|Scope of this Process
||This page pertains to the Establishment, Modification and/or Dis-Establishment of an Endowed/Named Entity falling under the purview of the Provost and Vice-Principal (Academic) as described under the subsequent section Gift.
|University Advancement Secures Gift
||University Advancement secures a gift agreement to the University with a minimum threshold of $3 million dollars or greater to fund the establishment of an Endowed/Named Chair, or $2 million dollars to fund the establishment of an Endowed/Named Professor.
||The Memorandum of Understanding (MOU) or the Memorandum of Agreement (MOA) is developed in conjunction with University's Naming of Assets Policy Document. The MOU/MOA is signed by those duly authorized by the University's Regulations Relating to the Approval of Contracts and Signing Authority to finalize the agreement secured by DAR. The MOU/MOA details the terms of the proposed Endowed/Named Chair. The Payment Schedule is also detailed.
|Dean's Office Sets up the Endowment Funds
||Once the MOU is finalized, and the schedule of payments set forth, the Dean's Office must complete the Request for a New Fund form, available from the Financial Services website, and follow the instructions contained therein in order to obtain the Confirmation of New Endowment and Spendable Funds.
|Formalizing the Establishment, Modification and/or Dis-establishment of an Endowed Chair
||The Dean sends the Provost & Vice-Principal (Academic) a memo requesting formal establishment and/or modification of the Endowed Chair, as well as the Confirmation of New Endowment and Spendable Fund notification (see the previous section). The Office of the Provost & Vice-Principal (Academic) completes the following steps:
- The MOU is reviewed.
- The monies in holding with Gift Processing are validated by the Office of the Provost & Vice-Principal (Academic).
- The Endowed/Named Chair approval of establishment memo is finalized and signed by the Provost & Vice-Principal (Academic) and the Vice-Principal (Administration & Finance).
- Establishment/Modification of the Endowed/Named Chair is formally communicated to all parties.
|Endowed/Named Chair Incentive Allocations
||The following Endowed/Named Chair Incentive Allocations are made available to Faculties via the Compacts process for regular endowments. Further details can be obtained from the Academic Renewal & HR-Budget Feed document available on CentreStage.
|After 1 January 2014
- for university-based endowed chairs receive, one addition to the Faculty’s target complement will be provided.
- for university-based endowed chairs receive, one additional recruitment licence will be provided. The area of the additional recruiting licence will be designated by the Dean. Hiring on this additional licence may not precede the filling of the endowed chair position that generated the additional complement.
|After 1 June 2010
- for university-based endowed chairs, a compact incentive allocation equivalent to 50% of the amount contributing to the regular salaries (account 600001) of TT staff will be provided each year.
- for hospital-based endowed chairs, a compact incentive allocation equivalent to 25% of the amount contributing to the regular salaries (account 600001) of TT staff will be provided each year to the Faculty of Medicine.
|Before June 1, 2010 but after June 1, 2006
- compact incentive allocation equivalent to 25% of the amount contributing to the regular salaries (account 600001) of TT staff will be provided each year.
|Selecting and Appointing the Chairholder
||Appointment of the Chairholder can proceed once all the steps above have been completed and once the full Endowment has been received by the University. See Appointing or Reappointing a Named Chair on this site for the procedure.