Endowed Gifts at the UIC Jane Addams College of Social Work
What is an endowed fund?
An endowment is a permanent fund that earns annual interest income through the endowment pool of the University of Illinois Foundation. The earned income is used for the purpose specified by the donor. Since the principal of the fund is never used, the endowment remains in perpetuity.
The University of Illinois Foundation permanently holds gift endowments as principal, and manages them so that yields frequently can begin to be distributed within one year. Earnings over and above the yields specified for an expenditure, which is typically 4.75%, are returned to the principal as a hedge against inflation and for growth of the endowment.
What is the importance of endowment?
Endowments are used to secure the future and growth of the Jane Addams College of Social Work by providing support for the faculty, students and academic programs in perpetuity. Private support earmarked for endowment is the most important investment you can make in the UIC Jane Addams College of Social Work.
Endowments are a source of prestige and the catalyst that moves us forward. For example, an endowed research chair can be used to attract stellar faculty.
What are the types of endowed funds?
There are many levels of endowed gifts that will support the college's programs and people. Each of the endowments listed below is a named fund, which means that the fund may be named as a legacy to the donor or as a memorial for whomever the donor wishes. The amounts listed are the minimum requirement.
- Endowed Faculty Chair
- Endowed Professorship
- Endowed Fellow
- Endowed Research Fund
- Endowed Lecture Series
- Endowed Graduate Fellowship/Assistantship
- Other Endowed Funds
An Endowed Faculty Chair Fund allows the college to attract and retain professors of proven brilliance. The income from the endowed fund may be used to provide full or partial salary support and a major portion of the professor's specific teaching and research expenses. A $1.25 million to $3 million gift is necessary to establish an Endowed Faculty Chair.
Endowed Faculty Chairs are especially important for social work research and help to increase the prestige of such research nationwide. With the number of social work chairs increasing exponentially, in order to remain competitive, we must establish more chairs in social work research.
Endowed Professorships help the college attract and retain promising professors early in their careers. This is one way to ensure the continued quality of the college's faculty. Income from the fund may be used to augment the professor's salary or support the professor's scholarly and research needs. A minimum gift of $500,000 is required to establish an Endowed Professorship Fund.
An Endowed Fellow Fund enables the college to invite scholars and others who have distinguished themselves in their fields to visit campus and share their expertise with students and faculty. Income generated from these endowments is used to provide stipends to visiting fellows. A $200,000 minimum gift is required to establish an Endowed Fellow Fund.
Named research funds support various aspects of the college's research activities. Income from the fund may be used to purchase such things as laboratory equipment, research materials, computer equipment, or pay for staff support. A minimum gift of $200,000 is required to establish an Endowed Research Fund.
An Endowed Lecture Series allows faculty and students to interact with distinguished leaders who are influencing various related disciplines, society, the nation or the world. Fund income is used to provide for the expense of bringing these speakers to campus. A minimum gift of $100,000 is necessary to establish an Endowed Lecture Series.
Such funds provide a crucial means of attracting to the college some of the best and brightest graduate students in the world. Fund income is applied toward the support of selected students. A minimum gift of $100,000 is needed to establish an Endowed Graduate Fellowship or Assistantship.
An unlimited variety of other Endowed Funds may be established to support a wide range of donor interests. Gifts of this nature can contribute greatly to the future of the college in diverse ways. Minimum gifts of $10,000 are needed to establish these types of endowed funds.
If you have any questions or want more information about endowments, contact Jacquelyn Bonavia, Director of Advancement, at (312) 413-2305 or by email: email@example.com.