Common use of Pooled Funds Clause in Contracts

Pooled Funds. In addition to the individual professional development accounts, the University will provide $37,500 in fiscal year 2018 and $50,000 in fiscal year 2019 for professional development grants. Funds unused at the end of fiscal year 2018 will be returned to the University’s general institutional account. The funds will be administered and approved each year by the Faculty Life and Development Committee which shall also set application and approval procedures.

Pooled Funds. In addition to the individual professional development accounts, the University will provide $37,500 in fiscal year 2018 and $50,000 in fiscal year 2019 each of Fiscal Year 2020, FY 2021, FY 2022, FY 2023 and FY 2024. for professional development grants. Funds unused at the end of fiscal year 2018 each Fiscal Year will be returned to the University’s general institutional account. The funds will be administered and approved each year by the Faculty Life and Development Committee which shall also set application and approval procedures.