Page 29 - Strategic Plan

STRATEGIC PRIORITY 2:
Develop Sustainable Resource Base for Research, Extension, and Teaching
Goals
Key Actions
Indicators/Measures of Success
Diversify the income streams and manage resources for a
more sustainable financial base.
• Develop a financing strategy that both diversifies and sustains a resource base.
• Provide faculty with incentives to generate revenue and diversify income streams.
• Increase external funding for research.
• Improvement of economic health status of TREC
• Medium-term financial plan to support this strategy prepared by 2020.
• Incentive scheme developed and implemented to encourage faculty to generate more revenue.
Expand sources and levels of funding for graduate students and postdocs.
• Use endowments for more assistantships.
• Work with dean/departments for matching funds for assistantships, fellowships, etc.
• Use grant funds to maximize assistantships.
• Use grant and scholarship funds for assistantships.
• Promote labs for visiting scholars/ postdocs.
• Establish a rotation for featuring TREC labs.
• Promote a TREC visiting scholars’ program (scholars funded by their home institutions).
• Seek funding for extension assistantships.
• Develop assistantship and postdoc targets by program/faculty/ funding source.
• Development of an assistantship and postdoc matrix by 2020.
• Additional sources of assistantship funds identified by 2021.
• Increased number of matching assistantship funds allocated to TREC.
• Increased number of assistantships and postdocs by 2022.
• Existence of a vibrant and engaged graduate student/postdoc community.
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Operational funding has been a challenge due to previous budget cuts, loss of faculty and staff po- sitions, and aging infrastructure. Our traditional source of funding includes a mix of federal, state, and county contracts and grants. However, this type of funding is at risk and is not growing at a rate to keep pace with needs. There is a need for
strategic management to ensure maximum return from use of finite resources. TREC does not have sustained alternative funding streams, such as patents. Now with the faculty expansion, improved infrastructure and more staffing are necessary for the continued success of our programs. We will need to put in place a new set of strategies that lead to independently sourced funds, including more patent revenue, contracts and grants, indi- rect cost recovery, endowments, recharge revenue private gifts, crops sales, and professional short courses.
STRATEGIC PRIORITY 2: Develop Sustainable Resource Base for Research, Extension, and Teaching