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Steven Schroeder, MD
Distinguished Professor of Health and Health Care |
Distinguished Professorships and Endowed Chairs
Creating an endowed faculty position is perhaps the single most important step a donor may take in assuring the future quality and international pre-eminence of UCSF.
The UCSF Endowment
History
UCSFs history of endowments is venerable and long-standing. The first chair, the Morris Herzstein Chair of Biology and Physiology, was established in 1933 with an investment of $750,000. Today, that fund is worth more than $11,500,000 and has been used to establish a second chair and an endowed research fund. Since then, 34 Distinguished Professorships, 79 Endowed Chairs and 5 Endowed Professorships have been established at UCSF. The total endowment for faculty positions at UCSF is $167,761,197 as of 6/30/01.
Performance
The total UCSF endowment (which includes both endowed faculty positions and program funds) stands at a market value of $862.3 million as of June 30, 2001. It is managed by the UCSF Foundation, a non-profit, public benefit corporation established to receive, manage and administer gifts to further the excellence of UCSF and the UC Regents Treasurers office. With the guidance of an Investment Committee, and the assistance of professional investment counselors, the Foundations Board of Directors is responsible for the endowments management. For the past decade, the endowment portfolio has performed at or above the rate of other portfolios of its type.
Put in Context
Although $860+ million may seem a healthy endowment size, its significance can best be evaluated relative to other institutions. Harvards endowment is $19.2 billion, Yales is $10.1 billion, and Stanfords is $8.64 billion. Johns Hopkins endowment is $1.75 billon and Rockefeller University is $1.30 billion (perhaps the most similar in scope to UCSF).
Unlike these private institutions, as a public institution UCSF is much more subject to the vagaries of state finances. State support of all UC campuses has been drastically reduced since the mid-60s, when it covered close to two-thirds of the University's budget. In addition, state funds are now focused primarily on undergraduate education at existing campuses (which excludes UCSF since there are no undergraduates), seismic retrofit projects and development of the new UC Merced campus. As a result, in 00-01, only 14% of the UCSF budget came from the state. Couple this with the fact that public institutions are not able to raise tuition levels to cover increasing costs, the role of private support in general and endowment support in particular becomes critical.
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