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Executive Guideline No. 2, 4-23-69, amended 9-14-81, revised 12-6-95. Replaces Executive Guidelines No. 28 and 31. Revised 1-9-08. Reissued as Executive Order No. 2, 1-29-08. Amended 3-4-11.

I.  General

1. The minimum donation required for a named endowment fund is $10,000. Donations of less than $10,000 for endowments will be credited to a pooled endowment fund account.
2. The minimum gift for a named endowed professorship will be $550,000; the minimum for a named endowed chair will be $1,100,000.
3. These minimums may be waived by the President in an exceptional case if the University's objectives can best be met by such an action.

II.  Missouri Endowed Chair and Professorship Program

1. Description of Program
   
   1. Purpose -- To attract to the ÃÈÃÃÉçÇø new distinguished faculty to achieve academic excellence throughout the University.
   2. Funding
      
      1. (Donor-specified Name) Missouri Chair of (Department or Program)
         (1) Minimum of $1,100,000 from donor(s) for particular chair.
         (2) Match of $1,100,000 from the State of Missouri. Should funds appropriated by the State be insufficient, the ÃÈÃÃÉçÇø will match the income derived from investment of the donor's $1,100,000 until the State match is appropriated.
         (3) One full-time position, salary and benefits from ÃÈÃÃÉçÇø
      2. (Donor-specified Name) Missouri Professorship of
         (Department or Program)
         (1) Minimum of $550,000 from donor(s) for particular professorship
         (2) Match of $550,000 from the State of Missouri. Should funds appropriated by the State be insufficient, the ÃÈÃÃÉçÇø will match the income derived from investment of the donor's $550,000 until the State match is appropriated.
         (3) One full-time position, salary and benefits from ÃÈÃÃÉçÇø
   3. Conditions
      
      1. The President will consider approval of State matching funds when private funds have been received and deposited in the University's endowment, or when certification of an irrevocable commitment to the University by a trust or foundation is received. Pledges will not be credited as matching funds until they are received.
      2. Those appointed to endowed chairs or professorships must be newly recruited to the University, except as provided in subparagraph c. herein, and must add materially to the University's quality.
      3. In unique cases with the Missouri Endowed Chair and Professorship program it may be appropriate to fill the endowed position with internal candidates. These cases would require a compelling reason to fill from within and the following conditions would be allowable exceptions:
         
         1. (1) In cases where a ÃÈÃÃÉçÇø professor is being recruited by another university and has been offered an endowed position elsewhere; or where the endowed position is used as a means of retaining an outstanding faculty member who is equal to others on the campus holding endowed positions. 
            (2) In cases where there has been a full and complete external search for the endowed position that has failed on at least two consecutive searches to hire an outside candidate. A subsequent search could be conducted where internal candidates would be allowed to apply. If recommended by the committee, the appointment could be made to an existing UM faculty member.
            (3) In cases where the University is attempting to fill a special need within a college or school such as developing a unique niche (e.g., creating an area of excellence or special expertise) or a focused initiative (e.g., enhancing undergraduate teaching).  In these instances, no change in the purpose or focus of the endowed chair shall be made without the approval of the original donor in an amendment to the endowment agreement.
            The decision to hire an internal candidate would require written approval by the provost, chancellor and the President, in addition to any other approval processes that are currently in place.
      4. Private funds received after July 29, 1992, will be eligible for participation in the matching program. If the total gift meets the amounts stipulated in II.A.2, the gift will be considered for approval, even though some funds were received prior to July 29, 1992.
      5. Gifts of non-liquid assets must be sold by the University before their value is counted as a donation for purposes of this program. The President may make exceptions, if holding the asset is judged to be in the best interest of the University.
2. Investment of Funds
   
   1. The donated funds and State matching funds will be invested in