The stock market has been good to the endowment that pays for Chairs of Excellence at Tennessee universities. After several years of losses, the fund has earned more than 56 million dollars in the last two years.
What a Chair of Excellence is varies. Most are faculty positions reserved for people considered experts in their field. Some operate more as programs to stage educational events.
But when it comes to money, each works the same way. A mix of private donations and state funds are invested, along with the money from every other Chair in the state. Deputy Treasurer Steve Curry says how much that investment earns directly determines the amount of money used
“If you looked at the last ten years or so, we’re gonna fluctuate from 6 million to up as high as 7 million that would be available.”
This year, the fund will pay out 8.8 million dollars.
That’s a total figure, split between 99 Chairs. It’s also a substantial increase, because returns haven’t just improved, they’ve shot up. Looking at all the money the endowment has earned since 1984, 20 percent of those earnings came in the last two fiscal years.
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