What happened to the Hewlett Foundation's major gift? - Big Tech - Fortune Tech: The grant, a gift from the William and Flora Hewlett Foundation, has been one bright spot for the school through the economic downturn. With California's debt growing to $6.9 billion, the state passed a budget plan in June that raised the total to $650 million in cuts to the UC system. Fortune commended the Hewlett Foundation when the grant was originally announced in 2007. Four years on, the grant has allowed the school to remain competitive.
The money was to be paid in yearly increments over seven years, with the goal of creating 100 endowed chairs for faculty -- full professorial positions that are funded privately and come with a $25,000 yearly stipend for research, travel or graduate student employment. The chairs range from Art History to Journalism to Chemistry.
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