Photo: Joshua FranzosIn the 2nd century C.E., when Roman emperor and Stoic philosopher Marcus Aurelius established four academic chairs in Athens for the study of philosophy, he may well have created the first of what we now refer to as “endowed” positions. He hoped that establishing these academic posts would ensure that intellectual traditions he cherished would be honored and explored in perpetuity.
The concept of endowment formally took hold in Europe in the 15th and 16th centuries, when Cambridge and Oxford universities created their first endowed academic chairs with the help of royal benefactors. But it was in the United States that the development of endowments—primarily for higher education—would truly take shape, thanks to the philanthropy of America’s newly made millionaires. Andrew Carnegie, for example, explained in his essay “The Gospel of Wealth” his decision to devote his wealth to the good of society rather than passing it down to his heirs.
An endowment is a collection of funds invested by a nonprofit institution to produce income that will support its mission for generations to come. Each endowment gift represents an agreement between a donor and an institution, often with stipulations as to how the funds can be used. Large or small, gifts to endowment are mission-affirming and forward-looking, providing an organization like Carnegie Museums with support that will sustain its charitable purposes far beyond the life of the donors. In fact, roughly a third of Carnegie Museums’ annual operating income is derived from endowment income.
Dan Kamin personally embodies one of the main reasons the Science Center exists in the first place: to awaken young minds to the wonders of science and of the universe it seeks to understand.
Earlier this year, we learned that longtime supporters Dan and Carole Kamin had decided to give the largest monetary gift in Carnegie Museums’ history to Carnegie Science Center. As you’ll read in this issue’s cover story, their transformational $65 million gift—an initial $15 million to endowment and the remainder a bequest—will provide the kind of long-term foundational support that will allow the Science Center to inspire generations of science enthusiasts, contribute to the ongoing economic development of its North Side community, and become a leader in what the Science Center calls “relevant” science. (It’s important to note here that there is only so much an institution can spend from its endowments without depleting them, so the Science Center will continue to seek additional funding for annual operations, programming, and specific projects.)
The Kamins’ gift has its origin in Dan’s boyhood love of science. Although his career pursuits took him elsewhere, he never forgot the thrill of building his own telescope at the original Buhl Planetarium and Institute of Popular Science and the wonder he felt using it to explore the night sky. In other words, Dan Kamin personally embodies one of the main reasons the Science Center exists in the first place: to awaken young minds to the wonders of science and of the universe it seeks to understand.
Giving is a personal choice inspired by personal stories. From Andrew Carnegie to Dan and Carole Kamin, we are grateful for the leadership shown by so many individuals and families who recognize the power of museums to expand minds, build community—and, sometimes, plant a seed of curiosity that will truly last a lifetime.
Steven Knapp
President and Chief Executive Officer
Carnegie Museums of Pittsburgh
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