NEXT GENERATION OF SOYBEAN RESEARCHERS LEAVING A LEGACY IN YOUR STATE

1. NEXT GENERATION OF SOYBEAN RESEARCHERS LEAVING A LEGACY IN YOUR STATE

2. NATIONAL PERSPECTIVE ENDOWMENTS SCHOLARSHIPS EQUIPMENT AND OTHER CAPITAL PURCHASES Legacy opportunities

3. Dr. Richard Joost USB Production Program Director 2012 QSSB Partnership Workshop Next Generation of Soybean Researchers -National Perspective

4. Distribution of USB Production Committee Funds to Graduate Training

5. Research Infrastructure Task Force initiated in February 2009 • Industry-wide roundtable at Commodity Classic March 2010 • Identified focal points • Suggested approaches • Progress since 2010 USB Research Infrastructure Efforts

6. Three major focus areas • Ph.D. students • Undergraduates • High School Students • Approaches • Research experiences for K-12 teachers • Undergraduate internship program • Expanded Ph.D. Fellowship program • Endowed chairs to fill critical soybean research programs Focus and Approach

7. A PERMANENT FUND OF PROPERTY OR MONEY ESTABLISHED TO BENEFIT AN INSTITUTION OR PERSON WHICH HAS A SPECIFIC PURPOSE DEFINED. ENDOWMENT

8. Based upon provisions of the Act and Order which require a “plan or project” and “budgets,” checkoff dollars should generally not be used to fund an endowment. However, a QSSB that plans to fund an academic chair at a university should have the following criteria built into the agreement between the QSSB and the university: ENDOWMENTS

9. There must be a contract, which specifically identifies the purpose of the academic chair to be awarded. • The contract must be renewable on an annual basis and there must be a required action by the QSSB to authorize the funding of the chair annually. • The agreement between the QSSB and the university should provide the QSSB with advice and consent with regard to whom is awarded the chair. ENDOWMENT CRITERIA

10. The agreement between the QSSB and university should set out clear objectives and criteria for the activities, which will be funded through the chair. • Within the objectives set out in the agreement, there should be annual deliverables, which should be presented clearly in the contract and delivered upon through the academic year. ENDOWMENT CRITERIA

11. Funding scholarships are generally not recommended unless you can define and track the benefits to soybean farmers. Scholarships for vocational technical schools are typically not compliant because it is difficult to show the direct benefit to soybean farmers. Scholarships need to have student criteria associated with them. Here are some suggested criteria: SCHOLARSHIPS

12. The student should be at least a junior and majoring in a soybean related field (agriculture or nutrition/food science). The QSSB should have input in the student selection process. A certain level of grade point average should be maintained by the student. suggested criteria for scholarships:

13. Progress payments should be made for the scholarships versus awarding the scholarship at the beginning of the year. Then, if the student does not live up to the other stated criteria, the remaining payments would be forfeited. A report or paper from the student should be provided periodically that explains what they learned about the soybean industry. A written agreement should exist between the QSSB and the school as well as one with the student. suggested criteria for scholarships:

14. Checkoff funds can be used to purchase equipment in connection with a specific project where such equipment is necessary to complete the project. However, the QSSB must retain ownership of the equipment for the duration of the research period. At the conclusion of the research project the university may be given the first opportunity to purchase the equipment at fair market value. EQUIPMENT AND OTHER CAPITAL PURCHASES