An endowment creates long-term financial stability, allowing the department to be less dependent on more unpredictable sources of revenue, such as annual research sponsorship and state government aid. While the recently concluded Campaign for NC State Students greatly increased the endowed funds for scholarships and fellowships available to the college, the college and the Electrical and Computer Engineering department continue to lag behind peer institutions in terms of endowment support.
An endowment is created through the establishment of a permanent fund that is invested and managed. A portion of the annual income generated (currently 4%) is used to carry out the donor's designated purpose. Income earned in excess of the annual amount spent is added back into the endowment so that it continues to grow and maintain its purchasing power for future generations.
Endowment gifts provide many opportunities to merge our donors' interests with the needs and objectives of the Electrical and Computer Engineering department. In order to guarantee that the income from an endowment will be sufficient to achieve the donor's goals, minimum support levels have been established. Following are just a few of the categories and minimum support levels for endowments.
In-state tuition and fees for full-time undergraduates in 2003-2004 totals almost $4,000. The out-of-state student rates total almost $16,000. As tuition rates continue to rise, endowed scholarship support becomes more critical to our ability to attract and retain the best students regardless of financial need.
The NC State Engineering Foundation currently manages more than $17,000,000 in endowed scholarship funds exclusively for students enrolled in the College of Engineering at NC State. These funds generate about $700,000 annually, which is used to award more than 350 scholarships averaging $2,000 each.
There are currently more than 5,700 undergraduates enrolled in the College of Engineering meaning fewer than 6% of students receive endowed scholarship awards. Fewer than 14% of engineering students receive scholarship assistance of any kind from the College. Attracting and retaining the best students is critical to the quality of our programs.
|Graduate Fellowship Endowment||Minimum $300,000|
|Undergraduate Scholarship Endowment||Minimum $25,000|
|Supplemental Scholarship/Fellowship Award||Minimum $15,000|
The College of Engineering at NC State has hired 90 new faculty members since 1996 due to retirements and new positions in emerging areas like biomedical engineering. The National Science Foundation (NSF) has awarded 37 Career Awards (19 since 2001) and 4 other prestigious NSF and Presidential Awards to NC State Engineering Faculty since 1996. In addition, three faculty members have been elected to the National Academy of Engineering since 1996. Attracting and retaining the best faculty is our priority and is critical to the quality of an NC State Engineering education.
|Endowed Chair||Minimum $2,500,000|
|Endowed Professorship||Minimum $1,000,000|
|Endowed Associate Professorship||Minimum $500,000|
|Endowed Faculty Fellows Fund||Minimum $300,000|
|Endowed Supplemental Faculty Support Fund||Minimum $50,00|
The construction of our new state-of-the-art teaching and research facility on Centennial Campus offers a host of naming rights opportunities for both corporations and individuals ranging from offices, labs, classrooms, conference rooms, and common areas to the entire building. Consistent with university guidelines, all named spaces require a minimum donation of at least equal the original construction cost of that space.
The primary goal of the naming rights campaign is to stregthen and grow our endowment base. Per University guidelines, 50% of a qualifying donation must be allocated toward an unrestricted endowment. The remainder can be added to an existing cash fund or endowment, or it can be used to create a new endowment in alignment with the donor's interests and the department's most critical needs, such as professorships, graduate fellowships, etc.
It is impossible to foresee every need and opportunity. For this reason many donors choose to establish endowed funds to generate annual income that is unrestricted in its use. This gives the dean of engineering maximum flexibility in allocating the college's resources to the areas of greatest need and opportunity. Gifts for endowed general support are recognized with special naming opportunities, examples of which appear below.
|College||Minimum $25,000,000||At least three quarters of the endowment must be unrestricted to ensure flexibility for the overall enhancement of the college.|
|Academic Department||Minimum $10,000,000||At least three quarters of the endowment must be unrestricted to ensure flexibility for the overall enhancement of the academic department.|
|Institutes, Programs and Centers||Minimum $1,000,000||At least three quarters of the endowment must be unrestricted to ensure flexibility for the overall enhancement of the institute, program or center.|
|Endowed Fund||Minimum $15,000||A named fund to provide annual income to support various needs and objectives.|