July 2002 Stories

Sizing Up Willamette's Endowment

Shake away all of the excess qualifiers used to describe Willamette’s endowment and you’ll be left with two: "permanence" and "excellence."

"Permanence" because the endowment exists in perpetuity – its principle assets are never touched while the earnings from those assets support the University. "Excellence" because every action and intention at Willamette, from teaching and learning to research and program development, strives for excellence – and the success of these efforts is tied directly to the endowment.

Approximately 48 percent of the revenue generated by the endowment comes from unrestricted sources. Endowment revenue is considered unrestricted when the donor does not designate their gift to a particular purpose, so the revenue generated by such gifts can be used in any area of the University. The ability of these funds to enhance the quality of Willamette cannot be understated because they are directed to the areas of greatest need and opportunity within the University – from obtaining new lab equipment to creating an art acquisition fund.

The other 52 percent of the endowment revenue is considered restricted, which means that donors have designated their gifts for a particular purpose – in Willamette’s case it is student scholarships and endowed professorships. Endowed scholarships currently provide $3.5 million in financial aid and are vital to ensuring educational access for many of Willamette’s neediest students as well as supporting vital programs like the Science Collaborative Research Program. Endowed professorships strengthen Willamette’s core commitments, teaching and learning, by enabling the University to recruit, recognize, reward and retain the best teacher-scholars.

In more ways than you can imagine, the University’s endowment has helped sustain the character and quality of Willamette. Generations of generosity and prudent fiscal management have grown Willamette’s endowment to its present worth of $206 million. While this sum is admirable, our endowment per student ratio [see chart] is still relatively modest when compared to other national liberal arts colleges with which we compete for students.

Our values, high standards and commitment to teaching have placed us among the nation’s best liberal arts colleges. Our entering classes continue to be unprecedented in their academic profile and diversity, but they are also unprecedented in terms of their financial needs. To face these challenges while building upon our unique academic character, no single factor will have a greater impact on Willamette’s future success than the stewardship and growth of our endowment.

New Chinese Studies Position Funded

A grant from the Luce Foundation expands WU’s Asian Studies program to include Chinese Studies.

In June 2001, Willamette learned that it was among 10 schools in the nation to be awarded a four-year faculty position in Asian Studies, funded by The Henry Luce Foundation, Inc., located in New York. This fall, the new faculty member appointed to this prestigious position, Dr. Juwen Zhang, will join Willamette to teach Chinese language and folkloric studies.

Zhang comes to Willamette following previous appointments at Bryn Mawr and Haverford Colleges, among others. For Willamette, the importance of this grant is clear. With a well-developed program in Japanese, including courses in language, history and literature, Willamette’s Asian Studies program has long required an equal emphasis on Chinese language and culture. Now, with strengths in both areas of programmatic study (as well as courses in Thai and Lao culture and society), Willamette’s Asian Studies program is poised to make a major impact on the liberal arts curriculum.

The Luce Foundation grant provides four years of salary support and benefits for a scholar in Chinese language and culture, as well as $10,000 annually (during the grant period) for support of programmatic activities associated with the position. At the end of the four-year grant period, the University will assume financial responsibility for the position.

Other colleges and universities that received Luce grants this year in support of new junior faculty positions in Asian Studies include: Beloit College (Beloit, Wi.), Colgate University (Hamilton, N.Y.), Gettysburg College (Gettysburg, Penn.) Kenyon College (Gambier, Ohio), Mount Holyoke College (South Hadley, Mass), Southwestern University (Georgetown, Texas), St. Olaf College (Northfield, Minn.), University of Puget Sound (Tacoma, Wash.), and Wesleyan University (Middletown, Conn.).

Moving WU to the 21st Century

Candace and Bert Forbes, parents of a current Willamette student and technology entrepreneurs, committed $2 million to provide opportunities for integration of new and creative technologies.

Technology innovation has been a top priority for Willamette since President Lee Pelton unveiled his long-range plan in 1999; however, technology is one of the most expensive challenges universities face.

“Technology is going to only grow in importance in our world, and Willamette needs to have the resources to stay up to date in this area if it is to provide extraordinary education for its students,” said Bert Forbes.

The Forbes Endowed Technology Innovation Fund is a “matching gift fund,” so for every $2 that Willamette raises the Forbes family will match it with $1. The ultimate goal is to raise $6 million over the next five years, $2 million from the Forbes and $4 million from other Willamette friends.

“We wanted to help form an endowment so that Willamette would be able to keep up with the changes in technology over the years,” said Forbes. “Matching gifts allow the University to leverage our donation to achieve higher levels of giving from other potential donors. It’s always extraordinary when you can earn 50 percent interest on your donation.”

By creating an endowed fund, the Forbes have provided a gift in perpetuity. Willamette will benefit from the fund’s annual earnings to constantly make improvements and changes to technology on campus.
Candace Forbes added: “Helping raise an endowment is the ‘gift that keeps on giving.’ We’re hoping this gift will help Willamette attract and challenge strong, technologically-oriented staff, professors and students.”
For more information on how to make a gift to Willamette, log onto www.willamette.edu/support/.

Leaving a Lasting Legacy

Planned giving allows you to reinforce your values in education.

Ross McIntire ’12 graduated from Willamette’s medical school shortly before the University of Oregon acquired the school. McIntire served as surgeon general of the United States Navy and as President Franklin D. Roosevelt’s personal physician. McIntire also played a key role in Willamette President G. Herbert Smith’s successful efforts to implement a V-12 program during World War II, which helped the University survive the war years.

McIntire died in 1959, and when his wife Pauline died almost 30 years later, Willamette learned that the McIntires had bequeathed their home to the University. Willamette sold the house and used the proceeds to build a large auditorium classroom in Smullin Hall, the new classroom building dedicated in 1988 on the site of the old library. The McIntire Auditorium recognizes two individuals who supported Willamette during their lives and, through their estate plan, provided a valuable lasting legacy for generations of talented Willamette students.

Through your estate planning, you can make a profound and lasting statement about your values and demonstrate your commitment to Willamette’s ideals. If you wish, you can earmark a bequest – large or small – for scholarships, faculty support, particular departments or programs, preservation or improvement of the campus or any aspect of campus life that is special to you. It is simple and inexpensive for your attorney to include a bequest to Willamette in a new or existing will or living trust.

In addition to supporting Willamette, a bequest to the University can prevent federal and state taxes from erasing more than half of the estate you build during your lifetime. And naming a charity like Willamette as a beneficiary of your IRA or other retirement account provides especially favorable tax benefits.

Contact Steve Brier, director of planned giving, at 503-370-6022 or at sbrier@willamette.edu, for more information or for assistance in drafting a bequest. In addition, if you already have provided for Willamette in your estate plans, Steve would like to hear from you so that we can help ensure that your wishes are fulfilled, and so that we may include you in the R.A. Booth Honor Society at Willamette.

IN THEIR OWN WORDS: Three Faculty Members Share Their Thoughts on Endowed Professorships

“I have always believed that the strength of Willamette is its faculty. I think endowed chairs have been an important contribution to that tradition.”
– Lane McGaughy, George H. Atkinson Professor of Religious and Ethical Studies

“Endowed positions provide faculty with the resources to pursue new ideas and provide the university with resources to leverage the development of entirely new programs. More programs can be created that push teaching beyond its traditional limits, involve students in the field and bring more of the world onto the Willamette campus.”
– Laura Leete, Fred Paulus Director of the Public Policy Research Center

“Endowed professorships allow Willamette to attract outstanding teacher-scholars and artists to our community and to retain them. They also make it possible to enhance the quality and diversity of the academic curriculum without imposing intolerable tuition burdens on students. It’s not surprising that the number of endowed faculty positions is one of the main indicators of institutional quality.”
– G. Frederick Thompson Jr., Elmer and Grace Goudy Professor of Public Management and Policy Analysis

Exploring America's Constitution

“Powers not delegated … are reserved … to the people.”
– 10th Amendment, U.S. Constitution

An enthusiasm for America’s system of government and an appreciation for his Willamette College of Law education motivated Ken Peterson L’80 and his wife, Claudia, to establish The Willamette Center for Law and Government. The $2 million endowed gift fulfills Willamette’s dream to provide students with an in-depth look at law and government and to create the Law & Government Certificate Program, one of four new certificate programs at the College of Law.

"Given Willamette’s proximity to the state capitol and the historic relationship with state government, I thought something with an emphasis on that relationship was particularly relevant," said Peterson. "I hope that the Center will provide an additional avenue for students to learn about our system and what makes it so precious in the struggle to maintain liberty in a world that has so often been hostile to freedom."

The Center will help students develop an understanding of the law governing institutions at the national, state and local levels. It will also explore how public policy is made and modified and how those educated in the law can effectively influence the formulation of law and public policy. "The bottom line is that I want to do what I can to help make sure our special American system of government remains vibrant and is one of those things that will be passed along to my children and their children for generations to come," said Peterson.

For more information about The Willamette Center for Law and Government visit www.willamette.edu/wucl/academic/certificates.htm.