Endowed Professorships
An endowed professorship (or endowed chair) is a position permanently paid for with the revenue from an endowment fund specifically set up for that purpose. Typically, the position is designated to be in a certain department. The donor is allowed to name the position, which typically takes a "First-name Last-name Professor of Department-name" format. Endowed professorships aid the university by providing a faculty member who does not have to be paid entirely out of the operating budget, allowing the university to either reduce its student-to-faculty ratio, a statistic used for college rankings and other institutional evaluations, and/or direct money that would otherwise have been spent on salaries toward other university needs. In addition, holding such a professorship is considered to be an honor in the academic world, and the university can use them to reward its best faculty or to recruit top professors from other institutions.
Read more about this topic: Financial Endowment, College and University Endowments
Famous quotes containing the word endowed:
“The candidate tells us we are the “backbone of the State,” and we know that it is true, not because we are possessed of certain endowed virtues, but because we are a majority and have the vote.”
—Federal Writers’ Project Of The Wor, U.S. public relief program (1935-1943)