Letterkenny Institute of Technology is marking its 30th anniversary with a conference focusing on getting the best value from public expenditure.
The head of development at the college, Mr Jack O'Herlihy, said the issue was important, given that the Border, Midlands and Western (BMW) region is designated Objective One and is therefore eligible to receive a higher level of funding under EU rules.
He said the region had traditionally been very "passive", in that no major attempt was ever made to assess the impact of various funding initiatives.
It is hoped the conference will act as a catalyst in the establishment of a special unit within the institute to fulfil such a role.
Mr O'Herlihy said that while plans were at a very early stage, the college hoped to work with the BMW Regional Assembly, which is based in Co Roscommon, in setting up the unit.
Links are also being developed with NUI Galway and with a community policy analysis centre at the University of Missouri in the US.
"It is important that the BMW region develops its own capacity to analyse best practice," said Mr O'Herlihy.
An example of funding initiatives which could be examined were the urban renewal schemes, he said.
A range of speakers from Ireland, Europe and the US will address the conference. The keynote speaker is Mr John Travers, the chief executive of Forfβs, and other contributors include a senior evaluator in the Department of Finance, Mr David Hegarty, Mr Des Geraghty of SIPTU and Mr Brendan McGinty of IBEC.
Speakers from Belgium and Holland will assess the impact of European programmes on a local and regional level, and the director of the Community Policy Analysis Centre in Missouri, Mr Thomas Johnson, will discuss its work. The conference starts on Sunday evening and continues until Tuesday.
The college will also be launching a new 10-year strategic plan. The director of the Institute, Mr Paul Hannigan, said this would be "a programme for change", as the college is going to have to adapt to a very different environment.
Due to demographic changes, third-level colleges will have to find more innovative ways to attract students as the number of school-leavers falls significantly.
"Traditionally students have come to us. Now we will be going out to them," Mr Hannigan said.
There will be more flexibility in how courses are run and more points of entry. The Letterkenny Institute has seen major development over recent years - student numbers have grown by 50 per cent over the past six years to 1,900, and £15 million has been invested in new buildings. A new design block and a sports hall are also to be built.
Courses are offered in business, law, engineering, computing, design and nursing. Eight degree courses are offered.
It is estimated that the college, which has 200 full-time staff, brings about £20 million a year into the local economy and Mr Hannigan said one of the aims of the 30th anniversary celebrations was to raise awareness of the contribution of the college to the local area.
The programme of events also includes a lecture on future challenges in higher education, a seminar on the use of information technology in primary education, a night of Irish music, poetry and dance, and a 30th anniversary banquet.