term-length programs budgets + finances
Study abroad program budgets
Unit Academic Oversight Funding
LAS Units that provide academic oversight for one or more approved LAS programs abroad will receive an annual disbursement of funds from the college to support faculty and staff efforts within the unit. The annual amount will be agreed upon and outlined in an MOU between LAS and the unit. Amounts will be based on the following subset of activities and associated dollar amounts.
*The below budget model is pending College review each year. Updated 5/2023 for FY24 funding.
Notes
1. A study abroad program can be either a standalone program or a Program Track within a larger program that has been approved by LAS or another college. Econ in Vienna, MCB in Vienna for example are each considered their own program track. MCB Newcastle, IFE, Granada are standalone programs.
2. Not all units will want to fulfill each of the four areas of academic oversight for their programs. An MOU will be drawn up between LAS and each unit that details which responsibilities the unit will take on vs. the responsibilities of LASIP staff
3. LASIP has funds allocated for unit faculty/staff site visits for new program development. Units are expected to use their academic oversight funding for travel to conduct site visits.
4. Funds will be transferred to the unit in spring (by close of April business) of each FY. Funding is contingent upon annual College approval, completion of unit responsibilities, and the continued running of the program(s) in question. Determination of funding amount will be made by LAS in March of each year based on enrollment in Fall, Spring and Summer terms from the associated FY. For example, funding to be disbursed in Spring 2023 is contingent on SU22, FA22, and SP23 enrollments.
Budget Management
LAS-sponsored study abroad program budgets and associated financial transactions are managed by LAS International Programs and LAS Administration's business office. While each program has an individual budget and program code, the funds are managed together by the College so that unforeseen events such as exchange rate fluctuations and over/under budget estimations are not the burden or windfall of any one program or unit. When appropriate and available, surplus funds will be put towards new program development and emergency funds including scholarship support for students.