Question about endowments to athletics

[Lumberjacks76]

Let's say someone wins the lottery. They win a lot of money. How much can they (legally) give in an endowment to an athletic department at a state university?

Paul

[chattanoogamocs]

Maybe I am wrong, but I would say...as much as they want. It's an endowment not a political PAC. :)

I can't see any reason why a state would put any limit on how much a person wants to give to a school (whether for athletics or academics)

[MR. CHICKEN]

WHEN AH HIT DUH LOTTO:

AH'M BOWLIN' IN DUH TUB
NEW PRESS BOX & ELEVATOR SYSTEM
UH HUGE STATUE O' TUBBY & K.C. ....AN' ONE FOR YOU-DEE..(KINDA LIKE JOE PA AN' DUH NITTANY LION AT PENN ST.)
JUMBO-TRON...HIGH-DEF...INSTANT REPLAY...SCOREBOARD
LUXURY BOXES...WHIFF PRETTY GIRL ATTENDANTS
SUPER ENORMOUS.....BOSE...PUBLIC ADDRESS SYSTEM (NO RAP MUSIC)
NEW BAFF-ROOMS...SO YOU CAN TELL IFIN' YOU'RE PEEIN' ON YOURSELF
UP-GRADE DUH HOT DAWGS...TA REAL MEAT!
AN' IFIN' DERE IS MONEY LEFT-OVERAH...(UH DOME FO' TUBBY PARK....SO NEXT TIME NORTHERN IOWA COMES TA DELAWARE.....WE WON'T HAVE TA PUT OUR SHOES ON UH FOOT O' FROZEN ICE!).....:xmas:.....BRAWK!

OH YEAH....AN' MAYBE UH COUPLE MILLION TA DUH AG DEPT.....AWK!

[rokamortis]

Let's say someone wins the lottery. They win a lot of money. How much can they (legally) give in an endowment to an athletic department at a state university?

Paul

Are you talking about avoiding taxes or after you have paid taxes? I'm not an accountant but once you have the money in hand you can legally do whatever you want to with it. You'll see stories all of the time about people giving gifts to colleges - they can get into the tens of millions.

[MR. CHICKEN]

HERE'S UH QUARTER...ROCKY......MAKE DAT CALL!.....xcoffeex......BRAWK!

[Tribe4SF]

WHEN AH HIT DUH LOTTO:

AH'M BOWLIN' IN DUH TUB
NEW PRESS BOX & ELEVATOR SYSTEM
UH HUGE STATUE O' TUBBY & K.C. ....AN' ONE FOR YOU-DEE..(KINDA LIKE JOE PA AN' DUH NITTANY LION AT PENN ST.)
JUMBO-TRON...HIGH-DEF...INSTANT REPLAY...SCOREBOARD
LUXURY BOXES...WHIFF PRETTY GIRL ATTENDANTS
SUPER ENORMOUS.....BOSE...PUBLIC ADDRESS SYSTEM (NO RAP MUSIC)
NEW BAFF-ROOMS...SO YOU CAN TELL IFIN' YOU'RE PEEIN' ON YOURSELF
UP-GRADE DUH HOT DAWGS...TA REAL MEAT!
AN' IFIN' DERE IS MONEY LEFT-OVERAH...(UH DOME FO' TUBBY PARK....SO NEXT TIME NORTHERN IOWA COMES TA DELAWARE.....WE WON'T HAVE TA PUT OUR SHOES ON UH FOOT O' FROZEN ICE!).....:xmas:.....BRAWK!

OH YEAH....AN' MAYBE UH COUPLE MILLION TA DUH AG DEPT.....AWK!

You magnanimous molter, you! Hope I get an invite to your private coop when the Tribe visits. :D

[UAalum72]

Let's say someone wins the lottery. They win a lot of money. How much can they (legally) give in an endowment to an athletic department at a state university?

Paul
No limit - in 1992 Henry and Betty Rowan donated $100,000,000 to Glasboro State U. in New Jersey. In a startling coincidence, GSUNJ was later renamed Rowan University.

Better decide if you want NAU renamed Lumberjacks76 U.

[89Hen]

WHEN AH HIT DUH LOTTO:

AH'M BOWLIN' IN DUH TUB
NEW PRESS BOX & ELEVATOR SYSTEM
F that. I'm building a brand new stadium.

[Lumberjacks76]

$100 million in 1992????

Paul

[UAalum72]

$100 million in 1992????

Paul
Thirteen years isn't THAT long ago, kid, we weren't on the gold standard then.

http://www.rowan.edu/subpages/about/history/

[Lumberjacks76]

Even so. $100 million is a lot of money.

Paul

[Husky Alum]

I'm putting on my CPA hat here.

There's no actual limit for what you can donate, but the tax benefit an individual or corporation derives can vary.

Conceptually for an individual your deduction is limited to the amount of adjusted gross income you have to offset it, and there are also limitations on your deductions as well (i.e. after a certain income level the marginal benefit of your deductions are less).

If the Rowans had $100 million to donate, something tells me they had a pretty big windfall/capital gain they were trying to reduce the taxload on.


Disclaimer: This isn't tax advice or tax planning advice, so if I'm not 100% accurate, don't go suing me. ;)

[igo4uni]

WHEN AH HIT DUH LOTTO:


AN' IFIN' DERE IS MONEY LEFT-OVERAH...(UH DOME FO' TUBBY PARK....SO NEXT TIME NORTHERN IOWA COMES TA DELAWARE.....WE WON'T HAVE TA PUT OUR SHOES ON UH FOOT O' FROZEN ICE!).....:xmas:.....BRAWK!



I'm pretty sure that Delaware would have beat us that year even if the game was played in a Dome. Nice thought, though :D :D

peace

igo4uni

[igo4uni]

Better decide if you want NAU renamed Lumberjacks76 U.

That has a nice ring to it.

peace

igo4uni

[Ivytalk]

Congrats to igo4uni on his 1000th post! Gannonfan will reach that milestone soon. I just did yesterday! :D

[Lumberjacks76]

:)

Paul

[Proud Griz Man]

WHEN AH HIT DUH LOTTO:

AH'M BOWLIN' IN DUH TUB
NEW PRESS BOX & ELEVATOR SYSTEM
UH HUGE STATUE O' TUBBY & K.C. ....AN' ONE FOR YOU-DEE..(KINDA LIKE JOE PA AN' DUH NITTANY LION AT PENN ST.)
JUMBO-TRON...HIGH-DEF...INSTANT REPLAY...SCOREBOARD
LUXURY BOXES...WHIFF PRETTY GIRL ATTENDANTS
SUPER ENORMOUS.....BOSE...PUBLIC ADDRESS SYSTEM (NO RAP MUSIC)
NEW BAFF-ROOMS...SO YOU CAN TELL IFIN' YOU'RE PEEIN' ON YOURSELF
UP-GRADE DUH HOT DAWGS...TA REAL MEAT!
AN' IFIN' DERE IS MONEY LEFT-OVERAH...(UH DOME FO' TUBBY PARK....SO NEXT TIME NORTHERN IOWA COMES TA DELAWARE.....WE WON'T HAVE TA PUT OUR SHOES ON UH FOOT O' FROZEN ICE!).....:xmas:.....BRAWK!

OH YEAH....AN' MAYBE UH COUPLE MILLION TA DUH AG DEPT.....AWK!

Come to Missoula, we've got most all of that stuff minus the statues. ;)

[MR. CHICKEN]

You magnanimous molter, you! Hope I get an invite to your private coop when the Tribe visits. :D

YOU ARE IN....MAH A-10 TRIBAL BROTHERAH!......WINNIN' DUH BIG DUCATS...WILL OPEN DOORS.....AN' DUH LADIES WILL COME....GOOD WINE...GOOD FOOD......AN' ESPECIALLLY......GOOD PIGGY!..:D...BRAWK!

[igo4uni]

Congrats to igo4uni on his 1000th post! Gannonfan will reach that milestone soon. I just did yesterday! :D

I'm gonna catch Ralph yet!!! :D :p :) :D :) ;)

peace

igo4uni

[MR. CHICKEN]

1000....ROOKIES!......GET GRIZCHIK TA START 'NOTHERAH TOPIC.......AN' YA'LL BE UP TA 2000...IN UH MATTER O' DAYS!.........:beerchug:.........BUK!...BUK!...BUK !...BRAWK!

[igo4uni]

1000....ROOKIES!......GET GRIZCHIK TA START 'NOTHERAH TOPIC.......AN' YA'LL BE UP TA 2000...IN UH MATTER O' DAYS!.........:beerchug:.........BUK!...BUK!...BUK !...BRAWK!

So true, Mr. Chicken, so true indeed!!! :D :D :D :D

peace

igo4uni

[colgate13]

I will add this though: Joe Donor can't give $100 million (or whatever) just to football. Title IX would come into play. Now, if the university wishes to make a comparable investment in women's athletics, fine. But if there is a really big gift out there, it better benefit women too, or be matched by a gift to women, or Title IX will be involved.

I hear it often from our athletic folks: there is a huge need to fund raise specifically for women's sports because every time something is donated to men, the athletic budget must carry the women's side.

:twocents:

[Hansel]

I will add this though: Joe Donor can't give $100 million (or whatever) just to football. Title IX would come into play. Now, if the university wishes to make a comparable investment in women's athletics, fine. But if there is a really big gift out there, it better benefit women too, or be matched by a gift to women, or Title IX will be involved.

I hear it often from our athletic folks: there is a huge need to fund raise specifically for women's sports because every time something is donated to men, the athletic budget must carry the women's side.

:twocents:
they could give that money all to a stadium (ex the guy who built the 100 million dollar hockey arena for the other school in ND)

[RadMann]

Speaking of donors giving money for a university's athletic programs, a member of the family that has supported UD's football program and athletics tremendously over the last 50+ years was honored at halftime at the UD - Lehigh game. He is Ruly Carpenter, part of the DuPont-related Carpenter family whose name is on the basketball arena as well as a large student/intramural athletics building. The family was also instrumental in bringing college football HOF coach Dave Nelson to UD in the 50's and they were very involved in getting Delaware Stadium constructed. They also used to own the Phillies for over 40 years until 80's.

UD Daily (http://www.udel.edu/PR/UDaily/2005/mar/rcarpenter091505.html)

[SoCon48]

$100 million in 1992????

Paul


Hell, the interest/dividends each year on 100 mil would be more than many I-AA athletic budgets.

[colgate13]

they could give that money all to a stadium (ex the guy who built the 100 million dollar hockey arena for the other school in ND)

Isn't that stadium not owned by the university? If so, there is a difference.

Also, if a donor built a hockey rink like that and the university did own it, the women would be able to use it.

Like many things Title IX, football is the elephant in the room. There is no female equivalent to match the size of the sport.

[Hansel]

The University doesn't own the arena, however If a football field was built, it could also be used by women's soccer etc

[UAalum72]

I will add this though: Joe Donor can't give $100 million (or whatever) just to football. Title IX would come into play. Now, if the university wishes to make a comparable investment in women's athletics, fine. But if there is a really big gift out there, it better benefit women too, or be matched by a gift to women, or Title IX will be involved.
:twocents:
I don't know why he couldn't earmark it all for football; at worst Title IX would only be concerned about how much is spent, not saved for the future.
Think how much Ohio State football earns just on concessions and merchandise; there's no requirement to earn that much on field hockey.

[igo4uni]

There is no female equivalent to match the size of the sport.

Here's a hottie that can match the size of anything:
http://rknappster1.tripod.com/sitebuildercontent/sitebuilderpictures/.pond/fat-woman.jpg.w300h239.jpg

:D

peace

igo4uni