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IISME Details: Financial Considerations

While no two summer-mentoring programs are the same, the specific financial details for participating sponsors and Fellows and the cost and income structures of IISME can be seen as a guide for scientists, engineers, or other technical professionals who might be thinking of initiating such a program. Here is a brief summary:

Sponsors. Each fellowship costs the sponsor: $5,600 in Fellow stipend, $800 in employment costs (FICA, payroll, workerís compensation), and $2,200 for educational services to Fellows, research, evaluation, and program administration. Some sponsors also provide grants for special projects, or donate equipment, meeting space, or printing. The IISME office has always been donated, for the past years by Deskin Research Group.

Teachers. Fellows receive a uniform stipend of $700 per week. Some Fellows may be eligible for a $1,000 Fund For Innovation mini-grant upon completion of their summer assignment. FFI awards are given out competitively to assist selected Fellows in implementing their Action Plan.

Costs to IISME. IISME's typical annual budget is about $575,000. Of that, about 56% is for teacher stipends, payroll expenses, worker's compensation, and taxes. A few employers choose to pay Fellows directly, which is not reflected in the IISME budget. The remaining budget supports summer and academic year educational expenses (10%), teacher recruitment, sponsor development, and job matching (10%), grant writing (4%), SWEPTs (3%), Fund For Innovation (3%), special projects (3%), and program administration (11%).

Income to IISME. About 85% of IISME's basic revenue comes from sponsor employers who pay a fee of $2,200 per fellowship, in addition to the stipend and employment expenses. The remaining funds typically come from corporations and private foundations in grants ranging from $1,000 to $20,000.

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