World Class Faculty and Scholar Program.

(1) PURPOSE AND LEGISLATIVE INTENT.—The World Class Faculty and Scholar Program is established to fund and support the efforts of state universities to recruit and retain exemplary faculty and research scholars. It is the intent of the Legislature to elevate the national competitiveness of Florida’s state universities through faculty and scholar recruitment and retention.

(2) INVESTMENTS.—Retention, recruitment, and recognition efforts, activities, and investments may include, but are not limited to, investments in research-centric cluster hires, faculty research and research commercialization efforts, instructional and research infrastructure, undergraduate student participation in research, professional learning, awards for outstanding performance, and postdoctoral fellowships.

(3) FUNDING AND USE.—Funding for the program shall be as provided by the Legislature. Each state university shall use the funds only for the purpose and investments authorized under this section. These funds may not be used to construct buildings.

(4) ACCOUNTABILITY.—By March 15 of each year, the Board of Governors shall provide to the Governor, the President of the Senate, and the Speaker of the House of Representatives a report summarizing information from the universities in the State University System, including, but not limited to:

(a) Specific expenditure information as it relates to the investments identified in subsection (2).

(b) The impact of those investments in elevating the national competitiveness of the universities, specifically relating to:

1. The success in recruiting research faculty and the resulting research funding;

2. The 4-year graduation rate for undergraduate students;

3. The number of undergraduate courses offered with fewer than 50 students; and

4. The increase in national academic standing of targeted programs, specifically advancement in ranking of the targeted programs among top 50 universities in well-known and highly respected national public university rankings, including, but not limited to, the U.S. News and World Report rankings, which reflect national preeminence, using the most recent rankings.