The state Board of Regents presented $1,840,000 in matching funds to the University of Louisiana at Lafayette for the final establishment of 36 endowed professorships and one endowed chair. The payment clears the backlog of endowments waiting for state matching funds.
These endowments are part of the Regents’ Endowed Chair and Eminent Scholars and Endowed Professorships program.
“ These funds come during a critical time in higher education,” said Ray Authement, UL Lafayette president. “This money combined with the original donations from our generous donors, allows our university to continue to attract prominent faculty across all disciplines despite budget cuts following the devastation from hurricanes Katrina and Rita.”
The state match combined with private donations will create a $1 million endowed chair and 36 $100,000 endowed professorships. The state funds come from the Louisiana Educational Quality Support Fund, a permanent trust fund approved by voters in a 1986 constitutional amendment. The original $540 million payment was part of a settlement between the state and federal governments over disputed offshore oil and gas royalties.
The trust fund has now risen to nearly $1 billion. Each year 25 percent of the fund is reinvested. The Legislature appropriates half of the remaining interest earnings to the Board of Regents for higher education and the other half to the Board of Elementary and Secondary Education for grades K-12.
To create endowed chairs and professorships, universities must raise 60 percent of the cost from private donations. For example, a university must first raise $600,000 in private contributions for an endowed chair. This endowment is then eligible to receive the Regents’ $400,000 match. Likewise, at least $60,000 for endowed professorships must come from private sources which are then combined with $40,000 from the Regents.
“ This is a banner year for the Regents’ Endowed Chairs and Professorships Program,” said Commissioner of Higher Education Joseph Savoie. “With the support of Gov. Blanco, the legislature provided significant supplemental funds to help us clear a good portion of the backlog of unmatched donations our colleges and universities have received.
“ Coupled with the regular distribution from the Support Fund, this is one of the best years ever for the program,” he continued. “That’s excellent news for our colleges and universities. These endowments help attract and keep high-quality faculty, and that goes a long way toward keeping our institutions competitive with their peers in other states.”
UL Lafayette endowments which were matched include:
• Moody Company/Board of Regents Support Fund Eminent Scholar Endowed Chair in Regional Business Development
• Acadiana Bottling/BORSF Endowed Professorship in Marketing II
• Atmos Energy/BORSF Endowed Professorship in Business Administration
• BORSF Endowed Professorship in Water Studies
• Dr. and Mrs. Sammie W. Cosper/BORSF Endowed Professorship in Physics
• Dr. Glynn Granger/BORSF Endowed Professorship in Pre-Medicine
• Dr. Tommy Comeaux/BORSF Memorial Endowed Professorship in Traditional Music V
• Dr. Tommy Comeaux/BORSF Memorial Endowed Professorship in Traditional Music VI
• Dudley Joseph Plaisance Sr./BORSF Endowed Professorship in Health Care Administration
• Dudley Joseph Plaisance Sr./BORSF Endowed Professorship in Nursing
• E.J. Chatelain/BORSF Endowed Professorship in Business Administration
• E.P. Nalley/BORSF Endowed Professorship in Business Administration 2004
• Elias “Bo” Ackal Jr./BORSF Endowed Professorship in Political Science
• Emma Bridges/BORSF Endowed Professorship in Art (curator)
• Endowed Professorship in Foreign Languages
• Harold Calais/BORSF Endowed Professorship in Electrical Engineering
• Jim and Pat Prince/BORSF Endowed Professorship in Accounting II
• Joseph P. Montiel/BORSF Endowed Professorship in English
• Joseph P. Montiel/BORSF Endowed Professorship in Language
• Lafayette General Medical Center/BORSF Endowed Professorship in Nursing
• Lafayette General Medical Center/BORSF Endowed Professorship in Nursing II
• Lionel Billeaud/Genevieve Gidiere Professorship in Music
• Lockheed Martin Corporation/BORSF Endowed Professorship in Computer Science/Computer Engineering IV
• Mr. and Mrs. Tom Galloway/BORSF Endowed Professorship in Business II
• Mr. and Mrs. Tom Galloway/BORSF Endowed Professorship in Communication or Business
• Paul Burdin/BORSF Endowed Professorship in Business Administration I
• Paul Burdin/BORSF Endowed Professorship in Business Administration II
• Paul Burdin/BORSF Endowed Professorship in Business Administration III
• Paul Burdin/BORSF Endowed Professorship in Education
• Philip and Jean Piccione/BORSF Endowed Professorship in Statistics/Business
• The Coca Cola/BORSF Endowed Professorship in Art and Architecture
• The Coca Cola/BORSF Endowed Professorship in Hospitality Management VI
• The Ken Ardoin and Kathleen Babineaux Blanco Professorship in Business Administration
• The Lafayette Coca Cola/BORSF Endowed Professorship in Hospitality Management IV
• The Lafayette Coca Cola/BORSF Endowed Professorship in Hospitality Management V
• The Lafayette Coca Cola/BORSF Endowed Professorship in Marketing
• The Lafayette Coca Cola/BORSF Endowed Professorship in Marketing II.
Last year, the Regents delivered $280,000 in matching funds which helped to establish seven new professorships.