The ISU economics and finance departments will be receiving a financial boost in the form of a $3 million gift for endowed chairs.Alumna Deloris Wright, of Golden, Colo., has donated deferred gifts of $1.5 million for each of the Wright Endowed Chairs in Economics and Finance, said Phyllis Lepke, senior vice president of the ISU Foundation.”The endowed chair is one of the most prestigious academic appointments,” she said. “It is meant to offer an opportunity for the university to attract, recognize or retain an outstanding professor in that discipline.”Lepke said the program helps students as well, by providing more resources for the endowed chair to raise the level of teaching and research.”It’s not only an honor for the faculty member — it has the same effect on the students,” she said. “It elevates the reputation of the department.”Because the donation is deferred, Lepke said the majority of the funds will not be awarded to the departments until after the donor is deceased.”The bulk of the funds will be received at the time of Dr. Wright’s passing,” she said.Arne Hallam, professor and chairman of the economics department, said the endowed chair allows Iowa State to compete more for “star” faculty with private schools, such as Harvard, that have more money. “We have a really hard time competing salary-wise,” he said. “It allows you to get people you wouldn’t get otherwise.”The endowment can also help supplement salaries for people who are good teachers. Hallam said it’s harder to measure good teaching than good research, so teaching doesn’t always get rewarded.”You can give people an incentive to really put time into the classroom,” he said.Money may also be used to hire graduate and undergraduate research and teaching assistants, Hallam said.Lepke said the economics chair will be held by a woman.The economics department has done a good job of hiring women, Hallam said, but it’s harder to get the top women who are in demand at the wealthier private schools.”The very, very top women tend to be at top places, because they value them too,” he said.David Smith, professor and chairman of accounting and finance, said the department was grateful for the gift, especially because the salaries for finance faculty are getting much higher.”Obviously, from my perspective, finance is always happy to get additional resources,” Smith said.