The University of Memphis has come up with an innovative way to bank on its intellectual assets.
University president Shirley Raines, who has said she plans on bringing fundraising to the forefront of University affairs, has proposed the implementation of a University professorship fund as a means to keep valuable faculty with The University.
The University professorship endowment is designed to reward faculty who have worked diligently and proved to be a great intellectual asset to The U of M.
This project, which has not yet been fully established, will allow friends of The University to contribute money to The University of Memphis Foundation. The money would be used to set up an endowment or scholarship in the donor’s department or college of choice.
According to Raines, all donations would be managed by a board of prominent business professionals, who would invest the contributions.
For every $100,000 raised and invested, five percent of the dividends would be taken and awarded to faculty members. The remainder of the dividends would be reinvested and allowed to mature in order to fund future professorships.
Once implemented, the primary focus of The University professorship endowment is to offer competitive salaries to faculty at the assistant and associate level, in order keep them at The University of Memphis.
Although The U of M has been faced with numerous budget woes, Raines is optimistic about The University’s future.
In spite of Raines’ optimism, The U of M — along with other Tennessee state universities — has been forced to freeze hiring, contracts and grants, to help offset inadequate funding from the state.
Funding for higher education in the state has declined 3.1 percent, based on the number of students enrolled. For state universities to provide quality higher education, private dollars are needed — or tuition will have to increase drastically.
Raines said that in order to provide students with a quality education and faculty with competitive salaries, investment in The University from private corporations and individuals in the community is a must.
On WKNO’s “Making the Grade,” Raines stated she has always been fighting for these issues and “wouldn’t miss the opportunity” to fight for the cause.
At the present time there are no funds appropriated to the University professorship project. However, those interested can contact the President’s office for further information.
