BB&T creates new endowment
By Susan Walley
Senior Staff Writer
The School of Business will receive a $500,000 contribution from BB&T Corporation, establishing an Endowed Professorship in the Philosophical Foundations of Free Enterprise.
This gift will be made out over five years, at which time the N.C. General Assembly will match the amount creating a $1 million endowment.
The state’s endowment matching program is “an attractive thing for donors,” said Wendell Staton, director of the Office of Major and Planned Gifts.
“We’re fortunate that our state believes so much in these endowments,” Staton said.
The endowment is similar to others BB&T has made at universities throughout the Southeast, Staton said.
Dr. Eric Dent, dean of the School of Business, explained that the bulk of the gift will be used to “recruit and retain a superstar faculty member.”
Additionally, a small part of the gift will provide books to business majors.
It will take five years for the full endowment to be received.
Once received, the only money which can be accessed is the interest.
In addition to the $500,000 endowment, BB&T also donated $25,000 to be used to provide books over the five years that the gift is being paid out.
“Endowments start off slow, but they’re there forever,” explained Dr. Dent.
With an interest rate of about 5 percent, the full endowment will produce around $50,000 a year for the professorship.
BB&T has made gifts to the university in the past, and the university maintains a relationship with the corporation.
“Back in 2002, they supplied the university with an endowment of $100,000, which at that time was the largest corporate endowment the university had received,” Staton said.
BB&T CEO John Allison visited the campus a year ago.
“I think he was very impressed with our campus and our students,” said Dr. Dent.
The university has a total of six endowed professorships at this time.
Three endowed professorships are now in the School of Business.
“This endowment is a part of UNCP continuing to grow in reputation and stature,” said Dr. Dent.
According to Staton, there have been four endowments at UNCP in the past two years.