Sam

Introducing the Innovations Fund

Two years ago we set out on an ambitious 5 year plan to turn SUSU into a truly exceptional students Union. We’re over two years into this journey and we’re making great progress but this year we’ve decided to invest some addition funds into giving the progress on bits of the plan a little boost.

We’ve developed the SUSU Innovations Fund which aims to fund projects which have the potential to further an area of work outlined by the Union Plan. The funding is not for capital (as SUSU already invests heavily in capital spending), and projects must have the potential to become financially stable after the initial burst of funding.

Any Student, Union Staff Member, or Student Group may apply to the fund, and a proposal must be supported by a Sabbatical Officer or Senior Manager.

For more details on the terms and conditions have a look at the Funding Panel Procedure

There will be a minimum of three panels in the year, and there is approximately £30,000-£50,000 available for this year (Up until July 31st)

So, if you’ve got a bright idea and know of a great project that will make the Union even better just get in contact and we’ll talk to you more about how to make that idea happen.

https://www.susu.org/about/facts-and-figures

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4 Comments on "Introducing the Innovations Fund"

  1. Sam
    Martin
    11/12/2012 at 11:30 am Permalink

    Hi Sam,

    A few quick questions and comments:

    – has your Union Plan been passed by Council to be policy?
    – also, students can put forward ideas at any time, for any reason (innovative or not) , for any project – why are you restricting the funds they can use for these ideas and can you assure us that any funds distributed will still adhere to the scrutiny of Union COuncil/the Entire Trustee Board and that they will be within the financial schedule?

    Thanks!

    Mart

  2. Sam
    Sam
    11/12/2012 at 12:03 pm Permalink

    Hi Martin,

    The Union plan was a result of a years worth of work which is the plan for how the organization will develop between 2010 and 2015, which was approved by trustee board, and endorsed by council.

    We allocate funds to a wide range of places, and the innovations fund is a brand new scheme approved by the trustees as a way to inject some funding into creative projects furthering the Union Plan. Rather than restricting funds this is in fact opening up a brand new opportunity that did not exist before.

    As for scrutiny, decisions will be made by a panel of trustees and fed back to the full board. Further approvals will be sought in line with the financial schedules. So in the case of expenditure above £20,000 there would need to be an approval of council.

    In the last two years these processes have become far more affective, and I’m currently working with our Finance department to provide council with a better understanding of how the money is allocated in the Union.

    I hope you’re getting on well since graduating.

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