Established in 2008 as part of Nationwides transformational 50 million gift to Nationwide Childrens Hospital. The Bill and Melinda Gates Foundation is one of the wealthiest private foundations as of 2019 with endowment of $46.8 billion as of December 31, 2018. Dean Jeffers Endowed Chair in Neonatology. Our chairs bring forth advancements to ensure a high level of care for patients. Harvard University's endowment (valued at $53.2 billion as of June 2021) is the largest academic endowment in the world. Endowed chairs at Norton Children’s Hospital represent the most prestigious and significant recognition of a physician’s or clinicians work. Private endowments are some of the wealthiest entities in the world, notably private higher education endowments. An endowed professorship only applies to the person that initially filled the position. When the faculty member leaves, a new professor can fill the endowed chair. Institutions that commonly manage endowments include academic institutions (e.g., colleges, universities, and private schools) cultural institutions (e.g., museums, libraries, and theaters) service organizations (e.g., hospitals, retirement homes the Red Cross) and religious organizations (e.g., churches, synagogues, mosques). These terms indicate a prestigious teaching position at a university, but they differ in that an endowed chair exists independently of the faculty member who holds it. In some jurisdictions, it is common for endowed funds to be established as a trust independent of the organizations and the causes the endowment is meant to serve. Endowments are often structured so that the inflation-adjusted principal or "corpus" value is kept intact, while a portion of the fund can be (and in some cases must be) spent each year, utilizing a prudent spending policy.Įndowments are often governed and managed either as a nonprofit corporation, a charitable foundation, or a private foundation that, while serving a good cause, might not qualify as a public charity. Wikipedia Rate this definition: 0.0 / 0 votesĪ financial endowment is a legal structure for managing, and in many cases indefinitely perpetuating, a pool of financial, real estate, or other investments for a specific purpose according to the will of its founders and donors. An endowed chair is an elite faculty appointment that carries with it a stable source of funding to support the chair-holder’s work.
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