florida. At the other end of the spectrum, New College of Florida was found to be the most expensive, highlighting a wide disparity in operational costs across the state's higher education system.
The audit, conducted by the Florida State Department of Governmental Efficiency (DOGE), was ordered by Governor Ron DeSantis in February to review spending and efficiency. The findings were presented to the Florida Board of Governors, providing a detailed financial snapshot of the state's 12 public universities.
Key Takeaways
- The University of Central Florida (UCF) spends $46,548 per degree, the lowest in the state.
- New College of Florida spends nearly half a million dollars per degree and $83,207 per student, the highest in the state.
- The statewide average cost is $78,781 per degree and $22,217 per student.
- The audit was initiated to identify unnecessary spending and review programs, though the initial report did not include findings on DEI initiatives.
- UCF's efficiency comes with challenges, including one of the highest student-to-faculty ratios in the nation.
A Deep Dive into the Numbers
The comprehensive audit revealed a stark contrast in how state universities utilize public funds. Ben Watkins, director of Florida’s Division of Bond Finance, emphasized the significance of the findings during a presentation to the Florida Board of Governors.
"Where do I put my money that I’m getting the best, the most results from the dollars I invest? The answer is UCF," Watkins stated, highlighting the university's exceptional performance in the audit.
The report showed that UCF, Florida's largest public university with nearly 70,000 students, spent $12,172 per student during the last academic year. This figure is substantially lower than the state average of $22,217. In comparison, the University of Florida (UF) spent $45,765 per student, and Florida State University (FSU) spent $26,615.
The cost-per-degree metric further underscored UCF's efficiency. The Orlando-based institution spent $46,548 for each degree it awarded. This is dramatically lower than UF's $150,729 per degree and FSU's $85,796. Florida International University (FIU) was the closest in efficiency to UCF, spending $48,847 per degree.
Cost Per Degree Comparison
- UCF: $46,548
- FAU: $60,833
- USF: $72,252
- FSU: $85,796
- UF: $150,729
- New College: Approx. $500,000
UCF's Model of Efficiency
UCF President Alexander Cartwright attributed the university's financial prudence to the hard work of its faculty and staff. In a statement, he acknowledged their role in maximizing the value of every dollar invested in the institution.
"That efficiency reflects the innovation, dedication, and impact of our faculty and staff, who ensure every dollar produces meaningful results for our students and Florida," Cartwright said.
However, the audit also pointed to potential downsides of this lean operational model. UCF has the state's worst student-to-employee ratio, with just nine full-time employees for every 100 students. Furthermore, its student-to-faculty ratio of 28-to-1 is not only the highest among Florida's public universities but is also double the national average.
This challenge stems from rapid growth over the past two decades, during which UCF's enrollment surged by over 27,000 students while faculty hiring did not keep pace. University officials hope that its recently acquired "preeminent" status from the state will unlock increased funding, allowing for the hiring of more faculty members to address the high ratio.
New College: A Different Financial Story
On the opposite end of the financial efficiency scale is New College of Florida. The small liberal arts college in Sarasota, with an enrollment of about 900 students, reported the highest costs in the state system.
Context: The New College Overhaul
Since 2023, New College has been undergoing a significant transformation under the direction of Governor DeSantis. A new board of trustees, composed of several prominent conservatives, was appointed to reshape the school into a classical liberal arts institution. This included hiring former state education commissioner Richard Corcoran as president and becoming one of the first public universities in the nation to dismantle its diversity, equity, and inclusion (DEI) programs.
The audit found that New College spent approximately $83,207 in state funds per student in 2024. This is about $37,000 more per student than the next most expensive institution, the University of Florida. The cost per degree was even more striking, approaching nearly half a million dollars.
The high spending has coincided with a significant drop in national rankings. The U.S. News & World Report's Best Colleges list showed New College falling 60 spots, from 76th among national liberal arts colleges in 2022 to 135th this year.
In response to the audit's findings, New College officials defended the high expenditures. A college spokesman, James Miller, suggested that the spending was necessary to correct issues created by previous leadership. He expressed confidence that as enrollment grows, the per-student and per-graduate costs will decrease significantly.
"As enrollment growth continues to skyrocket, cost-per-student and cost-per-graduate metrics will be one of the lowest of all top liberal arts schools in the country," Miller wrote in a statement.
The Broader Implications of the Audit
While the audit highlighted outliers like UCF and New College, Ben Watkins noted that Florida's university system as a whole continues to offer excellent value. However, he urged university leaders to use the 26-page report as a tool for self-assessment to identify and eliminate wasteful spending.
"We can do better and should do better," Watkins remarked, emphasizing the need for continuous improvement in financial management across all institutions.
The audit was initially framed by Governor DeSantis as a way to combat unnecessary spending and investigate whether state funds were supporting DEI initiatives. While this report focused on financial efficiency, it sets a precedent for deeper scrutiny into how Florida’s public universities allocate their resources. The findings provide a clear benchmark for lawmakers and the Board of Governors as they make future funding decisions for the state's higher education system.
