The University of Alabama has 100 million reasons to smile today. That’s how much the new Richard Shelby Endowment for Distinguished Faculty is worth, all of it coming from congressional funding.
TUSCALOOSA, Ala. -
University of Alabama leaders say the $100 million will generate about $5 million dollars a year, enough to recruit faculty with a particular focus on STEM. Chancellor Finis St. John is predicting big things from the endowment. The annual interest on the $100 million endowment should be enough to hire and retain anywhere from 20 to 40 professors for STEM.
University officials say the funds came direct from this year’s appropriations in Congress. Most of the money is in place with the rest on the way.
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