The University of Florida has announced a gift of $16 million from trustee and alumnus Al Warrington to establish an endowment that will fund faculty positions in the UF Warrington College of Business Administration.
Salary and benefits for the positions — in accounting and entrepreneurship, initially, with other fields yet to be determined — will come entirely from income generated by the newly created Warrington Faculty Fellows Endowment. According to John Kraft, dean of the college, the faculty funding model will help secure a high level of talent while developing a competitive pipeline of young faculty for the future. "The caliber of the faculty," Kraft said, "is a key driver of the quality of our college."
A businessman and entrepreneur, Warrington earned a bachelor's degree in business administration from UF in 1958 and served for many years as an executive with the accounting firm Arthur Andersen & Co before leaving to help found Sanifill, Inc. In 1996, the university named its college of business administration after him in recognition of his years of financial support and service.
"We have an incredible faculty at the college...[but] we haven't added enough professors, as evidenced by a very high student/teacher ratio," said Warrington. "I hope this gift will encourage others to join in supporting this singularly most important need at our college of business."