Cite this article as:

Новоселова М. А., Кочерягина Н. В. The Role of University Enduments in Financing Innovation Projects of Public Private Partnership. Izv. Saratov Univ. (N. S.), Ser. Economics. Management. Law, 2018, vol. 18, iss. 1, pp. 74-?. DOI:


The Role of University Enduments in Financing Innovation Projects of Public Private Partnership

Introduction. The lack of financial support in the sphere of higher education, the acute need of the real sector of the economy in highly qualified personnel create the need to attract targeted capital for investment in the education sector. Theoretical analysis. One of the tools for implementing public-private partnership in the sphere of education is the endowment funds – endowments. The advantages of creating endowments include legal and systematic attraction of investment resources, the possibility of planning the development and implementation of projects, attracting professionals to the management of incomes, transparency of spending. The endowment fund is not only an additional source of income, but also an indicator of the competitiveness of universities. Empirical analysis. The analysis of the experience of functioning of endowment funds made it possible to determine their main characteristics, the factors of successful functioning in Russia and the direction of development of financing education through endowment funds. Results. The conducted research has shown that the macroeconomic significance of their activities is significant. Endowment funds as institutional investors can become a significant resource for investing innovative projects in Russia through the use of public-private partnership mechanisms and project finance with the state shoulder. The formation of regional “points of growth” on the basis of endowments and the subsequent multiplier effect for regional and national economies is one of the most important macroeconomic problems.


1. Aukina A. I., Babiy V. S., Bessonova N. Yu. (et. all.). Modernizatsiia fi nansovo-kreditnykh otnosheniy: problemy i perspektivy [Modernization of fi nancial and credit relations: problems and prospects]. Saratov, Publ. house of the Saratov Institute of Russian State University of Trade and Economics, 2012. 268 p. (in Russian). 

2. On the procedure for the formation and use of the target capital of non-profi t organizations. Federal law of 30.12.2006 No. 275-FZ. ATP «Consultant» [electronic resource] (in Russian). 

3. Nekommercheskoe partnerstvo grantodaiuschikh organizatsii “Forum Donorov” (Non-commercial partnership of granting organizations “Forum of Donors”). Available at: http://endowment.donorsforum. ru/membercat/fondy/ (accessed 18 September 2017) (in Russian).

4. Dyachkova E. A. Management of income from the target capital in universities. Voprosy obrazovania [Educational Studies Moscow], 2016, no. 1, pp. 225–244 (in Russian).

5. Podolskaya A. P., Kharlamova E. E. Osnovy upravleniia tselevym kapitalom: etapy formirovaniia i mekhanizm raboty (Fundamentals of managing the target capital: the stages of formation and the mechanism of work). Avai lable at: https://www.scienceforum. ru/2017/pdf/38629.pdf (accessed 18 September 2017) (in Russian). 

6. Balatskiy E. V. Universitetskie endaumenty i konkurentosposobnost’ rossiiskikh vuzov [University endowments and the competitiveness of Russian Universities]. Moscow, Buki Vedi Publ., 2017. 84 p. (in Russian). 

7. Firsova A. A. International Experience of Public-Private Partnerships for Development Investment of Innovation. Izv. Saratov Univ. (N.S.), Ser. Economics. Management. Law, 2011, vol. 11, iss. 2, pp. 75–78 (in Russian). 

8. Firsova A. A. Public-Private Partnership as a Mechanism for Attract Private Capital in the Process of Innovation Activity. Izvestija Tulskogo gosudarstvennogo universiteta. Economic and legal sciences, 2011, vol. 2, pt. 1, pp. 11–19 (in Russian).

Full Text (PDF): 
Short Text (PDF):