ows the fund going?
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ows the fund going?
The fund as of end of June, 2014 is at $88k. Hopefully it will make $100k by June 2015. If anyone that has some change lying around, send the donation to the Foundation with a designation of "Athletics Enhancement Endowment".Quote:
Originally Posted by GermDawg
So what was the 13/14 Payout used for? And how much is the 14/15Quote:
Originally Posted by Tech78
There was a snafu with last year's payout as it was included with athletics' endowed scholarship dollars. I got with Athletics and Foundation staff to make some changes so that will not happen again.Quote:
Originally Posted by GermDawg
The 14/15 amount is $3,310 which is 4% of $82,743. The payout next year is anticipated to be 4% again and the corpus has increased since last year.
I am currently soliciting Athletics for needs.
After a year long absence due to a child being born I will be donating 100% of my LTAC donations to this noble cause.
2nd Quarter 2015 Update on the Athletics Enhancement Endowment:
As of 3/31/2007 the balance is $ 20,700. 3 different contributors life to date.
As of 6/28/2007 the balance is $ 21,200. 3 different contributors life to date.
As of 9/30/2007 the balance is $ 22,130. 5 different contributors life to date.
As of 12/31/2007 the balance is $ 25,870. 6 different contributors life to date.
As of 03/31/2008 the balance is $ 28,981. 7 different contributors life to date.
As of 06/30/2008 the balance is $ 36,875 . 8 different contributors life to date.
As of 09/30/2008 the balance is $ 36,965 . 8 different contributors life to date.
As of 12/31/2008 the balance is $ 36,965 . 8 different contributors life to date.
As of 03/31/2009 the balance is $ 37,982 . 9 different contributors life to date.
As of 06/30/2009 the balance is $ 42,465 . 11 different contributors life to date.
As of 09/30/2009 the balance is $ 42,490 . 11 different contributors life to date.
As of 12/31/2009 the balance is $ 42,507 . 11 different contributors life to date.
As of 03/31/2010 the balance is $ 43,087 - 12 different contributors life to date.
As of 06/30/2010 the balance is $ 51,482 - 13 different contributors life to date.
As of 09/30/2010 the balance is $ 51,677 - 13 different contributors life to date.
As of 12/31/2010 the balance is $ 51,707 - 13 different contributors life to date
As of 03/31/2011 the balance is $ 57,232 - 14 different contributors life to date
As of 06/30/2011 the balance is $ 60,076 - 16 different contributors life to date
As of 09/30/2011 the balance is $ 60,613 - 18 different contributors life to date
As of 12/31/2011 the balance is $ 60,851 - 18 different contributors life to date
As of 03/31/2012 the balance is $ 60,889 - 18 different contributors life to date
As of 06/30/2012 the balance is $ 68,157 - 19 different contributors life to date
As of 09/30/2012 the balance is $ 68,932 - 20 different contributors life to date
As of 12/31/2012 the balance is $ 71,782 - 21 different contributors life to date
As of 06/30/2013 the balance is $ 78,090 - 22 different contributors life to date
As of 03/31/2015 the balance is $ 97,565 - 27 different contributors life to date
The balance on hand August 31, 2015 will be used for the July '16 payout.
The endowment was started in January 2007. The first payout to athletics was made for the '08--'09 academic year. The Foundation Board sets the percentage each year. The payout amount is based on the endowment's corpus from the previous year's June 30th balance.
The payout history for the endowment:
2008-2009 -- $ 981 for Athletics ticketing system
2009-2010 -- $ 683 for Athletics facilities landscaping improvements
2010-2011 -- $1,111 for Tech logos at JAS
2011-2012 -- $1,871 for equipment updates for sports medicine / trainers
2012-2013 -- $2,165 lights for soccer field
2013-2014 -- $2,473 athletic's scholarship fund
2014-2015 -- $3,310 Sport and Movement Laboratory
2015-2016 -- $3,706 Sport and Movement Laboratory
Total to date $16,300 paid out.
Remember that donations prior to August 31, 2015 will benefit the payout next year - make that 2015 donation to the endowment NOW by designating it to the Athletics Enhancement Endowment. Send to La Tech Foundation - LTAC.
I upped mine, mainly due to parking pass tomfoolery, but I had a secondary question. Have we considered reinvesting part or all of the payout to grow the fund faster?Quote:
Originally Posted by Tech78
No that hasn't been considered - not that it couldn't. One would need to address what the intent of an endowment is, and they can be pointed to many different objectives i.e. fund a scholarship annually (known amount), accrue earnings over a period of years to replace weight-room items every 5 years (known amount), provide operating funds (variable amount). So to reinvest the earnings only to grow more earnings would mean that some ultimate earnings goal is being pursued.Quote:
Originally Posted by GermDawg
An example would be if we wanted to pursue endowing an athletic scholarship and the scholarship need is known to be $20k a year and the estimated average payout from an endowment fund is 4% per annum; the endowment would need to be $500,000. Let's say a donor left us $300k in their will for funding a scholarship, the annual earnings could be added back to the corpus until it reached the $500k needed to fully fund a scholarship athlete. This implies no one else was going to add to the corpus to reach the $500k amount.
The Athletics Enhancement Endowment was not intended to fund a specific need, only be used to "enhance the department" based on an annual needs assessment. I think it is correct to say that all other endowments related to athletics are for scholarships. Saving multiple years of earnings to make a larger cost enhancement purchase fits the endowments intent, but reinvesting to grow it faster does not.
Much more could be said. I hope my ramble made some sense?
Makes sense, just thinking of could their be bigger and better things we could buy if we waited a few years, which would mean you need a goal. Out of the blue example, but I remember one of the early concepts for the area around the stadium to have more trees, a Champions Walkway, with a statue etc, if we wanted to pay for that or part of that we could save for a few years and make a bigger donations for X number of years.Quote:
Originally Posted by Tech78
I like your thought. We would need to have the AD share some thoughts on what could be done along those lines. I'll have to set up a meeting with him to discuss possibilities. They are consumed with the SEZ project and basically meeting the budget. In the recent past, when I have asked for small dollar improvement needs I get nothing but a big silence. Maybe upping the goal to bigger and better might get some reaction. Worth a shot.Quote:
Originally Posted by GermDawg
Tech 78, can we get an update on the endowment numbers? Thanks.
The balance on hand August 31, 2016 will be used for the July '17 payout.
The endowment was started in January 2007. The first payout to athletics was made for the '08--'09 academic year. The Foundation Board sets the percentage each year. The payout amount is based on the endowment's corpus from the previous year's August 31 balance.
Balance of the Endowment on August 31, 2014 was $92,640 which was used to determine 2015-16 payout of $3,706.
Balance of the Endowment on August 31, 2015 was $100,650 which was used to determine 2016-17 payout of $4,026.
The payout history for the endowment:
2008-2009 -- $ 981 for Athletics ticketing system
2009-2010 -- $ 683 for Athletics facilities landscaping improvements
2010-2011 -- $1,111 for Tech logos at JAS
2011-2012 -- $1,871 for equipment updates for sports medicine / trainers
2012-2013 -- $2,165 lights for soccer field
2013-2014 -- $2,473 athletic's scholarship fund
2014-2015 -- $3,310 Sport and Movement Laboratory
2015-2016 -- $3,706 Sport and Movement Laboratory
2016-2017 -- $4,026 Soccer / Tennis Locker Room Renovation
Total to date $20,326 paid out.
Congratulations Tech78 on having over a $100K in the endowment and paying out over $20K since inception. You are making a difference in the landscape of Tech athletics. I wish more would designate some of their LTAC donations to your effort.Quote:
Originally Posted by Tech78
Yep, Tech78 is a stud.Quote:
Originally Posted by dadawgula
Is today the last day to contribute for this fiscal year? That used to be an important cut-off date.
twssQuote:
Originally Posted by olddog75
Have until the end of August now. They moved the date.Quote:
Originally Posted by olddog75
What is the current status of the endowment? I plan to give part of my LTAC donation to the endowment this year. Thanks Tech78!Quote:
Originally Posted by Tech78
twssQuote:
Originally Posted by dadawgula
The balance is approximately $110,000. I just received notification that the payout this year (2017-2018) is $4,250.
I currently plan on holding this amount to combine with next year's payout to see if it could meet a larger need, assuming something is identified.
Donations received by end of August 2017 will be used in next year's payout calculation - write those checks now and note they are for the Athletics Enhancement Endowment. Thanks to everyone for contributing to the long-term support of Tech Athletics.
The payout history for the endowment:
2008-2009 -- $ 981 for Athletics ticketing system
2009-2010 -- $ 683 for Athletics facilities landscaping improvements
2010-2011 -- $1,111 for Tech logos at JAS
2011-2012 -- $1,871 for equipment updates for sports medicine / trainers
2012-2013 -- $2,165 lights for soccer field
2013-2014 -- $2,473 athletic's scholarship fund
2014-2015 -- $3,310 Sport and Movement Laboratory
2015-2016 -- $3,706 Sport and Movement Laboratory
2016-2017 -- $4,026 Soccer / Tennis Locker Room Renovation
2017-2018 -- $4,250 Holding until next year
Total to date $24,576 paid out.
Any update from donations through June?
The balance as
of 6/30/17 is $110.8. Any donations by 8/31/17 will be used to calculate next year's payout. Time to write that big check for the Athletics Enhancemet Endowment!
I have given part of my LTAC donation to the foundation for several years. This year they would not give me credit toward football parking for any portion I proposed to give to the foundation. Thus, I did not give to the foundation this year.
I think it is a poor policy since the foundation has a chance to make a difference over time. I have a very good friend that is not buying season tickets this year because of the parking cost and the fact he cannot make all of the games. As he pointed out, it is not like we are selling out our games. Tech keeps cutting back on available parking and the prices continue to rise. My friend will buy single game tickets when he knows he will be going.
I appreciate what Justin started and I hope it will continue to grow.
another reason why loyal, long time boosters of the athletic program are walking away.
Lets be very, very careful to avoid any criticism or any adverse comments regarding the Foundation. Without them there would probably be no new press box or suites. You must remember that they loaned the athletic dept the $11mil needed to build the press box and suites. The athletic dept is obligated to repay that but there is no timeline or set amount due at any time thus it will be repaid if and when the athletic dept has the money. Only problem with this is the note is interest bearing at 5% and interest added to principal, if no payments are made, could balloon into an unimaginable amount over time.Quote:
Originally Posted by dadawgula
Shhh... we make fun of the universities that get money from the he state for their projects. My thoughts are if you can get it, take it! They aren’t doing anyone any favors.Quote:
Originally Posted by Exes&Ohs
There are 24+ suites that have been leased with the annual proceeds, I am sure, used to retire the debt.Quote:
Originally Posted by Exes&Ohs
I havent been up there but the published info indicates 13 for lease. The other space is for athletic directors, & visiting big wigs, media space, etc not a revenue stream.Quote:
Originally Posted by olddog75
Yep, you are right, my bad. The financial structure is for the lease income to be used to retire the debt. Oh for the day when I win a big lottery so that the annual lease income can be used to operate the athletic department and not may back debt. If memory serves, that is how our big TV in the north end zone was purchased.Quote:
Originally Posted by Exes&Ohs
The Foundation borrowed $2,050,000 to pay for the big TV and still owes the bank, as of July 2017, a total of $974,911 , still a long way to go. I want to win the super mega huge lottery so I can pay off all our debts and give away free tickets to all events for the next 100yrs.Quote:
Originally Posted by olddog75
Best of luck. I hope you win!Quote:
Originally Posted by Exes&Ohs
Thanks. Why would the foundation borrow money?Quote:
Originally Posted by Exes&Ohs
Don’t know. Probably not enough unrestricted funds on hand at the time. This loan was arranged back in 2009. They still owe hundreds of thousands on the basketball video board too. We need to recognize that the foundation has deep roots in our athletic dept so treat them with respect.Quote:
Originally Posted by olddog75
I am not sure why you keep mentioning that we do not need to disrespect the Tech Foundation. I have deep respect for the Tech Foundation and what they do for Tech. I want to support Justin's athletic foundation but the people in the athletic department, whether they under the Tech Foundation or not, are making it difficult on their football donors with respect to parking. I have to wonder what other restrictions one can put on their LTAC donation but not get credit toward the benefits. I think it is very intentional with their desire to raise additional funds but I do not have to agree with what they are doing.Quote:
Originally Posted by Exes&Ohs
As to video board, I would hope that the ads would help pay for it. The new press box note should be serviced by the rentals and it should be paid off in a few years. I have the feeling that many of the funds are not making it from the athletic department to the Tech Foundation because we do not have the money we need to fully support our athletic teams.
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Hey T78....can we get a balance update on this?Quote:
Originally Posted by Tech78
He hasn't logged on since November 2017.Quote:
Originally Posted by HogDawg
It would be nice fact to know since it's now 2020.Quote:
Originally Posted by GermDawg