Comprehensive University Endowment Trust Fund
In 1997, the Kentucky General Assembly passed House Bill 1, a plan designed to reform the state鈥檚 system of higher education. The goal was to develop a 鈥渟eamless, integrated system of postsecondary education strategically planned and adequately funded to enhance economic development and quality of life.鈥�
A key element of this initiative is the Endowment Match Program which encourages private investment in public higher education research activities to stimulate business development, generate increases in externally sponsored research, create better jobs and a higher standard of living and facilitate Kentucky鈥檚 transition to a knowledge-based economy. The program matches state funds dollar-for-dollar with private gifts to grow endowments to fund endowed chairs, professorships, research scholars, research staff, graduate fellowships, undergraduate scholarships, research infrastructure and mission support at these institutions. This collaborative approach is critical to advancing Kentucky鈥檚 research presence into national prominence.
State funds for the program are appropriated to the Research Challenge Trust Fund (RCTF) for the research institutions and to the Regional University Excellence Trust Fund (RUETF) for the comprehensive institutions. The Endowment Match Program received surplus General Fund appropriations of $110 million in 1998-99 and $120 million in 2000-01. The legislature debt funded another $120 million for the program in 2003-04. Murray State鈥檚 share of this funding totaled $8,490,787 and since it has succeeded in completely matching all eligible funds, its total endowments equal $16,981,574.
Another round of Bucks for Brains funding of $60 million was made available to Kentucky鈥檚 public colleges and universities during the 2008-10 biennium in recognition to the success and popularity of the program. Since the inception of the program in 1998, Murray State has received $10,070,787 in state matching funds and $10,070,787 in private matching funds for a total endowment increase of $20,141,574.
With these endowment funds, the University has been able to establish two endowed chairs and five endowed professorships. Both chairs and three of the professorships were filled during the current reporting period. All endowed chairs and professorships reported expenditure activity during the fiscal year. In addition, 29 endowed scholarships and five mission support endowments have been established. The results are enhanced teacher training quality as well as improved instruction and research in financial planning and creative writing. The endowed scholarships have helped provide greater access to higher education.