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Endowed chairs and
professorships – highly honored academic positions that attract and
retain distinguished faculty – are vitally important priorities of A
New Vision of Excellence Campaign.
So important, in fact, that CMU has launched the Faculty Endowment
Income Matching Program – a one-time initiative to encourage and
support donor investment in CMU’s faculty.
Through this program, CMU will match the annual endowment payout of
all gifts of at least $100,000 that are established to support
faculty endowment. Gifts of $500,000 or more will be matched 1:1.
Gifts of at least $100,000 to $499,000 will be matched 1:2.
Endowment funds are welcome at all levels of giving. However, to
qualify for the match, endowments for faculty support of at least
$100,000 must be pledged by December 31, 2006. The source of funds
for the match will be budgeted from the general fund and payouts
will be in perpetuity.
Faculty Endowment Matching Program Details
For example, the payout from a $500,000 endowment is $22,500 per
year (based on 4.5% of $500,000, the current CMU endowment spending
policy). If a gift is pledged by December 31, 2006, the match will
be 1:1 on this principal amount ($500,000) in perpetuity.
Therefore, the endowment established will not only provide $22,500,
but an additional $22,500 in funding each year from CMU for a total
of $45,000 – the same payout as a $1 million endowment.
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Endowment annual payout (4.5% spending rate) |
$22,500 |
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Annual CMU 1:1 match |
$22,500 |
|
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Total faculty support
each year |
$45,000 |
Matching funds will be provided only to the extent that the payment
has been received. So, if a gift of $500,000 is paid over five years
and $100,000 is received the first year, then the matching funds for
the first year are $4,500.
A maximum of $250,000 will be allocated for commitment during this
time and will be allocated on a first-come, first-served basis.
A named endowment may be established at a level that meets a donor’s
funding and academic goals. Below are few examples:
Named Chair - $1 million minimum
A named chair provides income toward an outstanding faculty member’s
salary and related expenses, including research and professional
conferences.
Named Professorship - $500,000 minimum
A named professorship provides support for an outstanding faculty
member and related expenses.
Named Young Faculty Award - $250,000 minimum
A named young faculty award provides income to apply toward the
annual salary and teaching/research expenses of an outstanding young
faculty scholar.
Named Endowed Lectureship - $100,000 minimum
A named endowed lectureship provides income for distinguished
lecturers to be brought to campus.
Named Research Fund - $100,000 minimum
A named research fund provides an annual award to be used for
research in the area chosen by the donor and CMU.
Named Faculty Development Fund - $100,000 minimum
A named faculty development fund provides an annual award to enhance
a faculty member’s teaching and research activities.
For more information, please contact Michael A. Leto, vice president
of development & alumni relations, at (989) 774-2382 or visit A New
Vision of Excellence web site at
www.vision.cmich.edu
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