The following guidelines are to be followed in proposing a named Chair or Professorship for Board approval.
Board of Trustees policy defines the levels of funding necessary to establish a named Chair or Professorship. At the time a named Chair or Professorship is established, the proposed plan for financing the gift will be reviewed by the Office of Finance and Treasurer and recommended by the Chancellor to the Board.
a) Endowed Fund. The most desirable arrangement is for the University of Maine System to receive and invest the full amount needed to endow the Chair or Professorship. However, there may be times when it is advantageous to a donor, for tax or other reasons, to make periodic contributions in fulfillment of an acceptable gift program.
Endowments may be funded over a period of time, if provisions are made for annual income of at least $50,000 for a named Chair or $12,500 for a named Professorship.
b) Annual Gifts. Donors should sign a pledge document prior to the Board accepting the named Chair or Professorship. The pledge should, at a minimum, cover the term of appointment outlined in the criteria and procedures for appointment. Annual funding will be $50,000 for a Chair and $12,500 for a Professorship.
c) Bequests. Bequests for named Chairs and Professorships must meet the minimum amount in effect under the requirements of Board of Trustee Policy section 711 as of the date of the execution of the will or trust.
At the time a named Chair or Professorship is established, the University will propose criteria and procedures for appointment to the Chair or Professorship. The individual being appointed must meet criteria established by the institution for its faculty membership. The criteria and procedures will be reviewed by the Vice Chancellor for Academic Affairs and recommended by the Chancellor to the Board.