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.
