The membership of the Advisory Board is:

• Mr Philip Clark AM (Chair)

• Dr Peter Farrell AM

• Dr Cherrell Hirst AO

• Mr John Poynton AM

• Dr Michael Vertigan AC

• Dr Jim Peacock AO, Chief Scientist of Australia (ex-officio)

• Ms Lisa Paul PSM, Secretary of the Department of Education, Employment and Workplace Relations (ex-officio)

• Mr Mark Paterson AO, Secretary of the Department of Innovation, Industry, Science and Research (ex-officio)

By far the greatest number of expressions of interest dealt with projects involving health issues while the enabling sciences have remarkably low representation.

Click here to see the tabulation of the 55 submissions of interest.

The funds being made available for this first round is dependent on the interest earned by the $6 billion in the Higher Education Endowment Fund and will be $304 million which should mean a sizable boost for the successful applicants, as it is expected that grants will be no less than $10 million but no more than $100 million.

The expressions of interest (which total requests of $2.4 billion) will be short listed and the applicants invited to submit full applications.

The outline of the requirements of financial plans are of interest. They may indicate an enlightenment of approach to future research funding. For example, will oncosts be reasonably assessed for forthcoming ARC and NHMRC grants. However, there is a stipulation that: "Internal and external co-investment is encouraged where relevant."

The financial plan must set out the projected revenue, operating costs and capital costs for the project as a whole, and for each major component of the project, as specified by the applicant, on a year by year basis.  The financial plan must be fully costed, that is, it must take into account direct and indirect costs which must be met to ensure the project will operate effectively.  Allowances for corporate overheads must not be excessive in the opinion of the Advisory Board.  Justification must be provided.

Financial plans must also include a description of the nature, source and application of funds, and must detail all co-investment, where appropriate, from project partners and other sources, both cash and in-kind, for each year of the project’s operation.   For in-kind co-investment, the method of valuation must be specified.  Any updates on figures provided during EoI stage must be given. 

Where co-investments are being provided by other parties, applicants must indicate the status of commitments to the project.  If commitments are formalised they should be documented in accordance with the template provided at Attachment C.  

The amount of funding sought from HEEF must be clearly specified, and there must be an explanation of how the HEEF funds and any co-investment will be integrated into a coherent plan.  Where cost estimates provided at the EoI and Application stage vary significantly an explanation must be provided. 

The financial plan must demonstrate that the proposal will be absorbed into the ongoing fabric and financial management of the eligible higher education institution at completion.  It should not include an expectation of further HEEF or EIF funding. 

Institutions should have clear and effective arrangements in place for the management of the investment.

Where state or territory government funding may be provided an appropriate contact in the relevant agency should be listed. 

The financial plan must include cost estimates for updating the infrastructure installed as part of the project if required during the funding period.  It must also include cost estimates for depreciation and maintenance.