A portion of this amount is used to fund the faculty member’s salary and research, while the remainder is invested by the university. The minimum amount required to establish an endowed chair varies by university, but is generally in the range of $1 million to $3 million. Endowed chairs are typically named after the donor or in honor of someone specified by the donor. The donor may specify the field or discipline of study for which the funds are to be used.
#Endowed professorship how to
How to Endow a Chair at a UniversityĪssuming you would like a blog post about how to endow a chair at a university:Ī donor may endow a chair at a university to support the salary and research of a faculty member.
The income from an endowed chair can also be used to supplement other departmental expenses such as graduate student fellowships and visiting scholars. This amount will provide income in perpetuity to support the salary and research of a faculty member. How Much Does It Cost to Endow a Chair at MitĪccording to MIT, the cost to endow a chair is $3 million. Mayuran Tiruchelvam: Marcus Endowed Chair in Social Justice Filmmaking In some cases, additional funds may be needed to support research or other activities associated with the professorship.Įndowing a chair can be a costly undertaking but it can also have lasting impact on an institution and its ability to attract and retain top faculty. At most institutions, the interest from the endowment is used to cover the salary and benefits of the professor holding the endowed position. When making the decision to endow a chair, it is important to consider not only the initial costs but also the ongoing costs of maintaining the endowment. The average cost of endowing a chair at a public university is about $1.5 million, while private institutions typically require between $2 and $3 million. For example, at Harvard University, the minimum amount required to establish an endowed professorship is $500,000, while Stanford University’s is $1 million. The cost of endowing a chair can vary widely depending on the institution and the specific fund-raising goals. Once the money is raised, it is invested by the university and only the earnings are used to support the position (the principal remains untouched). In some cases, government grants may also be used. To fund an endowed chair, philanthropic donations are typically solicited from wealthy individuals or corporations.
The average cost of an endowed chair across all institutions is about $1.5 million dollars. Meanwhile, at smaller colleges and universities, the minimum may be only $500,000 or less. For example, at Harvard University, the minimum endowment for a professorship is $4 million dollars. The answer depends on the type of institution and the size of the endowment.
But how much does it cost to endow a chair? An endowed chair also comes with additional resources, which can be used to support the professor’s work. It is recognition of their research and teaching abilities, as well as their contributions to the university. Earning an endowed chair is a significant milestone in a professor’s career.
0 kommentar(er)
