Grants Intelligence: News & Insights

Navigating the FY24 Federal Budget: What Colleges Need to Know

President Biden signed into law two funding packages in March 2024. The first being H.R. 4366, a $459 billion legislative package partially funding the Federal government for the remainder of fiscal year 2024 (FY24) which ends on September 30, 2024. The “minibus” bill funds the first six division titles (Divisions A through F) which include the Departments of Agriculture, Commerce, Energy, and the National Science Foundation. The second bill signed into law was H.R. 2882, a $1.2 trillion funding package that completed the FY24 Federal budget. This second bill funds the remaining six division titles, which include the Departments of Defense, Education, and Health and Human Services.

The FY24 President’s budget will impact college campuses in more ways than one. Below are the key takeaways you need to know and the topline funding updates for relevant federal agencies for institutions of higher education (IHE).

Key Takeaways from the FY24 Budget

Expanded Support for STEM Education: With a focus on Science, Technology, Engineering, and Mathematics (STEM) education, the budget emphasizes grant opportunities that value the importance of equipping students with skills relevant to the rapidly evolving job market. Institutions can leverage this support to strengthen their STEM programs and foster a competitive workforce.

Investment in Student Financial Aid: The budget includes funds for bolstering student financial aid programs, making higher education more accessible and affordable for students from diverse backgrounds. Within the FY24 budget, federal student aid programs were level funded, protecting programs such as Federal Work Study and Federal Supplemental Educational Opportunity Grant. Additionally, the maximum award for Pell Grants (up to $7,395) was maintained.

Investment to Healthcare: The budget includes modest increases to telehealth programs, rural health and select health care workforce programs. Many programs offered through the Health Resources and Services Administration (HRSA) received level funding in FY24. One program area that received a funding increase would be the Nurse Education, Practice, Quality and Retention (NEPQR) program which increased by $5 million from FY23.

Increased support for minority-serving institutions (MSIs): Funding was included to support minority serving institutions (MSIs). Of note, the Department of Education (ED) received $908 million to support MSIs and Historically Black Colleges and Universities (HBCUs), an $8 million increase over FY23 enacted levels. Of the approximately $4.5 million increase for HBCUs, $3 million is reserved for community colleges. The following programs through the ED all received an increase in funding:

  • Developing Hispanic-Serving Institutions (Title V) – up $1.1M from FY23.
  • Promoting Postbaccalaureate Opportunities for Hispanic Americans (PPOHA) – up $137K from FY23.
  • Strengthening Asian American and Native American Pacific Islander-Serving Institutions (AANAPISI) – up $93K from FY23.
  • Strengthening Historically Black Colleges and Universities (HBCUs) – up $4.9M from FY23.

Congressionally Directed Spending (CDS) Funds for Institutions of Higher Education: In FY24, Congress supported IHE allocating $1.3 billion in CDS projects. These projects often allocate funds to IHEs for infrastructure improvements, educational programs, technology, and research initiatives. Not only will this funding enhance an institution’s capacity to better support students, but it will also foster innovation, expand educational opportunities, and improve academic experience.

Implications and Opportunities for Institutions of Higher Education

As IHEs navigate the FY24 federal budget landscape, understanding the implications and priorities outlined by key agencies such as the National Science Foundation (NSF), Department of Education (ED) and the Health Resources and Services Administration (HRSA) is essential for strategic planning and grant seeking. IHEs can continue to secure funding to support students & institutional priorities by pursuing available federal funding.

To learn more about what the new federal budget means for your campus, sign up today to receive access to a Grants Intelligence Service member exclusive webinar “Don’t Leave Money on the Table: Understanding the FY2024 Federal Budget.”

Grants Intelligence Service (GIS)

GIS is a membership service designed specifically to help colleges and universities navigate and win federal grants. Membership provides access to the tools and intelligence needed to develop a culture of grant-seeking on campus, get up-to-date information on federal competitions and deadlines, and submit competitive grant proposals.

Grants Intelligence Service provides the resources and tools to help make grant seeking a priority on your campus. Schedule a free demo today to learn more!

 

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