With matching funds from the state Board of Regents, 21 endowed professorships were completed at the University of Louisiana at 青涩直播 today.
The Regents鈥 presented $840,000 in matching funds to complete 21 professorships across several academic disciplines. The endowments are part of the Regents鈥 Endowed Chair and Eminent Scholars and Endowed Professorship program.
鈥 Through the years, these funds have helped UL 青涩直播 create and secure a high level faculty that brings experience and expertise to the students and university community,鈥漵aid UL 青涩直播 President Ray Authement. 鈥淲ithout these funds and private donations from our generous donors, we wouldn鈥檛 be as successful in attracting these educators.鈥
Endowments like these are created when universities and colleges raise 60 percent of the cost from private donations. The university must first raise $60,000 for an endowed professorship. This money is then combined with $40,000 in matching funds from the Regents. Likewise for endowed chairs, universities must first raise $600,000 in private funds, which are then matched with $400,000 from the Regents.
Funding for the endowment matching funds program is generated through a permanent trust fund - the Louisiana Education Quality Support Fund - approved by voters in a 1986 constitutional amendment. The original $540 million payment was part of settlement between the state and federal governments over disputed offshore oil and gas royalty funds.
As of March, the trust fund - sometimes referred to as 8(g) - had risen to approximately $952 million. Each year, 25 percent of the interest earned is reinvested in the trust fund. The Legislature appropriates half of the remaining interest to the Board of Regents for higher education and the other half to the Board of Elementary and Secondary Education for grades K-12.
鈥 The Support Fund helps Louisiana鈥檚 colleges and universities to attract new scholars and researchers,鈥 said Commissioner of Higher Education Joseph Savoie. 鈥淚t also helps retain valuable faculty who might otherwise be lured away to out-of-state institutions.鈥
Savoie noted the $15.9 million in matching funds to be awarded in the endowment program this year is being funded through the Regents鈥 share of the interest earned by the LEQSF over the past year and supplemental funds provided by the Legislature.
UL 青涩直播 endowments which were matched include:
鈥 Alexandre Theriot Jr. and Loretta Durand Theriot/BORSF Endowed Professorship in Business Administration
鈥 Alfred and Helen Lamson/BORSF Endowed Professorship in Computer Science
鈥 American Legion Hospital/BORSF Endowed Professorship in Health Care Administration
鈥 Bella Nickerson Chappuis Abramson/BORSF Endowed Professorship in Cinematic Arts
鈥 Coca-Cola/BORSF Endowed Professorship in Physics
鈥 Dr. Paul A. Barefield/BORSF Endowed Professorship in Communication
鈥 Dr. Tommy Comeaux/BORSF Endowed Professorship in Traditional Music IX
鈥 Dr. Tommy Comeaux/BORSF Endowed Professorship in Traditional Music VIII
鈥 Drs. Chuck and Sue Lein/BORSF Endowed Professorship in Management
鈥 Florence Mauboules/BORSF Endowed Professorship in Business Administration
鈥 Hubert 鈥淩ed鈥 and Gertrude Dumesnil/BORSF Endowed Professorship in Economics
鈥 M. Eloi Girard/BORSF Endowed Professorship in Engineering IV
鈥 Mary and Dave Romagosa/BORSF Endowed Professorship in Business
鈥 Mr. and Mrs. Tom Galloway/BORSF Endowed Professorship in Business III
鈥 Mr. and Mrs. Tom Galloway/BORSF Endowed Professorship in Business IV
鈥 Mr. and Mrs. E.P. 鈥淧at鈥 Nalley/BORSF Endowed Professorship in Business Administration 2006-B
鈥 Mr. and Mrs. E.P. 鈥淧at鈥 Nalley/BORSF Endowed Professorship in Business Administration
鈥 Philip and Jean Piccione/BORSF Endowed Professorship in Statistics III
鈥 Philip and Jean Piccione/BORSF Endowed Professorship in Statistics IV
鈥 Ruth Stodghill Girard/BORSF Endowed Professorship in Music IV
鈥 South Louisiana MidWinter Fair Association/BORSF Endowed Professorship in Renewable Resources.