The First Income Generated by the FEFU Endowment Foundation to Be Spent On Implementation of the Project of the School of Engineering

The first income in the amount of one million rubles is received as a result financial management of the funds of the Far Eastern Federal University Endowment Foundation. On June 24, at the meeting of the Academic Council of the University, Director of the Foundation Anatoly Razgonov has given the Rector Sergey Ivanets a certificate that confirms a transfer of this amount of money for implementation of the FEFU School of Engineering project, titled "SUEK Center of Tutoring Competencies."

SUEK is the largest producer of coal in Russia, which was the first company to respond to the request of the President of Russia Vladimir Putin about making a donation to the FEFU Endowment Foundation and has contributed ten million rubles towards development of academic programs in mining engineering. The income generation from financial management of the funds became the first tangible result of work of the FEFU Endowment Foundation and a meaningful contribution in implementation of a promising project of the University.

"In the time frame of two years of intensive work, the Foundation has raised over 250 million rubles in donations. Leading Russian state-owned corporations became FEFU partners by way of supporting strategic goals of the university development. The contributions of the major corporations have started to generate their first revenues that will be spent on negotiated projects of the University development," says FEFU Rector Sergey Ivanets.

SUEK Center of Tutoring Competencies project is being implemented at the FEFU School of Engineering Department of Mining and Integrated Exploitation of Mineral Resources. As the project leader, Associate Professor Alexei Belov says the idea of the project is 'to teach those who teach SUEK professionals.' Center of Tutoring Competencies is perceived as an element of a corporate system of personnel training for mining industry enterprises, which aims to enhance the skills of the teachers and motivation of the students, and to improve overall efficiency of professional training. An importance objective of the Center is to help develop academic program in Mining Engineering in general.

Endowment Foundation of the Far Eastern Federal University was established with an objective to raise long-term private and corporate donations. The Fund creates endowments by raising donations and gifts, and transfers them to the Asset Management Company for fiduciary management with the purpose of revenue generation, which later on is transfered back to the University for implementation of programs and projects with an approval of the donors. So far, the Endowment Foundation has created five endowments: FEFU Support and Development Endowment, FEFU Medical Center Development Endowment, Arctic Research Endowment, Fundamental and Exploratory Research Endowment, and the Asia-Pacific Region Research Endowment.

FEFU Press Service,