Latest gift commitment consistent with philanthropist’s philosophy of living modestly, giving back
No stranger to giving back to his community, Jim Calaway has once again taken a giant step and made a major commitment to Colorado Mountain College. Not one to wait for others to take the lead, Calaway will make a $500,000 multi-year contribution to the college to establish Colorado Mountain College’s first-ever Distinguished Chair in Executive Leadership.
“His significant leadership gift will play a vital, indirect role in funding the baccalaureate degree programs for which we’re now seeking final approvals,” says Matt Spencer, CEO of the Colorado Mountain College Foundation. The college is currently seeking approvals from its national accrediting body, the Higher Learning Commission, as well as from the Colorado Department of Higher Education, the final steps needed to be able to offer the degrees.
A condition of receiving last spring’s approval from the Colorado legislature to offer up to five bachelor’s degrees is that state funds would not be used to underwrite incremental costs of the programs, such as hiring additional faculty. “The Calaway Chair, and other distinguished chairs to come, will be integral to our ability to retain, recruit, recognize and reward stand-out faculty at all levels,” says Spencer.
The Distinguished Chair in Executive Leadership, when endowed, will become a $1.5 million fund. Such a gift could yield enough interest income the college can distribute $75,000 of it annually and in perpetuity.
This Distinguished Chair, one of several new chair options, will honor an individual serving as chief executive officer of one of the Colorado Mountain College campuses. The annual fund dispersal may be used by the honoree to strengthen personal leadership skills, support research in leadership, expand his or her community service experience or support one of his or her team members in any of these areas.