State acts to encourage university endowment funds

By Eugene Vorotnikov. Endowment funds are gaining popularity among Russian universities as they attempt to attract new, long-term sources of funding and reduce dependence on the state. Such activities are a part of massive reform of the higher education system currently being implemented.
The situation regarding endowment funds is complex, and currently only 50 universities have their own funds, with a total value of 18 billion rubles (US$600 million). The process of establishing endowment funds has been slow, despite legislation adopted in 2006 regulating the "formation and use of endowment capital of non-profit organisations".
One of the main proponents of the initiative is Prime Minister Dmitry Medvedev, who said recently: “The idea of endowment funds is very close to the Russian government. In line with our plans for the future, all Russian universities must form their own endowment funds. Read more...