January 22, 2004
Matching pool created to increase endowments
The University has launched an ambitious new plan to increase the endowment for chairs, professorships, fellowships and scholarships.
The Board of Regents at the January meeting approved the commitment of up to $20 million from local funds for the purpose of creating a matching pool. The University has secured commitments of nearly $10 million from a small group of exceptional donors (a group designated as Founding Donors) and will continue to seek additional contributions to bring this portion of the pool up to $20 million. Connie Kravas, vice president for development & alumni relations, anticipates announcing the availability of matching funds for new endowments at the February meeting of the Board of Directors of the UW Foundation.
This pool of up to $40 million will be leveraged to draw up to an additional $80 million in private support, creating an endowment that could reach $120 million.
“We believe it is a very good time to look at this,” said Acting Provost David Thorud. “Having a program such as this is an exciting possibility. For every dollar from the pool, we’ll be seeking donors to supply two dollars. We think allocating local money in this way is a very good investment.”
The intent is to seek endowment funds for units from across the University. Endowed chairs and professorships will generally support existing faculty. Graduate fellowship funds will be used to attract outstanding graduate students. Scholarship funds will be for undergraduates, and are likely to be primarily need-based.
“This is a great move forward,” said Regent Shelly Yapp. “I’m really pleased to see us putting some of the UW’s money into a venture such as this.”
The program is expected to go into effect in early February, after a set of guidelines is finalized.
“This is a very important step for us,” commented President Lee Huntsman. “It has the potential to really energize the endowment aspect of the campaign. Increasing endowed support for core needs has been a goal from the very beginning of the campaign. Experience at other institutions indicates that a matching program can be a big help in securing endowment gifts.”
