During the annual budgeting process, 1/2 % of the General Fund Expenditure budget will be dedicated to an Innovation Fund to be used during the budget year for innovative and strategic initiatives that support the BMCC Strategic Plan.
Proposals are developed from innovative ideas among groups or individuals across campus. Successful proposals will support the Strategic Plan, Mission and Values of the college and move the college forward. Proposals are submitted to the Blue Mountain Community College Integrated Resources Committee for review and consideration.
A subcommittee will be formed to review these proposals and determine which of the submitted proposals are able to be funded and which ones will need to be deferred. This subcommittee will be made up of IRC members and a board member from the BMCC Foundation.
Proposals that are funded will submit a report at the end of the fiscal year then funded to the IRC with results regarding the outcomes of the initiative or activity, whether the desired outcomes were achieved.
Funding will be broken up into two installments with 50% being available July 1st, and 50% available January 1st.
Proposals are due to the AVP Finance and Business Operations May 1st for consideration in the July 1st funding cycle and November 1st for consideration in the January 1st funding cycle. In the event the deadline falls on a weekend, the next business day will become the deadline. Late or incomplete forms will not be considered. Approval or denial of the proposals will be available by June 15th and December 15th.
Proposals should include
-A written description and justification of the initiative and the specific activities to be funded from the Innovation fund and other funds.
- A written description of how the initiative and specific activities support the BMCC Strategic Plan and move the college forward in completion of its’ goals.
- A written description of the outcomes that the initiative hopes to achieve.
- A budget detailing the uses of all funds including Innovation Funds.
Is the proposal a one-time ask or ongoing?
What other funding sources have been sought out to support this proposal?
How many students will the proposed project support?
Does the proposal advance one or more of the goals of the Strategic Plan, Mission and/or Values of the college?
Should the proposal can be deferred until the next budget cycle and funded from the General Fund Operating Budget?
Does the proposal demonstrate innovation and entrepreneurship?
Does the proposal represent a cross-campus collaborative effort, as appropriate to the project?
Does the proposal have the potential to become financially sustainable if the project is expected to continue beyond the funding period?
Does the proposal provide a set of realistic goals that can be achieved within a definite time period?
Innovation funds may be used for a wide variety of projects including: launching a new academic program, developing new interdisciplinary research clusters, building community and industry partnerships, funding ideas that will help the college operate more effectively or efficiently. Projects are expected to advance one or more of the goals of the BMCC Strategic Plan, Mission and/or Values. Innovation can include adaptation of existing strategies to support BMCC in new ways as well as development of brand new ideas.
Successful proposals will be interdisciplinary, with participation from multiple areas of the college or with community partners. Successful proposals will have a clear articulation of the innovation that would come about from the project. Since proposals are expected to be read by many people with different backgrounds, writing for a general audience interested in understanding the impact of the project, rather than all of the technical details, is critical..
It is anticipated that some projects may result in new revenue streams or savings for the college, providing a means of funding for future projects, but this is not a requirement for every project.
While it is expected that some projects may cut across multiple themes in the Strategic Plan, there will be no specific advantage for doing so – the quality of the project’s impacts moving the plan forward is more important than the number of goals it may touch.
Project budgets should be based on the needs of the project. Final budget allocations will be determined based on the quality of the final proposals and availability of funds – there are no set minimum or maximum levels for funding requests.
Funds are planned to be available at the start of the new fiscal year, July 1st with 50% of the funds available July 1st and the remaining 50% available January 1st.