Tech Directions - August 2007 - (Page 24) and your program. This strategy offers a step toward perpetual funding. sponsorship fees for each student intern they hire. Student scholarship endowments—Each year we award approximately $70,000 in the form of 44 scholarships, which are funded by 15 endowments that have a current balance of $570,000, in addition to numerous annual gifts. Students also have access to college-wide scholarships supported by over $4 million in endowments. The department and college continue to seek donors to support new scholarship endowments. James Parnell Memorial Student Development Fund Campaign—This campaign was started in honor of James Parnell, who taught in the department for 30 years. On his death, his widow made due to the magnitude of the funding involved. Discussions at Colorado State regarding this strategy have just begun. Conclusion This article introduces a financial development strategic framework accounts for 8 “. . . theofconstruction industryproduct and nearly a percent the gross domestic trillion dollars of revenue per year, a fertile and supporting environment in which to move from state-supported to a state-assisted program. Phelps Internship Placement Endowment—This endowment, generously funded by a donation from Joseph Phelps (Hensel Phelps Construction Co.) of the class of 1951, has a current balance of $673,538. On an annual basis, the endowment generates approximately $35,000, of which half goes toward supporting the program and half to increase the endowment base. In addition, participating companies give the program $500 in ” a substantial donation to prime the $250,000 campaign. The fund currently has a balance of $112,000. Level 6—Endowed Chairs Consider an endowed chair campaign to move toward financial independence. and specific strategies that we see producing great results for the construction management department at Colorado State University. We encourage other educators and administrators in relevant fields to give them a try. References Atkinson, R. (2003, August). A budget update from the University of California president for faculty and staff. Our University, Issue 9. Retrieved at http:// www.ucop. edu/news/budget/issue9.html Badger, William W., & Carbajal, Lupe. (2004) A working model for funding construction management programs. Proceedings of the 40th Annual Conference of the Associated Schools of Construction, Brigham Young University, Provo, UT. Casacchia, C. (2005, November 25). State universities turn to private sector funding. The Phoenix Business Journal. Retrieved at http:// phoenix.bizjournals.com Rutgers University Senate. (2003). Report and resolution on proposed reduction in state funding. Approved by the Senate, February 21, 2003. Spink, W. (2003, March 7). State schools join Clemson in funding struggles. The Tiger Clemson University. Retrieved at http:// www.thetigernews.com Phelps Eminent Scholar Campaign—One of only a few endowed chairs at Colorado State University, this endowment represents a department funding milestone. Generously donated by Joseph Phelps, the endowment’s funds are used to rotate executive industry professionals into the classroom on a oneto-three-year basis. The current balance of the endowment is $1,436,906. As with most endowments, half of the interest supports a scholar and the other half builds to endowment principle. Heavy Construction Endowed Chair Campaign—Similar in principle to the Phelps Eminent Scholar Campaign, but with a focus on providing continuity and expertise in the heavy civil segment, this campaign is currently underway. We have reached $980,000 of our $3,000,000 goal. Level 7—Named School The pinnacle… Having a named school represents the highest financial development achievement. Very few exist 24 techdirections ◆ AUGUST 2007 http://web.mac.com/iajukes/iWeb/thecommittedsardine/Handouts_files/fgtgtg.pdf http://www.ucop.edu/news/budget/issue9.html http://www.ucop.edu/news/budget/issue9.html http://www.matecnetworks.org http://phoenix.bizjournals.com http://phoenix.bizjournals.com http://www.thetigernews.com http://www.thetigernews.com
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