They Gave Me Half a Million to Preserve Rare Books
Terry Belanger, honorary curator of special collections at the University of Virginia, is a MacArthur Foundation Fellow.
The call came last September. I was among 25 people who had been selected for a MacArthur fellowship in 2005. A panel of experts had decided that my work at the Rare Book School, which I founded more than 20 years ago, is worth supporting. The no-strings-attached grant will pay me quarterly installments of $25,000 for the next five years.
Rare books isn't an undergrad major. The nearly 300 students who attend our school each year are mid-career professionals who come to learn how books were made over the centuries, what they were intended for and how to keep them from falling apart. We offer roughly eight five-day sessions a year.
Our instructors come from all over the world to teach, and we buy a lot of equipment and books. For example, we recently acquired a 1493 Nuremberg Chronicle for $40,000, considerably less than the usual price for such an early printed book. But the volume was stored for 45 years in Beirut under less-than-optimum conditions -- you can see how the cycles of damp and dry weather damaged each page. That makes it a valuable teaching tool.

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Funding the future
The university pays my salary and that of my assistant, and it provides space and support services. But I'm responsible for funding the school. The budget is about $500,000 a year. Classes are usually 12 or fewer students, and tuition covers only about 40% of the total costs. I will have to pay income tax on the MacArthur money, but I don't plan to spend it personally. I laid out $25,000 or so to wipe out the school's debt, and I intend to use the rest of the money to support the school and its programs. I am 64 years old and plan to retire in four years, about the time the grant runs out. So my goal is to secure the school's future with a $2-million endowment campaign.
Digitized texts, such as the Gutenberg Bible and Thomas Jefferson's Letters on CD, are wonderful resources, but we can't neglect the original books and manuscripts. Winning the MacArthur award is like getting the Good Housekeeping Seal of Approval for what we do.
-- As told to Barbara Hoch Marcus
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.
-
Aging: The Overlooked Risk Factor
Sponsored Elder care is a personal and financial vulnerability many people fail to plan for.
-
AI vs the Stock Market: How Did Alphabet, Nike and Industrial Stocks Perform in June?
AI is a new tool to help investors analyze data, but can it beat the stock market? Here's how a chatbot's stock picks fared in June.
-
Roth IRA Contribution Limits for 2025
Roth IRAs Roth IRA contribution limits have gone up. Here's what you need to know.
-
How to Search For Foreclosures Near You: Best Websites for Listings
Making Your Money Last Searching for a foreclosed home? These top-rated foreclosure websites — including free, paid and government options — can help you find listings near you.
-
Four Tips for Renting Out Your Home on Airbnb
real estate Here's what you should know before listing your home on Airbnb.
-
Five Ways to a Cheap Last-Minute Vacation
Travel It is possible to pull off a cheap last-minute vacation. Here are some tips to make it happen.
-
How Much Life Insurance Do You Need?
insurance When assessing how much life insurance you need, take a systematic approach instead of relying on rules of thumb.
-
When Is Amazon Prime Day? Everything We Know So Far, Plus Early Deals
Amazon Prime Here are the key Amazon Prime Day dates and details you need to know, plus some of our favorite early deals to shop ahead of the sale.
-
How to Shop for Life Insurance in 3 Easy Steps
insurance Shopping for life insurance? You may be able to estimate how much you need online, but that's just the start of your search.
-
Five Ways to Shop for a Low Mortgage Rate
Becoming a Homeowner Mortgage rates are high this year, but you can still find an affordable loan with these tips.