An endowed chair is a faculty position supported by an endowment fund established by the Board of Trustees for that specific purpose. By Board policy, a minimum in endowment is to be provided for the support of a named faculty chair. The income from that endowment may be used to cover the salary and benefits of the faculty member appointed to the chair and such other costs – such as research assistance, secretarial assistance, other related personnel costs, travel, teaching materials, equipment, books, supplies, etc. – which are related to the work of the faculty member and the department.
Throughout higher education, endowed chairs serve two primary purposes, regardless of the particular institution or academic department involved.