 | Board of Visitors minutes April 8, 1994 |  |
Attachment 1
Endowment Minimums Recommended by
The Endowment Level Committee[8]
January 31, 1994
FACULTY CHAIRS
Type: Privately endowed base salary plus salary supplement
Nomenclature: "Twenty First Century Professorship"
Description: Forward looking, addressing cutting edge of University's plans for the new century. Recognizing or attracting the next generation of outstanding scholars.
New level: $2,000,000 Previous level: $1,000,000
Notes: The previous level of $1,000,000 would not generate enough endowment income to cover the base salary of the chairholder; therefore, this type of chair could not be funded at the previous level.
Type: Salary supplement and discretionary funds
Nomenclature: "Distinguished Professorship"
Description: Support for current faculty or to attract new faculty. Utilized to anchor a teaching area or academic department. May include discretionary funds that would not qualify for a match. Could be designated as a Visiting Professorship as well.
New Level: $1,000,000 Previous Level: None
Type: Salary supplement chairs
Nomenclature: "Eminent Scholars Chair"
Description: Typically salary supplement only. Support to remain competitive in faculty salaries. To retain current faculty and to attract new faculty. Could be designated as a Visiting Professorship as well.
New level: $500,000 Previous level: $400,000
Type: Support for summer or release time salary supplement
Nomenclature: Research Professorship
Description: Salary supplement to support the summer or release time research of current faculty.
New level: $500,000 Previous level: $200,000
Addressing the need to maintain a limited number of lower priced chairs and research professorships:
To accommodate the needs of the Curry School of Education, the School of Architecture, and the Nursing School, a specified number of Eminent Scholars Chairs will be set aside for each school at the $250,000 level (or half the new level of $500,000) for the duration of the University's comprehensive campaign. Once the specified number of chairs have been committed at the $250,000 level or the campaign comes to a close (whichever comes first), Eminent Scholar chair levels will be raised to whatever the current level is in effect at the time.
The number of chairs for each of the specific Schools follows:
Architecture 4[9]
Curry School 6
Nursing 2[6]
In terms of Research Professorships, the Law School and The Darden School have previously marketed research professorships at the $250,000 level. Both Law and Darden will be able to offer a specified number of research professorships at the $250,000 level until 12 months after the official campaign kickoff at which time the new $500,000 level for research professorships shall take effect.
The specified number of research professorships follows:
Darden 4
Law 5
STUDENT FINANCIAL AID
Type: Undergraduate Scholarship
New level: $100,000 minimum to name a scholarship. $25,000 minimum to become a partner in providing financial assistance (funds pooled with other partners to provide financial assistance.)
Previous level: $25,000 minimum level to name a scholarship.
Type: Graduate Fellowship
New level: $100,000 minimum to name a fellowship $25,000 minimum to become a partner in providing financial assistance (funds pooled with other partners to provide financial assistance.)
Previous level: $25,000 minimum level to name a fellowship.
OTHER ENDOWED FUNDS
Type: Lectureships
New level: $50,000 minimum to name
Previous level: $10,000 minimum to name
Type: Prize/Award
New level: $50,000 minimum to name
Pervious level: $10,000 minimum to name
Type: Memorial/Commemorative
New level: $50,000 minimum to name
Previous level: $10,000 minimum to name
Type: Book Funds
New level: same as previous level
Previous level: $10,000 minimum to name
Type: Unrestricted Endowment
New level: $100,000 minimum to name
Previous level: None
CENTERS, INSTITUTES, DEPARTMENTS, PROGRAMS
Recommended policy: The Committee recommends that each naming opportunity be decided on a case by case basis through negotiations among the dean or director, administration, and the Board of Visitors with the following guideline as a starting point:
To name a center, department, program, or institute a donor should provide endowment to support one half of the projected operating costs.
CHAIR AND FINANCIAL AID ENDOWMENTS
THAT DO NOT QUALIFY FOR A MATCH
Chairs and fellowships/scholarships established from School/Program discretionary funds can be endowed at the new minimum levels outlined above. Such endowed funds do not qualify for matching state funds.
| Board of Visitors minutes April 8, 1994 | |