Members of the Stanford Federal Credit Union (SFCU) have overwhelmingly voted to endow a professorship in the School of Humanities and Sciences at Stanford University. The professor appointed to the chair will have a focus on public service and the betterment of the community, officials said.
SFCU President John R. Davis said 69 percent of credit union members voting approved spending $1.5 million to establish the Stanford Federal Credit Union Professorship at Stanford University. Stanford's Board of Trustees on Tuesday formally approved the professorship. Davis said the professorship is only the second in the country endowed by a credit union at its sponsoring university.
"As we completed another successful year, we felt it was time to recognize Stanford's 43 years of support -- in good times and challenging times -- by giving something back to the university and the community," said Timothy R. Warner, chairman of SFCU's Board of Directors. "This gift will be a significant expression of thanks to Stanford University and will provide lasting value to our members. A distinguished chair holder will carry the name of Stanford Federal Credit Union into the future."
The permanent endowed chair was established with the $1.5 million commitment from SFCU and a generous $1.5 million match from the William and Flora Hewlett Foundation. Funds to endow a chair are invested by Stanford so that earnings and appreciation of the investment support the distinguished faculty member who is designated as the chair holder.
"As chairman of the Board of Trustees, a member of the School of Humanities and Sciences Council, as well as a member of the Stanford Federal Credit Union, it is a three-fold pleasure for me to see this endowed chair established in the School of Humanities and Sciences at Stanford," said Isaac Stein, chairman of Stanford's Board of Trustees. "The School of Humanities and Sciences is the core of Stanford University -- home to most of Stanford's undergraduate education and many of the university's most distinguished researchers and faculty. I can think of no better way to commemorate the mutually beneficial relationship between the Stanford Federal Credit Union and Stanford University than through an endowed professorship in the school that is at the heart of Stanford."
Stanford Federal Credit Union Professorship is the 149th endowed
professorship established in the School of Humanities and Sciences.
The selection process to name the chair holder is under way and the
inaugural chair holder will be announced soon. The university will
decide which academic department within the School of Humanities
and Sciences will receive the endowed chair.
Stanford Report, February 19, 2003