FRANKLIN, Ind.–Franklin College recently announced that it has received a $2 million super endowment from Indianapolis arts patron, businessman, and Franklin College alumnus Douglas Tillman. Tillman gifted the school with the endowment with the intention that it would generate income for current opportunities and future endowments in perpetuity.
“A super endowment is a unique, creative gift instrument and very unusual in higher education,” said Franklin College President Thomas J. Minar, Ph.D. Minar also believes it helps secure the future of the college by assuring continual endowment growth by the very nature of the gift instrument.
The use of future endowments generated by the super endowment will come at the recommendation of the president and/or trustees and must be approved by the executive committee of the board of trustees. The wide range of innovative opportunities includes state-of-the-art classroom equipment, promotion of special marketing and branding needs, financial aid optimization funds, student opportunity funds for research, travel or emergency needs, faculty development opportunities, and high-profile lectures.