Investment Fund for Core Needs (IFCN)

The Investment Fund for Core Needs (IFCN) has been established to make available one-time funds to support pressing unbudgeted or under-supported academic / operational / administrative needs, as well as initiatives that will build long-term capacity, such as staff development, investment in infrastructure, and risk management initiatives. The IFCN is not intended to replace a permanent loss of funds or eliminate an ongoing budget gap. Funding is derived from the net-growth in year-end central reserve balances over the prior two years. Annual IFCN levels will be 10% of any net-growth or $250,000, whichever is lower. A total of up to $249,600 is available in the current budget request cycle for funding in 2017 / 18.

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Guidelines

  • The IFCN has been established to provide one-time funds to address unanticipated and unbudgeted or under-supported academic / operational / administrative needs, as well as initiatives that will build long-term capacity, such as staff development, investment in infrastructure or equipment, and risk management
  • Any unit, academic or administrative, can apply for IFCN funding
  • Applications are to be submitted through MachForm available here. An application form template is attached for reference.
  • Proposals will be evaluated on the extent to which the request supports the stability of the mission, programs, and ongoing operations of the College and mitigates risk.
  • Proposals must meet clearly documented needs, have identifiable outcomes and include implementation and assessment plans.
    • Consideration will be given to initiatives having a cost sharing component.
    • Proposals should specify why they cannot be self-funded at a division or school level.
  • Deans and Cabinet members (Sponsor) may submit for consideration up to three or five prioritized requests, respectively.
  • Requests will be reviewed by the Campus-wide Budget and Resource Committee (BRC).
  • President’s Cabinet, informed by BRC’s review, will make final funding decisions based on their professional judgement and understanding of campus needs, priorities, and operational risk mitigation.
  • Funded proposals will be required to provide mid-year and year-end progress reports.

Last Updated 12/4/17

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