Faculty and students at the University of Alaska Anchorage (UAA) are to have early access to the ConocoPhillips Arctic Science and Engineering Endowment due to a one year early payoff of the US$ 15 million pledge.
Originally scheduled to begin distributions in 2016, the endowment will now provide researchers with more than US$ 138 000 this fiscal year end, increasing substantially over the next few years. By the end of fiscal year 2017, there will be approximately US$ 435 000 available to be awarded each year.
The ConocoPhillips Arctic Science and Engineering Endowment supports science and engineering programs at the university. It was established with US$ 11 million of the total pledge, US$ 4 million of which funded state of the art equipment for the new ConocoPhillips Integrated Science Building, which opened in 2008.
Trond-Erik Johansen, president of ConocoPhillips Alaska, said: “We are very pleased to have expedited our funding so UAA can begin to reap the benefits of the endowment sooner than expected.
“The purpose for the grant is to help students get an outstanding education that prepares them for jobs and careers in Alaska, and to further the understanding of arctic science and engineering.”
Chancellor Tom Case also commented: “This is the largest corporate gift that UAA has ever received, and development in the Arctic is expected to increase, so the need for engineering and science research becomes more urgent. This early access to the ConocoPhillips Arctic Science and Engineering Endowment earnings will benefit our faculty and students, as well as industry and the state”.
UAA plans to distribute the endowment’s spendable income in the short term through two existing research programs, the Innovate Awards and the Undergraduate Research Awards, for projects that fall within the disciplines of Arctic science and/or Arctic engineering.
Adapted from a press release by Emma McAleavey.
Read the article online at: https://www.energyglobal.com/upstream/exploration/06052014/conocophillips_early_payoff_472/