Scholarships, graduate fellowships and endowed faculty chairs have $22 million headed their way.

Last October President Gregory Geoffroy announced the “Investing in the People” initiative, calling for $50 million in private gifts to the university.

The ISU Foundation has raised $22 million thus far. “We’re working within a two-year window,” said Barb Boose, communications manager of the ISU Foundation. That leaves $28 million to be raised in the coming year.

Special focus is on funding endowed professorships. An endowed gift is invested, and a portion of the earnings is used to fund a professor. Iowa State has 29 such positions and the Investing in People initiative wishes to double that number.

“Endowed professorships are viewed with a certain amount of prestige,” said Boose.

She said they help attract faculty to the university because the funding for an endowed professorship never runs dry.

“You can attract some very good people with endowed professorships, and increase the quality of people applying,” said Jack Girton, president-elect of the faculty senate.

More than $18 million has been raised for student scholarships and fellowships. Another $4 million will support faculty, Boose said. More than 95 percent of contributors specify where they wish their money to go, and alumni often ask that their contributions go to their former college.

“The donors will have a lot to say about it,” said Girton, associate professor of zoology and genetics.

The ISU Foundation tries to match the interests of the donors with the needs of the university, Boose said. “We are very optimistic. This initiative seems to resonate well with faculty and friends.”

Raising money for endowed professorships will attract higher-caliber professors to Iowa State, and helps to retain current faculty.

“We are in national and international competition for these people,” Girton said. `Schools like Iowa State are hunting grounds for prestigious universities with more money [than Iowa State].”