Updated June 2017
The College of Humanities and Sciences uses private endowment resources to support the work of its faculty in the pursuit of excellence in scholarly efforts that may not otherwise be possible. As part of these ongoing efforts, endowed chairs and professorships are used to attract, recruit, reward, and retain outstanding faculty who have distinguished themselves through their teaching, research, scholarship, service, creativity, and innovations.
Each year, the College has the opportunity to take a distribution of the annual earnings generated from the investment of endowed funds by the VCU Foundation. The annual earnings distributions for all endowed chairs and professorships in the College shall be used for the intended purpose(s) set forth by the respective donor and allocated as follows unless otherwise stipulated by the gift agreement.
The annual distribution of endowment earnings shall remain in the respective 6-ledger index and any remaining balance at the end of each fiscal year shall be carried over into the subsequent fiscal year, subject to any change(s) in University Policy regarding 6-ledger funds.
The Dean and Fiscal Administrator for the College shall maintain spending authority for such funds at all times; however, spending authority by the endowed chair or professor may change over time subject to the terms of the review and reappointment process.
If no endowed chairs and professorships in the College exist with principal balances that produce sufficient annual earnings to cover the full salary and fringe benefit cost of the faculty members in those positions, then an Educational & General (E&G) cost component will remain for each position.
If an endowment grows large enough that 45% of the annual earnings would meet or exceed the total salary and fringe benefit cost of the position, then any existing E&G share of the cost would revert back to the Dean’s Office as salary savings. Any remaining portion of the 45% share not needed to cover salary and fringe benefit costs of the position would be reinvested in the endowment.
All endowed chairs and professorships in the College shall be reviewed formally every five years in the fall semester of the fifth year. The guidelines and procedures for this review can be found in the VCU Policy on Private Support for Endowed Chairs and Professorships, Section 3.4, and the College of Humanities and Sciences Endowed Chairs and Professorships Guidelines for Review.