$10 Mill Endowment Encourages Sustainable Funding
15 MAY 2006
$10 Million Endowment Encourages Sustainable Funding
Ten million dollars has been donated to establish a perpetual endowment fund for The University of Auckland Business School. The donation is made up of $5 million plus an additional $5 million if the Business School raises $10 million from other sources, creating an initial potential base fund of $20 million.
The University of Auckland Business School Endowment Fund will be used to support post-graduate scholarships and fellowships, research and teaching projects, academic positions, professorships and visiting experts.
The gift is from a family who wishes to remain anonymous and is their second donation to the Business School. In 2002 they donated $1.5 million to establish a Chair in Entrepreneurship, which has been filled by Professor Wendell E. Dunn.
The Dean of The Business School, Professor Barry Spicer, says this endowment is yet another extraordinary gift to the School and reflects the far-sightedness of the benefactors.
“The benefactors believe New Zealand universities need to offer rewards and opportunities to outstanding staff and students equal to any in the world, and that the private sector should contribute towards national wealth generation through business education,” says Professor Spicer.
"The donors want the earnings of the endowment to equip students intellectually to be outstanding business leaders and entrepreneurs in New Zealand businesses. It will also help us become more attractive and competitive with the rest of the world.
“An endowment fund provides the Business School with a sustainable income stream. It will aid staff and students for years to come, adding security and stability to tertiary funding.
“We will continue to work to grow the endowment from this base, with a future target of $200 million in mind,” he says.
The long term capital value of the fund will be preserved and the interest from the funds used to support the School’s activities. The fund will be managed by The University of Auckland Foundation, a charitable trust which oversees investment of the University’s scholarship, endowment and trust funds.