Adopted Date: 06-14-2005
This policy applies to the faculty of the University of New Mexico.
The quality of the faculty is one of the enduring hallmarks of a great institution. The University of New Mexico will have made great strides toward being a world-class institution when a large number of eminent scholars across many different areas of study are members of our faculty.
An endowed chair is an honor that can be bestowed on a scholar of distinction. This honor will allow an individual to conduct meaningful inquiry that will expand the frontiers of knowledge and instruct generations; as a result, the reputation of the University will be enhanced. An endowed chair is a singular opportunity to recognize and sustain innovative intellectual work. The income derived from such an endowment can be used to provide salary support or to fund specific laboratory or other scholarly expenses.
The Role of the University of New Mexico Foundation
An endowed chair may be established by a gift or conferred pledge of $1.5 million. When the University of New Mexico Foundation (UNM Foundation) becomes aware of a donor's wish to establish an endowed chair, the UNM Foundation will communicate the intent of the donor to the President of the University, the Provost and Executive Vice President for Academic Affairs, and the Chancellor for Health Sciences. Upon approval by the President, the UNM Foundation will oversee the details of the gift pledge and will ensure that a fundamental agreement is drafted. A resolution proposal by the UNM Foundation will be forwarded to the Board of Regents Academic and Student Affairs Committee. Appropriate University offices will receive copies of fundamental agreements and resolutions. The Board of Regents Academic and Student Affairs Committee will, if approved, forward the resolution to the Board of Regents for action.
The Role of the Regents of the University of New Mexico
The Board of Regents, as the governing body of the University, will act to approve both the establishment of a chair and its holder. In both cases their action will be preceded by review and approval by the Board of Regents Academic and Student Affairs Committee. (These actions can occur simultaneously or at different times.)
Once the candidate to hold the chair has been approved by the Board of Regents, the University will take steps to invest in that individual and the chair. This ceremonial occasion would bring together the donors responsible for creating the chair, other donors and friends of the University with friends and family of the chair holder, friends and board members of the University and, if appropriate, invited guests who share scholarly interests with the chair holder to celebrate with members of the academic community. Venues for such an event may vary; possible examples include the Alumni Memorial Chapel, the Student Union Building, or on some occasion the outdoors. The UNM Foundation will be responsible for planning and executing the event.
Role of the Provost and Executive Vice President for Academic Affairs
The Provost and Executive Vice President for Academic Affairs should ensure that chair holders provide a report of their activity during the course of an academic year. This ensures the academic integrity of the chair and also provides the donor with information on the positive outcomes of his or her gift.
The University should seek to initiate this program for the academic year 2005-2006.
The UNM Foundation should not be in the position to dictate how funds are spent. There should, however, be some guidelines in place for how funds derived from an endowed chair are used.
At present, there are seventeen endowed chairs that conformed to guidelines approved and in place at the time of their creation. There is one chair that has been created at the $1 million level. However, it should be noted that going forward all chairs should be at the $1.5 million level.
Thought and consideration must be given as to when to "start this process." (Would it be appropriate to honor all those currently in place at one event than to carry on one at a time from here on out?)
Naming University Facilities, Spaces, Endowments, and Programs, RPM 2.11; Receipt and Investment of Gifts to the University, RPM 7.13.