The College’s external funding recognition award recognizes and rewards faculty for their success in bringing in external funds. The award is tied to the components of grants that bring revenue into the College, in the form of indirect cost recovery, or that shift College expenses (i.e., faculty salaries and graduate student stipends) onto grants. Awards will be made concurrent with the establishment of the grant budget, to allow investigators to use these funds in ways that support the execution of the grant, or to position themselves for their next major grant proposal. The award is made to the principal investigator (PI) for grants that fall within the portfolio of the College’s grants and contracts office.
How it Works
- The award amount is computed as 8% of the revenues generated by a grant in the form of (a) indirect cost recovery that comes to the College (note: the College recovers 12% of indirect costs when they are charged at a rate in excess of 15%), (b) academic year salaries for faculty in Liberal Arts, and (c) academic year stipends for graduate students in Liberal Arts. The cap for the award for any grant is set at $15,000; there is no cap on the number of recognition awards a faculty member may receive; competitive continuation awards are considered as separate from the initial grant.
- The award is given to all grants led by a Liberal Arts faculty member, including P.I. awards and sub-contracts. There is no threshold for entry, such that all grants with indirect cost recovery, salaries, or stipends are eligible for the award. The award does not apply to fellowships; the College typically supports and recognizes faculty obtaining prestigious fellowships by closing the gap between the fellowship funding and the faculty member’s full salary (fellowship support must be approved by the Dean in advance of the fellowship application submission).
- The award takes the form of a flexible research fund. Awarded funds can be used for concurrent course buyouts if and only if faculty salaries cannot be paid by the funding agency per published guidelines, or if extenuating circumstances prevent the grant from covering course releases. In such cases, the internal course buyout rate is $8,000. Faculty may receive permission to use the awarded funds for subsequent course releases, at an internal course buyout rate of $8,000, contingent on sufficient justification concerning the impact of the release on future grant activity, and approval from the associate dean for research and the faculty member’s department head. Subsequent course releases are not intended to substitute for faculty salary that could be charged to a subsequent grant. Note: Faculty with less than 2-2 teaching loads are not eligible for course releases using these funds.
- Funds awarded under this program may be taken into consideration if the college is asked to provide resources in preparation for submission of a proposal or when submitting a proposal or accepting funding involves institutional cost sharing