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President's Opportunity Fund 

Purpose

The purpose of the President’s Opportunity Fund Program is to: 

·     Create a program that recognizes and rewards project/program development that links the University’s Strategic Plan and related goals to the budgeting processes; 

·     Provide a long-term benefit to the University’s operations; 

·     Help to enable student success; and 

·     Foster a high-performance learning environment. 

In order to accomplish this purpose, a systematic and standard process for evaluating, prioritizing, and approving President’s Opportunity Funds requests has been established.

Description and Overview

For the purpose of this review process, a President’s Opportunity Fund is defined as a program/project initiative or existing program/project enhancement that is not provided for in the University’s general fund budget allocation and the estimated cost of which exceeds $25,000.   In FY 2004, only Opportunity Funds that demonstrate a direct/documented impact on increasing enrollment will be considered for funding.  In the case of initiatives with an estimated cost of less than $25,000, the Account Manager, in conjunction with the Vice President, should make a good faith effort to reallocate dollars from lower priority activities.  In the event the Account Manager cannot identify a lower priority activity, an initiative may be submitted for less than $25,000; however, the Account Manager must identify the current lowest priority activity or activities for reallocation consideration by the Vice President. 

Prior to submitting an Opportunity Fund application, the Account Manager should make every effort to identify non-general operating funding sources that can be pursued to supplement, if not totally support, such activities.  The Account Manager should also thoroughly review current activities within his/her area of responsibility with an eye toward reallocating existing current general funds to accommodate the new needs identified.

Evaluation and Approval Criteria

The Opportunity Fund applications will be evaluated based upon the following criteria prior to funding: 

·     Demonstration of direct link and impact upon the directions set forth in the University Plans and, specifically, in the 2004 Goals. 

·     Demonstration of direct/documented impact on increasing student enrollment. 

·     Documentation of search for alternative funding, such as external grants/contracts or private funding. 

·     Documentation of a review of unit of responsibility for possible funds that could be reallocated. 

·     The development of a three-year Business Plan that identifies the expected short-/long-term outcomes/benefits of the program or project along with the revenue and expenditure implications. 

·     The development of performance factors and performance goals to measure if the program/project is on target or whether adjustments or cessation is required. 

It is anticipated that the number of Opportunity Fund applications will exceed the funding allocated for these grants; therefore, the grant proposals will be prioritized and funded up to the amount of available funds. 

Process for Opportunity Fund Proposals

There are two processes the Account Managers must coordinate pertaining to Opportunity Funds. 

1. A number of Opportunity Funds were approved during FY2003.  These previously funded grants will end on August 31, 2003 (except where unexpended funds may be used to complete the grant initiative).  These grants must be requested as a new Futures Fund consistent with the criteria set forth in the Evaluation and Approval page, if the program/project initiative is to continue into FY 2004.

2. Any individual can initiate an Opportunity Fund proposal.  It is suggested that an individual wanting to submit a proposal consider doing it in two steps:

·     Complete a Opportunity Fund Concept Paper.  The form for this Concept Paper is attached.  The Concept Paper must be submitted to the responsible Account Manager for comments/endorsement and then forwarded to the appropriate Vice President.  An individual can disregard this first step and proceed with the step below, if they so desire.  However, doing so may present the risk of devoting considerable time and effort to a concept that does not have institutional support.

·     If the concept is approved by the Vice President, an Opportunity Fund proposal would be developed. Please note that a Opportunity Fund proposal must have a cost of $25,000 or more per year.  Opportunity Funds are most critical to the success of the University. An extremely important component of the Opportunity Fund proposal is the development of a three-year Business Plan.  The Business Plan provides a sound basis for the University to invest and provide the seed money needed to pursue the creation and expansion of growth programs as well as fostering high performance learning environments.  The proposal must also be submitted to the responsible Account Manager for comments/endorsement and then forwarded to the appropriate Vice President for consideration.

Opportunity Fund Concept Paper Format   (link to template)   

  Business Plan Development

The following guidelines include the key elements required in a Business Plan.  Additional information to support your proposal may be submitted.

·     Executive Summary (one page) which describes the highlights of the Business Plan. 

·     Table of Contents listing the section titles and page numbers to provide for easy reference. 

·     Business Concept that identifies the market potential or other benefits related to the proposal and outlines the action plan for the coming year.  A revenue and/or benefit forecast should also be provided.  Finally, a realistic assessment of risks and a contingency plan should be provided. 

·     Description of the Competition and/or Demand for the service that captures relevant information about outlook for growth, market and customer trends, market strengths and weaknesses, along with competition, demographic, and consumer trends. 

·     Description of the Program/Project which defines the product or service; identifies target market and competitive advantage of concept; and sets forth staff, facilities, and equipment requirements. 

·     Performance Factors & Performance Goals that identify specific measurable factors and goals for the first year, along with longer-term goals.  This section must clearly relate to the University’s 2001 goals. 

·     Marketing Plan  (if revenue generating activity) that identifies the marketing elements related to targeting customers, pricing, location, promotion, and tracking results. 

·     Action Plan that identifies the steps and specific action to be taken, and by whom, along with checkpoints for measuring results. 

·     Financial Plan that contains a pro forma financial forecast setting forth the investment/cashflow required by the University during the next three years.

     Business Plan Format (link to template)