Thursday, March 22, 2007
Washington & Lee University announced yesterday that it has received a $33 million gift, which will be matched by $33 million in other funds, to be used exclusively to raise faculty salaries. From the press release:
Washington and Lee University in Lexington, Virginia, America's 9th oldest university, announced today that it will receive a gift of $33 million from H.F. (Gerry) Lenfest to be used to increase and maintain faculty salaries. Lenfest is a 1953 graduate and former trustee of W&L. He is also a graduate of Columbia Law School. ...
The gift will require a match of $33 million to be raised from other sources by the University. Lenfest matching funds will be transferred as University money is raised. The gift is solely for enhancing faculty compensation.
Update: Bryan Camp notes that as an endowment, the $66 million would generate $3.3 million per year at 5%, or $19,000 per faculty member.