<p> Voters&rsquo; hatred of the property tax has led to the enactment of tax and expenditure limitations (TEL) in most states (Brunori, Bell, Cordes, and Yuan, 2008; Sokolow, 1998). Past research suggests that TELs have consequences for school districts, such as reductions in revenue and expenditures, and that these effects may be felt disproportionately by districts that are less able to adapt, such as poorer districts (Figlio, 1998; Joyce and Mullins, 1996; Downes and Figlio, 1999; Mullins, 2004; Wallin and Zabel, 2011; Della Sala and Knoeppel, 2014; Arsen, DeLuca, Ni, and Bates, 2016; Steinberg and Quinn, 2015). Such disproportionate impacts may increase revenue inequity across districts, further widening the gap between the &ldquo;haves&rdquo; and &ldquo;have nots.&rdquo; </p><p> This dissertation explores the impacts of TELs on school district revenue and equity through analyses of Pennsylvania&rsquo;s Act 1, a useful case for studying these effects because it was enacted more recently&mdash;2006&mdash;and is in place in a diverse state with a heavy reliance on property tax revenue that faces ongoing concerns over its allegedly inequitable public education funding system. </p><p> In the first study, I use multivariate regression analyses with fixed effects to consider the effects of Act 1 on various revenue sources available to school districts and whether districts that may be less able to adjust to changes in revenue streams felt these effects disproportionately. I find that local revenue and property tax revenue were reduced for school districts subject to Act 1&rsquo;s tax limits compared to those not subject to them, and that state revenue did not offset these reductions, resulting in reductions in total revenue. My findings do not suggest that these effects were disproportionately felt by districts with greater needs. </p><p> In the second study, I consider the characteristics of districts that are able to avoid Act 1&rsquo;s tax limits. Using logistic regression with year fixed effects, I find that districts with better fiscal conditions were more likely to receive an exception from the state that allowed them to avoid the tax limit. These results raise concerns of potential inequity, albeit with no intent on the part of the districts or Pennsylvania officials. </p><p> In the third study, I use both descriptive and multivariate regression analyses to consider the impacts of Act 1&rsquo;s limits on revenue equity among districts. I find that Act 1&rsquo;s tax limits appear to have reduced revenue equity among districts, and to have had a differential effect on higher need districts, when using poverty as an indicator of need. </p><p> Taken together, the findings suggest that Act 1 may have both reduced funding and revenue equity among districts, and had a differential negative effect on revenue for higher poverty districts. These results therefore suggest that the tax limits may have somewhat widened the divide between the &ldquo;haves&rdquo; and &ldquo;have nots,&rdquo; and raise concerns that revenue equity among districts has been reduced and that districts better able to adjust to tax limits&mdash;those in better fiscal health&mdash;may also be those most likely to avoid them.</p><p>

<p> In this dissertation, I explore questions relating to estimating and framing college net pricing. In the first study, I measure variation in actual grant aid awards for students predicted by the federal template Net Price Calculator (NPC) to receive identical aid awards. Estimated aid derived from the federal template NPC accounts for 85 percent of the variation in actual grant aid received by students. I then consider simple modifications to the federal template NPC that explain more than half of the initially unexplained variation in actual grant aid awards across all institutional sectors. The second study explores perceptions of college net pricing and the resources families use to learn about college expenses. Students and parents show substantial variation in their perceptions of college price and ability to accurately estimate likely college expenses, even when prompted to seek pricing information online. While most participants were able to estimate net price within 25 percent of NPC estimates, others were inaccurate by as much as 250 percent, or nearly $30,000. I then propose possible explanations for more or less accurate estimates that consider parent education, student grade level, previous NPC use, and online college pricing search strategies. In the third study, I explore the potential for shifts in college spending preferences when equivalent college cost scenarios are framed in different ways. I exploit disparities between net price and total price to randomly present participants with one of three framing conditions: gain, loss, and full information. Participants are between five and six percentage points more likely to choose a college beyond their stated price preference when cost information is framed in such a way that emphasizes financial grant aid <i>received</i> as opposed to remaining costs <i>to be paid</i> or full cost information. The results of these studies suggest that clearly structured, simple to use informational resources can accurately and effectively communicate important college information. However, simply making resources available without consideration of accessibility or relevance may be insufficient. Policymakers and other hosts of college information resources should also carefully consider the ways that the presentation of college information might influence students&rsquo; decisions.</p><p>

<p> <b>Purpose.</b> The purpose of the study was to identify the recommendations a Delphi panel of expert practitioners judges to be the most important for improvement of the funding formula for public education in California. This study was also designed to determine the level of importance and degree of feasibility of the recommendations. </p><p> <b>Methodology.</b> This study utilized the Delphi technique to collect data in three iterative rounds. Twenty expert practitioners provided responses to a series of three questionnaires. Additionally, a priority matrix was used to analyze the importance and feasibility of the recommendations. </p><p> <b>Findings.</b> The expert panelists identified 20 recommendations for improvement of the funding formula. The panel reached consensus on the level of importance for 14 recommendations and on the feasibility of 17 recommendations. Two of the priority recommendations for improving the funding formula were related to the base grant funding amount: Experts recommended increasing the base dollar amount allocated to districts and establishing a method to ensure the base grant grows at a rate greater than cost increases incurred by districts. Additionally, two of the priority recommendations were to include students with special needs in the calculations of the funding formula. The experts also identified the need to protect against the addition of new categorical programs. </p><p> <b>Conclusions.</b> The recommendations identified by the expert panel reflect the need to revise the funding formula to adequately cover the basic needs of school districts by providing sufficient funds at the base grant level. Additionally, the recommendations demonstrate a need to revise the eligibility for supplemental and concentration grant funds so districts are able to provide supports for students with disabilities in their accountability plans. </p><p> <b>Recommendations.</b> Specific recommendations were made to improve the funding formula for public education in California: Increase base grant amounts by providing additional funds or adjusting the supplemental and/or concentration grants proportionally. Students with disabilities should be considered at risk and included in the calculations for supplemental and concentration grants. Protect the integrity of the LCFF and LCAP by reducing restrictions on the use of supplemental and concentration grants and restricting new categorical programs.</p><p>

<p> Performance funding, the automatic and formulaic association of specific resources to institutional results on designated indicators, grew out of the accountability movement in higher education that originated in the 1950s and 1960s and redefined itself as the &ldquo;new accountability&rdquo; in the 1990s. To date, much of the literature on performance funding has been descriptive, prescriptive, and anecdotal, at best, with very little empirical evidence that performance funding is effective in impacting institutional performance. While recently some researchers reported on multivariate, multi-state analyses, findings continue to be mixed. </p><p> The 1974 Louisiana Constitution empowered the Louisiana Board of Regents to develop a funding formula for higher education with three main formula components, an example of a performance funding 1.0 program, which was finally incorporated into the <i>Master Plan for Public Postsecondary Education </i> (Louisiana Board of Regents 2001, 2012). The Louisiana Granting Resources and Autonomies for Diplomas Act of 2010 (GRAD Act) as amended in 2011 (Louisiana Granting Resources and Autonomies for Diplomas Act, 2011), an example of a performance funding 2.0 program, provided four performance objectives and related specific targeted measures. Finally, Act 462 (Louisiana Legislature, 2014) called for the development of a new comprehensive outcomes-based funding formula that ensures the optimal allocation of state appropriated funds to public postsecondary educational institutions. That formula, approved by the Board of Regents in December 2015, was implemented in the 2017 fiscal year. </p><p> This study describes institutional efforts and changes in policies/initiatives implemented at select four-year, public institutions in Louisiana as a result of the GRAD Act. The study discusses, from a policy perspective, whether or not the GRAD Act as a performance funding policy achieved its stated goal of increasing &ldquo;the overall effectiveness and efficiency of state public institutions by providing that the institutions achieve specific, measureable performance objectives aimed at improving college completion and at meeting the state&rsquo;s current and future workforce and economic development needs&rdquo; (Louisiana Granting Resources and Autonomies for Diplomas Act, 2010, pp. 1&ndash;2). Unintended consequences of the Act are also noted. The study could inform future changes to Louisiana higher education performance funding models.</p><p>

<p> Education policy and mandates have changed drastically over the last 40 years. As politicians began adopting educational platforms as part of their political agenda, the educational standards of the United States have risen. Politicians have specifically targeted underserved populations as the focus of their educational reforms. Programs such as Race to the Top, FERPA, and No Child Left Behind are examples of politicians attempting to provide all students with equitable educations, regardless of ethnicity, gender, and economic background. </p><p> Just as it is na&iuml;ve to believe that all students learn the same, it is also na&iuml;ve to believe that there is one perfect program that will meet the needs of all students in all areas of the country. Under the reauthorization of the Elementary and Secondary Education Act in 2009, the US Department of Education strove to close the education gap with the introduction of School Improvement Grants. The SIG provided federal funds to underserved schools through a rigorous application process. The funds were available to approved schools for 3-year period. The purpose of this grant was to help underserved schools create and implement a program that was tailored to meet the needs of their students, while promoting academic growth. </p><p> This study focused on urban, public New England schools who received SIG funds between 2010 &ndash; 2016. Through semi-structured interviews with administrators at identified successful SIG schools, a list of best practices has been compiled as a reference for future urban, public New England schools who receive SIG funding. The key findings of this study indicated that communication, strong leadership, collaboration, and good staffing choices played a significant role in the success of the SIG programs. The conclusion of this study indicated that while schools and students have a vast range of needs and difficulties, there are several common shared experiences that could possibly help other administrators in their quest to implement a successful SIG program.</p><p>

This descriptive and interpretive study explores the problem of school funding uncertainty in Massachusetts. Information from three main strands converges on the achievement status of today's Massachusetts students: the history of school funding since the earliest permanent English-speaking settlements, the municipal budget-making process in Massachusetts as it affects school funding, and the state budget-making process in regard to its effect on the funding of public K-12 education. Clearly the history of school funding mirrors social and economic issues in the 400-year period reviewed. Definition of social and economic needs of the citizenry has been a continuous political process. Who has had the power to define the needs has affected the funding of public schools. The municipal school funding process in Massachusetts is reviewed both as an annual procedural cycle and as a product of ongoing politically sensitive relationships at the local level. Its effect on the funding of public K-12 schools is influenced by the credibility and political effectiveness of the school district leadership. Funding of public schools by the state is also reviewed both as an annual procedural cycle and as a product of the political give and take that legislators rely upon to get their own agendas supported. Against this background of the past history and current process of allocating resources for public K-12 schools, student achievement scores are examined relative to money provided for schools. A statewide pattern showing money reflected in student achievement is found--both public money and personal money. This study concludes that in Massachusetts, while the uncertainty of school funding continues from year to year regardless of the 1993 Education Reform Act, a sufficient and stable flow of money to the schools is necessary to prepare students adequately for the future. Suggestions for further study and for local action are detailed.

Retirement security for Americans is one of the most critical public policy and personal financial issues and will be for decades in the future. Individuals that retire today can live an additional 30 or even 40 years with less secure income as corporations shift to defined contribution plans to fund retirement. Based on the life cycle savings hypothesis, immediate annuities should be appealing to retirees because they insure against the risks of outliving retirement assets by converting funds into a lifelong stream of income. However, research has found that retirees are reluctant to annuitize their wealth. This study examined the attitudes of Utah State University employees toward annuitization of retirement assets and explored the relationship between employee characteristics and their attitudes toward immediate annuities. Data for this study were collected through an online questionnaire emailed to Utah State University employees who participate in a defined contribution plan. The survey gathered information on retirement portfolio losses, expected longevity, financial confidence, familiarity with annuities, and attitudes toward immediate annuities. A total of 744 individuals answered the survey for a response rate of 43.2%. Based on the results of independent t tests, there were statistically significant differences between the attitudes of women and men toward immediate annuities. Women held more positive attitudes toward immediate annuities than men, and women who had taken a retirement planning class had more positive attitudes than women who had not attended a retirement class. In contrast, men who had attended a retirement class expressed less positive attitudes toward immediate annuities than men who had not. Male overconfidence in their investment knowledge and skills may explain this finding. A Pearson correlation coefficient revealed a negative correlation between risk aversion and attitudes toward annuities. As investment risk tolerance decreases, attitudes toward immediate annuities become more positive. An analysis of variance found that individuals with longer than average life expectancies had more positive attitudes toward immediate annuities than subjects with shorter than average life expectancies. Surprisingly, individuals who claimed to be most familiar with immediate annuities showed the least positive attitudes toward annuities. Income and assets, marital status, and financial confidence were not statistically significantly related to attitudes toward annuities. Implications for consumers, financial professionals, educators, and policymakers were drawn from the results of the study.

<p>The role of the chief financial officer (CFO) is critical to the effective leadership of U.S. four-year public colleges and universities. Self-awareness and the capacity to view situations simultaneously in multiple ways and from different perspectives are essential elements of CFO effectiveness and success in the higher education environment. </p><p> The relationship of the chief financial officer and the chief academic officer (CAO) is a key component of effective higher education leadership and a critical element of CFO success. Information about the self-perceptions of chief financial officers and perceptions of chief financial officers by chief academic officers will: (1) enhance CFO self-awareness and effectiveness, (2) broaden their ability to apply multi-frame thinking and formulate adaptive approaches, and (3) deepen their understanding of and appreciation for the CFO/CAO relationship. </p><p> The purpose of this study was to examine the predominant leadership orientations of CFOs at U.S. four-year public colleges and universities as self-perceived and as perceived by CAOs. </p><p> The study employed survey methodology to gather information about CFOs&rsquo; self-perception of their leadership orientations and the perception of CFOs&rsquo; leadership orientations by CAOs. Information on demographic characteristics was gathered to determine if they explained variations in the responses. The Bolman and Deal Leadership Orientation Questionnaires for SELF and OTHERS were employed to gather the information. </p><p> Three general findings emerged from the study. First, both CFOs and their CAO colleagues perceive that CFOs employ the structural frame as their predominant leadership orientation. Second, the demographic characteristics considered did not account for any significant difference in the responses received from either group. Third, there is no significant difference in how CFOs and CAOs perceive the CFO&rsquo;s predominant leadership orientation, the structural frame. </p>

<p> Debt for public colleges and universities has been increasing while financial resources, which provide the support to repay debt, have been declining. As debt increases in proportion to assets, the risk profile of a college or university increases. This study examined the relationships between financial variables and institutional characteristics that relate to long-term debt and leverage of U.S. four-year public colleges and universities during a period of economic downturn. Understanding these relationships is needed to determine factors that enable or constrain public higher education's ability to borrow funds to meet organizational goals. In addition, this study also explored long-term debt and leverage trends categorized by Carnegie classification and geographic region from 2005 to 2009. </p><p> The data for the study were obtained from IPEDS. Descriptive statistics, ANOVA, and OLS regression were used to analyze the data. The findings showed that both long-term debt and leverage of public institutions had increased from 2005 to 2009. However, leverage increased at a slower pace, which indicated that public universities were able to use existing assets to offset the increase in liabilities associated with the additional long-term debt. This study also found that differences existed in long-term debt by Carnegie classification. Doctoral/Research institutions had more long-term debt than Master's institutions, and Master's institutions had more long-term debt than Baccalaureate institutions. Although Master's institutions did not have the greatest amount of long-term debt, they had greater amounts of leverage than Doctoral/Research and Baccalaureate institutions in all fiscal years. Additionally, Master's and Doctoral/Research institutions located in the Northeast had mean leverage in all five years that exceeded recommended thresholds. </p><p> The variable with the strongest relationship with long-term debt was property, plant, and equipment. Approximately 65.9% of the variance in long-term debt was explained by property, plant, and equipment. In comparison, the leverage model showed that geographic regions had the strongest relationship with leverage. Collectively, the West, Midwest, and Southeast regions accounted for 27.1% of the variance in leverage. The detailed results of the findings, conclusions, and recommendations are provided at the end of the study.</p>

<p> Fluctuations within the global economy have the capacity to affect the revenue streams of institutions of higher education, often necessitating discussions of financially-motivated mission shift within the context of governing boards. This study investigated the manner in which institutional cultural attitudes of governing board members differ when discussing such issues at religious institutions of higher education. These differences were studied within the unique context of the challenges raised by the interplay between organizational change and a culture defined, in part, by doctrinal formulations. Governing board members at five religious institutions of higher education were interviewed in a qualitative comparative case study regarding the board decision-making process. Structured interviews utilized the critical incident technique and the framework of resource dependence theory. The study revealed critical differences in the manner in which board members engaged the decision-making process in each of the aspects of resource dependence theory, as well as in the areas of institutional mission and finance. The local societal context of each institution was revealed to be a critical component in the board decision-making process relative to institutional mission, institutional finance, and financially-motivated mission shift.</p>