Today’s announcement of a $1.5 million endowed chair at Colorado State represents a key part of an initiative aimed at adding five such chairs to the university this year.
The $1.5 million gift from Joseph Phelps, an alumnus and longtime Colorado State supporter, will be used to establish an endowed chair in the construction management program. The Phelps donation is the lead gift in the university’s effort to establish five new chairs in 2001. Phelps’ gift brings the total number of endowed chairs at Colorado State to six.
"Endowed chairs are vital to continuing excellence in education at Colorado State, which is why we’ve made this a top priority," said Jean Rahn, executive director of development. "We’ve experienced significant momentum in private giving, and our endowment has grown to $133 million. This unprecedented level of support ensures continuing benefits for the university’s programs and its students."
Funds given to establish endowed chairs are permanently invested by the Colorado State University Foundation, and the interest generated is used to fund the chair. The principal amount is never drawn upon, so endowments allow continuous funding to supplement the chairholder’s salary, graduate student work, research and activities tied to industry. In addition, endowed chairs help the university to attract and retain top-quality faculty.