Faculty of Distinction Funding
The Kansas Partnership for Faculty of Distinction Program was enacted by the Kansas legislature in 2000 to assist eligible educational institutions (see KSA 76-773) to attract and retain highly qualified faculty. Through a partnership among the institutions, private donors, and the State of Kansas, qualified gifts to an endowment association are matched by the State at an interest earnings equivalent rate. The institutions are required to use the earnings in coordination with endowed funds to support the professorships established through the Program. For Wichita State University, qualifying gifts of at least $350,000 to establish professorships for participating in the Faculty of Distinction Program. Within the university’s financial system, the state match is deposited in a “R” fund within the college, while foundation endowments are deposited in a “D” fund.
Faculty of Distinction Process Steps
- State funding match allocations are received from KBOR and deposited in state match holding org/fund 101519/R10620.
- Foundation prepares summary tables outlining endowment funding available per each individual endowment award.
- In the fall of each year, the Budget Office prepares initial tables to facilitate the calculation of position reassignments for use of the available funding, for consideration of the college. The college will review, make appropriate changes based on discussions with the FOD faculty, and then resubmit the form to the Budget Office for processing of the position re-assignments through ePAF’s. Any OOE adjustments in comparison to the current budget are processed by the college either directly in the university’s financial system or by submission of a Budget Adjustment Form. Example provided here.
- Budget Office and Financial Operations prepares and processes cash transfers from the state match holding org/fund to the appropriate college “R” fund. Colleges verify that the correct org/fund is reflected in the table.
- Colleges request from the Foundation transfers of endowment earnings to their appropriate “D” fund based on their plans for use and in accordance with the provisions of the endowment award.
- Budget Office prepares and submits funding change ePAF’s through the normal process to adjust position splits in accordance with the college’s plan for use of available funding for the current fiscal year.
- Colleges monitor budget and variance to budget for all accounts supporting Faculty of Distinction and take action as necessary to maintain financial stability.