College and University Endowments
Academic institutions, such as colleges and universities, will frequently control an endowment fund that finances a portion of the operating or capital requirements of the institution. In addition to a general endowment fund, each university may also control a number of restricted endowments that are intended to fund specific areas within the institution. The most common examples are endowed professorships (also known as named chairs), and endowed scholarships or fellowships.
In the United States, the endowment is often integral to the financial health of educational institutions. Alumni or friends of institution sometimes contribute capital to the endowment. The endowment funding culture is strong in the United States and Canada but less pronounced overseas, with the exceptions of Cambridge and Oxford universities. Endowment funds have also been created to support secondary and elementary school districts in several states in the United States.
Read more about this topic: Financial Endowment
Famous quotes containing the words college, university and/or endowments:
“I tell you, you’re ruining that boy. You’re ruining him. Why can’t you do as much for me?”
—S.J. Perelman, U.S. screenwriter, Bert Kalmar, Harry Ruby, and Norman Z. McLeod. Groucho Marx, Horsefeathers, a wisecrack made as Huxley College president to Connie, the college widow (Thelma Todd)
“Within the university ... you can study without waiting for any efficient or immediate result. You may search, just for the sake of searching, and try for the sake of trying. So there is a possibility of what I would call playing. It’s perhaps the only place within society where play is possible to such an extent.”
—Jacques Derrida (b. 1930)
“Women generally should be taught that the rough life men must needs lead, in order to be healthy, useful and manly men, would preclude the possibility of a great degree of physical perfection, especially in color. It is not a bad reflection to know that in all probability the human animal has endowments enough without aspiring to be the beauty of all creation as well as the ruler.”
—Caroline Nichols Churchill (1833–?)