With a critical focus on building endowments to support student scholarships, academic programs and faculty development, the University reached a milestone of over $50 million in endowment funds. In the last five years, the number of endowments has grown from 210 to 303, a 44 percent increase. This has resulted in an increase of $16 million in endowment funding.
During the 2011-2012 academic year, $900,000 in scholarships was awarded to 1,150 students. In the last five years, several key academic programs were enhanced and 11 faculty chairs, professorships and fellowships were funded by endowments. View enlarged chart.
“These funds have a tremendous impact on our students and the quality of the education we provide,” says Edward Chiu, vice chancellor for University Advancement.
Endowments have been created by alumni, faculty and staff as well as friends of the University, many as named memorials or in honor of individuals or families. “We are thankful to all who have made it possible for us to attain this significant achievement,” says Chiu. “The support of alumni, faculty, staff and friends is a testament to the great work and accomplishments of UMass Lowell. Their contributions are taking us to new levels of success.”
Reaching this milestone is another accomplishment on a long list of benchmarks that have been met during Chancellor Marty Meehan’s five-year tenure at UMass Lowell. Since he became chancellor in 2007, UMass Lowell has attained an 83 percent increase in overall fundraising for a total of $61 million in pledges and gifts. This has included several multimillion-dollar gifts, allowing the University to increase scholarships, construct new buildings on campus and advance educational and research programs that benefit the entire region.
The University also has $9 million in future pledge commitments, which will boost the University endowment total close to $60 million over the next four years.
To establish an endowed fund, a donor commits a minimum of $25,000 through an outright gift or a multi-year pledge. For more information on creating an endowment fund, call the Office of University Advancement at 978-934-3689.