Ithaca College

I am pleased to announce that the Board of Trustees decided at their fall meeting last week to create two new endowed funds for the benefit of faculty and staff at Ithaca College. One of these endowments will provide funding for faculty professional development and the other will provide funding for staff professional development as well as for one time merit awards for exceptional performance.    

The Trustees took this action upon recommendation of the Ithaca College Budget Committee, which I endorsed and forwarded to the Board. 

Each endowment has been funded at the initial level of $1 million, with money drawn from the operating surplus achieved in 2008-2009.  More money will be added to the endowments in future years, as operating results permit.  The approximate spending value of the initial endowment will be $40,000 per year.  

Traditionally, the primary use of year-end operating surpluses has been to modernize our facilities, to undertake necessary maintenance and repairs, and on occasion to support funding of a new building. To continue the reach for excellence in a challenging and competitive environment, it is essential that we invest in our people as well as in our facilities. That is why the Trustees created these new endowments in support of life-long professional and career development of Ithaca College faculty and staff. 

The Board of Trustees joins me in thanking all faculty and staff for their efforts, which have made possible the creation of these new endowments.