Endowments can even pay for building maintenance or campus beautification. But the real beauty of an endowment is that its income can be directed to any purpose that you and the University agree will accomplish your objectives. How large an endowment gift needs to be depends on what you want it to support. The more elaborate or expensive the program, the more principal is needed to generate the necessary income. Once an endowed position is fully funded and earning spendable income, the final step is to choose the recipients.
Great care is taken to see that a donor's wishes are met.
Students must meet specific requirements for scholarships or fellowships. Because endowed faculty positions are a means of recognizing and rewarding outstanding teachers and scholars, faculty recipients usually must distinguish themselves nationally or internationally in their areas of expertise to be considered. You may choose to perpetuate your name or the name of someone you wish to honor, such as a family member, physician, friend, colleague, or mentor, with a project or program of enduring benefit. A wonderful way to honor a family member, friend, or colleague, either living or deceased, is to make a gift in his or her name to benefit research in a specific area or student scholarships. Often donors choose to honor someone who has had a significant impact on their life, like a physician or educator.