Kevin K. Tremper. Ph.D., M.D., Professor and Chair
As you may know from reading the last edition of The Michigan Airway, the Dean's Office has approved our campaign to raise funds for an Endowed Collegiate Chair in the name of Robert B. Sweet, M.D. When I have talked to alumni about the Endowed Chair I have been asked the following questions, so I thought it would be useful to answer them here.
An endowed professorship is a collection of funds which are donated for the purpose of supporting the academic time of the individual who holds that position.
The funds are kept in a University endowment account and none of the principle can ever be spent. The funds are invested and a portion of the interest is distributed by the University to subsidize a portion the salary of the faculty. The remaining part of the interest adds to the principle so that the endowment gradually grows. In this way the income stream will be constantly adjusted upward with the cost of living. This faculty salary subsidy does not increase the faculty salary. Whether there is a funded chair or not, the faculty salary is determined by the Dean of the Medical School. The sources of funds to support that salary are varied. Primarily in the Medical School, the funds are from patient care revenue.
In the past, funds have been provided partially from the Dean's Office, i.e., the State of Michigan. As all of these funding sources decrease the only method of maintaining a salary is to have the individual clinically assigned in the Operating Room every day. All academic institutions are facing these problems with the ultimate disappearance of any academic time. Even though funds are not plentiful currently, we all realize that they will be even more restricted in the future. It is, therefore, imperative that we initiate some endowment funds for our department if we are to have any academic productivity in the future. Without academic time we will cease to be an academically productive department. This academic productivity is what advances the fund of knowledge in our field and strengthens our department's reputation among our peer institutions. It is indeed the academic heart and soul of a department.
I feel that most of you would agree that you have received an education at the University of Michigan; an education that has been essential to the development of your career as an anesthesiologist. Although many of the individuals that are currently in the department and those in the future that will benefit from the endowment didn't contribute to your education, your contribution will help fund the future of your department. Without the assistance of our alumni the academic future of the department will be in jeopardy. With the current unfortunately high tax rates, a pledge of $500 over five years may cost you a little more than $55-$60 a year but will make a significant difference in the department's long-term future. Although the financial pressures on each one of you will be significant and varied we would hope that a large portion of you would be able to pledge something over the next five years to make this endowed professorship a reality. If you have any questions, please do not hesitate to write or call. I would like to thank those who have already contributed and encourage others to help in this one-time effort.