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September 13, 2002
Large gifts, endowed faculty posts are focus of annual review
by Linda Charles
The faculty-staff committee that last year began reviewing endowments to see
if the expenditures are in line with donor wishes will focus this year on
faculty endowments and gifts of at least $5 million.
Last year, the committee, appointed by President Gregory Geoffroy, reviewed
66 endowment accounts, focusing primarily on endowed scholarships. The
committee concluded that those spending endowment earnings are doing so
appropriately and with the intent to meet donor expectations as specified in
the memoranda of agreement. However, the committee also made a number of
recommendations aimed at improving the way the university handles the
expenditures from endowment and gift accounts.
This year, the committee will examine faculty endowments (chairs,
professorships and faculty fellowships), plus gifts of $5 million or more
that have been received since July 1, 1997.
David Hopper, veterinary medicine professor and chair of the Committee to
Review Endowments and Gift Account Expenditures, said the committee also
will check back with units that were reviewed last year to see if the
committee recommendations were helpful and how the implementation of the
recommendations is proceeding.
Geoffroy also has asked the committee to ensure that endowment funds are
spent regularly. That's an important part of meeting the donor's intent, he
said.
Hopper noted that while there's a "lot of work" ahead for the committee this
year, last year's experience will make the committee's work easier.
"The learning curve was high when we started out," Hopper said, "but now we
know the system the university and the ISU Foundation uses and we're
familiar with how the process works."
Another plus, Hopper said, is the committee is the same as last year (Jill
Bystydzienski, professor of women's studies; Johnny Pickett, assistant vice
president, controller, business office; and Sheryl Rippke, director of
internal audit), with the addition of John Schuh, professor and chair,
educational leadership and policy studies.
Geoffroy has asked the committee to complete its final report and
recommendations by May 1, 2003.
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Ames, Iowa 50011, (515) 294-4111
Published by: University Relations,
online@iastate.edu
Copyright © 1995-2001, Iowa State University. All rights reserved.
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