The Faculty Scholarship Endowment Fund: History and Background
The Faculty Scholarship Endowment Fund was established, in 1974, as a faculty fundraising participation within the Epoch Campaign. It was initiated by the faculty as an effort especially attractive for faculty support. The charter document of the Fund, signed by Prof. Carl Anderson as Chairman of the Academic Council, Prof. John Fein as Chairman of the Council Faculty Scholarship Committee, and President Terry Sanford, reads as follows:
“This Fund is established by members of the Faculty of Duke University in recognition of the academic merit and financial need of students.
1. “This Fund shall be entered in the permanent records of Duke University as the Faculty Scholarship Endowment Fund.
2. “This Fund shall be a permanent endowed fund, from which only the investment income shall be disbursed for scholarshhips. The property comprising this Fund, may, for investment purposes, be merged with the general investment assets of Duke University. Any portion of the income not awarded in any given year shall be accumulated and temporarily invested. Such funds are defined as income and may be used in subsequent years for scholarships.
3. “The supervision and administration of the scholarships shall be the responsibility of the Scholarship Committee of the Academic Council, in consultation with the Financial Aid Office.
4. “Initially scholarships shall be awarded to juniors and seniors in the undergraduate colleges on a combination of academic achievement and financial need. When the endowment reaches adequate size, the earnings may also be applied to scholarships in the graduate and professional schools. The Academic Council, in consultation with the Chancellor and Provost, shall determine ‘adequate size.’
5. “Any change in the policy, supervision, and administration of the Fund must be approved by the Academic Council or its successor.”