UC Berkeley will get $113 million (nice round number) from the William and Flora Hewlett Foundation to create 100 endowed faculty chairs.
The hope is to slow/stop the exodus of top professors headed to private and wealthy universities.
The Hewlett gift will be the largest in UC Berkeley's history and it will NOT be for building something but will instead be devoted to the campus' basic activities.
Berkeley has $2.5 billion in endowments but their purposes are restricted.
The Hewlett gift will be used to attract matching gifts from other private donors to create an even huger endowment.
Harvard has nearly $30 billion in endowments and Stanford - $25 billion.
How can Berkeley compete with only $2.5 billion? Yeesh!
Berkeley profs only make on average $110,000, about $20K less than their private university counterparts.
Private colleges can also offer laboratory and research funds.
Yeah...I suppose Berkeley could burn through that $2.5 billion in no time.
So, I wonder why tuition costs so much at a public institution.
$100k salaries? Nah, no connection.
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