The Donald W. Reynolds Foundation at the University of Missouri on Friday pledged to give the Missouri School of Journalism a $10 million endowment to create about 50 fellowships for professors.
“The school will be able to attract, retain and reward the teachers that make it the world’s best,” Dean Mills, the journalism school dean, said.
The Reynolds Foundation will close at the end of 2017, but the donation will not be given to MU until it finishes distributing the remainder of its assets in 2021. The MU School of Journalism will be able to accept donations of $200,000 for the foundation’s Faculty Excellence Fund immediately from other private donors, however. Mills says the School of Journalism already has several such donations pledged, so it can phase in several of the fellowships within the next two years.
In 2021 when MU receives the $10 million, the university will convert the existing fellowships to distinguished faculty fellowships of more than $400,000 each.
“We are honored that the foundation has placed yet another bet on the future of the University of Missouri School of Journalism by betting on its faculty, present and future, by entrusting us with this final gift,” Mills said.
Chancellor R. Bowen Loftin said the endowment will bring the total amount of money the Reynolds Foundation has given to MU to more than $100 million. Previous gifts from the foundation include the Reynolds Alumni Center where the announcement took place and the Reynolds Journalism Institute.
“This is an outstanding demonstration of the longstanding support of an alumnus to this university,” Loftin said.
Steven Anderson, president of the Reynolds Foundation, talked about Donald Reynolds’ love for journalism and the $22 per month scholarship Reynolds received while attending MU. Anderson joked to Loftin that the $22 per month scholarship was a good investment.