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Policy Manual – Named Chairs and Professorships

FINANCIAL AFFAIRS
Section 711 Named Chairs and Professorships

Effective: 7/22/69
Last Revised: 7/13/98, 7/14/08, 11/16/2015
Responsible Office: Finance, Academic Affairs, and Human Resources

Policy Statement:

Named Chairs are positions that enable the University of Maine System to supplement its academic and research programs by attracting or retaining distinguished scholars to its Universities.

A Named Chair may be established by:

a.  an endowment gift of $1,000,000 minimum, or

b.  an acceptable program of annual gifts of at least $50,000 per year for the period outlined in the gift instrument       together with evidence that the donor has  made the necessary changes in his/her estate plan to cover this commitment.

The income from the endowment or the annual grant will be dedicated to support the Chair. Such arrangements are expected to cover or supplement the salary of the recipient of the Chair, and where appropriate, support services for the position.

The donor of the full amount for a Chair may designate the name of the Chair subject to Board of Trustees’ approval. The donor of less than the full amount may suggest a name but it must be left to the discretion of the University to determine the appropriate name since funds are derived from multiple sources.

Although endowed Chairs are created and intended to be perpetual, any Chair may be temporarily discontinued by the University when endowment or gift funds are insufficient to support the intent of that Chair.

Establishment of Named Chairs and approval of criteria and procedures for appointment to the Chair must be recommended by the Chancellor and approved by the Board of Trustees.  The Board of Trustees will receive an annual report of the names of faculty who hold named chairs.

Named Professorships are positions that, through salary enhancement, enable the University of Maine System to recruit and retain outstanding teachers and scholars.

A Named Professorship may be established by:

a.  an endowment gift of $250,000 minimum, or

b.  an acceptable program of gifts of at least $12,500 per year for the period outlined in the gift instrument, together with evidence that the donor has made the necessary changes in his/her estate plan to cover this commitment.

The income from an endowed Professorship or an annual gift may be given as a stipend to the person holding the Professorship. In some situations, a portion of the income may be allocated by the University to provide equipment, technical and clerical assistance, travel, and other auxiliary support for the professorship.

The donor of the full amount for a Professorship may designate the name of the Professorship subject to Board of Trustees’ approval. The donor of less than the full amount may suggest a name but it must be left to the discretion of the University to determine the appropriate name since funds are derived from multiple sources.

Although endowed Professorships are created and intended to be perpetual, any Professorship may be temporarily discontinued by the University when endowment or gift funds are insufficient to support the intent of the Professorship.

Establishment of Named Professorships and approval of criteria and procedures for appointment to the Professorship must be recommended by the Chancellor and approved by the Board of Trustees. The Board of Trustees will receive an annual report of the names of faculty who hold named Professorships.

Related Documents:

Guidelines for Establishment of and Appointment to Named Chairs and Professorships
Guidelines for Trustee Professorships
Guidelines for Libra Professorships