2008 Woodie Awards
W&L Receives largest donation in University history
Briana Gapsis
Issue date: 3/28/07 Section: News
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Recognizing the integral role that professors have in shaping not only the current experiences of their students, but also their futures and their very outlooks on life, Gerry Lenfest, a graduate of the class of 1953 and former member of the board of trustees, generously donated an incredible $33 million dollars to an endowment for faculty compensation.
"No matter how much one loves teaching or a particular university, it is important to be adequately compensated for that dedication," said Lenfest.
As impressive as $33 million is, Lenfest's donation will ultimately exceed $66 million; one of the stipulations of the endowment is that it be matched by December 31, 2010. According to the Vice President for University Advancement Dennis Cross, President Ruscio, the Development staff, and the Board of Trustees have developed a plan to do just that. Over the course of the next three years, they will visit alumni, parents, and friends of the University, asking for gifts to help match Lenfest's generosity.
"They [the alumni, parents, and friends of the university] realize the centrality of faculty to the all-important faculty-student relationship at W&L," Cross said. "We have a lot of work to do, but we are enthusiastic to receive Lenfest's gift and to work to meet the challenge."
This gift has far more value than the simple dollar amount, though.
"I hope each of you will take a moment to understand the deeper message the gift represents," President Ruscio said. "It is a ringing endorsement of the tremendous impact [the teachers] have on the students [they] teach, not just during their years at Washington and Lee but also during their lifetime as caring members of their communities."
To put things in perspective, according to the Forbes website, the mean annual salary for surgeons is $181,850, marketing managers earn an average of $100,020, and engineers make about $104,210. Psychiatrists earn $151,380 on average, CEOs can expect to make about $140,880, and lawyers get about $110,590 a year. These are jobs many W&L alumni can quite reasonably expect to hold. However, according to institutional research, the average compensation, without bonuses or benefits, for a professor at W&L ranges from $58, 400 for an assistant professor to about $98,600 for a full professor. Even at the high end, dedicated professors' earnings tend to be notably lower than that the professionals these teachers had guided during their formative years.
"No matter how much one loves teaching or a particular university, it is important to be adequately compensated for that dedication," said Lenfest.
As impressive as $33 million is, Lenfest's donation will ultimately exceed $66 million; one of the stipulations of the endowment is that it be matched by December 31, 2010. According to the Vice President for University Advancement Dennis Cross, President Ruscio, the Development staff, and the Board of Trustees have developed a plan to do just that. Over the course of the next three years, they will visit alumni, parents, and friends of the University, asking for gifts to help match Lenfest's generosity.
"They [the alumni, parents, and friends of the university] realize the centrality of faculty to the all-important faculty-student relationship at W&L," Cross said. "We have a lot of work to do, but we are enthusiastic to receive Lenfest's gift and to work to meet the challenge."
This gift has far more value than the simple dollar amount, though.
"I hope each of you will take a moment to understand the deeper message the gift represents," President Ruscio said. "It is a ringing endorsement of the tremendous impact [the teachers] have on the students [they] teach, not just during their years at Washington and Lee but also during their lifetime as caring members of their communities."
To put things in perspective, according to the Forbes website, the mean annual salary for surgeons is $181,850, marketing managers earn an average of $100,020, and engineers make about $104,210. Psychiatrists earn $151,380 on average, CEOs can expect to make about $140,880, and lawyers get about $110,590 a year. These are jobs many W&L alumni can quite reasonably expect to hold. However, according to institutional research, the average compensation, without bonuses or benefits, for a professor at W&L ranges from $58, 400 for an assistant professor to about $98,600 for a full professor. Even at the high end, dedicated professors' earnings tend to be notably lower than that the professionals these teachers had guided during their formative years.
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