UNC announced today a $5.5 million gift from the William R. Kenan Jr. Charitable Trust and an anonymous donor to support the hiring of young faculty members.
Chancellor Holden Thorp told the Board of Trustees that the gift will allow the University to encourage junior faculty members to pursue academic careers, an important task in a time of economic difficulties.
"The economy has lowered promising young minds at a time when the job market is poor," he said. "There is a risk of a lost generation of Ph.D.'s if we don't do our part."
Thorp said it will benefit the University to bring promising young faculty to campus in addition to supporting a mission important to the future of higher education.
"Of course, they'll make their homes in Chapel Hill, which is good for us," he said.
The Kenan Charitable Trust contributed $5 million to UNC, encouraging a $500,000 donation by an anonymous donor. The funds are expendable, meaning they can be used by the University immediately, rather than going into the general endowment.
The gift will support three-year packages for 18 junior faculty members, including 14 in the College of Arts and Sciences, two in the Kenan-Flagler Business School and one each in the schools of nursing and education.
The Kenan Charitable Trust is named for alumnus William Rand Kenan from the class of 1894 and has made significant financial contributions to the University. The trust and members of the Kenan family contributed almost $70 million to the recent Carolina First fundraising campaign.