Oklahoma State Regents for Higher Education

Criteria for Economic Development
Enrichment Funds

Purpose:
The purpose of these funds is to allow for institutional innovation and development of specialized economic development activities, programs or other assistance to economic development by an institution or consortium of institutions.  Institutions are often challenged by time constraints and lack of discretionary funds in meeting varied and unique economic development requests.  By providing campus-based economic development enrichment funds, the institution will have the opportunity to exercise the utmost flexibility and timely response to local and regional economic development needs.

Guidelines for use of funds
Institutions can use the funds to support activities of economic, workforce, and community development initiatives that are within the institution’s strategic plan. 

The following list contains examples of ways in which funds may be used:

1. 
   1). To provide services to business, industry and government.  For example:

• ♦ provide research and technical support (research support includes technical assistance to small businesses such as counseling businesses on their business plans, organization, accounting, marketing, and economic impact analyses),
• ♦ provide entrepreneurship support with technology transfer and commercialization activities,
• ♦ build partnerships and collaborations either in the public or private sector that aide business and industry,
• ♦ expand employment services through existing on campus offices or create a partnership with local employment offices.

2. 
   2). To support workforce development programs and activities.  For example:

• 
  ♦ develop and offer customized employee education and training for private (profit and non-profit) companies in targeted industries that are relocating or expanding operations in Oklahoma,
• 
  ♦ develop collaborative educational partnerships that enhance the earning power of employees and companies through:
• 
  1). certification or degree programs with the significance in these collaborations being, as a partner, the business or industry is providing equipment, facility, or personnel,
• 
  2). Business and industry contact hours defined as non-credit activity including contact hours for both professional and institutional continuing education units, upgrading skills, professional licensure/certification/recertification and leisure,
• ♦ create internship opportunities for students with Oklahoma businesses by setting up internship programs which match employers with students.

3. 
   3). To support community development programs and activities.  For example:

• ♦ build partnerships and collaborations either in the public or private sector that aide community development,
• ♦ provide opportunities for faculty or staff for professional development including meetings, conferences, etc. that furthers an institutions’ knowledge and involvement in economic, workforce, and community development,
• ♦ create initiatives for student and faculty community involvement,

4. 
   4). To leverage private, federal, or other grant funds.

• ♦ Use of these funds to leverage private, federal or other grant funds demonstrates initiative by the institution and builds grant successes that bring new money to the community, region, or state

 

Reporting requirements
Institutions are required to document how the campus-based economic development enrichment funds were utilized in a one-page summary.  Submit summaries to the State Regents’ office on the 1st of June, 2007.

For tracking purposes, include the following items in each of the project summaries to be submitted to State Regents’ office:

1. 1). Name of Institution
3. 2). Project leader
5. 3). Description of the project, activity, or initiative
7. 4). Purpose of project
9. 5). Objectives of the project
11. 6). Metrics or outcomes compared to objectives

 

Recipients of these grants should expect a review of the project to determine continuation of funding past the first year.