Thanks for the update, I'm hoping to make another contribution soon.
Do you know when the first annual payout will be?
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Thanks for the update, I'm hoping to make another contribution soon.
Do you know when the first annual payout will be?
Originally Posted by techdrummer
The first payout will be available to Athletics as of July 1, 2008 for approx. $981.00
The payout is calculated based on the principal on hand June 30, 2007 and this year is 4.5%.
The money in an endowment must be on hand at least 12 months before a payout is made so whatever the balance is at the end of a fiscal year (June 30) will be the basis for the payout for the fiscal year 12 months later (July 1). The percentage payout is variable, but is targeted to be approx. 4% per year.
Good idea to get donations in before June 30 if you want the money to start paying out at the earliest possible date. Tech benefits whenever the money is deposited however. I plan on getting my '08 endowment donation in before June 30th now that I know how the payout is calculated.
Reminder -
Only a couple of weeks left in June. Good idea to get donations in before June 30 if you want the money to start paying out at the earliest possible date. Tech benefits whenever the money is deposited however. I plan on getting my '08 endowment donation in before June 30th now that I know how the payout is calculated.
This year's payout is calculated based on the principal on hand June 30, 2007 and this year is 4.5% for $981.00.
The money in an endowment must be on hand at least 12 months before a payout is made so whatever the balance is at the end of a fiscal year (June 30) will be the basis for the payout for the fiscal year 12 months later (July 1). The percentage payout is variable, but is targeted to be approx. 4% per year.
Last edited by Tech78; 06-15-2008 at 06:50 PM. Reason: Add content
Do you have a current balance for the endowment?
981/.045 = 21,800 would be my guess
I post an update of the balance right after the end of each quarter. Here are the numbers after 1st quarter of '08:
1st Quarter 2008 Update on the Athletics Enhancement Endowment:
As of 3/31/2007 the balance is $ 20,700. A total of 3 people have contributed.
As of 6/28/2007 the balance is $ 21,200. A total of 3 people have contributed.
As of 9/30/2007 the balance is $ 22,130. A total of 5 people have contributed.
As of 12/31/2007 the balance is $ 25,870. A total of 6 people have contributed.
As of 03/31/2008 the balance is $ 28,981. A total of 7 people have contributed.
The amount on hand at the end of June '07 is what is being used for this year's payout i.e. $21,200 balance.
I will get the exact balance in a couple of weeks and that amount will be used for next summer's payout (July '09). I know that the current balance is at least $36,981. Hopefully everyone can see that it is steadily growing and that it doesn't take very long for it to start being meaningful. Tech isn't about to go out of business so we have lots of time ...
The endowment is at a point where it is giving the equivalent of $123 / month to Athletics in perpetuity!!!
Excellent news
Dropping another Endowment check in the mail today!
I post an update of the balance right after the end of each quarter. Here are the numbers after 2nd quarter of '08:
2nd Quarter 2008 Update on the Athletics Enhancement Endowment:
As of 3/31/2007 the balance is $ 20,700. A total of 3 people have contributed.
As of 6/28/2007 the balance is $ 21,200. A total of 3 people have contributed.
As of 9/30/2007 the balance is $ 22,130. A total of 5 people have contributed.
As of 12/31/2007 the balance is $ 25,870. A total of 6 people have contributed.
As of 03/31/2008 the balance is $ 28,981. A total of 7 people have contributed.
As of 06/30/2008 the balance is $ 36,875 . A total of 8 people have contributed.
The $21,200 balance on hand at the end of June '07 is what is being used for the '08 payout.
The $36,875 balance on hand at the end of June '08 is what will be used for the '09 payout.
That's very impressive - I wish I had some to give! Would $50 be too little?
No amount is too little and donations count for towards your LTAC membership as do all donations to Athletics. Thanks for the consideration.
Just out of curiosity, when you say "8 people have given," that means 8 distinct individuals, right? Not 8 contributions? (I have given twice, and I know you have given more than once. I hope that doesn't mean there are just 3 people giving to this thing!)
Just to reiterate, NO amount is too little.
As I have said before, I really wish that Tech invested a portion of all contributions (or at least all undesignated contributions) in endowments. (I know of other not-for-profits that do this, and it gives them guaranteed income for the long run.)
As Tech doesn't do this automatically, I do it myself. Whenever I give to LTAC, I designate at least 10% (and as much as 50%) of my total gift to this endowment and the rest to the LTAC general fund.
Schools that are achieving great things have large endowments. Tech can spend like madmen now, but unless we are also establishing big money in endowments, we will never reach the next level, in athletics or in academics. Even ULL has nearly twice as much money in total endowments!
When will we discuss the best use of the payout this year? Or has that already been decided?
Thanks
Thanks spoiled, but I was referring more to this part of the arrangement. Any info on that?
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