In conjunction with approval of the university's public-private partnership (P3) with ENGIE North America and Meridiam, the Board of Regents, State of Iowa, also approved the formation of a new 501(c)(3), the UI Strategic Initiatives Fund

The expected $15 million available per fiscal year will be allocated through an open and transparent grant process. Anyone in the campus community will be able to submit a proposal for a one- to three-year grant that supports the university’s strategic plan. Proposals will then go through a vetting process during which the Strategy Team and P3 Board of Directors will make the final decisions regarding requests.

With limited resources allocated in "Year 0" (FY21) and full resources allocated in Year 1 (FY22), the P3 funding process bridges the UI Strategic Plans for 2016 to 2021 and for 2022 to 2027.