The past and current members of the Beta Chapter of the Delta Kappa Epsilon fraternity are establishing a professorship endowment to continue to attract and retain the best possible professors at UNC.
The endowment is the first at UNC and one of the first in the nation sponsored by a Greek organization.
This professorship will consist of $660,000 in private funds, $100,000 of which was donated by Delta Kappa Epsilon alumnus Tee Baur and $340,000 from the state's Distinguished Professors Endowment Trust Fund.
Del Johnson, director of communications for the Arts and Sciences Foundation, said the total $1 million endowment would be invested to bring a return of roughly 5 percent, providing $50,000 a year to add to the selected professor's salary.
Johnson said University officials would determine whether the professorship should be given to a current UNC professor or used to recruit new professors.
Once that decision is made, recommendations will make their way through a trail of committees, culminating with the chancellor and UNC Board of Trustees approving the professor.
The same professor will receive the professorship every year until he or she retires or moves to another college.
At that time, a new professor will be selected to receive the professorship endowment.
The professorship, which was Baur's brain child, is aimed at improving relations between the University and the Greeks.