Faculty who earn compensation for successful completion of Honors contracts may accumulate credit over multiple semesters or may apply after the end of the semester in which they are earned to use the funds. Accumulated credits can be spent as funds towards professional expenses such as travel, equipment, or wages for student assistants, or may be applied by tenure-track faculty toward a course release. Because budgeting for Honors credits is done on an annual basis, faculty members must submit an application to use their funds. Requests for funds will be processed on a firstcome, first-served basis. Requests will be approved until all funds for the fiscal year are committed. Once a request is approved, the funds must normally be spent within that fiscal year. Requests that cannot be accomodated in the requested fiscal year will be deferred until the following fiscal year, when they will have priority over new requests. Deferred requests may have their proposed expenditures altered if necessary (e.g., if the original request was for funds to travel to a conference, it can be altered to cover a different conference or, other professional expenses).