After the university completes its Fellow selection process and submits the required documentation to NJEDA, funds will be allocated to universities as follows for each Fellowship Year based on:
- $30,000 per graduate Fellow
- $15,000 per undergraduate Fellow
- $1,000 stipend per undergraduate or graduate Fellow for travel, materials, and other Fellowship expenses
- $1,000 faculty honorarium per faculty advisor
- 10% of the grant amount for Facilities and Administration expenses
For each Fellowship Year, the maximum grant amount for each university is $140,800 (calculation based on all four Fellows at the graduate level). The grant award for each university would be less if the university selects fewer than the specified number of Fellows in total and/or a mix of undergraduate and graduate Fellows. The maximum grant amount for the two Fellowship Years is $281,000.