Valencia College News » Business

Study Finds Florida College System Contributes $26.6 Billion to State’s Economy Each Year

Linda Beaty — Wed, 20 Mar 2013 13:46:31 +0000

Tallahassee, Fla. – Florida’s 28 public colleges, known as the Florida College System (FCS), pump an additional $26.6 billion per year into the state’s economy by producing graduates who are better prepared to become high-income earners, according to a new economic study released by the Council of Presidents for the FCS.

The Council of Presidents noted the colleges were designed in part to promote economic development for Florida, and the new study shows just how well the FCS lives up to that mission. The Florida College System awarded 105,798 degrees and certificates last year.

Reacting to the study, Gov. Rick Scott said, “This study comes on the heels of today’s announcement that we’ve added more than 280,000 private-sector jobs over the last two years, and as we continue to focus on greater economic growth, students will have even more opportunities to find a job in the Sunshine State. Moreover, this report is great news in support of our goal to create more jobs and strengthen education. Florida colleges continue to step up and provide students with an even more affordable, high-quality education. I am proud that all colleges offering four-year degrees have accepted our $10,000 Degree Challenge. Our ‘Florida Families First Budget’ increases state funding to Florida colleges by more than $74 million. We are committed to making sure our students are prepared to compete for jobs in the global marketplace.”

St. Johns River State College President Joe Pickens, chair of the Council of Presidents, said the study provides solid data regarding the 28 members colleges. “Florida’s colleges are providing exactly the kind of boost our state needs,” Pickens said. “With a $26.6 billion bump to our economy, it’s clear the Florida College System plays a vital role in shaping Florida’s future. We are grateful to our state leaders for their wise investment that touches the lives of so many Floridians.”

Last year, a similar economic impact study — conducted by Economic Modeling Specialists International (EMSI) — found that Valencia College’s economic impact on the Central Florida region is over $1 billion a year in the form of alumni earnings, student spending and expenditures on college operations.

The Council of Presidents and the FCS Foundation subsequently commissioned EMSI to conduct the economic impact study of the Florida system. EMSI has been conducting economic impact studies for colleges and universities and economic development groups from across the U.S. since 2000. In addition to examining impacts created by the accumulated skills and higher productivity of students in the workforce, EMSI also looked at the impact of Florida’s college and student spending.

“At its core, the Florida College System is about providing access to high-quality education and job training that responds to community and state needs,” said Florida College System Chancellor Randy Hanna. “The results from the economic impact study confirm something we already knew: The Florida College System is an important economic development engine for the state.”

Joining education leaders at Tuesday’s event were State Board of Education Members John Padget, Ada Armas, John Colon and Barbara Feingold and Seminole State College Board Chairman Scott Howat.

The Florida College System has always served as a gateway to higher education through its high-quality programs, open-door admission policies and low tuition rates. Today, the 28 colleges serve one out of every 21 Floridians. In fact, 88 percent of FCS graduates are employed or continuing their education within one year of graduation. Bachelor’s-degree graduates had an average salary of $46,186. Those who receive an associate in science degree go on to earn an average salary of $44,095.

“We often talk in the legislature about creating jobs and making things better for our children, and the Florida College System is the perfect example of what we need to do more of,” said House Speaker Pro Tem Marti Coley of Marianna, who attended Chipola Junior College before moving on to Florida State University. “I know from my own experience that our college system lays a solid foundation for the future.”

FCS offers a range of certificates and degrees that prepare students for the workforce. According to the EMSI study, for every $1 students invest in FCS, they receive a cumulative $6 in higher future income over the course of their working careers.

Last year’s job placement and continuing education rates show that 79,438 FCS graduates found jobs or continued their education following their completion of FCS coursework.

“The Florida College System nourishes our home-grown talent – 93 percent of FCS students remain in Florida and contribute to economic growth,” said David Hart, executive vice president of the Florida Chamber of Commerce. “When we invest in the FCS, we are investing in Florida’s future workforce, and that makes sense for all of us.”

Among the highlights of the 2013 EMSI report on the economic contribution of the Florida College System:

The total effect of the Florida College System on the Florida economy, based on student productivity gains, college operations, and student spending, is $26.6 billion.

State government sees a rate of return of 9.4 percent on its investment in the Florida College System.
For every dollar of support, taxpayers see a cumulative return of $2.90 over the course of students’ careers.
Students enjoy an attractive 16.8 percent average rate of return on their educational investment, recovering all costs (including tuition, fees and lost earning potential while in school) in 9.1 years. In comparison, the historical average rate of return for the stock market is 9.9 percent and recent two-year certificates of deposit earn between .25 percent and 1.20 percent.
Florida also benefits from the improved health and reduced welfare, unemployment and crime that accompany a more educated population.
93 percent of Florida College System students remain in Florida and factor into the state’s overall economy.

“An investment in the Florida College System is an investment in Florida’s future,” said Council of Presidents Chair Pickens. “The FCS consistently generates positive returns for the state, for taxpayers, for local employers and communities, and for our students.”

For detailed information on the EMSI study, see Florida College System Economic Impact.

For more information on Valencia College’s economic impact study, see Valencia Counts Economic Impact Study.

Valencia College Partners With EDC to Lure Verizon to Central Florida

Linda Beaty — Thu, 14 Feb 2013 22:01:05 +0000

When Gov. Rick Scott and local officials held a press conference on Feb. 13 to announce that Verizon Communications will establish a finance center in Lake Mary, Valencia College officials were proud to be on hand for the announcement.

Valencia College was one of many organizations that worked with the Metro Orlando Economic Development Commission to woo Verizon, a Fortune 100 company.

When complete, the new facility will create up to 750 new jobs and represent a $50 million capital investment in the Orlando region. The new office, which will be built in Lake Mary’s Heathrow office park, brings together Verizon’s accounting, finance, payroll and back-office operations from other areas of the country.

Michelle Robinson, president of Verizon’s southeast region, said executives for the wireless carrier scouted locations for about a year before settling on Central Florida.

“We have received a warm welcome from the state and local economic development partners, who aided in our decision process to locate in metro Orlando,” Robinson said. “The region’s talent pipeline, which is full of finance and accounting graduates, was an integral factor in Verizon choosing to invest in Central Florida.”

The accountants, managers, financial analysts and other employees at the center will be paid an average salary of $55,000. Although Verizon expects to move some current employees from other states to Lake Mary, company officials said most of the center’s workers would be hired locally.

Valencia College was among the organizations that worked together to support the Verizon project. Other partners included the State of Florida, Enterprise Florida, Inc., the City of Lake Mary, Seminole County, the Metro Orlando Economic Development Commission (EDC). Workforce Florida Inc., University of Central Florida and Seminole State College.

As part of the package, Valencia will permit children of transferred Verizon employees to pay in-state tuition for one year after their families relocate to Florida.

Valencia is a member of the Metro Orlando Economic Development Commission, a not-for-profit, private/public partnership. The EDC serves Orange, Seminole, Lake and Osceola counties and the city of Orlando. Since its start in 1977, the EDC, with the support of its community partners, has helped thousands of companies relocate, expand and grow in the four-county metro Orlando region. This has led to the creation of more than 173,000 jobs; over $9.4 billion in capital investment; and more than 78.8 million square feet of office and industrial space leased or constructed.

Valencia To Hold Free Tax Preparation Clinics at East Campus

Linda Beaty — Mon, 04 Feb 2013 20:49:55 +0000

Valencia College accounting students and professors will be offering free tax help to the public on selected Saturdays during February, March and April at the college’s East campus.

The tax help is free and open to anyone, but preference will be given to senior citizens, the disabled and low-income individuals. The volunteer tax preparers will be e-filing (electronically filing returns) for free.

At East Campus, the tax sessions will be held on selected Saturdays from 10 a.m. to 3 p.m. in Building 7, rooms 113 and 117. The sessions will be held on Feb. 9, Feb. 16, Feb. 23, March 16, March 30, April 6 and April 13.

The East Campus is located at 701 N. Econlockhatchee Trail, Orlando. For more information about the East Campus tax preparation sessions, call 407-582-2849.

Those interested in getting tax help are asked to bring the following:

All W-2, W-2G and Social Security statements
1099s, 1099R, interest and dividend statements
Documentation to show other income
Total day-care costs and day-care provider’s tax ID number
Copy of last year’s return, if available
Social Security cards for you, your dependents and/or spouse
Driver’s license or photo ID for you and your spouse
Proof of bank account for direct deposit of refund (a voided check, for example)

A complete list of materials needed is available at http://www.irs.gov/Individuals/Free-Tax-Return-Preparation-for-You-by-Volunteers

Osceola Expansion Brings New UCF Bachelor’s Degrees to Campus

Linda Beaty — Wed, 02 Jan 2013 11:00:40 +0000

On Jan. 2, officials at Valencia College's Osceola Campus will open the doors to the campus's newest building -- and they'll also usher in a new era at the Kissimmee campus. Building 4 -- a four-story, 150,000 square-foot building and the largest building on any Valencia campus – will not only give Osceola students a much bigger library, tutoring center and cafeteria, but it will expand their educational opportunities. Valencia College and the University of Central Florida will share use of the building, and UCF plans to eventually offer a dozen bachelor's degrees at the Osceola Campus. That sends a critical message to Osceola County residents – that a college education is attainable, even without leaving home, says Dr. Kathleen Plinske. And that’s important in Osceola, where high school graduates are less likely to go on to college than students in other Central Florida counties, she added. UCF, which operates a regional campus at Valencia’s Osceola Campus, already offers seven degrees at the Kissimmee campus, ranging from business to political science. By fall 2013, UCF plans to add a diverse array of bachelor's degrees to the Osceola campus, including degrees in biomedical science, criminal justice, psychology, public administration and health services administration. Plinske is particularly excited about the upcoming degree in biomedical science. "It's the perfect degree for a student who wants to go on to medical school," says Plinske. And at a time when state officials are urging more students to study STEM – science, technology, engineering and mathematics – Osceola’s new building will enable campus officials to offer more classes in biology, chemistry and physics. The new labs include three anatomy and physiology labs, three biology labs, two chemistry labs, one microbiology lab and one physics lab. Designed by architectural firm Hunton-Brady and built by contractor Clancy & Theys, Building 4 cost $35 million in construction costs. UCF, which will share the building, contributed $7.5 million. In addition to the use of classrooms, UCF will also have 18 offices for faculty and administrative staffers in Building 4. Designed in California “mission style,” the building is also likely to become the hub of campus life for the 12,500 students who take classes at the Osceola campus. That’s because Building 4, in addition to housing classrooms and science lab, will also be home to many student services, including the campus library, bookstore, cafeteria and a coffee bar. Before designing the new building, the architects and builders worked with Plinske to create an environment that meets the needs of many students. That’s why the new library — which is nearly twice the size of the current library — features areas for silent study and glass-enclosed group study rooms. In the main reading room, the furniture will be comfortable and conducive to reading. “It’ll feel more like coffee shop, not a traditional library,” Plinske said . Plinske wanted to give students at this commuter campus plenty of places to sit, study and relax — and that’s been one of the driving forces in the design of Building 4′s interior and exterior. Outside the first floor, in the shadow of the building, benches, courtyard spaces and a fountain area are strategically located so that they’ll be in shade much of the day. On the second floor, a terrace -- complete with tables and chairs -- overlooks the lawn. “This is a great space for students to study and to just hang out,” Plinske said. Other innovative features include:

a “green screen” room where students and faculty members can create their own videos for use in presentations;
outdoor learning spaces that feature benches and glass boards, complete with markers;
large science-related murals, such as a giant mural of the periodic table of elements;
and a multipurpose room next to the bookstore, which allows the bookstore to expand during times of heavy use, such as book buyback periods.

Gov. Scott Visits Valencia; Challenges Colleges to Produce $10,000 Degrees

Linda Beaty — Tue, 27 Nov 2012 18:01:47 +0000

Gov. Rick Scott visited Valencia College’s Lake Nona Campus on Monday, Nov. 26, and issued a challenge to the state’s two-year colleges: Create bachelor’s degree programs that will cost students $10,000 or less.

“I am issuing a challenge to our state colleges to find innovative ways to offer a bachelor’s degree at a cost of just $10,000 in fields that will provide graduates with the best opportunity for employment,” Scott said.

At Valencia, the governor was met by the presidents of several area colleges, who said they are working on such programs.

“Governor, you have come to the right place,” said Dr. Sandy Shugart, president of Valencia College. “We in the community college system care about affordability.”

Shugart noted that while the cost of tuition has skyrocketed in the private sector over the past 40 years, community colleges have raised tuition only 1 percent, when prices are adjusted for inflation.

To answer the governor’s challenge, Valencia officials are planning to cut the cost of a bachelor’s degree in electrical and computer engineering technology to under $10,000 — which they would do by steeply discounting tuition in the final year of the program for students who qualify. The idea, said Shugart, is to provide incentive for students to stay in college and earn their degree. The electrical and computer engineering technology program, which is based on Valencia’s West Campus, is one of two bachelor’s degree programs that Valencia offers.

At Monday’s press conference, other college presidents also offered up the outline of basic plans. At Seminole State College, president Ann McGee said her college will offer a bachelor’s degree in construction for under $10,000, and will fund the cost cuts by using scholarship money provided by local industry. At Daytona State College, officials said that if students come to college with 15 college credits already — earned through dual enrollment or Advanced Placement classes taken during high school — they could earn any of the college’s bachelor’s degree programs for under $10,000.

Valencia’s B.S. in electrical and computer engineering technology was developed in partnership with local engineering professionals and industries to prepare engineering technologists for the growing number of jobs that deal with application, manufacturing, implementation, engineering operation and production — as opposed to the conceptual design and research functions performed by certified professional engineers. Engineering technologists translate the plans and designs of an engineer into actual products and technologies related to robots and robotic devices, space communication systems, lasers and electro-optical devices, telecommunication systems, navigation systems, wireless and mobile networks, power plants, fuel and solar energy cells, transportation systems and many more.

The Labor Market Statistics Center of the Florida Department of Education projects there will be more than 450 openings annually for electrical engineers and engineering technologists in 2013. And earnings for graduates in that sector are high. In 2010 (the most recent data available),Valencia students who graduated with an Associate in Science degree in electrical engineering technology earned an average of $57,448, according to the Florida Education and Training Placement Information Program.

Employers who have hired Valencia graduates applaud the college’s plans.

“We are pleased to learn that Valencia College will be offering even more affordable opportunities for students to earn a bachelor’s degree in electrical and computer engineering technology,” said Alex Fong, senior vice president of Gooch and Housego,which manufactures precision optical components. “At a time when many college graduates are struggling to find jobs, engineering, particularly electrical and computer engineering with a specialization such as photonics offers graduates tremendous opportunities. In fact, at Gooch and Housego, we’ve hired recent Valencia grads and we look forward to working with Valencia graduates in the future. Moreover, these are skills that can be applied and are needed in a broad variety of industries. Training in engineering sciences provides incredible flexibility in terms of career options and is a great return on investment!”

Builder Putting Finishing Touches on Osceola’s Newest Building

Linda Beaty — Mon, 12 Nov 2012 21:10:26 +0000

The latest addition to the Valencia family -- Building 4 at the Osceola Campus -- won't open for classes until January, but builders are putting the finishing touches on the new, four-story classroom building. The largest building on any Valencia campus, Building 4 is more than 150,000 square feet in size. It will house a number of student services -- including the campus library, bookstore and cafeteria -- plus classrooms and science labs on the third floor, and fourth floors. At a time when state officials are urging more students to study STEM – science, technology, engineering and mathematics – Osceola’s new building is designed for science education. Its 10 labs will enable campus officials to offer more classes in biology, chemistry and physics. And the University of Cenral Florida has announced that one of the new bachelor’s degrees available at Osceola Campus will be a bachelor of science in biomedical sciences. That, says campus president Kathleen Plinske, is the ideal degree for a student who wants to go to medical school. Designed by architectural firm Hunton-Brady and built by contractor Clancy-Theys, Building 4 cost $35 million in construction costs. The total budget, which includes architectural work and furnishings, is $45 million. The project is likely, however, to be completed for $1 million to $2 million less than projected, said Lamar Powers, facilities director for Valencia College. UCF, which will share the building for science classes, contributed $7 million to the cost of the building. UCF will also have 18 offices for UCF faculty and administrative staffers in Building 4. Before designing the new building, the architects and builders worked with Plinske to create an environment that meets the needs of many students. That's why the new library -- which is nearly twice the size of the current library -- features areas for silent study and glass-enclosed group study rooms. In the main reading room, the furniture will be comfortable and conducive to reading. “It’ll feel more like Starbucks, not a library,” Plinske says. Plinske wanted to give students at this commuter campus plenty of places to sit, study and relax -- and it's been one of the driving forces in the design of Building 4's interior and exterior. Outside the first floor, in the shadow of the building, benches, courtyard spaces and a fountain area are strategically located so that they’ll be in shade much of the day. “This is a great space for students to study and to just hang out,” Plinske said. Likewise, there’s a terrace on the second floor that will have tables and chairs overlooking the fountain area – and because it’s located on the north side of the building, it will be in the shade much of the day. And, on a campus without much shade, the many oak trees and palm trees planted outside the building will be a welcome sight. Inside the building, architects even made room in the hallways for students to sit on the floor outside classrooms – without blocking foot traffic. Students will also welcome a full cafeteria and a coffee bar – to be located on the first floor. The current cafeteria operates out of a portable trailer. Other innovative features include:

a "green screen" room where students and faculty members can create their own videos for use in presentations;
outdoor learning spaces that feature benches and glass boards, complete with markers;
large science-related murals, such as a giant mural of the periodic table of elements;
and a multipurpose room next to the bookstore, which allows the bookstore to expand during times of heavy use, such as book buyback periods.

Energy efficiency features include: high-efficiency air conditioning, dual-flush toilets, and green materials used in the floors, walls and ceilings. Building 4 has a cistern storing 10,000 gallons of rainwater for flushing toilets. In addition, the building's roof is covered with white reflective coating, designed to reduce cooling costs. Building 4 will be certified by the U.S. Green Building Council and is expected to earn a LEED Silver designation. The building also features smart lighting, which dims or turns off the lights in a classroom if there’s enough light coming in from the windows. In hallways and in classrooms, lights are also connected to motion detectors –so they’ll turn off if there’s no activity in an area. The college is even recycling the portables now used for the bookstore and the cafeteria. Plinske said some of the portables will be converted into a fitness center – which the Osceola campus doesn’t have – while others will be used for storage.

West Campus Wins $1.8 Million Grant to Improve Advising, Degree Completion

Carol Traynor — Tue, 09 Oct 2012 21:55:23 +0000

Valencia College’s West Campus has received a five-year grant totaling $1,884,810 to expand and improve student advising services and online advising tools to help retain students and guide them to graduation. Valencia is the only Florida college and one of 14 colleges and universities nationally to be chosen by the U.S. Department of Education to receive this grant.

The Title III Strengthening Institutions Program grant assists eligible institutions to better serve the needs of low-income students by supporting college “infrastructure,” including student service programs and faculty development. While the initial audience targeted by the grant are students enrolled in “pre-nursing” courses and business students who intend to transfer to four-year schools, Valencia college officials expect the changes paid for by the grant will eventually help all new students complete their coursework and degree requirements.

Valencia intends to use the funds, which became available Oct. 1, to hire advising staff, replace an online advising tool that is no longer compatible with current technology, assist faculty in adopting the new advising tools and renovate and upgrade West Campus faculty support centers.

Valencia’s President Appears on Jobs Panel at GOP Convention

Carol Traynor — Wed, 29 Aug 2012 22:02:33 +0000

Valencia College president, Dr. Sandy Shugart, participated in a high-powered panel discussion on jobs creation on Aug. 29 at this year's Republican National Convention in Tampa. The debate, sponsored by The Huffington Post, was livestreamed on NBC News video. [embed]http://www.youtube.com/watch?v=uuIx89HuNV8&feature=plcp[/embed]

Valencia President To Join in Job Creation Debate at GOP Convention

Linda Beaty — Mon, 20 Aug 2012 16:57:16 +0000

Valencia College’s president, Dr. Sandy Shugart, will participate in a high-powered panel discussion on jobs creation on Aug. 29 at this year’s Republican National Convention in Tampa.

The panel, which was assembled by Huffington Post creator Arianna Huffington, will explore solutions to the nation’s jobs crisis. The panel includes a number of heavyweights from business, government and the nonprofit sector.

Shugart was selected to participate because Valencia was named the winner of the 2011 Aspen Prize for Community College Excellence. In addition, the college has a 95 percent placement rate for graduates of its Associate in Science programs, which train students in specialized skills that are in demand.

In addition to Shugart, the panel will include: Ohio Gov. John Kasich; Rockefeller Foundation president Judith Rodin; LinkedIn co-founder Allen Blue; Startup America CEO Scott Case, former chief technology officer at Priceline.com, who is helping startup companies find resources; Microsoft general counsel Brad Smith; Aspen Institute CEO Walter Isaacson, author of the Steve Jobs biography and whose organization is studying the role of community colleges in America; Year Up CEO Gerald Chertavian, who helps urban youths get internships in businesses; Venture for America CEO Andrew Yang, whose company matches college grads with promising start-ups; Encore CEO Marc Freedman, who has written about “encore” careers for older workers; and Purpose CEO Jeremy Heimans, who last year won the Ford Foundation’s Visionaries Award.

The panel discussion will be moderated by Tom Brokaw. The discussion will be shown on Huffington Post Live (http://live.huffingtonpost.com/r/live) starting at 1 p.m.

Jill Biden Writes About Valencia Visit on the White House Blog

Linda Beaty — Mon, 02 Jul 2012 17:14:00 +0000

Dr. Jill Biden, a community college professor and wife of Vice President Joe Biden, wrote about her recent visit to Valencia College on the White House blog.

To read her account of her visit, click here.

Valencia Trustees OK Budget, Shugart’s Salary and Hiring Architects

Linda Beaty — Wed, 20 Jun 2012 15:17:14 +0000

At the June 19 meeting of Valencia College’s Board of Trustees, the board approved the operating budget for 2012-13, okayed a new contract for the college president, and approved hiring architects for several renovations.

Valencia College’s trustees voted to approve the college’s $164 million operating budget for 2012-13. The budget includes no cost increases for students.

In addition, the trustees voted to spend a one-time, $6 million allocation from the state legislature on a variety of projects. The college will place $3 million in a contingency fund, which serves as an emergency fund for unexpected needs. Of the remaining $3 million, the college will spend $1 million on new file servers; $1 million will be placed in a health insurance reserve fund because the college is now self-insured; $75,000 to purchase resource materials for the Lake Nona campus library; $500,000 for the final year lease for the Sand Lake Center; and $500,000 for marketing to increase enrollment.

The trustees also approved a four-year contract extension for Valencia’s president, Dr. Sandy Shugart. His contract for 2012-13 includes no raise, because Shugart requested no increase at a time when employees are not receiving pay raises. His base salary for 2012-13 is $293,045.

The trustees voted unanimously to approve Shugart’s contract, but trustee Lew Oliver objected to Dr. Shugart’s refusal to accept merit pay. “I’m going to renew my annual objection,” Oliver said. “I think Dr. Shugart’s performance has been exceptional — without equal — and I think his compensation should reflect that.”

In other news, the board approved hiring DLR Group to serve as the architect for the renovation of the Student Services Building on West Campus. The area currently occupied by the college’s Office of Information Technology will be renovated for student services offices. OIT will move into West Campus Building 10 when it is complete.

The trustees also voted to hire Borelli & Partners to serve as the architects for the renovations to a Metrowest office building that the college is planning to purchase. If the college purchases the Park Place Building, a five-story office building on Park Center Drive, the building will be renovated to serve as the administrative headquarters for the college. Currently, the president and some administrative officials have offices downtown, while other administrative departments, including marketing and human resources, are located on campuses. The Metrowest building would house those college-wide operations.

While the purchase and renovations of the Metrowest building are taking place, the college plans to continue leasing the Downtown Center from the Valencia Foundation, which owns the building. However, because the price of rental space in downtown has dropped due to the recession, college officials renegotiated the lease, reducing the cost per square foot from $16 per square foot to $10.50 per square foot. The lease for 2012-13 will be $294,000, down from the current annual rate of $447,920. The board approved the new lease.

Meanwhile, the trustees voted to postpone a decision on hiring one architecture firm to handle small renovations and contracts for the next three years.

In other news, Dr. Shugart announced that the college has hired a new vice president for academic affairs. Dr. Susan Ledlow from Arizona State University will join the college in August to fill that position. Ledlow is currently the curriculum and faculty development specialist for the School of Sustainability at ASU. Joan Tiller is currently serving as the interim vice president for academic affairs.

Valencia Boosts Local Economy by $1 Billion a Year, Study Finds

Carol Traynor — Tue, 01 May 2012 19:47:16 +0000

At a time when Florida’s unemployment rate is 9.4% and public funding for higher education is being cut, a new study finds that Valencia College boosts the economy of Orange and Osceola counties by $1.05 billion a year. The study, conducted by Economic Modeling Specialists, Inc. (EMSI) on behalf of the college, calculated the college’s total economic impact, based on the 70,000 students enrolled at Valencia, and includes alumni earnings, student spending and expenditures related to college operations. The impact study also examined the college’s return on investment, for both students and taxpayers.

For students, every dollar spent on tuition today increases a student’s future income by $5.60, according to the EMSI study.
For Florida taxpayers, the rate of return on their investment in the college is 8.9 percent, outperforming nearly all private investments’ return on the dollar.

Valencia, the 17^th largest employer in the region, has become an economic engine for Central Florida, generating close to 3,000 jobs and spending $231 million a year on buildings, salaries, services and supplies. In addition to the impact of students currently enrolled at the college, the study found that Valencia’s graduates contribute $781.7 million in earnings, spending and savings to the region’s economy each year. To understand Valencia’s economic impact on its two-county region, compare the college’s $1 billion impact to that of the University of Florida. In 2011, an economic impact study found that UF’s impact on the statewide economy was $8.76 billion – and $2.9 billion of that was attributed to the Shands Hospital system and UF physician practices. “Valencia is a billion dollar gem. We hope the independent study will help the community understand what an asset Valencia actually is to the region,” said Valencia Board of Trustees Chair Bertica Cabrera Morris. Trustees, along with Valencia President Sandy Shugart, are calling on business and community leaders to join the college’s efforts to increase public and private investment in Valencia. “We encourage business leaders to get involved with the college and become a part of its success. Seek Valencia interns. Hire the college’s graduates. Serve on industry boards. Support the foundation. It all fuels our local economy and makes a real difference,” added Cabrera Morris. Valencia stands out as a model of efficiency compared to its peer colleges around the state. Based on data gathered by the Florida Department of Education for the 2011-2012 school year, Valencia has lower funding per FTE (full-time equivalent) than its sister two-year colleges – and yet Valencia consistently produces more graduates and more students who are earning technical certificates. Valencia was named the best community college in America for 2011/12 when it won the Aspen Prize for Community College Excellence. The Aspen Prize was the first national recognition of extraordinary accomplishments at a community college. Valencia won the honor for an overall graduation rate nearly three times that of similar, large urban public community colleges. In addition, Valencia had the highest job placement rates at 95 percent, and the most productive transfer program in the country, because of its partnership with UCF. Valencia plays a key role in educating the region. Of the graduating high school seniors in Orange and Osceola counties, almost twice as many start their college careers at Valencia as at all other state universities combined. And, today, that’s the new “normal” among college students. Only 25 percent of America’s college students are full-time students, living away from home. Seventy-five percent of current college students are part-time students, juggling families, jobs and school. At Valencia, 39 percent of the students are focused on learning specialized skills that prepare them for the workforce through the college’s Associate in Science (A.S) programs or Associate in Applied Science (A.A.S.) degrees. To produce graduates who are ready to hit the ground running, the college works closely with 400 area businesses to tailor the curriculum to meet the needs of the workplace. In some technical areas, such as nursing and allied health, Valencia graduates make up a large percentage of the local workforce. Valencia’s RN program supplies many of the nurses to local hospitals and is highly regarded for its quality. In 2010, for example, 94 percent of Valencia’s nursing graduates passed the national registered nursing exam – a higher passing rate than the state and national average. That specialized training is reflected in the graduates’ earnings. Valencia’s Associate in Science and Associate in Applied Science degree graduates earn on average an annual salary of about $43,385 in their first year after graduation – more than double that of a high school graduate and $7,839 more than a bachelor’s degree graduate from UCF in their first year out of college, according to the latest data from the Florida Education and Training Placement Information Program (FETPIP). In addition to preparing students for the workforce, Valencia offers a two-year A.A. program that prepares students to transfer to an upper-division college or university – at half the cost of tuition at the state’s four-year universities. And, thanks to DirectConnect to UCF, an innovative partnership between the University of Central Florida and area members of the Florida College System that began in 2007, Valencia students who earn an associate degree are guaranteed admission to UCF’s upper division. Through DirectConnect, Valencia has become an “on ramp” to a four-year degree. In 2011, 22 percent of all UCF graduates started their college careers at Valencia. Also helping the local economy is the fact that Valencia is attracting more students from outside Orange and Osceola counties. Since DirectConnect began, the number of students moving to the area grew from 14,967 to 21,134, a 34.5 percent increase. These students rent apartments, purchase goods and services, and stay in the area to attend UCF and build their lives here. Economic Impact Report - Overview Fact Sheet INVESTMENT ANALYSIS Student Perspective • Valencia served 64,319 students in the 2010-11 reporting year. • The average Valencia student’s income increases by $5.60 for every dollar invested in their Valencia education. Students enjoy an attractive 15.1% average rate of return on their Valencia educational investment, recovering all costs in 10.2 years. Social Perspective • Higher earnings of Valencia students and associated increases in state income expand the tax base in Florida by about $196.5 million each year. • Florida will see avoided social costs amounting to $11.3 million per year due to improved health, reduced crime, and reduced welfare and unemployment. Taxpayer Perspective • The state government allocated approximately $106 million in support of Valencia in FY 2010-11. • For every dollar of this support, taxpayers see a return of $2.80 (in the form of higher tax receipts and avoided costs). • State government sees an annual rate of return of 8.9% on their support for Valencia. ECONOMIC GROWTH ANALYSIS College Operations Effect • The Valencia College Service Area economy annually receives $122.9 million in income due to Valencia operations. Student Spending Effect • Valencia estimates that approximately 15% of its students come from outside the region. • The expenditures of Valencia‘s non-local students generate roughly $16.0 million in added income in the Valencia College Service Area each year. Productivity Effect • The Valencia College Service Area economy embodies an estimated 5.6 million credits that have accumulated over the past 30-year period as thousands of former Valencia students enter the workforce. • Valencia credits translate to higher earnings for students and increased output of businesses. The added income attributable to the accumulation of Valencia credits in the workforce amounts to around $781.7 million each year. Transfer Student Effect • The DirectConnect relationship between Valencia and the University of Central Florida (UCF) allows students to continue their post-secondary education. • The additional education of students that transfer to UCF generates an additional $126.4 million¹ in income to the region each year. • Added income attributable to the accumulation of Valencia skills amounts to $781.7 million each year Total Effect • The total annual impacts on the Valencia College Service Area sum to $1.047 billion. ¹This value is distinct from the other impact metrics in that it is the result of a cooperative agreement between Valencia and UCF. Both institutions might rightly claim this impact.

The full report, “Economic Contribution of Valencia College,” is available at http://news.valenciacollege.edu/impact

Valencia Launches New Honors College; Members of Inaugural Class Eligible for Full Scholarships

Linda Beaty — Tue, 24 Apr 2012 14:07:57 +0000

Valencia College will launch the new James M. and Dayle L. Seneff Honors College in the fall of 2012, providing new opportunities for students to excel at Valencia.

Funded by a $1 million donation from Orlando resident and CNL executive chairman James M. Seneff and his wife, Dayle, the new honors college will expand Valencia’s current honors program into a full-fledged honors college.

The James M. and Dayle L. Seneff Honors College will feature four different tracks, each of which will be housed on a separate Valencia campus.

East Campus will host a track for students interested in academic research and is especially for students who plan to go to graduate school or professional school. With the guidance of a professor, students will learn how to conduct undergraduate research and will complete a research project and paper by the end of their second year.
Osceola Campus will house the college’s leadership track, encouraging students to study different styles of leadership, and become agents of change in their communities. The track also has a service component, requiring students to perform community service with partner organizations in Osceola County.
West Campus will be home to the interdisciplinary honors track, a humanities-style, multicultural curriculum that features team-taught courses on a wide variety of subject matter, from history to science, from art to philosophy.
Winter Park Campus will be home to the “Jeffersonian” or general studies honors track. The track, which will offer students a well-rounded education and the opportunity to collaborate with college students in other countries, is still being developed. It will be available in 2013.

For a short time, students who apply to the honors college and are accepted will be offered full tuition scholarships. To qualify, students must apply for admission to the program by May 1. The regular deadline for fall admission to the James M. and Dayle L. Seneff Honors College is July 20.

For those who miss the May 1 deadline, there are still special scholarships available only to honors students.

The average class size for courses in the honors college will be about 15 students. In addition, honors students will receive individual attention and will have their own campus-based counselor. Honors students are also allowed to register for classes early, and have use of the Honors Resource Center.

Honors students also have the opportunity to travel abroad with their professors, and each month, students participate in events such as “pizza with the professors,” providing personal contact with their instructors.

Recent honors graduates from Valencia are finishing their undergraduate studies at Columbia University in New York, Emory University in Atlanta, Amherst College and Smith College in Massachusetts.

For more information on the new James M. and Dayle L. Seneff Honors College or to apply, go to http://valenciacollege.edu/honors/prospective-students/admission.cfm