AC83 University Endowed Fellowships (Formerly HR83)
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 endowed fellowships.
The designated title is ( name of holder ); Professor, AssociateProfessor, or Assistant Professor of ( name field ); Librarian, AssociateLibrarian or Assistant Librarian; Senior Scientist, Senior Research Associate, or Research Associate; and ( name of benefactor ), University EndowedFellow.
To provide supplementary funds to outstanding members of the University faculty to assist the holder in continuing and furthering the scholar's contributions in teaching, research, and public service. The monies provided will be used for such support purposes as graduate assistant stipends, secretarial help, travel expenses, etc. The Department concerned will continue to provide a suitable salary for the individual honored.
The holder shall be a full-time member of the University faculty with the academic rank of professor, associate professor, or assistant professor; senior scientist, senior research associate, or research associate, librarian, associate librarian, or assistant 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. To establish a fellowship, an endowment of not less than $250,000 is required.
In certain cases, the agreement reached with a major donor regarding the support of a University endowed fellowship 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 fellowship.
Proposals for the early establishment of endowed fellowships will be reviewed and approved by the Executive Vice President and Provost of theUniversity. 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 a fellowship through annual gifts will require that all parties be informed that funding of the fellowship 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)