The Indianapolis-based foundation is inviting the state's public and private colleges and universities to apply for funding aimed at attracting and keeping more of the brightest and most talented minds in Indiana.

Available funding through the $100 million program is based on each institution's enrollment. Ball State could receive up to $5 million for recruitment and retention efforts.

Beverley Pitts, Ball State's acting president, called the announcement "outstanding news during difficult economic times."

"Once again the Endowment is offering its resources to help higher education institutions in an area that needs attention—the attraction and retention of high-quality faculty and students," she said. "Rewarding outstanding faculty and keeping them in Indiana benefits students in the classroom and helps the state in its efforts to build a more diverse and dynamic economy."

Funding under the initiative is not guaranteed. Each institution applying has until September to present a recruitment or retention strategy and describe the anticipated impact of the funding.

Examples of possible strategies include augmenting compensation and benefits for key faculty, providing cutting-edge equipment and labs to entice or retain superior researchers and increasing awards for faculty-student research teams.

Pitts will meet with Endowment representatives next month to discuss details of the program and says the meeting should help clarify what must be included in the proposal for the university to benefit fully from the initiative.

"We want to ensure we use this opportunity to address both short-term and long-term needs," Pitts said. "We know Ball State's growing reputation for academic excellence is the result of the hard work by a great number of innovative and talented individuals, and this grant will allow us to build on the momentum generated by their efforts."