What does it mean to have an endowed chair at a University?

What does it mean to have an endowed chair at a University?

What is an endowed chair or professorship? It is the highest academic award that the University can bestow on a faculty member, and it lasts as long as the University exists. Thus, it is both an honor to the named holder of the appointment and also an enduring tribute to the donor who establishes it.

What is an endowed chair in medicine?

Endowed chairs are the highest honor a university accords to scholarship, reserved for those who have reached the pinnacle of academic achievement. They pay tribute to both the holder who has earned the distinction and the donor who has embraced the vision.

How much does it cost to endow a chair?

$1,500,000 will establish an endowed chair to support an assistant or associate professor. $1,500,000 will establish an endowed chair to support a professor of the practice. $2,500,000 will establish an endowed chair to support a full professor.

What are the benefits of an endowed chair?

Endowed chairs provide flexibility for faculty to try new ideas or pursue unexplored paths critical to innovation. Endowed chairs allow faculty members to acquire additional library resources, buy a piece of equipment or travel to a conference not supported by existing grants.

How long does an endowed chair last?

An endowed chair may be filled by one individual for an indefinite period or for a prescribed period, unless otherwise provided in the terms of the gift or allocation instrument. The Chancellor may reassign a chair in accordance with campus procedures.

How much does it cost to endow a chair at Harvard?

At major private research institutions – Harvard, Yale, Princeton – the going rate for endowed faculty chairs is now $1.5 million, and in its upcoming centennial campaign, Stanford will ask $1.6 million. This is significant because fund-raisers set prices based on what institutions like Stanford are doing.

What is an endowed lectureship?

An endowed lectureship is used to bring a distinguished scholar to the university each year to lecture on a particular subject or in a specific discipline. This distinguished lecturer comes to the university with skills and knowledge from another arena to share with peers on this campus.

How long do endowed chairs last?

An endowed chair may be filled by one individual for an indefinite period or for a prescribed period, unless otherwise provided in the terms of the gift or allocation instrument.

How much does it cost to endow a chair at Stanford?

It costs $2 million to endow a professorship at Stanford. Income from the endowment gift essentially covers the costs of a faculty position in perpetuity. In many cases, it also goes toward defraying expenses related to the faculty member’s work, such as library, secretarial, travel and other expenses.

What does a named chair mean?

Being named to a chair is a prestigious award, and in many cases it is a lifetime (or at least, until retirement) position. Some chaired positions are given on a rotating basis (e.g., for five years), but nonetheless it is prestigious to be named to an endowed chair.

How much does it cost to endow a chair at UCLA?

Professional Development Term Chair: $1 million.

What is an endowed chair?

Consistent with the intent of the gift or allocation instrument, an endowed chair may provide support for an administrative position such as a department chair, director of an organized research unit, or dean.

Who is responsible for the initiation of the endowed fund procedure?

Responsibility for the initiation of the procedure rests with the dean for the School of Medicine. A President’s Item shall be prepared by the Dean’s Office. Attached to the item shall be an endowed fund agreement or letter from a donor and any other appropriate supporting documents.

What is the fund payout for an administrative chair?

Fund payout for an administrative chair shall be used to provide support for the teaching, research and service activities of the department, school or other organizational unit as defined in the gift agreement.

How much funding is required to set up a chair?

If full funding for a chair is to be completed at some time in the future, the documentation shall include a payment schedule for receipt of all supporting funds. Establishment of the chair may take place once one-third of the required funding is in hand and there is a plan in place for raising the remaining funding.