The Board of Regents, in its NAU meeting last week, approved a new model to fund the three state universities, provided millions of dollars to go toward improvements and other developments on the UA campus and extended the contract for men’s basketball coach Sean Miller, according to staff reports and an ABOR press release.

Degrees into dollars

The same funding model that was presented to and mandated by the state Legislature in late 2011 has now been approved and will dictate $5 million of state budget money go to universities. The model rewards the institutions based on the increase of degree production, the completion of student credit hours and research and public outreach.

“Performance funding is an innovative approach that will allow the state to target its investment in higher education toward degrees and research activity that are supportive of the state’s economic development goals,” said board chair Rick Myers. “This model should be used as a workforce development and business recruitment tool to incentive greater productivity in the areas business need most.”

The board allocated $2.6 million to Arizona State University, $1.4 million to the UA and $1 million to Northern Arizona University.

Old Main to get a touch of new

To compensate for the apparent deterioration in its roof, beams and porches, Old Main will undergo a $13.5 million renovation, which was also approved by the regents last week. Departments within the 121-year-old building will begin to vacate later this summer, and will be moving to Bear Down Gymnasium, some permanently and others temporarily. Also under consideration is the possibility of newly elected President Ann Weaver Hart having an office within Old Main after construction is complete, though nothing has been confirmed. Money was also approved for additions to the UA campus, specifically $63 million for a new engineering research building, $85 million for new bioscience research laboratories and $32 million for various infrastructure upgrades.

Full five

Another approval will see an extension of men’s basketball coach Sean Miller’s contract, which will pay $2.6 million plus incentives when it reaches its final academic year in 2016-2017. An additional $100,000 will be added to his base salary with each year, as well as annual payouts of $700,000 for additional duties like public appearances and $400,000 from Nike/IMG.

­— Compiled from McClatchy Tribune