An endowed fund is one in which the original principal is never spent and the gift continues in perpetuity.
Endowed funds in support of faculty are used to recruit, develop and retain outstanding faculty. Income from the endowed funds may augment salaries, fund guest lecturers, and provide funds for general support for academic activities such as undergraduate and graduate research opportunities. Student support, typically in the form of fellowships or scholarships, allow students to keep their focus on the achievement of their academic goals.
Endowments, through both outright and deferred gifts, are a critical source of faculty support, program improvement and fellowships and scholarships.
Given the increasing economic pressures on both state funding and tuition revenue, endowments are truly the margin of excellence.
Endowed funds must be funded at certain levels and may be designated for any school, department or program at the University. Endowed gifts can be established with a minimum contribution of $25,000. Endowments are generally fully funded within five years of the initial contribution. Income is distributed annually pursuant to the spending policies of the USF Foundation, Inc. There are several types of these restricted funds:
- Academic Chairs
- Fellowships and Scholarships
- Research Support