This policy provides requirements for the creation and administration of endowed faculty funds. These funds must adhere to state and federal laws, align with the mission of the university and meet the current and future needs of Virginia Commonwealth University. This policy applies to all endowed funds that support faculty at the university, regardless of the college/school/unit administering the fund.
Endowment fund minimums and named gift opportunities are subject to approval by the Board of Visitors and the university president. Endowed faculty funds are managed by one of the university’s affiliated foundations. With approval from the university president and Development and Alumni Relations, schools and units may establish higher thresholds for named funds where necessary to ensure that the fund produces income sufficient to support the requisite academic activities.
Noncompliance with this policy may result in disciplinary action up to and including termination. VCU supports an environment free from retaliation. Retaliation against any employee who brings forth a good faith concern, asks a clarifying question, or participates in an investigation is prohibited.
|Who Should Know This Policy|
|Policy Specifics and Procedures|
All university employees engaged in development and alumni relations activities and all employees who accept and administer these funds are responsible for knowing this policy and familiarizing themselves with its contents and provisions.
Affiliated or institutionally-related foundations
VCU has affiliated philanthropic foundations that are separate 501(c)(3) charitable corporations organized to operate for the support of the university, while operating with self-governed boards and bylaws. They accept and invest gifts made in support of the university.
Endowed faculty funds
Endowed funds designated by a donor to support faculty excellence including deanships, distinguished chairs, chairs, distinguished professorships, university professorships, departmental professorships and junior faculty endowments.
An agreement between the donor(s) and the university or an affiliated foundation that defines the purpose of the gift, the gift amount, a schedule of contributions and other terms deemed appropriate by either party.
The Office of Development and Alumni Relations officially interprets this policy. The Office of Development and Alumni Relations is responsible for obtaining approval for any revisions as required by the policy Creating and Maintaining Policies and Procedures through the appropriate governance structures. Please direct policy questions to the Office of Development and Alumni Relations' executive director of donor relations and events.
1. Allowable expenses
2. Establishment of faculty funds
New endowed funds must be established:
For an estate gift directed to support an endowed chair or professorship, the value of the gift at the time of receipt must meet the approved endowment minimums for the donor-designated purpose, or an alternate purpose must be designated, unless there was prior approval by the president at the time the gift agreement was finalized.
Bequests that are not compliant with university or foundation policy at the time they are realized are reviewed on a case-by-case basis by DAR, the applicable university-affiliated foundation and appropriate academic unit. If needed, the vice president may convene the Gift Acceptance Committee to form or approve a recommendation. Modifications can be made only with the written consent of the donor, the applicable university-affiliated foundation and the university and are subject to Board of Visitors’ approval.
3. Adjustments to previously-established endowed faculty funds
4. Management and reporting of endowed faculty funds
Gift agreement templates are available to university development employees with access to the DAR intranet. To gain access, please contact firstname.lastname@example.org, your unit’s development office, or one of the university’s institutionally-related foundations.
This policy supersedes the following archived policies:
Approval/Revision Date Title
03/01/2001 Policy on Private Support for Endowed Chairs and Professorships (BOV)
05/25/2009 Policy on Professorships, distinguished professorships, chairs and chair elevations (BOV)
01/2013 Policy on professorships, distinguished professorships, chairs and chair elevations (local)
05/14/2021 Endowed Faculty Chairs and Professorships (BOV)
1. What are the established minimums for faculty endowments?
Minimum levels to create scholarships, faculty endowments, and research funds are approved only by the Board of Visitors and published as part of the university Policy on Recognition through Naming.
2. Can faculty benefit from more than one endowed fund?
Faculty may be the recipients of more than one endowed fund.