School of Business:
Current Funding Priorities for the School of Business
Submitted by: Dr. Cheryl L. Noll, Chair of the School of Business
Need: Equipment and Instructional Technology and Facilities Maintenance
Having current technology for our faculty and students is critical to ensuring that we are educating our graduates to be successful in their chosen professions and contributing members of the workforce. In order to keep our facilities, computers, software, and other technology current, the School of Business strives to update faculty and student lab computers, other instructional equipment, and furniture regularly. However, an uncertain equipment budget makes replacing outdated equipment or purchasing inventory a challenge. Funding sources for technology and facility support and access to current software are key components to our continued success. Proposed Endowment Need: $500,000
Need: Securities Analysis Center
The Securities Analysis Center in the School of Business located in Lumpkin Hall provides a hands-on learning environment similar to what professionals use on an actual Trading Floor.
Students enrolled in the Applied Securities Analysis class manage a $100,000 portfolio of the EIU University Foundation, and the Student Investment Society manages a $10,000 portfolio. The technology in the Center includes a ticker and 2x2 video wall, both of which are programmed to display current market information. Monitors with direct video feeds from world and financial news networks, combined with the ticker and video wall, provide current financial information and breaking news stories that are needed to make real-time decisions much like those in a real trading room.
Maintaining our facility and access to current financial information is a priority of our program.
Proposed need: $1,000,000 Endowment Fund and a $100,000 Gift for immediate use.
Need: International Initiatives
The study-abroad experience has a profound impact on our students, both personally and professionally. Each year, the university offers a variety of short-term and semester-long study abroad programs that provide students an opportunity to travel and study in another country. The School of Business encourages all students to study abroad as part of their university education; however, we must become better equipped to offer this experience to more students. Resources are needed to support projects and activities that are directly related to the enhancement of international initiatives in the School of Business, including, student stipends for study abroad, growth of our faculty-led study abroad program, faculty development, faculty/student research, and School of Business International Business Club attendance at conferences. These initiatives are part of our multi-year plan to promote and enhance the international experiences of our students. That is why we have established the International Business Fund Endowment. Proposed Endowment Goal: $1,000,000
Need: Student Professional Development
Within the School of Business, an important part of the student experience is the development from a business student to a business professional. Often times, this is an aspect of the student’s life that is neglected. We believe that it is important to provide our students with experiences that encourage them to consciously enhance their professional competencies as they progress through each year of their college career. The goal by graduation is to ensure that our students have the confidence and skills to make a successful transition to a career. Resources are needed to create programs and workshops, bring in professional speakers, connect students with successful alumni, and send students to professional conferences to participate in academic competitions. By creating a professional development framework that enables business students to identify, plan, and participate in professional development activities, we are providing the foundation for building a career. We have secured gift money to support some of our initiatives in this area; however, we are seeking additional funds to be used immediately and funds to create an endowment that will sustain the program long term. To more fully support and promote the importance of student professional development, scholarships and stipends could be made available, which would also serve as an incentive for prospective students to choose the EIU School of Business. Proposed Endowment Need $500,000
Need: Support of our AACSB Maintenance of Accreditation
The School of Business at EIU is accredited by AACSB International (The Association to Advance Collegiate Schools of Business), the premier business school accrediting agency. AACSB accreditation is the hallmark of excellence in business education. Being AACSB-accredited means a business school is able to continuously pass a strict set of standards that ensures quality. Ensuring that we have the appropriate programs and reward systems in place for our students and faculty, additional resources are needed to support travel, research, and other professional development activities, and membership fees. As appropriated dollars are uncertain, we are finding it challenging to provide our faculty and students with these opportunities. Proposed Endowment Need: $750,000
Need: Center for Professional Selling and Market Research
The School of Business proposes to establish a Center for Professional Selling and Market Research that provides students with an integrative learning space that allows students to develop and perfect their sales presentations and interpersonal communication skills. The Center also would provide a unique research space that allows faculty and students to conduct market research utilizing focus group techniques. The facilities would feature a presentation area with state-of-the-art audio-visual technology and an observation area. The Center would also serve as a training facility that connects the School of Business with the regional business community. To fully support and promote the field of professional selling and to enhance student and faculty research projects, scholarships and stipends could be made available through the Center. These scholarships could also serve as an incentive for prospective students to choose the EIU School of Business. Proposed Need: $500,000 to create an endowment; with $100,000 initial gift.
Need: Additional Physical Learning Space
Since the time that Lumpkin Hall was built over twenty years ago, the way that students interact and learn has changed. Students and faculty communicate in ways that require physical spaces that are not available to us now. In addition, the School of Business needs more classroom space. In addition to the classroom space in Lumpkin Hall, we currently schedule classes in three classrooms in a nearby building. Having all of our students in Lumpkin Hall to be a part of the life of the business school is important to their growth and development.
Having the necessary skills to work in teams is critical to on-the-job success in today’s business world. As a result, students are assigned team projects, which require them to write reports and give presentations as part of a team. Students need areas where they can work as a group and practice presentations in a private learning environment. We are proposing adding on to the physical space of Lumpkin, making it either an “L-shaped” or “U-shaped” structure with additional classrooms, student group study spaces, and meeting spaces for faculty, students, and advisory boards. Proposed need: $5,000,000
Need: Emerging Educator Fund
As an institution whose primary mission is teaching, the School of Business strives to prepare students using the most up-to-date teaching and learning strategies. In order to produce the best graduates that we can, faculty must stay abreast of the latest developments in their business disciplines. One of the most effective ways to remain current is for faculty to develop a strong research program, to attend professional conferences, and to gain additional exposure to practical business experiences. These activities are critical to ensuring that faculty remain current in their fields and can bring those experiences back to the classroom. The Emerging Educators Fund would provide resources for faculty and would provide the School of Business with a unique way to recruit and support faculty. Proposed Endowment Need: $500,000
Need: Endowed Professorships
The hallmark of a successful academic business program is endowed professorships. This naming opportunity allows the donor to support the efforts of a highly qualified faculty member who specializes in a unique area of study. Endowed professorships can attract these highly qualified faculty members to Eastern, adding unique teaching qualifications, experiences, and expertise to the programs. Endowed professorships provide for instructional positions and include monies for faculty support above that of non-endowed positions, including but not limited to graduate assistants, resource materials, equipment, software, travel, release time for research, and more. Proposed need: $3,000,000 endowment is needed to support a full-time faculty position.