Table of Contents
Please use the contact section in the governing policy.
- Can investment returns be counted to reach the minimum funding levels?
No, named faculty positions are considered a prestigious honor at the University. Naming is secured to acknowledge the level of gift needed to create such a position. Therefore, only Donor gifts should be used to reach the minimum funding levels and secure the naming rights. This will ensure Donor recognition equity across the University.
- Can I fundraise to reach the minimum funding levels?
Yes, units are able to fundraise to reach the minimum funding levels. Additional documentation will be needed at UMF to allow the fundraising process to begin and the fund to be established. This documentation will address the timeframe, development strategy, and definition of a secondary use if minimum funding levels are not achieved.
- If a fund will be established with a future deferred gift, can it “lock in” at today’s minimum funding levels?
No, the minimum funding levels are set to ensure the named position has adequate funding to support the required position. In the future, the University may deem it necessary to require an increase in the minimum funding levels to ensure a specific level of support for the named position. If the fund is established at a lower minimum funding level this could dilute the support of the position by not providing adequate resources and cause undue financial stress on the University to maintain the named position.
- Can a unit create higher funding levels?
Yes, this document reflects the minimum funding levels set by the University; individual units may set higher levels based on their specific needs and goals.
- Can my fund support more than one position?
Possibly. The minimum funding levels are designed to support one position and bring a level of prestige within the University to these positions. If your endowment fund has growth (gifts and/or investment returns) equal to or greater than the then current minimum funding levels for the same position type, the college may decide to use the available funding to support an additional position under the same name.
Additional gifts will be required if you wish to have the second position hold a different name or increase the faculty position level.
- Who is responsible for selection and appointment of named faculty positions?
The University has sole authority to appoint the holders of chairs, professorships, faculty fellowships, and other positions. Selection and hiring must follow then-current University and collegiate policies and procedures. Donors are not allowed to be involved in the University's decisions regarding the selection, appointment and hiring of faculty.
How do I request a withdrawal when the PUF Status Report in DMS shows this message ‘Fund XXXX needs to be calculated manually through EFS. Please contact the Foundation Accounting Department at 612-624-3333 if you have any questions.’?
Some PUF funds may not be linked from DMS to EFS, therefore in order to calculate the portion to withdraw from each fund contact UMF and a spreadsheet can be provided to help calculate the percentage from each fund.
- What happens if I am unable to fill the position for an extended period of time?
The goal is to optimize utilization of available dollars in these funds to support our faculty. We understand that there may be times when you need the flexibility to carryover funding while you find a qualified candidate, however donor stewardship should be a consideration. Units are encouraged to partner with the Foundation if the fund is too restrictive to utilize on a consistent basis.