Endowed Gifts at the UIC Section of Pulmonary, Critical Care, Sleep and Allergy
What is an endowed fund?
An endowment is a permanent fund that earns annual interest income through the endowment pool of the University of Illinois Foundation. The earned income is used for the purpose specified by the donor. Since the principal of the fund is never touched, the endowment remains in perpetuity.
The University of Illinois Foundation holds gift endowments permanently as principal, and manages them so that yields can frequently begin to be distributed within one year. Earnings above the yield specified for expenditures, which is typically 4.75%, are returned to the principal as a hedge against inflation and for growth of the endowment.
What is the importance of endowment?
Endowments are used to secure the future and growth of the section of Pulmonary, Critical Care, Sleep and Allergy by providing support for the faculty, fellows and academic programs in perpetuity. Private support earmarked for endowment is the most important investment we can make in the section.
Endowments are a source of prestige, and the catalyst that moves us forward. For example, an endowed research chair can be used to attract stellar faculty.
What are the types of endowed funds?
There are many levels of endowed gifts that will support the section's programs and people. Each of the endowments listed below can be a named fund, which means the fund may be named as a legacy to the donor or as a memorial for whomever the donor wishes. The amounts listed are the minimum requirement.
Endowed Faculty Chair
An Endowed Faculty Chair Fund allows the section to attract and retain professors of proven brilliance. The income from the endowed fund may be used to provide full or partial salary support, and much of the professor's specific teaching and research expenses. A $1.25 million to $3 million gift is necessary to establish an Endowed Faculty Chair.
Endowed Faculty Chairs are especially important for research. Chairs increase the prestige of pulmonary, critical care, and sleep research. Nationwide, these chairs are increasing exponentially. In order to remain competitive, we must establish more chairs in our area of research.
Endowed Professorship
Endowed Professorships help the section attract and retain promising professors early in their careers. This is one way to ensure the continued quality of the section’s faculty. Income from the fund may be used to augment the professor's salary or support the professor's scholarly and research needs. A minimum gift of $500,000 is required to establish an Endowed Professorship.
Endowed Graduate Fellowship/Assistantship
Such funds provide a crucial means of attracting some of the best and brightest graduate students in the world to UIC. Fund income is applied toward the support of selected students. A gift of $100,000 to $200,000 is needed to establish an Endowed Graduate Fellowship or Assistantship.
Endowed Lecture Series or Research Fund
An Endowed Lecture Series allows faculty and students to interact with distinguished leaders who are influencing disciplines, society, the nation or the world. Named Research funds support various aspects of the section's research activities. A gift of $100,000 to $200,000 is necessary to establish an Endowed Lecture Series or Research Fund, respectively.
If you have any questions or want more information about endowments, contact Stephanie Manola, Marketing & Fellowship Coordinator, at 312-413-3189 (smanola2@uic.edu) or Jean Fitzpatrick, Director of Business Operations, at 312-413-3922 (jeanfitz@uic.edu).
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