Did Brent Axe say that we have our OC

[supp]

The school is sitting on $2,000,000,000. It’s up to the school to invest. It’s payback is ticket sales

Syracuse endowment posts 30.8% return

Syracuse University's $1.8 billion managed endowment fund returned a net 30.8% for the fiscal year ended June 30.

www.pionline.com

Love these kinds of comments. Always come from people who don't know how endowments work.

 

[Chip]

I thought Nate was okay. Kind of snarky and misleading at times, but I think most of his points were valid.

He should have mentioned that the only reason UVa committed funds from their endowment towards building their football operations center was because they had already been turned down by their top candidate for their vacant HC position because of lack of commitment to footlball (they would not commit to build the operations center for Poindexter), and their other top candidate was going to also pass unless he got the commitment.

They were in an impossible position and did the unthinkable. They committed endowment funds for sports facilities.

But I believe I read a report that SUAD did not pay a dime for the recent Carrier Dome renovation. I believe that was fully paid by SU funds. Though maybe donors helped some. I don’t think so though…don’t remember hearing anything about a fund drive though for that initiative.

SU committed over a hundred million of their funds for the dome renovation. Mink admitted as much, though he said there was no choice because the roof was about to collapse. That is BS. It had another 5 or 10 years of life. And they didn’t have to replace the air supported roof with a fixed roof. They could have just replaced the fabric again, like they had done a couple of times before. Remember also there are nundreds of millions more to be invested in coming years for the dome.

Then SU announces a $150 million dollar campaign to build a state of the arm football operations center/sports complex/athletic village.

But UVa commits $10.3 million dollars towards UVA’s new football facility which is budgeted to cost $65 million, so they clearly are more invested in football than Syracuse is.

I find this intellectually dishonest. He is being snarky to be snarky. If you want to be a journalist, you need to be objective, You need to present all the facts and be fair. Nate didn’t do that here.

He is right about one thing though. SU is behind in the facilities war. As they showed him. He didn’t find the story; the story found him. SU gave it to him and he immediately uses it to criticize them.

Sigh.

It's what passes for journalism these days. Donnie Webb and Dave Rahme aren't walking back through that door. Mink isn't an SU guy (Penn State), so being snarky about it is just going to come with the territory.

I do think with the UVA situation, he should have mentioned that our $150M was kicked off with a $25M donation. That was intellectually dishonest. We didn't need SU to put in $ to kick it off. But we may certainly need them to close the gap.

I don't have a problem with painting the situation like it is though. We need to face our shortcomings head on. We have people in our fanbase who have no appreciation for a $125 season ticket that gives you a great view of the game. How do you go from 60% capacity in a small-ish stadium, paying almost nothing for tickets, to raising $150M? First thing you need to do is convince them that if they don't, they won't have much of a program to support.

 

[BKCuse]

The school is sitting on $2,000,000,000. It’s up to the school to invest. It’s payback is ticket sales

Syracuse endowment posts 30.8% return

Syracuse University's $1.8 billion managed endowment fund returned a net 30.8% for the fiscal year ended June 30.

www.pionline.com

This makes me crazy. These universities are sitting on BILLIONS and they immed started cutting athletics especially non-revenue sports when COVID hit. It's ABSURD.

 

[Bulldog04]

I would love to know what any of those billions of dollars are put towards at SU because I truly don’t know and would actually love an answer ...

 

[BKCuse]

Love these kinds of comments. Always come from people who don't know how endowments work.

I admittedly don't understand how endowments work but its gross to be sitting on that much money and not tap into it when there is a global pandemic. Instead they make cuts and hurt the little folks. The endowments are set up wrong if they can't help in times of need.

 

[OrangeXtreme]

I would love to know what any of those billions of dollars are put towards at SU because I truly don’t know and would actually love an answer ...

Someone gives the university a $50 million endowment under the following conditions:
1. SU can't touch the $50 mil, they can only draw off the interest generated.
2. All the interest goes towards funding scholarships in Newhouse.

Most endowed funds are earmarked for specific purposes (scholarships, faculty salaries, future campus expansion, etc...)

The Board of Trustees controls how the endowment is invested, and under what circumstances it can be withdrawn.

In case you haven't noticed, the BoT has no interest in turning SU into a football factory.

It's true that SU has billions in the bank. It's also true that Wildhack can't withdraw it at an ATM to go coach shopping.

 

[TheCusian]

I admittedly don't understand how endowments work but its gross to be sitting on that much money and not tap into it when there is a global pandemic. Instead they make cuts and hurt the little folks. The endowments are set up wrong if they can't help in times of need.

Someone can explain it better than me - but I think an endowment is where you can spend the interest but not the endowment without something huge

 

[Bulldog04]

Someone gives the university a $50 million endowment under the following conditions:
1. SU can't touch the $50 mil, they can only draw off the interest generated.
2. All the interest goes towards funding scholarships in Newhouse.

Most endowed funds are earmarked for specific purposes (scholarships, faculty salaries, future campus expansion, etc...)

The Board of Trustees controls how the endowment is invested, and under what circumstances it can be withdrawn.

In case you haven't noticed, the BoT has no interest in turning SU into a football factory.

It's true that SU has billions in the bank. It's also true that Wildhack can't withdraw it at an ATM to go coach shopping.

Thank you for the information. I was looking forward to a good reply and I appreciate you taking the time to do that. Makes complete sense and totally see how the BoT is just not having it with football. I know all we like to look at is the sports component but this is an academic university first and foremost as well

 

[orangenauburn]

Thank you for the information. I was looking forward to a good reply and I appreciate you taking the time to do that. Makes complete sense and totally see how the BoT is just not having it with football. I know all we like to look at is the sports component but this is an academic university first and foremost as well

They strive to be academic

They've made progress and I think that they ultimately want to do what's best to regain the stature the school once held academically again.

It's easy to lose ground. It's hard to gain it back.

 

[djorange1989]

Someone gives the university a $50 million endowment under the following conditions:
1. SU can't touch the $50 mil, they can only draw off the interest generated.
2. All the interest goes towards funding scholarships in Newhouse.

Most endowed funds are earmarked for specific purposes (scholarships, faculty salaries, future campus expansion, etc...)

The Board of Trustees controls how the endowment is invested, and under what circumstances it can be withdrawn.

In case you haven't noticed, the BoT has no interest in turning SU into a football factory.

It's true that SU has billions in the bank. It's also true that Wildhack can't withdraw it at an ATM to go coach shopping.

Well of course Wildhack can’t do that, his ATM card probably only has like a $500 limit on it

 

[FasterCuse]

I've always found it interesting how syr.com is either bashing SU athletics or trying to dig up dirt within the SUAD. I would think that with the connection between the Newhouse family and Syracuse, they would do everything in their power to pump up Syracuse Athletics in all of their media markets.

 

[007]

I would love to know what any of those billions of dollars are put towards at SU because I truly don’t know and would actually love an answer ...

"University endowments (and all endowments) have a specific legal structure that is intended to indefinitely perpetuate a pool of investments for a specific purpose. Typically, endowment funds follow a fairly strict set of long-term guidelines that dictate the asset allocation that will yield the targeted return without taking on too much risk.

In the case of endowment funds for academic institutions, the income generated is intended to finance a portion of the operating or capital requirements of the institution. In addition to a general university endowment fund, institutions may also maintain a number of restricted endowments that are intended to fund specific areas within the institution, including professorships, scholarships, and fellowships."

Endowments

 

[GHLF]

I thought Nate was okay. Kind of snarky and misleading at times, but I think most of his points were valid.

He should have mentioned that the only reason UVa committed funds from their endowment towards building their football operations center was because they had already been turned down by their top candidate for their vacant HC position because of lack of commitment to footlball (they would not commit to build the operations center for Poindexter), and their other top candidate was going to also pass unless he got the commitment.

They were in an impossible position and did the unthinkable. They committed endowment funds for sports facilities.

But I believe I read a report that SUAD did not pay a dime for the recent Carrier Dome renovation. I believe that was fully paid by SU funds. Though maybe donors helped some. I don’t think so though…don’t remember hearing anything about a fund drive though for that initiative.

SU committed over a hundred million of their funds for the dome renovation. Mink admitted as much, though he said there was no choice because the roof was about to collapse. That is BS. It had another 5 or 10 years of life. And they didn’t have to replace the air supported roof with a fixed roof. They could have just replaced the fabric again, like they had done a couple of times before. Remember also there are nundreds of millions more to be invested in coming years for the dome.

Then SU announces a $150 million dollar campaign to build a state of the arm football operations center/sports complex/athletic village.

But UVa commits $10.3 million dollars towards UVA’s new football facility which is budgeted to cost $65 million, so they clearly are more invested in football than Syracuse is.

I find this intellectually dishonest. He is being snarky to be snarky. If you want to be a journalist, you need to be objective, You need to present all the facts and be fair. Nate didn’t do that here.

He is right about one thing though. SU is behind in the facilities war. As they showed him. He didn’t find the story; the story found him. SU gave it to him and he immediately uses it to criticize them.

Sigh.

We could talk of that paper for years, we wonder why we ever talk to 90% of the writers over the years. No class, cutthroat and old. Permeates decades old distrust.

 

[llandz]

Love these kinds of comments. Always come from people who don't know how endowments work.

I was going to make a post about this, and then said why. In the simplest terms just know that a lot of endowed funds are only allowed to be used certain ways. If I endow a scholarship then the $100,000 that is necessary to fund my endowed scholarship must be used only for that scholarship.

 

[All4SU]

Can he recruit?

I don’t know. The whole camel through the eye of a needle thing suggests he’s fairly restrictive. Of course everyone that makes it is five stars.

 

[SU68]

We could talk of that paper for years, we wonder why we ever talk to 90% of the writers over the years. No class, cutthroat and old. Permeates decades old distrust.

Back when I was a student, Syracuse had the Herald-Journal (Herald Urinal) and the Post-Standard (Sub-Standard) which were competing papers with pretty good beat writers and columnists. Those days are gone forever in most cities.

 

[PhatOrange]

In case you haven't noticed, the BoT has no interest in turning SU into a football factory.

Lack of commitment. It's too bad to because Syracuse athletics put Syracuse on the map and made Syracuse a national name with a known profile. Not academia. Attendance generated money will continue to be abysmal. The level of commitment will drive our pool of coaching candidates next time around.

 

[zjscuse]

Someone gives the university a $50 million endowment under the following conditions:
1. SU can't touch the $50 mil, they can only draw off the interest generated.
2. All the interest goes towards funding scholarships in Newhouse.

Most endowed funds are earmarked for specific purposes (scholarships, faculty salaries, future campus expansion, etc...)

The Board of Trustees controls how the endowment is invested, and under what circumstances it can be withdrawn.

In case you haven't noticed, the BoT has no interest in turning SU into a football factory.

It's true that SU has billions in the bank. It's also true that Wildhack can't withdraw it at an ATM to go coach shopping.

Yea it’s almost like people forget it’s a university that’s suppose to be focused on education over sports that make us distracted from our everyday lives haha

 

[Jack_Ball]

Lack of commitment. It's too bad to because Syracuse athletics put Syracuse on the map and made Syracuse a national name with a known profile. Not academia. Attendance generated money will continue to be abysmal. The level of commitment will drive our pool of coaching candidates next time around.

This kind of success drives applications to the university. Clemson for example has double the amount of applications now since their football success so they can can become more selective with their admissions.

 

[PhatOrange]

This kind of success drives applications to the university. Clemson for example has double the amount of applications now since their football success so they can can become more selective with their admissions.

and I believe that 100%. I know kids who considered Clemson for a hot minute for no reason other than 'just because' it'd be cool to go to school there. People outside the region only know who Clemson is because of their football program's success.

 

[Jack_Ball]

and I believe that 100%. I know kids who considered Clemson for a hot minute for no reason other than 'just because' it'd be cool to go to school there. People outside the region only know who Clemson is because of their football program's success.

Unfortunately that's one of the schools my daughter is looking at to play lax.

 

[OrangeXtreme]

Lack of commitment. It's too bad to because Syracuse athletics put Syracuse on the map and made Syracuse a national name with a known profile. Not academia. Attendance generated money will continue to be abysmal. The level of commitment will drive our pool of coaching candidates next time around.

We're committed to having an FBS level football program.

We're not committed to being Alabama or LSU.

 

[PhatOrange]

Unfortunately that's one of the schools my daughter is looking at to play lax.

Nothing unfortunately about it. I think it would be a great choice and a great experience. Great town and beautiful area (especially for Mom and Dad to visit.) My son picked a school in Tennessee and it was a great decision and has been an amazing experience for him so far.

 

[Jack_Ball]

Nothing unfortunately about it. I think it would be a great choice and a great experience. Great town and beautiful area (especially for Mon and Dad to visit.) My son picked a school in Tennessee and it was a great decision and has been an amazing experience for him so far.

Congrats to you and your son. Very exciting to see all their hard work pay off

 

[TheCusian]

We're committed to having an FBS level football program.

We're not committed to being Alabama or LSU.

Yep. Thank goodness