REGION 1 JOINT VENTURE PROGRAM

Program Purpose
1. The purpose of the Regional Joint Venture Program is to provide funding to co-sponsor novel Regional activities, proposed by a Region 1 unit (e.g. Section, Council, Area, etc.) that will benefit its membership, and the engineering community, while also providing the potential for a return on the investment provided by the Region.

Program Details
2. Region 1 will commit up to $50,000 for this program.
3. The Region 1 unit (e.g. Areas, Sections, and Councils) will develop a proposal for the activity for which they are requesting Region co-sponsorship and submit this proposal to the Region Joint Venture Committee for review. This proposal should be in the form of a business plan that includes the following:

3.1 the benefits to the Region unit membership, and the engineering community.
3.2 the activity?s cost details, amount of Region funds being requested, and expected surplus.
3.3 the adequacy of local volunteer staffing to support the proposed activity.
3.4 the planning schedule for the activity.
4. The Region co-sponsorship will not exceed 70% of the total expense budget for the activity.
5. The Region?s share in the surplus, generated by the activity will be equal to one half of the percentage of the Region?s co-sponsorship?s percentage. For example, if the Region invested the maximum 70%, the Region will receive 35% (70%/2) of the surplus, whereas the Region unit that invested 30% will receive 65% of the surplus.
6. The Region and the Region unit will share in any loss in direct proportion to their investment. In the example above, if there were a 10% loss in the total investment, . the Region would absorb 7% (e.g., 70% of the loss) and the Region unit would absorb 3%.ÿ The Region unit would then repay the Region 90% of the Region's investment, or 63% (70%-7%) of the total investment of the activity.
7. If the Region Joint Venture Committee endorses the Region co-sponsorship, their recommendation will be forwarded to ExCom for approval.
8. The Region Joint Venture Committee is composed of:
8.1 Chair: Region Treasurer
8.2 Members: Conference Coordinator, Educational Activities Coordinator, and the Regional Chapter Coordinator as well as the Area Chair(s), whose Region unit is applying for the Joint Venture.
Program Effective: Summer 2003