Endowed faculty chairs are a waste of money (except mine)

Increasing amounts of funds are given to universities each year that are to be invested and endow special salary supplements and spending allowances for named faculty. Donors’ motives are varied, but for the schools, the special use is a way to attract and retain faculty with national research reputations. From a marketing point of view, the school administrators believe that having the funds to attract these faculty to their department rolls has a positive impact on the school’s reputation. Yet there are serious questions as to what schools actually are getting for the spending competition to attract over‐priced academic superstars while the lower paid faculty remain the main contact with students. At worst, the holders of the positions are disconnected from the broader campus community.