AC82 University-Named Chairs (Formerly HR82)
Policy Steward:Vice Provost for Faculty Affairs>
POLICY'S INITIAL DATE: October 1, 1974
THIS VERSION EFFECTIVE: July 27, 2006
To outline the University's policy on University-named chairs.
The designated title is ( name of benefactor ), University Chair in ( field ).
To provide distinguished scholars the opportunity to continue and further the scholar's contributions to teaching, research, and public service through the provision of salary and supplementary funds. The supplementary funds are to be used for, but are not restricted to, such areas as graduate assistant stipends, secretarial assistance, course development, and travel expenses. In addition, the University-named chair evidences the benefactor's long-term commitment to the support of scholarly activity within the context of the University.
The holder shall be a full-time member of the University faculty with the academic rank of professor, research professor, or librarian. The term of the appointment shall be determined by the Executive Vice President and Provost of the University upon recommendation of the dean of the appropriate college, consistent with the conditions of the grant.
Appointments will be made by the Executive Vice President and Provost of the University upon recommendation of the dean of the appropriate college.
Funds will be provided by gifts or designated University funds appropriate for this purpose. The establishment of a named chair requires an endowment of not less than $2,000,000, the income from which will provide salary as well as the aforementioned support services to the holder of the chair, and will maintain the chair in perpetuity.
In certain cases, the agreement reached with a major donor regarding the support of an endowed chair may specify that the University will not receive the endowment funding for several years. So that the donor may begin seeing the results of the gift at an earlier time, consideration will be given to the possibility of immediately activating the chair.
Proposals for the early establishment of endowed chairs will be reviewed and approved by the Executive Vice President and Provost of the University. The following general guidelines will apply:
- The agreement reached with the donor must be of an irrevocable nature -- charitable remainder trust, charitable gift annuity, estate note, etc.
- In cases where approval has been received, the donor must commit through a multi-year pledge of 5 percent of the minimum required endowment per year until the endowment income becomes available. A term of at least five years is preferred.
- Activation of an endowed chair through annual gifts will require that all parties be informed that funding of the chair will continue as long as resources are available.
An individual eligible for emeritus rank holding a University-Named Title will continue such title designation.
Other Policies in this manual may also apply, especially;
FN03 - Substantiation, Disclosure, and Accountability for the Receipt of Contributions from Non-Governmental Sources, and the related Guideline,
FNG01 - Flow and Accountability of Gifts and Grants from Non-Governmental Sources.
(Revised endowment minimum)