University of Virginia Library

APPROVAL TO RAISE THE  MINIMUM ENDOWMENT LEVELS 

WHEREAS, professorships and deanships, whether honorary or endowed, must be approved by the Board of Visitors; and

WHEREAS, the Vice President for Development and Public Affairs, in close collaboration with University deans and administrators, has proposed new minimum funding levels for deanships and professorships, levels which are in line with those at peer institutions and with the actual costs of funding professorships and deanships; and

WHEREAS, the University’s administration recommends approval of the proposed new  minimum endowment levels ;

RESOLVED that new  minimum endowment levels , as set forth below, are approved and adopted, and will take effect January 1, 2006:

         

Level	U.Va. (old level)	U.Va. (PROPOSED LEVEL)
$5.0 Million		Deanship
$2.0 Million	21st Century Chair	Professorship (initial level for full professorship)
$1.0 Million	Distinguished Professorship	“[Named] Faculty Fund for Excellence [in _____]” (partial support)
$500,000	Chair (Eminent Scholar)	“[Named] Research Fund” (partial support)

On approval by the Board of Visitors, the new professorship endowment levels will go into effect University-wide on January 1, 2006. Therefore professorship endowment agreements executed after December 31, 2005, will be at the new level. Professorships created, but partially funded, prior to January 1, 2006, will be grandfathered in at the old level.

While $2 million is the new minimum level for a full professorship, schools and units will be encouraged to create higher minimum levels for professorships if they choose.

Note that exceptions to the new minimum professorship levels will be considered on a case-by-case basis by the Gift Policy Committee and/or the President of the University.