Eligible faculty members will receive a salary bonus of approximately $2,200 each in their Nov. 30, 2008 paychecks through projected available resources from the Lester A. and Stella Porter Russell Fund. The Office of the Provost has identified 651 faculty members as eligible according to the parameters set by Stella Porter Russell in her will.
The annual supplement remains the same as that for 2007, which was awarded to 629 faculty members. The net amounts received by individuals will vary based on each person’s employment tax withholdings.
Every year the amount of the supplement is based on the number of faculty who are eligible, the expected spending distribution from the endowment, and the effect of current investment market conditions on the endowment, says Liz Williams, who as SMU treasurer manages the University’s endowment and planned giving assets.
“As a result, there has been some variability from year to year in the distribution amount, but overall this special endowment fund has helped SMU remain competitive in the area of faculty compensation,” she adds.
In her will, Russell stipulated that SMU establish an endowment fund in memory of her late husband and herself, to be used to supplement SMU faculty salaries.
Full-time faculty, including those on paid leave, are eligible for Russell Fund bonuses, as well as visiting professors with 2-year contracts and professors on leave without pay for 1 semester. Eligibility for professors on leave without pay for 2 semesters and administrators is subject to decision by the appropriate dean.