The Annual Budget
The director of the institute will be responsible for constructing the annual operating budget according to the recommendations made by the advisory board and subject to its review as a standing agenda item. Total operating funds available in a given year will equal a transfer from the institute’s restricted endowment fund not to exceed five percent (5%) of the fund’s value plus any additional operating funds that may be raised for specific purposes or projects according to the individual donors’ wishes.
A portion of the annual operating funds will be allocated as grants to support the development of appropriate new academic courses that focus on Catholic culture and tradition within the context of the intellectual life. In addition to these course development grants, annual operating funds may be used to sponsor lectures and guest speakers, to host seminars for students and faculty, to pay faculty stipends for programs or research projects relevant to the Loyola Institute for the Study of Catholic Culture and Tradition, to pay travel costs and expenses for participation at conferences on Catholic studies, and to underwrite the publication of newsletters, brochures, and other publications connected to the institute or its programs. The annual operating budget will provide for the ordinary administrative support and services of the institute, including the payment to the appropriate college for the director’s release time, the director’s stipend, and the funding for the meetings of the advisory board.
Annual Reporting
An annual report shall be written by the director of the institute to be submitted to the advisory board and university. These reports shall be submitted on or before August 1 reporting on activities of the previous academic year. The report shall include an accounting of the institute's budget, including beginning balance, additions (contributions, earnings), deductions (transfers for operating expenses of the institute), and ending balance; and a fiscal accounting of the specific uses of moneys transferred to the institute. The report shall also include impact and assessment data as noted below.