Creating a Legacy
Pepperdine Law
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Impact the University for generations by establishing an endowed fund
In 1997, Pepperdine Regent Terry Giles headed up a committee to raise funds towards the Ronald F. Phillips Chair to honor Phillips' 27-year service as dean of the law school. Recently, funding for the chair was fully completed. But what exactly is the purpose and value of endowed funds?
What is a chair?
Simply put, a chair is a faculty position supported by a fully endowed fund, a special account that provides income indefinitely. Every year, a portion of the interest generated from the principal is released and used to support a specific purpose, such as scholarships, fellowships, or faculty positions. An endowed chair may be established in any academic major or discipline, which employs full-time, tenure-track professors. A chair may be established as a permanent position to be occupied by an individual professor for multiple years or as a visiting position to be occupied on a variable basis.
What is the purpose of a chair?
The purpose of a chair is to attract, retain, and reward the best legal scholars and educators in their respective disciplines, and to pay all or a portion of their faculty salaries and other support.
How is a chair named?
Endowed chairs are named a number of ways. Typically, a chair is named after the donor. Sometimes the donor chooses to name the chair after an historical figure, like a Supreme Court justice. If a donor wants to honor a living person, the donor can name the chair after that person, for example, the Ronald F. Phillips Chair.
What chairs have been established at Pepperdine University School of Law?
D and L Straus Distinguished Visiting Professor Chair: This was the law school's first endowed chair, funded by the generosity of the school's longtime friends Dorothy and Leonard Straus. Since Spring 2006, it was occupied by Professor Thomas D. Rowe, Jr., from Duke University School of Law, a renowned expert in civil procedure, complex litigation, judicial remedies, and constitutional law.
Caruso Family Chair in Constitutional Law: This chair was endowed by accomplished businessman and public servant Rick Caruso ('83), his wife, Tina, and his parents, Henry and Gloria. It is currently occupied by Professor Douglas Kmiec, a nationally recognized expert on the United States Constitution.
Ronald F. Phillips Chair: This chair was endowed by Terry Giles ('74), Dorothy and Leonard Straus, Ahmad Al-Saud ('88) and approximately 150 others. Th e chair will be held by prominent legal scholars and jurists. Currently, the chair is occupied by its namesake, vice chancellor and School of Law Dean Emeritus Ronald F. Phillips.
Hugh and Hazel Darling Chair: This is a new chair currently being funded by the Hugh and Hazel Darling Foundation through its sole trustee, Richard Stack, a member of the School of Law Board of Visitors. Since Fall 2006, Pulitzer Prize-winning author and award-winning professor Edward J. Larson has occupied this position.
Did alumnus Geoff Palmer's ('75) multi-million dollar donation establish a new chair?
Geoff Palmer's 2005 donation is the largest gift from a Pepperdine School of Law alumnus to date. His gift endowed a program, formerly known as the Center for Entrepreneurship and the Law (CETL), not a chair. Palmer's gift is still an endowed fund and operates in a similar manner.
Originally founded by Professor Janet Kerr in 2000, the newly renamed Palmer Center for Entrepreneurship and the Law offers classes, seminars, and externships designed to help students prepare for their future practice or entrepreneurial goals in the fast-paced business and legal world environment.
How much money does it take to fully endow a chair?
Fully funding a Dean's Chair requires $5 million and a Faculty Chair requires $3 million. If preferred, a chair or other type of endowment can be funded over a period of years.
How much interest is paid out each year?
Once fully endowed, the Board of Regents approves an annual payout percentage intended to balance the need for annual financial aid funds, while maintaining the purchasing power of the endowment fund over the years. For example, if the designated payout rate were 5 percent, an initial endowment of $100,000 would provide an initial payout of approximately $5,000. Usually the investments earn more than the payout rate, so the principal continues to grow over time. Pepperdine has some endowed funds that have doubled their original amount.
How can I help?
Endowment is one of Pepperdine's largest institutional needs. Anyone may give to any chair or endowed fund. Often, alumni who received a scholarship from an endowment as students give back to that particular fund. Naming an endowed fund or contributing to an already existing fund is a way to establish your legacy and invest in the school's future.
Who can I contact for more information?
Please contact vice chancellor and School of Law Dean Emeritus Ron Phillips at 310.506.4951 or Lance Keene, associate vice chancellor for advancement, at 310.506.5787.