ENDOWMENT FUND ESTABLISHMENT AS A RESPOND TO THE CHALLENGES OF THE EPOCH

Abstract

Insufficient funding forces universities to search for innovative models of additional financing. The multichannel financing of education and science, based on combination of budgetary and extrabudgetary funding, becomes dominant position. The special place among extrabudgetary funding occupies the establishment of specific fund for national, meaningful projects financing (endowment). Endowment funds activity is supported by the first point of Bologna declaration, that proclaims higher education institutions the establishments that bear all responsibility for the future of the state, and, consequently, such, that must be apt neither to political, nor economic, nor social, nor other influences. World practice of endowments, the legislative framework of endowments, universities advantages due to endowment establishment, factors that confirm actuality of creation of such funds are analyzed in the article.