SUBJECT: Catherine C. Hussey -- Endowed Chair in Nursing Fund
The School of Nursing requests the Catherine C. Hussey -- Endowed Chair in Nursing Fund be changed to allow the computed earnings to be distributed and used according to the intent of the donor. This change will remove the board restriction requiring all earnings be retained by the fund to grow the corpus of the fund.
According to an April 28, 1988 memorandum, the Washburn University Board of Regents took action on April 27, 1988 to require all earnings on the Catherine C. Hussey -- Endowed Chair in Nursing Fund to be retained in the fund. The donor did not require the earnings to be retained.
The distributions from this fund will be used in accordance with donor intent to provide salary support for School of Nursing Faculty. While not specifically required by the donor, the distributions from this fund will be directed to support faculty teaching in the Master of Science in Nursing Program subject to approval of the Dean and VPAA.
The market value of the fund as of 12/31/04 was $618, 805 and the 2004 annual computed distribution was $28,862. The original value of the gift in 1988 was $166,410.
The approximately $29,000 generated annually by the endowment at this time will be used as described above.
President Farley recommends all earnings from the Catherine C. Hussey -- Endowed Chair in Nursing Fund be distributed according to the spending policy for Washburn University endowed funds beginning with the 2004 annual distribution.
(date) Jerry B. Farley, President