The Washburn University School of Business recently received an anonymous donation of $500,000.

This donation will be used as a resource for a number of possible projects by the school of business.

“We’re really excited about the recruiting and retaining of [high quality] faculty,” said David Sollars, dean of the school of business. Sollars noted that by having such resources available, attracting and retaining talented faculty members is much easier.

However, the process of executing the gift and using the money is more complex than simply dipping into an account and writing a check. The Washburn Endowment Association is taking care of the donation, as it does with all university gifts. The donation, known as a professorship, will be used in the future by distributing interest garnered from the large sum.

Whatever funds are used will be supplemented by the “perpetuity [made] certain by a 4-to-5-percent interest,” said Sollars. This amounts to anywhere between $20,000-$25,000.

Sollars also said that the money will help fund any conferences, software or materials required for the recruitment or retention of faculty members.

“This type of a resource helps to support WU’s programs and furthers the mission of the Business School,” said Jeannie Wiseman, WEA director of advancement.