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103-497: The BHC was founded in 1954 as a series of meetings held at Northwestern University . Richard C. Overton , an American railroad historian, was the first president of the BHC. As cliometricians began dominating economic historian with quantitative methods, other scholars sought to retain the atheoretical, qualitative take on scholarship. The group of economic and business historians met again in 1956, 1958, and 1971, transforming itself into

206-516: A 30% annualized loss that was more than predicted in December 2008. At Stanford University , the endowment was reduced from $ 17 billion to $ 12 billion as of September 2009. Brown University 's endowment fell 27 percent to $ 2.04 billion in the fiscal year that ended June 30, 2009. George Washington University lost 18% in that same fiscal year, down to $ 1.08 billion. In Canada, after the financial crisis in 2008, University of Toronto reported

309-549: A boon to the university as it trained over 36,000 sailors over the course of the war, which led Northwestern to be called the " Annapolis of the Midwest." Franklyn B. Snyder led the university from 1939 to 1949, and after the war, surging enrollments under the G.I. Bill drove the dramatic expansion of both campuses. In 1948, prominent anthropologist Melville J. Herskovits founded the Program of African Studies at Northwestern,

412-453: A building, plot of land or other assets for Muslim religious or charitable purposes with no intention of reclaiming the assets. The donated assets may be held by a charitable trust . Ibn Umar reported, Umar Ibn Al-Khattab got land in Khaybar , so he came to the prophet Muhammad and asked him to advise him about it. The Prophet said, 'If you like, make the property inalienable and give

515-604: A comparable journalism program to that of its U.S. campus given Qatar's instances of censorship and strict limits on journalistic and academic freedoms. The Qatar Foundation for Education, Science and Community Development , a private charitable institution founded by former emir Sheikh Hamad bin Khalifa Al Thani and his wife and mother of the current emir Sheikha Moza bint Nasser , provided funding for construction and administrative costs, as well as support to hire 50 to 60 faculty and staff, some of whom rotate between

618-638: A forum for discussing current research in business history and related fields and offers an opportunity for people with similar interests to meet and exchange ideas. Participation from overseas scholars is especially encouraged, and joint meetings with the European Business History Association are held regularly. The BHC sponsors a number of awards and prizes, including the Hagley Prize in Business History and

721-487: A full professional organization . According to Naomi Lamoreaux of Yale University , the BHC today is composed mainly of historians, while the Economic History Association of economists. Today, approximately 30 percent of its membership resides outside North America . This reflects the increasingly global nature of the work of business history. Former presidents of the BHC include: The BHC

824-419: A loss of 31% ($ 545 million) of its previous year-end value in 2009. The loss is attributed to over-investment in hedge funds. Critics like Justice Funders' Dana Kawaoka-Chen call for "redistributing all aspects of well-being, democratizing power, and shifting economic control to communities.". Endowment repatriation refers to campaigns that acknowledge the history of human and natural resource exploitation that

927-428: A low of $ 331,000 in 1935. The university responded with two salary cuts of 10 percent each for all employees. It imposed hiring and building freezes and slashed appropriations for maintenance, books, and research. Having had a balanced budget in 1930–31, the university now faced deficits of roughly $ 100,000 for the next four years. Enrollments fell in most schools, with law and music suffering the biggest declines. However,

1030-633: A man dies, only three deeds will survive him: continuing alms, profitable knowledge and a child praying for him. The two oldest known waqfiya (deed) documents are from the 9th century, while a third one dates from the early 10th century, all three within the Abbasid Period. The oldest dated waqfiya goes back to 876 CE, concerns a multi-volume Qur'an edition and is held by the Turkish and Islamic Arts Museum in Istanbul . A possibly older waqfiya

1133-583: A mandatory part of a fellowship. A foundation (also a charitable foundation) is a category of nonprofit organization or charitable trust that will typically provide funding and support for other charitable organizations through grants, but may engage directly in charitable activities. Foundations include public charitable foundations, such as community foundations , and private foundations which are typically endowed by an individual or family. The term foundation though may also be used by organizations not involved in public grant-making. A financial endowment

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1236-510: A master plan for the principal buildings on the new campus, which he designed in collegiate gothic style. In 1923, Mrs. Montgomery Ward donated $ 8 million to the campaign to finance the construction of the Montgomery Ward Memorial Building, which would house the medical and dental schools, and create endowments for faculty chairs, research grants, scholarships, and building maintenance. The building would become

1339-932: A meeting on May 31, 1850, of nine prominent Chicago businessmen, Methodist leaders, and attorneys who had formed the idea of establishing a university to serve what had been known from 1787 to 1803 as the Northwest Territory . On January 28, 1851, the Illinois General Assembly granted a charter to the Trustees of the North-Western University , making it the first chartered university in Illinois. The school's nine founders, all of whom were Methodists (three of them ministers), knelt in prayer and worship before launching their first organizational meeting. Although they affiliated

1442-473: A number of restricted endowments that are intended to fund specific areas within the institution. The most common examples are endowed professorships (also known as named chairs), and endowed scholarships or fellowships. The practice of endowing professorships began in the modern European university system in England on September 8, 1502, when Lady Margaret Beaufort , Countess of Richmond and grandmother to

1545-966: A particular intellectual interest. The residential colleges include Ayers College of Commerce and Industry , Chapin Hall (Humanities), East Fairchild (Communications), Hobart House (women's), the Public Affairs Residential College , the Residential College of Cultural and Community Studies , Shepard Residential College (multi-thematic), Slivka Residential College for Science and Engineering , West Fairchild (International Studies), and Willard Residential College (multi-thematic). Residence halls include Allison Hall, Bobb-McCulloch, Elder Hall, Foster-Walker Complex (commonly referred to as Plex), Rogers House, and Shapiro Hall (formerly known as 560 Lincoln) among others. University endowment A financial endowment

1648-429: A particular subject are common; in some places, a donor could fund a trust exclusively for the support of a pet. Ignoring the restriction is called " invading " the endowment. But change of circumstance or financial duress like bankruptcy can preclude carrying out the donor's intent. A court can alter the use of restricted endowment under a doctrine called cy-près meaning to find an alternative "as near as possible" to

1751-650: A partnership with Oakton College and the Illinois Department of Corrections in 2023, Northwestern awarded the first bachelors degrees in the United States to a graduating class of prisoners from a top-ranked university. In April 2024, Northwestern University students joined other campuses across the United States in protests against the Israel–Hamas war . The student protestors demanded divestment from companies with ties to Israel and that

1854-451: A portion of the initial endowment after self-initiated research into the foundation's financial support of Native and Indigenous artists and communities. This results of this research indicated "the inadequacy of philanthropic support for Native arts and artists", related feedback from an unnamed Native leader that "[o]nce [big foundations] put the stuff in place for an Indian program, then it is not usually funded very well. It lasts as long as

1957-452: A prince or monarch and their role in training government officials made early Mediterranean universities similar to Islamic madrasas , although madrasas were generally smaller, and individual teachers, rather than the madrasa itself, granted the license or degree. Waqf ( Arabic : وَقْف ; [ˈwɑqf] ), also known as 'hubous' (حُبوس) or mortmain property, is a similar concept from Islamic law , which typically involves donating

2060-478: A private prison that was directly contrary to the foundation's mission, they developed and then began to advocate for a four-part ethical framework to endowment investments conceptualized as Human Capital, Natural Capital, Civic Capital, and Financial Capital. Another example is the Ford Foundation 's co-founding of the independent Native Arts and Culture Foundation in 2007. The Ford Foundation provided

2163-655: A prudent spending policy. Endowments are often governed and managed either as a nonprofit corporation , a charitable foundation , or a private foundation that, while serving a good cause, might not qualify as a public charity. In some jurisdictions, it is common for endowed funds to be established as a trust independent of the organizations and the causes the endowment is meant to serve. Institutions that commonly manage endowments include academic institutions (e.g., colleges , universities , and private schools ); cultural institutions (e.g., museums, libraries, and theaters); service organizations (e.g., hospitals, retirement homes;

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2266-462: A record 52,225 applications for its class size of approximately 2,100 students in 2022–2023 academic year. For the Class of 2027, regular decision acceptance rate was approximately 4.6%, while overall acceptance rate remained around 7.0%. For the Class of 2026, the interquartile range (middle 50%) on the post-2016 SAT was a combined (verbal and math) 1500–1560 out of 1600; the interquartile range on

2369-419: A speech at Northwestern School of Law's Lincoln Hall, then Governor of Illinois George Ryan announced that he would commute the sentences of more than 150 death-row inmates. In the 2010s, a five-year capital campaign resulted in a new music center, a replacement building for the business school, and a $ 270 million athletic complex. In 2014, President Barack Obama delivered a seminal economics speech at

2472-663: A student-to-faculty ratio of 6:1. 77% of the classes have less than 20 students while 5.5% of the classes have more than 50 students. The Northwestern library system consists of four libraries on the Evanston campus including the Main University Library , the Boas Mathematics Library, Mudd Library, and the original library building, Deering Library; three libraries on the Chicago campus; and

2575-566: Is a private research university in Evanston, Illinois , United States. Established in 1851 to serve the historic Northwest Territory , it is the oldest chartered university in Illinois . The university has its main campus along the shores of Lake Michigan in the Chicago metropolitan area . Chartered by the Illinois General Assembly in 1851, Northwestern was initially affiliated with

2678-413: Is a legal structure for managing, and in many cases indefinitely perpetuating, a pool of financial , real estate , or other investments for a specific purpose according to the will of its founders and donors . Endowments are often structured so that the inflation-adjusted principal or "corpus" value is kept intact, while a portion of the fund can be (and in some cases must be) spent each year, utilizing

2781-693: Is a member of the International Economic History Association and an affiliated organization of the American Historical Association and of H-Net . The organization also operates H-Business , one of the earliest H-Net discussion lists, and maintains an on-line full-text archives of its print proceedings journal, Business and Economic History . It also publishes The Exchange , a blog devoted to news of interest to business and economic historians. The BHC holds an annual meeting that provides

2884-671: Is a papyrus held by the Louvre Museum in Paris , with no written date but considered to be from the mid-9th century. The earliest known waqf in Egypt, founded by financial official Abū Bakr Muḥammad bin Ali al-Madhara'i in 919 (during the Abbasid period ), is a pond called Birkat Ḥabash together with its surrounding orchards, whose revenue was to be used to operate a hydraulic complex and feed

2987-801: Is also prominent in law and medicine . Northwestern is accredited by the Higher Learning Commission and the respective national professional organizations for chemistry, psychology, business, education, journalism, music, engineering, law, and medicine. Northwestern conferred 2,190 bachelor's degrees, 3,272 master's degrees, 565 doctoral degrees, and 444 professional degrees in 2012–2013. Since 1951, Northwestern has awarded 520 honorary degrees . Northwestern also has chapters of academic honor societies such as Phi Beta Kappa (Alpha of Illinois), Eta Kappa Nu , Tau Beta Pi , Eta Sigma Phi (Beta Chapter), Lambda Pi Eta , and Alpha Sigma Lambda (Alpha Chapter). Northwestern maintains

3090-597: Is called the Purple Line , taking its name from Northwestern's school color. The Foster and Davis stations are within walking distance of the southern end of the campus, while the Noyes station is close to the northern end of the campus. The Central station is close to Ryan Field , Northwestern's football stadium. The Evanston Davis Street Metra station serves the Northwestern campus in downtown Evanston and

3193-518: Is chaired by Peter Barris '74. The board delegates its power to an elected president who serves as the chief executive officer of the university. Northwestern has had seventeen presidents in its history (excluding interim presidents). The current president, legal scholar Michael Schill , succeeded Morton O. Schapiro in fall 2022. The president maintains a staff of vice presidents, directors, and other assistants for administrative, financial, faculty, and student matters. Kathleen Haggerty assumed

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3296-663: Is characterized by its blend of modern and historic gothic architecture . Northwestern's Evanston campus, where the undergraduate schools, the Graduate School, and the Kellogg School of Management are located, runs north–south from Lincoln Avenue to Clark Street west of Lake Michigan along Sheridan Road . North Campus is home to the fraternity quads , athletics facilities including the Henry Crown Sports Pavilion and Norris Aquatics Center,

3399-472: Is drawn from all 50 states and over 75 foreign countries. Twenty percent of students in the Class of 2024 were Pell Grant recipients and 12.56% were first-generation college students. Northwestern also enrolls the ninth-most National Merit Scholars of any university in the nation. In Fall 2014, 40.6% of undergraduate students were enrolled in the Weinberg College of Arts and Sciences, 21.3% in

3502-465: Is inherent to many large private funds. Repatriation campaigns ask for private endowments to be returned to the control of the people and communities that have been most affected by labor and environmental exploitation and often offer ethical frameworks for discussing endowment governance and repatriation. Many might say that, by definition, philanthropy is about redistributing resources. Yet to truly embody this principle, philanthropy must move far beyond

3605-492: Is no university-wide core curriculum , a foundation in the liberal arts and sciences, sometimes referred as distribution requirements, are required for all majors; individual degree requirements are set by the faculty of each school. The university heavily emphasizes interdisciplinary learning, with 72% of undergrads combining two or more areas of study. Northwestern's full-time undergraduate and graduate programs operate on an approximately 10-week academic quarter system with

3708-525: Is now known as medicine and basic sciences. Today, the University of Glasgow has fifteen Regius Professorships. Private individuals also adopted the practice of endowing professorships. Isaac Newton held the Lucasian Chair of Mathematics at Cambridge beginning in 1669, more recently held by the celebrated physicist Stephen Hawking . In the United States, the endowment is often integral to

3811-840: Is the 14th-largest university library in North America based on total number of titles held. Among the library's collection and sections are: Northwestern, along with 15 other universities, participates in digitizing its collections as part of the Google Book Search project. Northwestern University Library is a partner with the Native American Education Services College (NAES), the American Indian Association of Illinois (AIAI), and Northwestern University's Center for Native American and Indigenous Research in

3914-541: Is the second wealthiest private foundation , with an endowment of $ 67.3 billion. Most private endowments in the United States are governed by the Uniform Prudent Management of Institutional Funds Act which is based in part on the concept of donor intent that helps define what restrictions are imposed on the principal and earnings of the fund. Endowments in the United States are commonly categorized in one of three ways: All endowments ensure that

4017-403: Is typically overseen by a board of trustees and managed by a trustee or team of professional managers. Typically, the financial operation of the endowment is designed to achieve the stated objectives of the endowment. In the United States, typically 4–6% of the endowment's assets are spent every year to fund operations or capital spending. Any excess earnings are typically reinvested to augment

4120-653: The Big Ten Conference . As of September 2020, 33 Nobel Prize laureates and 2 Fields Medalists were affiliated with Northwestern as alumni or faculty . In addition, Northwestern has been associated with 47 Pulitzer Prize winners, 23 National Medal of Science winners, 11 National Humanities Medal recipients, 23 MacArthur Fellows , 20 Rhodes Scholars , and 28 Marshall Scholars . Northwestern alumni also include 10 living billionaires, 2 U.S. Supreme Court Justices , and 25 Olympic medalists . The foundation of Northwestern University can be traced to

4223-535: The Evanston Central Street Metra station is near Ryan Field. Pace Suburban Bus Service and the CTA have several bus routes that run through or near the Evanston campus. Northwestern's Chicago campus is located in the city's Streeterville neighborhood near Lake Michigan. The Chicago campus is home to the nationally ranked Northwestern Memorial Hospital , the medical school , the law school ,

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4326-477: The Kellogg School of Management and built several prominent buildings on the Evanston campus, including Dyche Stadium , now named Ryan Field , among others. In the 1920s, Northwestern became one of the first six universities in the United States to establish a Naval Reserve Officers Training Corps (NROTC). In 1939, Northwestern hosted the first-ever NCAA Division I men's basketball championship game in

4429-640: The Methodist Episcopal Church but later became non-sectarian . By 1900, the university was the third-largest university in the United States . Northwestern became a founding member of the Big Ten Conference in 1896 and joined the Association of American Universities in 1917. Northwestern is composed of eleven undergraduate, graduate, and professional schools which includes Kellogg School of Management , McCormick School of Engineering and Applied Sciences among others. In addition to

4532-516: The Red Cross ); and religious organizations (e.g., churches, synagogues, mosques). Private endowments are some of the wealthiest entities in the world, notably private higher education endowments . Harvard University's endowment (valued at $ 53.2 billion as of June 2021 ) is the largest academic endowment in the world. As of 31 December 2022 , the Bill and Melinda Gates Foundation

4635-504: The Yale University campus, to house the professional schools. In addition, James Gamble Rogers designed a library in accordance with the gothic architectural style on the Evanston campus in order to make use of the $ 1 million donated to the school after the death of Charles Deering . This library is named in memory of him and its design was inspired by Cambridge University's King's College Chapel . The university also established

4738-485: The "About Our Students: Recruit at Northwestern" page on Northwestern's website. The freshman retention rate for that year was 99%. Eighty-six percent of students graduated after four years and 96% graduated after six years. These numbers can largely be attributed to the university's various specialized degree programs, such as those that allow students to earn master's degrees with a one- or two-year extension of their undergraduate program. The undergraduate population

4841-556: The "live hand" of the public as opposed to the "dead hand" of the founders of private foundations. Research published in the American Economic Review indicates that major academic endowments often act in times of economic downturn in a way opposite of the intention of the endowment. This behavior is referred to as endowment hoarding, reflecting the way that economic downturns often lead to endowments decreasing their payouts rather than increasing them to compensate for

4944-497: The 1970s and 1980s, President Arnold R. Weber was able to stabilize university finances, which led to a revitalization of its campuses. In 1996, Princess Diana visited Northwestern's Evanston and Chicago campuses to raise money for the university hospital's Robert H. Lurie Comprehensive Cancer Center at the invitation of then- President Bienen . Her visit raised a total of $ 1.5 million for cancer research. As admissions to colleges and universities grew increasingly competitive in

5047-459: The 1990s and 2000s, President Henry S. Bienen 's tenure saw an increase in the number and quality of undergraduate applicants, continued expansion of the facilities and faculty, and renewed athletic competitiveness. In 1999, Northwestern student journalists uncovered information exonerating Illinois death-row inmate Anthony Porter two days before his scheduled execution. The Innocence Project has since exonerated 10 more men. On January 11, 2003, in

5150-578: The 5% payout requirements for grants and distribute ALL of its power and resources. This includes spending down one's endowment, investing in local and regional economic initiatives that build community wealth rather than investing in Wall Street, giving up decision-making power for grants, and, ultimately, turning over assets to community control. After the Heron Foundation's internal audit of its investments in 2011 uncovered an investment in

5253-522: The Cambridge Journals Article Prize; it endeavors to support scholars entering the field through its travel-to-meeting grants, its Doctoral Dissertation Colloquium, and its Krooss Dissertation Prize. Sub-groups within the organization promote the interests of women in business history, business historians teaching at business schools , and emerging scholars. Northwestern University Northwestern University ( NU )

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5356-759: The Center for Applied Physics and Superconducting Technologies (CAPST) and the Initiative at Northwestern for Quantum Information Research and Engineering (INQUIRE) have attracted attention in recent years. Northwestern's investment and collaboration areas include particle physics, quantum physics, quantum information technologies, and superconducting technologies. In 2013, Northwestern researchers disclosed 247 inventions, filed 270 patent applications, received 81 foreign and US patents, started 12 companies, and generated $ 79.8 million in licensing revenue. The Innovation and New Ventures Office (INVO) has been involved in creating

5459-436: The Center for Developmental Therapeutics (CDT) and the Center for Device Development (CD2). Northwestern files hundreds of patents each year, ranking among the top 20 universities in the world in terms of U.S. utility patents. One of the university's most successful current patents is pregabalin, a synthesized organic molecule developed at the university by chemistry professor Richard Bruce Silverman (for whom Silverman Hall

5562-646: The Deering family rescued the university budget with an unrestricted gift of $ 6 million, bringing the budget up to $ 5.4 million in 1938–39. This allowed many of the previous spending cuts to be restored, including half of the salary reductions. Like other American research universities, Northwestern was transformed by World War II (1939–1945). Regular enrollment fell dramatically, but the school opened high-intensity, short-term programs that trained over 50,000 military personnel, including future president John F. Kennedy . Northwestern's existing NROTC program proved to be

5665-561: The Early Decision application round. Northwestern's early decision admission numbers for the Class of 2027 reveal an early acceptance rate of about 20%, with approximately 1,000 students being admitted out of 5,220 applications. In April 2016, Northwestern became one of 15 Illinois universities to sign on to the Chicago Star Partnership, a City Colleges initiative aimed at increasing opportunities for students in

5768-551: The Evanston and Qatar campuses. Northwestern receives roughly $ 45 million per year to operate the campus. In February 2016, Northwestern reached an agreement with the Qatar Foundation to extend the operations of the NU-Q branch for an additional decade, through the 2027–2028 academic year. Northwestern is privately owned and governed by an appointed Board of Trustees , which is composed of 70 members and, as of 2022 ,

5871-538: The Evanston campus, it has campuses in downtown Chicago , Coral Gables , San Francisco , Doha , and Washington, D.C. As of 2023, the university had an endowment of $ 14.1 billion, an annual budget of around $ 2.9 billion, and research funding of over $ 1 billion. The university fields 19 intercollegiate athletic teams, the Northwestern Wildcats , which compete in the NCAA Division I in

5974-632: The Evanston campus. In 2015, Queen Máxima and King Willem-Alexander of the Netherlands visited Northwestern to announce research collaborations between Northwestern and several Dutch institutions focused on the study of aging. In 2021, an additional $ 480 million, the largest donation in the university's history, was donated to Northwestern by the Ryan Family to be applied to research at the Kellogg School of Management and Feinberg School of Medicine , as well as for renovating Ryan Field . In

6077-753: The Initiative for Sustainability and Energy at Northwestern, and the Argonne/Northwestern Solar Energy Research Center among other centers for interdisciplinary research. The university also shares collaborative research efforts with other universities such as the CZ Biohub Chicago with the University of Chicago and University of Illinois . In addition, Northwestern University cooperates with research institutions such as Argonne National Laboratory and Fermi National Accelerator Laboratory (FermiLab) . Proceeding in cooperation with these laboratories,

6180-655: The McCormick School of Engineering and Applied Science, 14.3% in the School of Communication, 11.7% in the Medill School of Journalism, 5.7% in the Bienen School of Music, and 6.4% in the School of Education and Social Policy. The five most commonly awarded undergraduate degrees are economics, journalism, communication studies, psychology, and political science. The Kellogg School of Management's MBA ,

6283-882: The NAES College Digital Library Project, which preserves the NAES College library and archives. Northwestern was elected to the Association of American Universities in 1917 and is classified as an R1 university, denoting "very high" research activity. Northwestern's schools of management, engineering, and communication are among the most academically productive in the nation. The university received $ 923.8 million in research funding and $ 421 million in NIH funding in 2022 and houses over 90 school-based and 40 university-wide research institutes and centers. Northwestern also supports nearly 1,500 research laboratories across two campuses, predominantly in

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6386-548: The School of Law's JD , and the Feinberg School of Medicine's MD are the three largest professional degree programs by enrollment. With 2,446 students enrolled in science, engineering, and health fields, the largest graduate programs by enrollment include chemistry, integrated biology, material sciences, electrical and computer engineering, neuroscience, and economics. Northwestern offers both traditional residence halls and residential colleges for students who share

6489-768: The Technological Institute, Dearborn Observatory, the Patrick G. and Shirley W. Ryan Hall for Nanofabrication and Molecular Self-Assembly, and the Ford Motor Company Engineering Design Center among others. South Campus is home to the university's humanities buildings, music buildings like the Pick-Staiger Concert Hall , the Mary and Leigh Block Museum of Art , and the sorority quads. In the 1960s,

6592-431: The United States. An endowed professorship (or endowed chair ) is a position permanently paid for with the revenue from an endowment fund specifically set up for that purpose. To set up an endowed chair generally costs between US$ 1 and $ 5 million at major research universities. Typically, the position is designated to be in a certain department. The donor might be allowed to name the position. Endowed professorships aid

6695-468: The academic world, and the university can use them to reward its best faculty or to recruit top professors from other institutions. An endowed faculty fellow is a position permanently paid for to recruit and retain new and/or junior (and above) professors who have already demonstrated superior teaching and research. The donor might be allowed to name the faculty fellowship. A faculty fellow appointment cultivates confidence and institutional loyalty, keeping

6798-838: The academic year beginning in late September and ending in early June. Under the regular academic calendar, each quarter contains a four-day Reading Period in between the end of classes and the beginning of finals. Undergraduates typically take four courses each quarter and twelve courses in an academic year and are required to complete at least twelve quarters on campus to graduate. Northwestern offers honors, accelerated, and joint degree programs in medicine, science, mathematics, engineering, and journalism. The comprehensive doctoral graduate program has high coexistence with undergraduate programs. The most popular and prominent majors at Northwestern in 2021 include communication , journalism , engineering , computer science , mathematics , statistics , biological sciences , physics , and chemistry . It

6901-496: The administration protect freedom of speech , civil rights and be transparent with their investments moving forward. The university administration came to an agreement with the protestors which permited peaceful demonstrations, gave students representation on an investment committee and pledged to bring Palestinian students to campus. Northwestern University's main campus is located in the suburb of Evanston, Illinois, just north of Chicago. The campus spans an area of 240 acres and

7004-469: The city of Evanston, Illinois. The first building, Old College , opened on November 5, 1855. To raise funds for its construction, Northwestern sold $ 100 "perpetual scholarships" entitling the purchaser and his heirs to free tuition. Another building, University Hall , was built in 1869 of the same Joliet limestone as the Chicago Water Tower , also built in 1869, one of the few buildings in

7107-616: The city's public school district. Through this partnership, the university provides scholarships to students who "graduate from Chicago Public Schools, get their associate degree from one of the city's community colleges, and then get admitted to a bachelor's degree program." The university is need-blind for domestic applicants. Northwestern is a large, residential research university . The university provides instruction in over 200 formal academic concentrations, 124 undergraduate programs, and 145 graduate and professional programs, including various dual degree programs. Although there

7210-615: The demolition of the architecturally significant Prentice Women's Hospital . Eric G. Neilson, dean of the medical school, penned an op-ed that equated retaining the building with loss of life. In Fall 2008, Northwestern opened a campus in Education City , Doha , Qatar . Through the Medill School of Journalism and School of Communication, NU-Q offers bachelor's degrees in journalism and communications respectively. However, some have questioned whether NU-Q can truly offer

7313-736: The donor's intent. The earliest endowed chairs were established by the Roman emperor and Stoic philosopher Marcus Aurelius in Athens in AD 176. Aurelius created one endowed chair for each of the major schools of philosophy : Platonism , Aristotelianism , Stoicism , and Epicureanism . Later, similar endowments were set up in some other major cities of the Empire. The earliest universities were founded in Europe, Asia and Africa. Their endowment by

7416-583: The downturn. Large U.S.-based college and university endowments, which had posted large, highly publicized gains in the 1990s and 2000s, faced significant losses of principal in the 2008 economic downturn . The Harvard University endowment , which held $ 37 billion in June 2008, was reduced to $ 26 billion by mid-2009. Yale University , the pioneer of an approach that involved investing heavily in alternative investments such as real estate and private equity , reported an endowment of $ 16 billion as of September 2009,

7519-443: The end of apartheid, more than 150 universities divested of South African investments, although it is not clear to what extent this campaign was responsible for ending the policy. A proactive version of divestment campaigns is impact investing, or mission investing which refers to investments "made into companies, organizations, and funds with the intention to generate a measurable, beneficial social or environmental impact alongside

7622-468: The endowment and to compensate for inflation and recessions in future years. This spending figure represents the proportion that historically could be spent without diminishing the principal amount of the endowment fund. The case of Leona Helmsley is often used to illustrate the downsides of the legal concept of donor intent as applied to endowments. In the 2000s, Helmsley bequested a multi-billion dollar trust to "the care and welfare of dogs". This trust

7725-538: The evidence-based reading and writing (EBRW) section of the SAT was 730–770 out of 800 while the interquartile range on the Math section of the SAT was 760–800 out of 800. ACT composite scores for the middle 50% ranged from 33 to 35 out of 36, and 96% ranked in the top ten percent of their respective high school classes. Approximately 35–40% percent of the incoming students of the Class of 2027 have been admitted through

7828-426: The financial health of educational institutions. Alumni or friends of institutions sometimes contribute capital to the endowment. The use of endowment funding is strong in the United States and Canada but less commonly found outside of North America, with the exceptions of Cambridge and Oxford universities. Endowment funds have also been created to support secondary and elementary school districts in several states in

7931-540: The first center of its kind at an American academic institution. J. Roscoe Miller 's tenure as president from 1949 to 1970 saw an expansion of the Evanston campus, with the construction of the Lakefill on Lake Michigan, growth of the faculty and new academic programs, and polarizing Vietnam-era student protests. In 1978, the first and second Unabomber attacks occurred at Northwestern University. Relations between Evanston and Northwestern became strained throughout much of

8034-591: The first university skyscraper in the United States. In addition to the Ward Building, Rogers designed Wieboldt Hall to house facilities for the School of Commerce and Levy Mayer Hall to house the School of Law. The new campus comprising these three new buildings was dedicated during a two-day ceremony in June 1927. The Chicago campus continued to expand with the addition of Thorne Hall in 1931 and Abbott Hall in 1939. In October 2013, Northwestern began

8137-541: The first woman graduated in 1874. Northwestern fielded its first intercollegiate football team in 1882, later becoming a founding member of the Big Ten Conference. In the 1870s and 1880s, Northwestern affiliated itself with already existing schools of law, medicine, and dentistry in Chicago. The Northwestern University Pritzker School of Law is the oldest law school in Chicago. As the university's enrollments grew, these professional schools were integrated with

8240-486: The future king Henry VIII , created the first endowed chairs in divinity at the universities of Oxford ( Lady Margaret Professor of Divinity ) and Cambridge ( Lady Margaret's Professor of Divinity ). Nearly 50 years later, Henry VIII established the Regius Professorships at both universities, this time in five subjects: divinity, civil law, Hebrew, Greek, and physic—the last of those corresponding to what

8343-632: The heart of Chicago to survive the Great Chicago Fire of 1871. In 1873 the Evanston College for Ladies merged with Northwestern, and Frances Willard , who later gained fame as a suffragette and as one of the founders of the Woman's Christian Temperance Union (WCTU), became the school's first dean of women ( Willard Residential College , built in 1938, honors her name). Northwestern admitted its first female students in 1869, and

8446-424: The idea; many Northwestern alumni, however, opposed it, fearing the loss of their alma mater and its many traditions that distinguished Northwestern from Chicago. The medical school, for example, was oriented toward training practitioners, and alumni feared it would lose its mission if it were merged into the more research-oriented University of Chicago Medical School . The merger plan was ultimately dropped. In 1935,

8549-545: The institution competitive over hiring and retention of talents. An endowed scholarship is tuition (and possibly other costs) assistance that is permanently paid for by an organisation or individual with the revenue of an endowment fund specifically set up for that purpose. It can be either merit-based or need-based (the latter is only awarded to those students for whom the college expense would cause their family financial hardship) depending on university policy or donor preferences. Some universities will facilitate donors' meeting

8652-416: The library affiliated with Garrett-Evangelical Theological Seminary . Northwestern Libraries host a total of 8,198,268 printed or electronic volumes . In addition, its libraries contain 229,198 maps , 211,127 audio files , 103,377 printed journals , 196,716 electronic journals, 91,334 movies or videos, 36,989 manuscripts, 4.6 million microforms , and almost 99,000 periodicals . The University Library

8755-802: The medical and biological sciences. Also, Northwestern houses more than 50 University Research Institutes & Centers (URICS), which consists of institutes and initiatives that combine multiple areas of study to pursue research across domains such as quantum information , policy research, bioelectronics , and more. Northwestern is home to the Center for Interdisciplinary Exploration and Research in Astrophysics, Northwestern Institute for Complex Systems, Nanoscale Science and Engineering Center, Materials Research Center, Center for Quantum Devices, Institute for Policy Research, International Institute for Nanotechnology, Center for Catalysis and Surface Science, Buffet Center for International and Comparative Studies,

8858-412: The movement toward state certification of school teachers prompted Northwestern to start a new graduate program in education, thereby bringing in new students and much-needed income. In June 1933, Robert Maynard Hutchins , president of the University of Chicago , proposed a merger of the two universities, estimating annual savings of $ 1.7 million. The two presidents were enthusiastic, and the faculty liked

8961-769: The original Patten Gymnasium , which was later demolished and relocated farther north, along with the Dearborn Observatory , to make room for the Technological Institute . After the golden years of the 1920s, the Great Depression in the United States (1929–1941) had a severe impact on the university's finances. Its annual income dropped 25 percent from $ 4.8 million in 1930–31 to $ 3.6 million in 1933–34. Investment income shrank, fewer people could pay full tuition, and annual giving from alumni and philanthropists fell from $ 870,000 in 1932 to

9064-463: The original principal, inflation-adjusted, is held in perpetuity and prudent spending methods should be applied in order to avoid the erosion of corpus over reasonable time frames. Restricted endowments may also facilitate additional donor requirements. An expendable endowment fund is one which can be spent in certain circumstances. Endowment revenue can be restricted by donors to serve many purposes. Endowed professorships or scholarships restricted to

9167-538: The part-time MBA program, and the School of Professional Studies. Medill's one-year graduate program rents a floor on Wacker Drive, across the river from Streeterville and separate from the rest of the campus. Northwestern's professional schools and a number of its affiliated hospitals are located approximately four blocks east of the Chicago station on the CTA Red Line . The Chicago campus is also served by CTA bus routes. Founded or affiliated at varying points in

9270-516: The poor. In India, wakfs are relatively common among Muslim communities and are regulated by the Central Wakf Council and governed by Wakf Act 1995 (which superseded Wakf Act 1954). Academic institutions, such as colleges and universities, will frequently control an endowment fund that finances a portion of the operating or capital requirements of the institution. In addition to a general endowment fund, each university may also control

9373-433: The post-war era because of episodes of disruptive student activism, disputes over municipal zoning, building codes, and law enforcement, as well as restrictions on the sale of alcohol near campus until 1972. Northwestern's exemption from state and municipal property-tax obligations under its original charter has historically been a source of town-and-gown tension. Although government support for universities declined in

9476-426: The profit from it to charity.'" It goes on to say that Umar gave it away as alms, that the land itself would not be sold, inherited or donated. He gave it away for the poor, the relatives, the slaves, the jihad , the travelers and the guests. And it will not be held against him who administers it if he consumes some of its yield in an appropriate manner or feeds a friend who does not enrich himself by means of it. When

9579-438: The program officer who had an interest and then goes away" and recommended that an independent endowment be established and that "[n]ative leadership is crucial". Another approach to reforming endowments is the use of divestment campaigns to encourage endowments to not hold unethical investments. One of the earliest modern divestment campaigns was Disinvestment from South Africa which was used to protest apartheid policies. By

9682-657: The role of provost for the university on September 1, 2020. Students are formally involved in the university's administration through the Associated Student Government , elected representatives of the undergraduate students, and the Graduate Student Association, which represents the university's graduate students. The admission requirements, degree requirements, courses of study, and disciplinary and degree recommendations for each of Northwestern's 12 schools are determined by

9785-399: The students they are helping. The amount that must be donated to start an endowed scholarship can vary greatly. Fellowships are similar, although they are most commonly associated with graduate students. In addition to helping with tuition, they may also include a stipend. Fellowships with a stipend may encourage students to work on a doctorate . Frequently, teaching or working on research is

9888-567: The undergraduate college in Evanston; the result was a modern research university combining professional, graduate, and undergraduate programs, which gave equal weight to teaching and research. By the turn of the century, Northwestern had grown in stature to become the third-largest university in the United States after Harvard University and the University of Michigan . Under Walter Dill Scott 's presidency from 1920 to 1939, Northwestern began construction of an integrated campus in Chicago designed by James Gamble Rogers , noted for his design of

9991-430: The university by providing a faculty member who does not have to be paid entirely out of the operating budget, allowing the university to either reduce its student-to-faculty ratio, a statistic used for college rankings and other institutional evaluations, or direct money that would otherwise have been spent on salaries toward other university needs. In addition, holding such a professorship is considered to be an honour in

10094-618: The university created an additional 84 acres (34 ha) for the campus by filling in a portion of Lake Michigan . Buildings located on the resulting Lakefill include University Library, the Patrick G. and Shirley W. Ryan Center for the Musical Arts, the Regenstein Hall of Music , Norris University Center (the student union), the Kellogg School of Management Global Hub, and various athletics facilities. The Chicago Transit Authority 's elevated train running through Evanston

10197-479: The university with the Methodist Episcopal Church, they favored a non-sectarian admissions policy, believing that Northwestern should serve all people in the newly developing territory by bettering the economy in Evanston . John Evans , for whom Evanston is named, bought 379 acres (153 ha) of land along Lake Michigan in 1853, and Philo Judson developed plans for what would become

10300-410: The university's history, the professional schools originally were scattered throughout Chicago. In connection with a 1917 master plan for a central Chicago campus and President Walter Dill Scott 's capital campaign, 8.5 acres (3.44 ha) of land were purchased at the corner of Chicago Avenue and Lake Shore Drive for $ 1.5 million in 1920. Architect James Gamble Rogers was commissioned to create

10403-509: The voting members of that school's faculty ( assistant professor and above). Northwestern maintains an endowment of $ 16.1 billion, the eighth-largest university endowment among private universities in the United States . The endowment is sustained through donations and is maintained by investment advisers at the university's Investment Office. Chicago Campus Northwestern University's admissions are characterized as "most selective" by U.S. News & World Report . Northwestern received

10506-539: Was estimated at the time to total 10 times more than the combined 2005 assets of all registered animal-related charities in the United States. In 1914, Frederick Goff sought to eliminate the "dead hand" of organized philanthropy and so created the Cleveland Foundation : the first community foundation . He created a corporately structured foundation that could utilize community gifts in a responsive and need-appropriate manner. Scrutiny and control resided in

10609-972: Was named). It was ultimately marketed as Lyrica , a drug sold by Pfizer , to combat epilepsy, neuropathic pain, and fibromyalgia. Northwestern has an extensive history of producing prominent businessmen and entrepreneurs. Companies founded by Northwestern alumni include Groupon , The Blackstone Group , Booz Allen Hamilton , U.S. Steel , Kirkland & Ellis , Guggenheim Partners , Accenture , Aon Corporation , and AQR Capital . The university also runs The Garage, and interdisciplinary innovation and entrepreneurship space and community for student-run startups . The Garage provides students with resources and programming related to entrepreneurship and mentorship. The Garage houses approximately 90 student-founded startups per academic quarter. Its programs and resources are available to all Northwestern students. Northwestern enrolls more than 8000 undergraduate students and more than 8000 graduate students each year, as mentioned on

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