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223
S. Kulpin
ENDOWMENT FUNDS OF UNIVERSITIES: BEST PRACTICES, FEASIBILITY AND
PROSPECTS
Abstract
Non-linearity in the economic environment of higher education in Russia has begun to show
with transition of national economic system to capitalism. The Soviet model of financing of higher
schools was strictly linear. There were no other sources for financing universities activities apart
from state funding for training and researching.
The result of the development of higher education institutions was strictly defined and predict-
able.
Modern Russian universities try to find additional ways to finance their activities.
This fact
demonstrates the manifestation of non-linearity in the economic and financial models of universi-
ties provision.
One of the elements of non-linear model of higher education development is development of
the endowment funds. Endowment is integral part of university strategy
aimed to be more inde-
pendent and autonomous from the state. Some experts consider endowment funds social investment
institutions that are not linked with growth of government expenditures and commercialization of
social sphere. Russian high schools have adopted practices of the Western countries that have been
developing endowment for a long time. It is important to note that endowment
funds in different
countries have similar properties.
However, if endowments funds are considered from the point of view of market economy in-
stitutions, they could be different in the context of the legislations, country's history, culture, etc.
The article proposes to assess prospects for the endowment funds development in Russian high
schools, their practicality, main problems of their formation and development.
The author suggests applying to the practices of successful implementation of the endowment
funds in Russian higher education. It is also proposed to classify the endowment funds based on
Russian case studies.
The scientific novelty of this research consists in the describing of the current state of the e n-
dowment funds in Russian high education as well as in an attempt to classify them.
This article will be useful for researchers who are interested in the economic development of
the
higher education institutions, employees of the financial sphere of high schools, experts in this
field.
Keywords: financial endowment,
higher education, non-linear model of higher education de-
velopment