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Enhancing Resources

Strategic Goal

Engaging all stakeholders, faculty, staff, alumni, and community members, Ferris will implement innovative strategies to enhance University resources.

Initiative 1

Increase funding from grants, gifts, and other non-tuition sources.

Action Steps

ER 1.1

Actively identify grant opportunities that would be a good fit for the University’s mission, engage appropriate faculty and staff in the pursuit of those grants, and provide effective support to faculty and staff during the grant-seeking and writing process.

ER 1.2

Identify and support the development of initiatives and programs that will engage alumni and donors with the goal of increasing gifts to academic colleges.

ER 1.3

Identify potential grant opportunities with the goal of increasing the number of non-academic grants received by the University annually.

ER 1.4

Increase earnings from University assets, facilities, and intellectual property.

Signs of Success

  • The number of academic grant applications by faculty has increased 100 percent of Fall 2018 levels by Fall 2024.
  • Academic grant funding increases by $1,000,000 annually.
  • Three programs are identified in each academic college each year to work with University Advancement to invite engagement with alumni and community partners.
  • Alumni gifts to academic colleges have doubled by Fall 2024.
  • The number of non-academic grant applications has doubled by Fall 2024.
  • Revenue from University assets, facilities, and intellectual property increases 50 percent by Fall 2024.
  • Three new sources of revenue are identified and piloted using current University assets and facilities annually.

Progress and Updates

REPORT INITIATIVE 1 PROGRESS

Initiative 2

Encourage revenue-generating innovation.

Action Steps

ER 2.1

Create a dedicated infrastructure and “innovation fund” to provide resources and strategic support for faculty and staff to explore and implement revenue-enhancing initiatives within their divisions and units.

Signs of Success

  • An “Innovation Center”, in the mode of a small business center, is established by Fall 2021 to help University stakeholders develop, evaluate, and refine potential revenue enhancing programs. The Center allows students, faculty, and community members to interact, invent, and collaborate.
  • The new innovation fund supports three major initiatives and five small developmental grants for pilot projects by Fall 2021.
  • A task force is convened to conduct an audit of University funding policies and practices that could affect the enhancement and use of University resources by Fall 2020. The task force recommends key changes to university budgeting, decision-rights, and revenue sharing structures to University executive leadership by Fall 2021.

Progress and Updates

Report Initiative 2 Progress

Highlights and Achievements