Millions in college donations unused

Tim Goral's picture
Monday, October 7, 2013

If you or your company contributed funds to create an endowed chair or professorship at a Louisiana university, you might want to check to see if it was ever created.

A survey conducted by the Louisiana Board of Regents found that $113.1 million available to fund endowed chairs and professorships has been left unused for at least two years. That’s 76 endowed chairs, valued at least $1 million each, and 263 endowed professorships, valued at least $10,000 each.

Sixty percent of that money, $67.86 million came in private donations. The remainder, $45.14 million, came from a state fund established with proceeds from an offshore oil production lawsuit.

Some chairs are valued at up to $3 million and professorships $30,000 and more.

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