The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-06-30
HOW THE CARNEGIE
FOUNDATION OPERATES


- ~ ~
Tho announcement in The Times
Dispatch that Randolph Macon Wo-
mans College has been placed on the
Carnegie foundation excited widespread
interest. Many however. did not sec
, how n plan for pcnsionins professors
would be OF, such advantage to the
Il college as Ior. Smith claimed In saying
4 that being placed on this foundation,
II Operates practically as an addition of
Il 100000 to the endowment OF the col
a lege for the purpose Of securing and
kecSing an able and vigorous faculty"
] 10 solve this question a correspondent
! interviewed Or. Smith at I4ynchburg
Doctor, the public does not under
\ stand how being placed on the Carnegie
\ foundation is worth 81 hundred thous-
and dollars to Randolph Macon Wo-
for that sum to be added to your
4 endowment
No; the investment is kept In the
hands Of it's special trustees. and the
amount coming to this college Is paid
by monthly checks.
4. But do you not then pay 1t all
out to professors who have retired and
are no longer working for the col
1cge2'
YES"
How, then. does it help you run the
collcge?'
In getting good professors and
Keeping them UP to the retiring age
THIS is matter of the highest i'm
portance to o college The teacher
makes the school, and to be able to
Il call to the service of Randolph- Ma
con Womans College professors of
nigh training and tried efficiency is
tho Keynote OF good service and sue
cess"
Now, YOU see. man is usually
u about thirty before he receives his Phi.
y. degree--that Is, before he isFfully
trained in his subjects Then he needs
five years at least to show his ability
equire aptitude and skill in teaching
II our college should then call him at
d a faii salary and also offer to provide
for his future by a retiring allowance
OF $3.50 year for life after he is
sixty five he is very likely to accept
erat offer in preference to others
which make no such provision"
OF course; but suppose he never
reaches sixty-fve?"
If he has taught twenty-five years
In college. when, according to the
aupposition, he will be ffty-fve, he
WIN be entitled to q retiring allowance
with us OF about $1,000 year. and
anould he die before retiring his
4 widow VIII receive an annuity during
her widowhood Of one-half or her fus-
bands allowance"
But is that worth s1Oo,o0o-s5, ooo
a year--to your"
Il think So So important did we
think this pension system. that before
1he Carnegie foundation was estab-
1ished. we had pledged $4,000 of our
endowment for just such n Man
though on mucl2 smaller scale, YU
VIII see by the annual report Of the
IarneE1e foundation that in the Unitef
States there were six institutions nro.
Pldlns retiring pensions when the Car.
neSie foundation came upon the field
Harvard, Yale. Columbia. Cornell ant
stla Universities, and Randolph
macon Woman's College {See nag,
S2-oi) The action of the foundatinr
releases our little $4,000 fund an,
enables US TO offer three times tn,
FORMER pension, and at sixty-five IN
stead or seventy years of age RICH
now we have professors entitled to re
tire. whose claims would take the ~
terest of $4,000 at s per cent p,
1910 others come of age" calling fo
me income of $4,000 more, and a,
the college grows in years and I,
number OF professors, it is probable
Inc annual pension VIII never fall he
low $4,000. 1t Is likely to rise i
$4,000. :.
How viii you work the opportun,
typ '''>,' : : :
The Randolph Macon board has a.
rided to make retirement at sixty-flv
automatic. All teachers are retired a
Sixty five. but IL the board should de
sire In any case. 1t can elect anv on
'or additional service year by yea
utter that age"
have heard that you also CAV
pne year holiday in every seven year
to your professors. on fun pay
No. nos that would be too steer
We allow one year ont OF every seye
II a fun professor wishes to use
TOT further study abroad, or at som
university here, or for travel and re
cuperation OF vigor. We wish TO kee
our men fresh and fun of life Ru
we pay only half salaries to those o
leave Of absence. and they must bin
themselves to return ana teach 70
US. Thus. You see. l5 we get onl
weil-trained professors after the
have proven their efficiency; (2) w
Keep them fresh by the seventh-yea
vest; CD we hold them during thej
most efficient period, and "a we re
Lease them when they begin to stall,
>Dn~a comfortable support"
NEW school,, RJIJInTSf.