Universities: The Art of Endowing

Academe's massive fund drives no longer aim exclusively at new buildings and expanded facilities. Since the bigger need now is to meet annual operating costs, mainly in teachers' salaries, there is a new emphasis at many universities on setting up endowed chairs. At the same time, sophisticated benefactors have found that giving their names to a professorship is more satisfying than simply seeing them carved on the donor's plaque of a new building.

Columbia University's current $200 million fund drive is centered around the creation of 100 new academic chairs, each to be...

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