Endowments Create Permanent Legacies
Endowed funds create a permanent legacy and a perpetual impact. When named for the donor or the donor's designee, the name is carried forward. CVM students and faculty then see the tangible impact and gain an appreciation for investments made by others. Donors may select a specific area or purpose that will regularly benefit from the earnings of the endowed fund. Some Gift Designations in the College of Veterinary Medicine
Endowed funds are managed through the ISU Foundation, for the benefit of the College. As per ISU Foundation policy, five percent of endowment principal can be awarded to the designated intent annually, and excess earnings, minus an investment fee, are posted to individual accounts to maintain future purchasing power. Donors may set college-approved criteria such as program endowments to benefit specific CVM departments, the Veterinary Medical Center, faculty development, lecture series, student learning opportunities, and others. Suggested minimum amounts for named endowments are $15,000.
Named Endowed Scholarships
Endowed scholarships are presented to deserving students based upon financial need, leadership potential, academic achievements, area of professional interest, or other college-approved criteria recommended by donors. Endowed scholarships provide a permanent base of support in perpetuity and a lasting legacy to the donor. Many donors who establish endowed scholarships have opportunities to meet their recipients and forge lasting relationships.
Since 1998, $2.5 million has been received in cash gifts designated for endowed scholarships. This influx of support has fueled a dramatic increase in awards given to hard-working students. For 2001-02, an estimated $320,000 will be awarded to some 280 students. These figures represent increases of 70 and 37 percent, respectively, since 1998. More than 50 endowed scholarships have been created since 1995. These have helped blunt the burden of rising educational debt facing graduating veterinary students, which now averages $50,000 or more. Suggested amounts for named endowed scholarships begin at $25,000 and up.
Veterinary Medicine Endowment Fund
Created in 1976 through a challenge grant from the JE Salsbury Foundation, this fund has grown to over seven million dollars in principal value. Many gifts from alumni and friends are added to the VM Endowment each year. Annual earnings (five percent) are used to enhance the overall excellence of the College while providing permanent resources for the future. Student scholarships, equipment purchases, faculty development, study abroad programs for students, alumni outreach and publications are a sampling of benefit areas. Alumni leaders who serve on the Veterinary Medicine Endowment Board provide oversight and policy guidance on expenditures from this multi-purpose fund.
Equipment Acquisition Fund
Endowed gifts for this designation help address one of the College's most pressing needs. A recent report to the Council on Education of the American Veterinary Medical Association highlighted the college's growing need for equipment upgrades and acquisitions. The study identified some $15 million in near- and long-term equipment needs that are essential in classrooms, laboratories, the veterinary medical center and other areas.
The College of Veterinary Medicine has responded to this rising demand by doubling its annual allocation to equipment since 1995. This has been done through a combination of reallocated resources, private funding, and other measures. But more needs to be done to keep up with the high-tech instrumentation and new equipment needed. Private gift added to the endowed equipment fund provide an on-going revenue source to ensure that state-of-the-art equipment is available throughout the College.
Veterinary Medical Library Acquisition Fund
This endowed fund supports the Veterinary Medicine Library's growing need to maintain and upgrade professional journals available to students. These resources are vital to students? veterinary education, but are increasingly more costly to provide. Currently, the library offers 626 professional resource journals at an annual cost of approximately $250,000. The creation or expansion of an endowed library fund will could provide additional scholarly materials and ensure that resources are available to support the scholastic work of students and faculty.
Veterinary Diagnostic and Production Animal Medicine Fund
This endowment would provide resources to benefit the Department of Veterinary Diagnostic and Production Animal Medicine (VDPAM). Resources would assist its mission of integrating teaching programs, research on pressing food animal diseases, responsive professional practice, and the sharing of diagnostic information to benefit the livestock industry.