Endowment and Charity Financing Model to Develop Science and Technology

Document Type : Original Article

Authors

1 Assistance Professor, Faculty of e- learning, Islamic Azad University.

2 Assistant Professor, Department of Business Administration, Shahr-e-Qods Branch, Islamic Azad University, Tehran,Iran

3 Assistance Professor, Faculty of Education, Islamic Azad University, Central Tehran Branch.

Abstract

Financing is one of the essential necessitates for science and technology development that many universities have paid attention to it and through establishing financing funds including endowment funds have realized this important issue. So endowment today has played a crucial role in financing and the issue of endowment, benefactors and strategic position of benefactors and donors has been one of the main discourses of Science Ministry in staff and planning area.
Endowment considering religious, cultural and historical characteristics of Iran always has been paid attention from benefactors of this territory. Currently, much of endowments are in the form of constant assets, properties and real estate. Given the changing functions of endowment constant assets and people’s needs over time, in many cases using incomes and benefits of dedicated assets along with benefactor’s initial objectives isn’t possible and it has made them static and blocked. As development of education, particularly in higher education section and performing scientific and applied researches and producing science, in view of increasing development of technology can’t be afforded by government and requires public wide participation. This article investigates necessities of establishing endowment funds, potential limitations of establishing endowment funds and also investigates different grounds for setting up such funds in order to development of education and research and considering different involved issues in this area, pattern of endowment financing as scientific findings have been presented. Research method also is based on library work and mostly study of documents, scientific foundations and analytic background.

Keywords

References

  1. Afshar, Mahmud, (2004), Panj Waqfnameh; Foundation of Dr. Mahmud Afshar  Endowments, 2nd Edition. Tehran.

  2. Auqaf and Charity Organization, (2002). Report on developments in Waqf and charity affairs during the last 20 years, Auqaf & Charity Organization, Public Relation Office, http//www.razemandegari.com.

  3. Astan Quds Razavi, (2013). “A 33 Years Performance Report”. Vol. 1, The Central Official Complex, Mashhad, Iran.

  4. Black, F. (1976). The investment policy spectrum: Individuals, endowment funds and pension funds. Financial Analysts Journal 32(January-February):23-3

  5. Bonine. Michael E: (2009), “Waqf and its Influence on the Built Environment in the Medina of the Islamic Middle Eastern City,” Berlin, New York.

  6. Creedy, J., & Francois, P. (1990). Financing higher education and majority voting. Journal of Public Economics, 21, 111–211.

  7. Dimmock, S. (2010). Background Risk and University Endowment Funds. SSRN. Endowment and Charity Organization, endowment affairs assistance, activities report, website of Endowment and Charity Organization.

  8. Hansmann, Henry. (1990). Why do universities have endowments? Journal of Legal Studies 19(January): 3-42.

  9. Islamic Azad University, research assistance (2009). Feasibility of establishing endowment fund for higher education in Iran and the role of endowment funds in financing Islamic Azad University.

  10. Jamshidi, L.; Arasteh, H.  (2013), Privatization in higher education (concepts, models and experiences), first edition, Jahad Daneshgahi publication, Kharazmi unit.

  11. Johnstone, D. B. (2006). Higher education accessibility and financial viability: The role of student loans. In Global University Network for Innovation (GUNI) (Ed.), Higher education in the world: The financing of universities. Basingstoke and New York: Palgrave Macmillan.

  12. Jongbloed, B. (2004). Funding higher education: Options, trade-offs and dilemmas. Working Paper of CHEPS, University of Twente, the Netherlands Paper for Fulbright Brainstorms- New Trends in Higher Education.

  13. Knight R., V. (1995). Knowledge-based development: Policy and planning implications for cities. Urban Studies, 92(2), 225-231. 23.

  14. Liefner, I. (2003). Funding, resource allocation, and performance in higher education systems. Higher Education, 13, 133–113. 27.

  15. Lundvall, B.-A. and Johnson, B. (1994), ‘The learning economy’, Journal of Industry Studies, Vol. 1, No. 2, pp. 23-42.

  16. Moretti, E. (2005). Estimating the social return to higher education: Evidence from longitudinal and repeated cross-sectional data. Journal of Econometrics, 121, 175–212.

  17. National Association of College and University Business Officers and Common fund Institute. (2015). NACUBO-COMMONFUND ENDOWMENT STUDY FOLLOW-UP SURVEY. http://endowments.com/funds/

  18. Nikoomaram, H.; Rahnamay roodposhti, F.;  Rohbati, F. (2011), Foundations of financial management, volume 1,2, Termeh publication.

  19. OECD (2000). Knowledge management in the learning society. Paris.

  20. Organization of endowments and charity affairs, deputy of endowment affairs, activities report, website:  www.oghaf.ir

  21. Financial Information Processing of IRAN http://fipiran.com/

  22. Sayyah, S. (2007). The proposal of establishing financial endowment institution as an Islamic finance institution, (articles collection of the international conference on Islamic financing), collected by: Technology Research Center of Sharif Industrial University, October 20, 2007, pp 204-205.

  23. Securities and Exchange Organization. “A sample of Statute and prospectus of charity funds. approved by Directors Board of Securities and Exchange Organization”    www.seo.ir

  24. Tobin, James. (1974). What is permanent endowment income? American Economic Review 64(May): 427-32.

  25. Tofighi, J.; Ferasatkhah, M.  (2014). Review, pathology and designing an optimal model for implementation of Article 44 of Iran's Constitution for Iran higher education development. Tehran: Presidential Deputy for Science and Technology, Technological Development Deputy

 

International Journal of Finance & Managerial Accounting
Volume 1, Issue 4 - Serial Number 4
January 2017
Pages 55-70

Files

Share

How to cite

Statistics