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.
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free 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
-
Is Home Insurance Tax Deductible?With home insurance rates on the rise, you might be hoping to at least claim the cost as a tax deduction. Here's what you need to know ahead of tax season.
-
The December Jobs Report Is Out. Here's What It Means for the Next Fed MeetingThe December jobs report signaled a sluggish labor market, but it's not weak enough for the Fed to cut rates later this month.
-
Trump Signals Plan to Ban Institutional Investors From Buying Single-Family HomesThe president says the move could improve housing affordability. Here’s what the data shows about investor ownership, recent buying trends and what it could mean for homebuyers.
-
9 Types of Insurance You Probably Don't NeedFinancial Planning If you're paying for these types of insurance, you may be wasting your money. Here's what you need to know.
-
Amazon Resale: Where Amazon Prime Returns Become Your Online BargainsFeature Amazon Resale products may have some imperfections, but that often leads to wildly discounted prices.
-
Roth IRA Contribution Limits for 2026Roth IRAs Roth IRAs allow you to save for retirement with after-tax dollars while you're working, and then withdraw those contributions and earnings tax-free when you retire. Here's a look at 2026 limits and income-based phaseouts.
-
How to Search For Foreclosures Near You: Best Websites for ListingsMaking 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 Airbnbreal estate Here's what you should know before listing your home on Airbnb.
-
Five Ways to a Cheap Last-Minute VacationTravel 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 Does Amazon Prime Day End in October? Everything We Know, Plus the Best Deals on Samsonite, Samsung and MoreAmazon Prime The Amazon Prime Big Deal Days sale ends soon. Here are the key details you need to know, plus some of our favorite deals members can shop before it's over.
