WEDNESDAY, JULY 2, 2003
NEWS
THE UNIVERSITY DAILY KANSAN = 7
ENDOWMENT
Chancellor to get $50,000 raise
Econ alum's donation will help University attract and keep leaders
By Kevin Wiggs
kwiggs@kansan.com
Kansan staff writer
Chancellor Robert Hemenway just got a raise, and it won't cost KU students a dime.
The Kansas Board of Regents announced Thursday that a KU alumnus gave $3 million dollars to be divided equally among three Kansas universities.
The gift, made to the Kansas University Endowment Association, the Kansas State
Hemenway
Foundation and the Wichita State Foundation, will be additional compensation for the chancellor or president at each of the three universities.
John Scarffe, KU Endowment Association communications director, said the gift given to the University would produce $50,000 annually that would be paid to Hemenway.
"This will enable the University to attract and retain the best leaders possible in the future." Scarffe said.
The donations were made by Charles Oswald, a KU economics alumnus and Hutchinson native.
He graduated from the University in 1951, after spending two years in the U.S. Marines and before earning his master's degree in business administration from Harvard University.
"I think that these three university leaders are doing great jobs for their institutions right now," Oswald said in a statement released by the Kansas Board of Regents.
"Keeping top leaders is important, and these endowments are meant to assist the state in doing so," he said.
This donation will mark the first endowed funds in Kansas history to increase the salaries of leaders at Regents institutions.
Similar funds are common at universities across the nation, Scarffe said.
When such gifts are endowed, the funds are invested. The profit is paid to the recipient, so the initial donation is never used and will, ideally, last forever, Scarffe said.
Reggie Robinson, Board of Regents president and CEO, thanked Oswald on behalf of the Regents and the universities.
"Charley Oswald demonstrated great foresight and generosity when he identified this need and sought to address it without being asked," he said. "Like funds for professorships, they will assist us greatly in attracting new candidates to these positions in future years."
This donation isn't the first time Oswald has shown gratitude to his alma mater.
In October 2001, Oswald donated $10 million to the University, the largest individual donation in school history.
The money was split three ways $6 million for the economics department,$3 million in unrestricted funds and $1 million for the School of Business.
- Edited by Maggie Newcomer
STATE
Teen killed on highway by tractor-trailer truck
OTTAWA—A Kansas City, Mo., teenager was killed yesterday when he was hit by a tractor-trailer truck that drove away from the accident, the Kansas Highway Patrol said.
The 17-year-old victim was changing a flat tire about 2:30 a.m. on Interstate 35 near Ottawa when he was hit by the truck, the Franklin County Sheriff's Department said.
Another person, Trong Tin Kieu Nguyen of Kansas City, Mo., was taken to the Kansas University Medical Center in Kansas City, Kan. His injuries were not life-threatening, a sheriff's report said.
The truck was described as maroon with an orange trailer with the name "Schneider" in black lettering. It was last seen traveling south from the scene of the accident.
"Several Schneider dispatchers are helping us and we have numerous leads," said Mary Beth Anderson, a patrol representative.
The Associated Press