Donation To Fund Positions

The William R. Kenan Jr. Charitable Trust has committed a donation of $27 million to fund up to 10 new Eminent Professorships worth more than $3 million each. The gift officially was announced by Chancellor James Moeser on Oct. 12, University Day.

UNC officials say the gift will help the University draw and retain outstanding new faculty at a crucial time.

"The professorships go to the core of a great university because it builds a great faculty," said Provost Robert Shelton.

Speed Hallman, executive director of UNC's development communications, said the gift is a big step forward for the Carolina First campaign, whose primary goal is to create 200 new endowed professorships. "If the challenge grant is successful, it will yield 10 new, very attractive professorships," Hallman said. "It would be a tremendous boost to the campaign."

The gift comes at an opportune time, because about one-third of the current faculty will be retiring in the next few years, said Richard Krasno, executive director of the Kenan Charitable Trust. "Any time is a good time (to donate money)," Krasno said. "But in the next few years there will be a large retirement, and this will help replace some retiring faculty."

The gift consists of two parts: direct funding and a challenge grant. Five of the new endowed professorships will be paid for by the trust. The trust also will donate $200,000 toward as many as five additional professorships if another donor gives $2.5 million for a professorship. The University can then apply for a matching fund of $334,000 from the state's Distinguished Professorship Endowment Trust Fund to cover the remaining cost.

Shelton said he thinks the matching funds campaign will stimulate other donors. "We're hoping other people will step forward," Shelton said.

The new professorships, which are open to newly recruited and current faculty members, are seen as an honor in the academic community, said journalism Professor Chuck Stone, who holds a Walter Spearman Professorship.

"(An endowed professorship is) recognition that you're at the top of your game and is usually given to someone with a distinguished professional or academic career," Stone said.

Economics Professor James Friedman, who has a Kenan Professorship, said the research grants that are normally offered as part of a special professorship make the job more appealing.

"(Offering professorships) makes it easier to attract high-quality faculty members for two reasons: the resources available and because it is regarded as an honor," Friedman said.

Shelton said he hopes this recognition of honor will help UNC recruit the most accomplished faculty members from around the country. "If we can draw one top scholar, it will attract others," Shelton said. "(Professorships) tend to have a multiplying effect."

Hallman said the Eminent Professorships should not only attract new faculty but also help retain current members. "(The professorships) will allow us to compete nationally and internationally and may help us keep great faculty who may otherwise leave," Hallman said.

Shelton also said the main goal of both the fund-raising campaign and the gift from the Kenan Trust is to allow UNC to "compete with the best institutions around the country."

"The University is only as good as its people," Shelton said. "Success is determined by the people you have, students and faculty."

The University Editor can be reached at udesk@unc.edu.