2008 Woodie Awards
Miami creates initiative to strengthen, attract faculty
Laura Bryant
Issue date: 4/24/07 Section: Campus
In line with Miami University's efforts to maintain and draw in strong professors, the university recently established a program to create endowed professorships - distinguished honors given to faculty members.
Miami's initiative would keep donated money in an account over time to accumulate interest - which professors could use for salary, research, travel and other faculty needs.
According to President David Hodge, Miami, like other institutions, already offers professorships such as this. This money is currently held in an account totaling $2 million - an account, Hodge said, that is made up of gifts the university has received from wills.
"The challenge we have is that we don't have very many of (professorships)," Hodge said. "We only have 34 of them which isn't very many for a faculty of 800."
Originally, private donors were required to give $400,000 to create a professorship. Now, donors only need to give $300,000, and the university will match the donation by supplementing the remaining $100,000.
Donors are able to give money to whatever aspect of the university they choose, and usually have a faculty member in mind when the money is given.
"Usually the donor has an idea of what kind of a person they want to hold it," Hodge said.
According to Hodge, donors are able to decide what rank of faculty they can donate their money to, including full-time, part-time, or other status. Donors are also able to stipulate for how long their money will be used.
"We will be talking to the donor and getting to understand them," Hodge said. "We will help the donor understand what the greatest impact of their donation will be."
The new endowed professorship is a part of the Love and Honor Campaign that began in 2005. The idea for more endowments was particularly endorsed by Hodge, who saw an increase in professorships when he was the Dean of College of Arts and Science at University of Washington in Seattle.
"I think this is very exciting," Hodge said. "We did something like this in Washington. We started with 18 professorships and reached 100 in five years."
Miami's initiative would keep donated money in an account over time to accumulate interest - which professors could use for salary, research, travel and other faculty needs.
According to President David Hodge, Miami, like other institutions, already offers professorships such as this. This money is currently held in an account totaling $2 million - an account, Hodge said, that is made up of gifts the university has received from wills.
"The challenge we have is that we don't have very many of (professorships)," Hodge said. "We only have 34 of them which isn't very many for a faculty of 800."
Originally, private donors were required to give $400,000 to create a professorship. Now, donors only need to give $300,000, and the university will match the donation by supplementing the remaining $100,000.
Donors are able to give money to whatever aspect of the university they choose, and usually have a faculty member in mind when the money is given.
"Usually the donor has an idea of what kind of a person they want to hold it," Hodge said.
According to Hodge, donors are able to decide what rank of faculty they can donate their money to, including full-time, part-time, or other status. Donors are also able to stipulate for how long their money will be used.
"We will be talking to the donor and getting to understand them," Hodge said. "We will help the donor understand what the greatest impact of their donation will be."
The new endowed professorship is a part of the Love and Honor Campaign that began in 2005. The idea for more endowments was particularly endorsed by Hodge, who saw an increase in professorships when he was the Dean of College of Arts and Science at University of Washington in Seattle.
"I think this is very exciting," Hodge said. "We did something like this in Washington. We started with 18 professorships and reached 100 in five years."
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