(A)       Policy implementation for naming of endowments

(1)       Minimum levels of support are required before an endowment is fully funded and can be allocated under the donor’s or designee’s name. Funds may be established with a one-time gift or predetermined payment plan (usually five years). An endowment fund agreement will clearly state the purpose for which the money is given.

(a)       (Named) Chair: $2,500,000. The designation of “chair” will be accorded to that select number of faculty who are determined to be truly outstanding scholars and teachers according to rigorous, nationally accepted standards. The title “chair” is the highest honor Kent state university may award to a faculty member. The reputations of individuals recruited as chairs will reflect their special understanding of their particular field of study and their nurturing of the leading scholars of the future. Chairs at Kent, as at other prestigious universities, will constitute that small cadre of exceptionally-gifted professors whose names evoke immediate acknowledgement and respect in academic circles. This award typically supplements existing budgeted salaries.

(i)         Areas such as science or other academic programs, which require laboratory equipment, may require additional funding.

(b)       (Named) Distinguished professorship: $1,000,000. The designation of “professorship” will be accorded to those position held by exceptionally-gifted scholars. Professorships are typically held by those faculty members whose accomplishments indicate great potential. Their efforts are focused on honing their teaching skills and carving out areas of research performance. This award typically supplements existing budgeted salaries.

(c)        (Named) Faculty scholar: $500,000. The designation of “faculty scholar” will accord to those positions held by faculty who show exceptional potential for their career. This award typically supplements existing budgeted salaries.

(d)       (Named) Presidential scholarship or founders scholar fund: $100,000. (Named) Fellowship: $50,000. (Named) Scholarship or other endowment: $25,000. These three funds will be used to endow significant fellowships and scholarships at Kent. Fellowships are reserved for graduate students, and scholarships are generally given to undergraduate students. Depending on the donor’s preference and the magnitude of the gift, these named funds will provide deserving students, some of whom may need to meet specific criteria, with financial assistance of a portion or all of their educational experience.

(e)       (Named) Library endowment fund: $100,000. This naming opportunity is set at a minimum of $100,000. Income from the principal will provide unrestricted support to the annual operation of the Kent state university libraries. This endowment is very valuable because of the critical nature of the library as it serves a technical and research-oriented university.

(f)         (Named) Unrestricted scholarship or other endowment: $10,000. Named unrestricted scholarship endowments rank as top priority in establishing scholarship endowments at Kent due to the flexibility they present. These scholarships can be used to recruit and retain the brightest and most capable students without any restrictions.

(g)       (Named) Library book fund: $10,000. This unique endowment program is established as a naming opportunity in the Kent state university libraries. Interest from the library book fund will be used to place new volumes in the library in perpetuity. Each year, income from this fund will be used to purchase books in honor or memory of those who have elected to endow a library book fund in the Kent state university libraries.

(2)       The annual allocation of funds to support “chairs,” “distinguished professorships,” and “faculty scholars” will be authorized by the dean of the school with which the funded position will be associated, subject to the approval of the provost. Unspent funds will be returned to the principal or held for expenditures for the following year.

(B)       Policy implementation for naming of facilities

(1)       Named endowments for libraries, museums, institutes, academic and other program operations will be determined on a per-case basis.

(a)       If a project is being “reserved” for a donor who is making provisions through a will arrangement, an appropriate amount may be added for inflation.

(b)       “Seed money” for a named project or program will be accepted only if there is a reasonable expectation that full funding can be achieved.

(2)       Colleges, schools, centers, and institutes. Under special circumstances, naming opportunities are considered on this scale where specified and endowment gift criteria are met in agreement between the donor and the executive administration of the university with the approval of the board of trustees.

            (3)       General facility naming provisions.

(a)       New construction, if entirely funded form private sector. Naming opportunity exists when private funding level is no less than fifty-one (51) percent of the cost of construction, plus a ten (10) percent maintenance endowment.

(b)       New construction, if major portion - more than fifty-one (51) percent – is to be funded by the state and/or other public sources. Naming opportunity exists when the private funding level is at least the cost difference between government allocations and overall cost of construction, but not less than thirty-three (33) percent of overall cost, plus a ten (10) percent maintenance endowment.

(c)        Renovations when entire cost is to be funded from private sector. Naming opportunity exists when the private funding level is generally one-hundred (100) percent of the cost of renovation; a lesser amount if renovation cost is above $2,000,000.00, but no less than fifty-one (51) percent of the overall cost, plus a ten (10) percent maintenance endowment.

(d)       Renovations when state and/or public sources are paying part of the cost. Naming opportunity exists when the private giving level is at a minimum of the difference between government allocations and overall cost of the renovations, but no less than thirty-three (33) percent of the overall cost, plus a ten (10) percent maintenance endowment.

(e)       Components of a structure (laboratory, classroom, auditorium, office, seminar room, reception areas, studio, etc.). Naming opportunity exists when private giving level equals one-hundred and fifty (150) percent of the actual square footage construction cost, with the additional fifty (50) percent of the endowment for upkeep purposes.

(f)         Courtyards, gardens, and other landscaping. Naming opportunity exists when private giving level equals one-hundred and fifty (150) percent of the cost, with the additional fifty (50) percent of the endowment for upkeep purposes.

Effective: June 1, 2007
Prior Effective Dates: November 10, 1997