UM System President Mun Choi announced Friday that $260 million will be invested in students, faculty and staff over the next five years. This $260 million will come from reallocated funds, according to a release from the UM System. “Through administrative changes at the UM System and good financial management of our investments, we are able to reallocate these funds and focus them on the needs of our students, faculty and staff, directly supporting our teaching and research missions and the Missouri Compacts,” Ryan Rapp, vice president for finance, said in the release.
Here is how the $260 million breaks down:
Although there’s a general outline for how this money will be used, each university will have the opportunity to submit funding proposals and will be expected to match the money given to it from the UM system. “It may be a proposal about scholarships, or it may be a proposal about increasing research, or about increasing staff development or student programming. The proposal would be focused on a particular part of the announcement the president gave on Friday. Then those proposals will be reviewed by officials that represent all four universities, and the decisions will be made in the next few months about where and what proposals will be funded,” Christian Basi, director of the University of Missouri News Bureau, said
Basi also said that the proposals will vary university to university. “It’s not a one size fits all situation.” “We want to encourage each university to develop a strong proposal in one or more of those areas,” Basi said. “So, if UMKC decides ‘hey we’ve got a great proposal for a scholarship,’ there would be some expectation that they’re also adding some money to that as well.”
To watch President Choi’s announcement, visit this link.