The funds received from the trust management of the endowment are used to finance NTI activities and development, including the E.G. Zudov Scholarship. This was stated by Evgeny Zudov’s daughter, Ekaterina Rybakova. «My father valued communication with his students most of all, – remembers Ekaterina. – It’s a pleasure to be in UrFU, one of the leading universities in the country, the leader in the field of open education. This is the university where I started my way as a student». The Director of NTI (branch) of UrFU Vladislav Potanin expressed his gratitude to «Rybakov-fund» and Ekaterina Rybakova personally for the support а the students of the Institute.

Besides, according to Rybakova, the centre of robotics named after E.G.Zudov will be established at the Institute to become a creative ground for the local schoolchildren.

These events will undoubtedly be a huge spur for the development of the Nizhny Tagil technological Institute and engineering education in the city.

Evgeny Zudov was born in 1939 in Nizhny Tagil. He started his career in 1959 as a worker at Nizhny Tagil metallurgical plant. After graduating Ural Polytechnic Institute in 1966 Evgeny worked as a senior engineer, head of the experimental group, deputy head of the laboratory of rolling production of the central laboratory of the plant. In 1984 he was appointed Director of the Nizhny Tagil branch of UPI. The management team of the Institute was substantially updated over the years. Evgeny managed to unite the faculty and bring the Institute to a new level of development, which was manifested in the growth of creative activity of the faculty members.

E.G. Zudov made a lot of efforts to open new specialties at the institute, including the ones in the field of economics. He became the Head of the Department of Economics and Management in Industry in 1992. Graduates of this university make up the elite of technical intellectuals of Nizhny Tagil. The beginning of construction of the sports complex of the Institute is also a result of the activities of Evgeny Zudov. E.G. Zudov - Doctor of Engineering Sciences, Professor, Member of the Academy of Engineering Sciences of the Russian Federation, author of about 100 publications and scientific discoveries. He was awarded the Order of Honor, the Cherepanov Foundation Medal, the «Honorary Worker of the Higher Education of the USSR», became the laureate of the Prize of the Council of Ministers of the USSR.

Endownment is a special capital accumulated with the help of donations and invested for many years in order to make a profit.

The main difference between endowment and regular donations is that the funds are not spent. Endowment goes under trust management and is invested in the stock market or is used through other banking instruments. The profits from these transactions are placed at the disposal of the non-profit organization, the owner of the endowment, and the income is not subject to income tax. The owner, the non-profit organization, has the right to spend the proceeds strictly in accordance with its statutory purposes.

The world’s best-known endowment fund is the Nobel Foundation, which was established in late XIX century by the inventor and industrialist Alfred Nobel. The statutory objectives of the Foundation are to award annual awards for distinguished service in five fields of scientific knowledge and public service.

There are more than 1,000 endowments worldwide these days, and the vast majority of them have been created to support educational institutions. Accordingly, their income is spent on various educational, administrative and research needs.

The procedure for the investment of the funds is strictly regulated by the Federal Law of 30.12.2006 N 275-ФЗ (Rev. 28.07.2012) «On the procedure of formation and use of the endowment of non-profit organizations». Designated capital can only be invested in instruments that provide a stable income. The property constituting the endowment is to be managed by the management company under the trust agreement for the endowment capital.