Richard Shelby, University of Alabama announce $100 million faculty endowment

During the closing days of his tenure as a U.S. senator, Richard Shelby pushed through a $100 million endowment for the University of Alabama, the largest endowment in school history. The Shelby Endowment for Distinguished Faculty will enable the university to pay for 20 or more additional professors each year and enhance the school's growing reputation for research.

The University of Alabama System board of trustees on Friday approved two initiatives honoring Shelby and his wife, Annette Shelby who served the university as a professor. In addition to approving the endowment, the board also voted to establish the Shelby Institute for Policy and Leadership, which will provide educational programs for students interested in public policy.

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About 20 students will participate in the institute annually, which will involve them in local, state and federal government.

"Education is key to unlocking opportunity, which is why I believe one of the most important investments we can make is in our classrooms and is why I dedicated several years to securing a permanent endowment that will allow the University of Alabama to multiply its impact in STEM," Shelby said in a statement released by the university.

University of Alabama President Stuart Bell said in comments to the board, "(The) Shelby Institute for Policy and Leadership will provide a tremendous opportunity for the University of Alabama to continue its longstanding tradition of educating leaders for our state and for our country. Our students will be able to learn directly from the senator's papers. I am thrilled our students will be able to hear from leader across the country, national speakers, all that will be supported from this institute.

"This $100 million endowment will support our faculty to allow research in areas that are important to our state and important to our country," Bell said. "Senator and Dr. Shelby's legacy will continue to transform the educational experience at the University of Alabama."

The additional faculty from the endowment will be in the areas of science, technology, engineering and math. The $100 million will be invested, and the university expects a return on investment of about $5 million per year, enabling the university to hire and retain professors and encourage the research initiatives they will bring to the university.

"It's a unique endowment that Senator Shelby worked on with his wife Dr. Shelby for many years. It's a $100 million endowment to support excellent and distinguished faculty at the University of Alabama. It is designed to be a permanent, perpetual endowment. It can make a transformational difference for students for years to come," said University of Alabama System Chancellor Finis St. John IV.

"The interest will be used to recruit and retain excellent, distinguished faculty. We've learned over the years that students want to be with brilliant researchers. Brilliant researchers have to be attracted to a place that supports them. That's the purpose of this," St. John said.

According to St. John, the endowment will only enhance the rise of the University of Alabama's reputation as a research university. "Attracting outstanding distinguished faculty brings research dollars with it. They follow those top researchers because in most cases, the best researchers are also the best teachers," he said.

The Shelby Institute for Policy and Leadership will be in Tuomey Hall and will house some of the papers Shelby is donating to the university.

"We are renovating Tuomey Hall, which will be a center for that. It will be a place for the students who will be part of the Institute for Policy and Leadership to gather. It will also have some materials from Senator Shelby's office there and more broadly through the Gorgas Library," said Jim Dalton, UA's executive vice president and provost.

The papers are currently being sorted and digitized in order to make the records more accessible and easier to use by both students and faculty. Dalton said the process could take a year since the senator's collection of papers is extensive.

University leaders were effusive in their praise of Shelby and how much he has meant the University of Alabama, UAB and UAH.

"It's hard to add to his legacy. His years of service, he has focused on helping his state. There are a lot of senators who might have foreign policy interests or environmental interests ... His focus for his whole career has been helping the state of Alabama. This is another example and a crowning achievement for a long career," St. John said.

Dalton said Friday's moves will ensure that Shelby's influence will be felt for years to come at UA.

"It's a legacy that's going to last forever, far beyond all of us," Dalton said.

This article originally appeared on The Tuscaloosa News: Shelby's $100 million endowment to help University of Alabama faculty