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Home » Academics » Academic Affairs Handbook » Section 4 »

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Section 4.07.02: Georgia Eminent Scholars Endowment Trust Fund

SUBJECT: The Georgia Eminent Scholars Endowment Trust Fund
SOURCE: Board Policy Manual 705.06

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POLICY

705.06 GEORGIA EMINENT SCHOLARS ENDOWMENT TRUST FUND

1. The Board of Regents shall serve as trustees of such fund, which shall, as provided by law, be a budget unit for the purpose of appropriation of state funds.

2. The funds appropriated to the Board of Regents under this program shall be used exclusively to endow academic chairs in an effort to attract eminent scholars to join the faculties of the several institutions of the University System. The criteria for persons selected to hold such chairs shall be established by the president of the institution concerned.

3. A total sum of not less than $1,000,000 shall be required to endow a chair under this program. The respective foundations of the institutions concerned shall be required to contribute not more than 75% of such amount ($750,000) and the fund shall contribute not less than 25% of such amount ($250,000). No funds shall be granted to a foundation except upon the express written condition that the funds and the earnings therefrom shall be used to endow an academic chair as provided herein.

4. Approved grants may be made to foundations previously established to enhance the educational purposes of the System institution concerned. The income from the grant funds and the foundation funds contributed shall be used to endow academic chairs which shall be known as the Eminent Scholars Chair.

5. The funds received by a foundation for this purpose, together with the funds contributed by the foundation, shall be managed and invested by the governing board of directors of the foundation of the institution concerned and kept separate from other the foundation.

6. Funds raised by the respective foundations to qualify for the grants may come from more than one donor, but the gifts of not more than ten (10) donors shall be aggregated to raise the minimum sum required ($750,000). All donations must be accompanied by a statement from the donor acknowledging that the funds donated will be used to endow a chair authorized under this program.

7. The institutions of the University System having chairs endowed by the fund may petition the Board to add the name of the donor or benefactor to the name of the chair (BR Minutes, 1984-85, pp. 324-25).

Last Udpated: 04/02/2002

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