Strategic and Enhancement Grants

The budget process is designed to allocate available resources in the most efficient manner to achieve the goals of the university. The focus of the budget process is on anticipating changes from the current year and allocating resources to meet the new and continuing priorities.

Incremental changes to budgets are generally made based on enrollment changes, mandatory cost increases, compensation and benefits increases, and similar adjustments. In addition to these adjustments, resource allocation requests will be considered to support the university’s strategic planning efforts and institutional improvement efforts. To facilitate the resource allocation process, three grant programs are available to award additional funds to departments or programs. Funding requests are submitted in the fall to the university’s Planning Committee for review. If approved, proposals will be included in the budget process for the following fiscal year.

 

Strategic Initiative Grant Program – University Level

A Strategic Initiative Grant Program has been established to provide start-up funding for new, innovative ideas that support the university-wide goals of the Fostering Foresight and Faithfulness Strategic Plan. All Ouachita faculty and staff are eligible to submit ideas for funding in two categories: academic programs or non-academic programs.

Proposal guidelines are as follows:

  1. Funding requests can be for a maximum of 3 years. However, Year 2 grant funding can be no more than 75% of Year 1 funding and Year 3 funding can be no more than 50% of Year 1.
  2. If new faculty or staff positions are necessary to carry out the program, the salaries and benefits needed to fund new positions must be included in the program budget.
  3. The maximum proposal amounts are $50,000 for academic programs and $25,000 for non-academic programs. Maximum amounts for Year 2 and Year 3 are 75% and 50% of these amounts, respectively.
  4. Proposals will be submitted to the Planning Committee for review. Reviews will be based on the merits of the proposal and closeness of fit to the goals of the strategic plan.
  5. The number of proposals funded each year will be determined by the available funding and the cost of the proposals selected.

All programs, academic and non-academic, will be reviewed annually as part of the strategic planning review process to determine their continuing viability. As Strategic Initiative Grant funding is reduced in Years 2 and 3, tuition revenue or other operating funds may be used to supplement the total operating costs of the program. These additional funds are also subject to annual review. Funded proposals are expected, if continued, to become self-supporting by year 4 either through new revenues or incorporation into the university operating budget.

Sample Grant Program Budget

 

Year 1

Year 2

Year 3

Year 4

New Faculty Member Salary

$40,000

$41,000

$42,000

$43,000

New Faculty Member Benefits

10,000

10,250

10,500

10,750

Start-Up Materials

8,000

0

0

0

Supplies

2,000

2,500

2,500

2,500

Total Program Budget

$60,000

$53,750

$55,000

$56,250

 

 

 

 

 

Grant Amount Requested

$50,000

$37,500

$25,000

 

Projected Student Tuition

18,000

40,000

58,000

85,000

Program Surplus (Deficit)

$8,000

$23,750

$28,000

$28,750


Strategic Initiative Grant Program – Department/Program Level

A Strategic Initiative Grant Program has been established to provide start-up funding for new, innovative ideas that support the goals of the Fostering Foresight and Faithfulness Strategic Plan, but have a narrow focus that primarily benefit a single department or program rather than the university as a whole. All Ouachita faculty and staff are eligible to submit ideas for funding.

Proposal guidelines are as follows:

  1. Funding requests can be for a maximum of 3 years.
  2. The maximum proposal amount is $7,500 annually.
  3. Proposals must indicate whether on-going funding is needed to continue the proposed project beyond one year and, if so, the amount of funding needed in subsequent years.
  4. Proposals will be submitted to the Planning Committee for review. Reviews will be based on the merits of the proposal and closeness of fit to the goals of the strategic plan.
  5. The number of proposals funded each year will be determined by the available funding and the cost of the proposals selected.

All funded proposals will be reviewed after one year as part of the strategic planning review process to determine their continuing viability. Funded proposals are expected, if continued, to become self-supporting by year four either through new revenues or incorporation into the university operating budget.


Department/Program Enhancement Grants

Funds will be allocated during the annual operating budget development process to award Department/Program Enhancement Grants. These grants are intended to address opportunities to improve outcomes for individual departments or programs. Priority will be given to programs that have recently completed a seven-year program review and have identified opportunities to address shortcomings or opportunities for improvement through that process but awards are not limited to those programs.

Proposal guidelines are as follows:

  1. The maximum proposal amount is $7,500 for one-time grants and $5,000 annually for on-going awards.
  2. Proposals must address how the additional funds will improve outcomes for the department or program.
  3. Proposals will be submitted to the Planning Committee for review. Reviews will be based on the merits of the proposal and anticipated impact on the university as a whole.
  4. The number of proposals funded each year will be determined by the available funding and the cost of the proposals selected.

All funded proposals for on-going awards will be reviewed after one year to determine their effectiveness and to determine whether funding should continue. These awards are expected to be discontinued or incorporated into the university operating budget by year four.

 

 

(comments disabled)