Agenda Item No. VI. A. 1.

Washburn University Board of Regents

SUBJECT:

Renaming the Clarence W. King Endowed Chair in Finance and Real Estate

DESCRIPTION:

The School of Business requests that the Clarence W. King Endowed Chair in Finance and Real Estate be changed to the Clarence W. King Endowed Chair in {discipline of holder}. This change will remove the University's requirement that the chair be filled by a faculty member in the disciplines of finance and real estate, thereby allowing the School more flexibility in filling faculty staffing needs.

According to a November 12, 1981 memorandum, the University established the Clarence W. King Chair in Real Estate and Finance. The Chair was filled by Dr. Mary Alice Hines, a Ph.D. in finance with a research and teaching interest in real estate. Dr. Hines retired in May 2004. There are no donor intent issues involved.

The purpose of the King Chair is to recruit and/or retain outstanding teachers and scholars in the business disciplines. Income from the King Endowment would be used to provide a salary supplement and professional development funding for the Chair holder. The chair holder would hold the position for a specific time period, with the possibility of renewal for additional term(s), subject to approval of the Dean and VPAA.

FINANCIAL IMPLICATIONS:

The approximately $25,000 generated annually by the endowment will be used as described above. The balance of the Hines' line (i.e., the general fund portion) will be used to fund a faculty position in the School of Business.

RECOMMENDATION:

President Farley recommends renaming the Clarence W. King Endowed Chair in Finance and Real Estate.

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(date) Jerry B. Farley, President