Football Endowments

[MaxwellCuse]

From time to time over the years questions have been raised on these forums as to whether or not endowment funds can be used to support the football program at SU. I think it has been pretty well established that funds from the main endowment (you know, the $1 billion that Nancy Cantor raised) cannot be used to support athletics. But that does not mean that endowments cannot be established to support the football program. Texas does it. Stanford does it:

http://www.bloomberg.com/news/2013-...coaches-make-winning-teams-not-just-luck.html

And it's not just the big guys (or "Big Boys" as per WVU) that endow football coaches and programs. In the most recent copy of my daughter's alumni magazine is an announcement that the .M. Kirby Foundation has given $2 million to endow the head football coach position at Lafayette College. A Division I school, yes, but hardly a powerhouse.

So why not Syracuse? Or maybe we already have endowment money available for SU athletics but it is either a well-kept secret or embarrassingly miniscule? Anyone have any insight to share?

 

[Full_Rebar]

I believe that some of the coaching positions at Syracuse are already endowed.

 

[MaxwellCuse]

I believe that some of the coaching positions at Syracuse are already endowed.

That would be good. Now, why can't the Athletics Department also have an endowment fund for general purposes or specific programs in the department? Or does this already exist and most of us just don't know about it?

 

[Full_Rebar]

I believe that all of the above exist, but aren't promoted very well (or are listed in a confusing manner). Pretty sure that lacrosse alumni did something in Roy Simmons Jr's name- anyone here know more about this?

 

[DPCuse]

I work at a university with a healthy endowment. The endowment funds must be used for whatever the donor stipulates. The donor places the restriction on the money and it's use. Most of the time, the gift can not be spent, only the income that the gift/fund earns. Endowments have spending policies to exercise prudence. In general, they spend approximately 5% per year in good times or in bad. Fundraising efforts for building projects, such as the IPF, typically occur outside of the endowment so they don't run the risk of losing value if the market goes south. I'm willing to bet that the football program has several different football endowments already that support operating costs. But they are probably a drop in the bucket of what the program actually needs to operate. And these endowment funds typically don't provide incremental support meaning that a newly established fund will just free up operating dollars that are currently provided to support the football program. That will not allow for additional dollars to be spent. That's important to note.

 

[supp]

From time to time over the years questions have been raised on these forums as to whether or not endowment funds can be used to support the football program at SU. I think it has been pretty well established that funds from the main endowment (you know, the $1 billion that Nancy Cantor raised) cannot be used to support athletics. But that does not mean that endowments cannot be established to support the football program. Texas does it. Stanford does it:

http://www.bloomberg.com/news/2013-...coaches-make-winning-teams-not-just-luck.html

And it's not just the big guys (or "Big Boys" as per WVU) that endow football coaches and programs. In the most recent copy of my daughter's alumni magazine is an announcement that the .M. Kirby Foundation has given $2 million to endow the head football coach position at Lafayette College. A Division I school, yes, but hardly a powerhouse.

So why not Syracuse? Or maybe we already have endowment money available for SU athletics but it is either a well-kept secret or embarrassingly miniscule? Anyone have any insight to share?

Sure, that would be ideal. I am certain that the SU AD would love to do that if they could. So would nearly every AQ-level AD in the country. But we're not all Stanford. Stanford has a $500 million AD endowment. How else does a small private university win the Director's Cup nearly every year? Because they have the money to support tons of sports programs. The majority of us are closer in status to debt-riddled Maryland than Stanford. Some 3/4 of the ADs around the country are carrying millions in debt. The ACC money will help us service the debt and pay for our existing programs but any other goals beyond that will have to come from boosters' generosity.

 

[OrangePA]

There are a number of endowed football scholarships.

Not enough.

 

[Frozen]

I've heard the Lexington Steele scholarship is very well-endowed.

 

[dollarbill44]

I've heard the Lexington Steele scholarship is very well-endowed.

Going for the low-hanging fruit, I see.

 

[Frozen]

Going for the low-hanging fruit, I see.

Very low hanging.

 

[MaxwellCuse]

So, it appears that Syracuse does have an endowment, or more accurately endowments, for football and other varsity sports. It's just that they are (relatively) poorly funded and few people know about them? Thanks. I now know a heck of a lot more than I did this morning. I'm at the age where I try to learn more each day than I shed in brain cells.

 

[All4SU]

I have endowed the beer pong equipment in the players' lounge.

 

[oldpinepoint]

Very low hanging.

Tripod scholarship?