Wednesday, April 19, 2000

By Audrey Whaley, PR Intern

Wilmington, NC- As UNC Wilmington continues to grow so does its endowment fund managed by the university, which totaled $21,507,478 million as of March 31, 2000.

UNCW's first endowment gift was $25,000, donated in 1949 by Wilmington Mayor E.L. White. Since the arrival of Dr. James R. Leutze as chancellor of the university in 1990, the fund has more than tripled. In 1990, the endowment totaled $4.9 million. The university's first major capital campaign of $25 million was completed under Dr. Leutze's tenure and contributed significantly to the endowments increase.

"The growth in this endowment reflects the community's involvement and support in UNC Wilmington's potential," said Dr. Leutze. "Contributions made to UNC Wilmington pay off in stellar faculty and superior students. We are grateful for the community's expanded investment in this university."

The endowment fund is composed of gifts and bequests from donors who have stipulated that the principal be retained and invested to produce income, which must be expended in accordance with their wishes. The minimum amount needed to start an endowment account is $25,000. These private money gifts are separated into two categories, restricted and non-restricted, at the donor's request. The donations serve as irrevocable gifts, meaning the funds cannot be withdrawn after being received by the university.

The university receives support from the endowment to provide additional resources in many needed areas. Endowment income is used to fund scholarships, professorships, student loans, organized research, and institutional support. Most of the endowment accounts are restricted scholarships, which make up 65 percent of the funds. In many cases, the donors request to have a scholarship named in honor of someone.

The endowment is managed by a seven-member board appointed by the Board of Trustees.

For more information concerning the endowment fund please contact Ty Rowell at 910-962-3751, or Dan Geddie at 910-962-3144.