What is the Incentive Program?
The purpose of the Incentive Program is to return recovered indirect funds from grants and contracts to the Department, College and Principal Investigators (PIs) who gain these awards as well as to create Scholars programs. The Incentive formula is calculated on the net indirect revenue each fiscal year.
Up to $100K - Incentive Program receives 80% and the University Corporation at Monterey Bay (University Corporation) receives 20%
Above $100K - Incentive Program receives 60% and the University Corporation receives 40%
The Incentive funds are then distributed according to the following categories based upon the indirect recovered by each award.
50% to the Department procuring funding
25% to the PI for Professional Development expenses
10% to the College or AVP
15% to Scholars Program (Faculty Incentive Grant competition)
The Incentive funds for the Department, College and PI categories will be put into individual University Corporation accounts and managed by University Corporation Accounting.
Deans/AVPs, Chairs and PIs can use these funds for legitimate operating and professional development expenses related to external funding (for example, assigned time, professional travel, supplies, equipment, etc.). Incentive Funds can also be used for expenses that are not allowed to be charged directly to grants. Incentive Funds roll over year to year. Each Dean/AVP responsible for the Incentive Funds will develop an annual report outlining how these funds were used.
The Scholars Program funds the Faculty Incentive Grant competition for non-tenured faculty.
Incentive Funds will be allocated after the University Corporation audit is completed for the fiscal year.