The endowment will help meet applicants' needs, financial and otherwise, by providing students with the means to achieve their University-related goals.
Young's plan was heavily criticized during the student body presidential race last spring for setting a precedent that might not be attainable for less wealthy candidates. After a review by Student Congress last year, Young was allowed to donate his salary to the program.
Young said he hopes his administration raises enough money this year to support the endowment for future years. "The unfortunate thing is that we've barely just touched the surface because we've been doing so many other things," Young said. "We hoped to get it started by the end of the semester."
Fund raising is an essential component of the plan, and Young said money raised by events this year will help sustain the endowment after his term. "Basically, as it stands now we're trying to raise as much money as possible," he said.
Young also said fund-raising efforts might be hampered by the Sept. 11 terrorist attacks but that his administration will look for as many funds as possible.
"It's going to be a huge project, so we're trying to do fund raising from all ends," said executive assistant Matt Tepper, who mentioned a possible appeal to the Board of Trustees. "It's a challenge to get a whole lot of money, but we'll work to get as much as we can."
Students will be able to apply for a grant of funds or other resources from the endowment's review committee.
"The list ranges from money to any other resources or contacts the student may need," Young said. "We're going to work on establishing a committee and hopefully it will take itself from there."
Young stressed his regret that the endowment has been late in coming due to other projects. "It's been tough trying to get together and get organized."
The University Editor can be reached at udesk@unc.edu.
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