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Thread: Athletic Enhancement Endowment

  1. #226
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    Re: Athletic Enhancement Endowment

    Quote Originally Posted by Exes&Ohs View Post
    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.
    There are 24+ suites that have been leased with the annual proceeds, I am sure, used to retire the debt.

  2. #227
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    Re: Athletic Enhancement Endowment

    Quote Originally Posted by olddog75 View Post
    There are 24+ suites that have been leased with the annual proceeds, I am sure, used to retire the debt.
    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.

  3. #228
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    Re: Athletic Enhancement Endowment

    Quote Originally Posted by Exes&Ohs View Post
    I haven't 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.
    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.

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    Re: Athletic Enhancement Endowment

    Quote Originally Posted by olddog75 View Post
    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.
    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.

  5. #230
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    Re: Athletic Enhancement Endowment

    Best of luck. I hope you win!
    Quote Originally Posted by Exes&Ohs View Post
    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.

  6. #231
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    Re: Athletic Enhancement Endowment

    Quote Originally Posted by Exes&Ohs View Post
    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.
    Thanks. Why would the foundation borrow money?

  7. #232
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    Re: Athletic Enhancement Endowment

    Quote Originally Posted by olddog75 View Post
    Thanks. Why would the foundation borrow money?
    Donít 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.

  8. #233
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    Re: Athletic Enhancement Endowment

    Quote Originally Posted by Exes&Ohs View Post
    Donít 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.
    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.

    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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