New College of Florida

The Florida State University System has not raised in-state undergraduate tuition since 2014 by legislative direction. With ~30% cumulative inflation since then, real net tuition per FTE has fallen materially across the system — most FL SUS schools transitioned from a pricing-power score of 0 (growing real tuition) through 2018 to a 25 (>10% real decline) by 2020-21. That contributes a full 25 of 100 points to most FL SUS composites in recent years. The signal is real (revenue per student is materially lower in inflation-adjusted dollars) but policy-driven rather than a market rejection of value — applies system-wide, not as a school-specific finding. FSU is the rare exception (pricing-power 0 in FY 2022-23), likely from non-resident or graduate-program tuition mix offsetting the in-state freeze.

NCF reports $19M of long-term debt in IPEDS (`F1A10`) — Certificates of Participation. The LLM enrichment also identified that same $19M as DSO debt under the label "New College of Florida (Certificates of Participation)", which caused the per-student debt figure to count it twice ($38M total). The fix nets the LLM campus total against IPEDS-reported plant debt: `off_balance_sheet = max(0, LLM − IPEDS)`. Because NCF's LLM total ($19M) equals its IPEDS reporting ($19M), the genuine off-balance-sheet component is zero, and the total debt is correctly $19M. This netting rule was applied across 76 schools where the LLM enrichment captured on-balance-sheet debt that's already in IPEDS — total $11.74B of double-counts removed.

NCF has scored ≥60 (high) every fiscal year since FY 2008-09 except a brief 2010-2011 dip to moderate. Peaked at composite 100 in FY 2015-16. FY 2022-23 reading: thin liquidity at 9.5 days cash on hand (one of the lowest in the FL SUS), viability ratio 0.04 (state-pool DSO debt now incorporated). The post-2023 governance overhaul and athletics buildout aren't yet visible in IPEDS — those will reflect in subsequent year filings.