Internal is around January. See this link for the internal submission guidelines and other information fro the University of Michigan Foundation’s office. In 1988, the Packard Foundation established the Packard Fellowships for Science and Engineering to allow the nation’s most promising professors to pursue science and engineering research early in their careers with few funding restrictions and limited reporting requirements. It provides individual grants of $875,000 for 5 years. The program arose out of David Packard’s commitment to strengthening university-based science and engineering programs in recognition that the success of the Hewlett-Packard Company, which he cofounded, derived in large measure from the research and development in university laboratories.