Named Endowment Funds
The Board of Trustees has authorized the creation of named endowment funds for such purposes as academic programs, fellowships, scholarships, library collections, awards, etc. The minimum amounts required to guarantee the effectiveness of such gifts are outlined in this Handbook and in the Gift Opportunities List, available in the Development Office.
Upon approval by the Vice President for Development and the President, a named endowment may be created to recognize an initial gift of less than the minimum if there is the expectation that future gifts will build the endowment to the required level.
Named Library Collections
A gift of $10,000 or more will create and name an endowed library collection in the area of the donor’s choosing. Named collections are listed in the college Catalogue and in a brochure describing support for the Paul Barret, Jr. Library.
Named Professorships and Faculty Fellowships
Endowed faculty positions enable the college to attract and keep teacher-scholars of the highest caliber. Minimum requirements for creating endowed faculty positions (or chairs) are:
Distinguished Professorship $3 – 4 million
Faculty Chair (senior professor – new position) $2.5 million
Faculty Chair (senior professor – existing position) $1.5 million
Named Scholarships
A gift of $100,000 or more will create and name an endowed scholarship.
Named endowed scholarships are listed each year by the Finance Office. Files containing, among other information, the name of the fund and the current annual distribution, are provided by the Finance Office to the Director of Financial Aid and the Director of Advancement Services by September 15. A list of one-time annual scholarships is provided by the Director of Advancement Services to the Assistant Director of Financial Aid by September 15.
By September 30, the Director of Advancement Services sends to the Assistant Director of Financial Aid the list of sponsors or interested parties to whom it would be appropriate for a student recipient to write a letter of thanks.
By October 31, the Assistant Director of Financial Aid matches student recipients to named scholarship and provides the information to the Director of Advancement Services.
By November 30, the Stewardship Officer asks student recipients to write letters of thanks to their sponsors and send copies to the Development Office for sponsor files. At the same time, the Stewardship Officer sends information to the appropriate sponsors identifying the student recipient for their scholarship and providing the endowed fund balance, if applicable.
The Development staff may provide occasions when the sponsors and recipients of named scholarships may meet. The Offices of Admissions and Financial Aid may assist in these meetings.
Additional assignments, the need for which is usually initiated by either the Development Office or the Finance Office, are made by the Assistant Director of Financial Aid after the original assignment each year.
The appropriate administrative offices are also notified.
Named scholarships are listed in the College Catalogue.
Naming Opportunities
The Development office will work with donors to arrange appropriate recognition for gifts and will depend on the scale, prominence, and purpose of the gift. Any public recognition will be discussed and approved by the donors and if they prefer to remain anonymous, their wishes will be honored.
1. Establishing Names for Buildings, Endowments and Programs. Authority to name buildings, facilities and parts of facilities, endowment funds and programs rests with the Board of Trustees upon recommendation from the President. Naming authority has been granted for the following naming opportunities under item 4 and 5 of this document. No advance approval for determining names is implied in this policy.
2. Procedures for Naming a Building or Portion of a Building. When it appears that a contribution to the college will result in a request to name a building or portion of a building for a donor or other individual, the Vice President for Development should be notified. A profile of the donor, the area of interest with any proposed stipulations, and information about how the gift will be paid should be provided. The Vice President for Development will discuss the potential naming with the President and other appropriate College officials.
3. Contribution Guidelines for Buildings, Facilities and Programs. In order for a building, facility or program to be named based upon a contribution the following will normally be met:
a. The amount of the gift will comply with the guidelines following;
b. The gift must be in irrevocable form, e.g., trust, contract for will, or to be paid over a period of five years (longer if necessary in special circumstances) based upon a signed commitment (A deferred gift is not normally acceptable for a facility where construction is dependent upon the gift.);
c. The person for whom the name is assigned has some reasonable connection to the facility or program being so designated.
d. Unless the gift is required to construct the facility to be named, the gift should be used to establish a program endowment restricted to an appropriate department or program closely associated with the facility.
e. If a program or department is to be named, a restricted program endowment supporting that program/department normally will be established.
The following amounts are suggested to establish a naming opportunity for a building, facility or program:
To name a: Minimum Gift Amount
Building at least 1/2 the cost of the building, or 1/2 the private fund raising goal, whichever is appropriate Center, Institute or Program $1.5 million minimum but determined by Center, Institute or Program Lecture Hall/Concert Hall/Auditorium - New 1/2 cost minimum but determined according to scale Lecture Hall/Concert Hall/Auditorium - Existing $100,000 minimum but determined according to scale Classrooms, Conference Rooms, Meeting / Seminar Rooms, Social Rooms $100,000 Exterior Spaces, Courtyards-New 1/2 cost minimum but determined according to scale Exterior Spaces, Courtyards-Existing $250,000 minimum but determined according to scale
4. Named Endowment Funds
To establish an endowment, a formal written agreement between the donor and Rhodes College must be executed which details the purposes and objectives of the endowment fund. In establishing a named endowment fund, the principal must be sufficient to meet the stated objectives of the endowment agreement.
The Rhodes College Board of Trustees has authorized the creation of named endowment funds for such purposes including academic programs, scholarships, library collections,
lectureships, awards, etc. The college will establish a named endowment fund when the minimum level of endowment is achieved.
Named Awards as of August 10, 2023
A gift of $10,000 or more will create and name an endowed student award; $50,000 or more will create and name an endowed faculty award. Income from endowed awards will be used to pay all the costs of the award and to support the work of the department in which the award is given.
To protect the importance of the awards, the following regulations and guidelines will be used:
• The total number of awards currently presented is adequate. However, the college will add awards if they are fully endowed and are in areas not covered by present awards. Each department should attempt to replace departmentally-funded awards with fully endowed awards.
• Already established departmental student awards which include a stipend shall be a minimum of $100. Until endowments support these awards, they may be funded from the departments’ non-salary budgets.
• All awards should be accompanied by an appropriate framed plaque funded by the endowed award or by the department.
• Criteria and selection of award winners are the responsibility of the participating department with the approval of the Vice President for Academic Affairs.
• Named awards are listed each year in the college Catalogue.