This is your opportunity to revel in creativity.
Which other projects are you involved with already? Can one of them be used as a starting point for your film, or is your funder steering you towards particular subject matter?
If you're in school, do you have curriculum topics you could work a film into? (e.g. rainforests or beasties)
This is a great opportunity! Really let the ideas flow in a brainstorm session, but if possible allow a few days to reflect on the best (or easiest) option to make into a film. Then get back together with your group and talk through which ones they like best.
My advice to young filmmakers is this. Don't follow trends. Start them - Frank Capra
Research is a great way to get your group inspired. Use anything you can find as a way of getting your creative juices flowing: try paintings, poetry and newspapers.
Work in areas you know about, as this saves research
Having scope and flexibility can be fun, however, having a 'brief' can be refreshing too, because your creative energies are more tightly focused. This means having to work within: