The Provost maintains a fund to provide seed loans for incubator programs once the program’s proposal has been approved. The Provost’s Incubator Fund is dedicated to the support of new programs or revitalization of existing programs. Given the costs associated with program implementation and the current funding available, it is projected that a maximum of two to three new-program or program-revitalization proposals can be accommodated each year.
The Provost’s Incubator Fund will be maintained through loan repayment from the net operating surplus generated by existing incubator programs and participating in the revenue sharing of Incubator programs. The Provost Incubator Fund will operate across fiscal years and will serve as a repository for incubator program revenue and source of payment for incubator program direct and indirect costs.
Incubator programs will have separate projected enrollment goals, financial plans and budgets, monitored by the Office of the Provost, the Graduate School and Office of Finance. Regular reports on the status of the fund will be provided by the Office of Finance and the Office of the Provost. To effectively manage incubator programs, budgets will need to be developed and managed separately from college budgets for the start-up period of programs.