Inc. Only the income produced by an endowment is spent. Endowment gifts are often made to establish a named scholarship fund, library acquisition fund, or faculty position.
Endowment needs vary according to the funding requirements of each academic unit.
Approval by the University Provost is required for all endowed faculty positions. Income from the endowment shall be used as a supplement to cover additional salary and related fringe benefits, and for expenses related to activities of the incumbent. Copyright 2000 University of Louisville. All rights reserved.