Endowment is the total support of a particular project including its maintenance in perpetuity. It involves the donation of funds or other property which may or may not have a specific purpose at the bequest of the donor. The endowed funds are thus managed by investing the principal, such that it remains intact, in perpetuity or for a defined period, while the interests accruing therefrom are utilised to support and maintain the project over time. It has been established that this arrangement is most appropriate and beneficial both for the institution which would never run out of funds to maintain the project as well as for the donor whose name will continue to be associated with the project.
The result of the University’s efforts at “friend-raising” and “fund-raising” has been the creation of what has come to be known as the Endowment fund, i.e. funds for the general development of the University. These include endowment from Staff Contributions, Contractors/Suppliers, Student Endowment Levies and other Unrestricted Donations i.e. from Alumni and Friends of the University.
Such funds raised from alumni and other endowment partners have, over time, assisted the University in executing its institutional priority projects such as hostels, libraries, auditoria, lecture theatres etc. The Endowment fund has also assisted students through endowment scholarship awards in five (5) major categories:
- Academically brilliant students
- Indigent students
- Students with outstanding leadership qualities
- Outstanding sportsmen and women
- Physically challenged students.
The endowment scholarship award scheme is unique to the University of Lagos and the total amount of N248,175,000.00 has so far been awarded as scholarships to 6,027 student beneficiaries from 2005/2006 session to date.
These are endowments restricted to specific projects which may include:
- Endowment of strategic projects e.g. lecture theatres, libraries, laboratories, hostels etc.
- Endowment of Professorial Chairs.
- Endowment of Academic Programmes in terms of Staffing, Equipments and other academic facilities.
- Grants for Fellowship Award Schemes.
- Awards of Scholarship and Prizes to Students.
- Research Grants and Annual Lectures.
- Funding of Research Journals and Publications.
- The appropriate sum to be endowed in this category depends on the project(s).
Other Endowment Support Schemes:
In the spirit of give-back, alumni can support their alma mater’s developmental efforts by making regular small or large donations, which will make a tremendous difference in the life of the University.
Staff may also give back through a structured deduction from pay-roll over a period of time. Lump sum donations are also accepted.
Students may support by volunteering their services free of charge to the University under the student volunteer scheme e.g. Ushering at University Events etc.