Press conference


Press conference

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DUBulldog
DUBulldog
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Not sure what it’s about, but I got 3 e-nails about a press conference at 1 PM today.
UrbyJT
UrbyJT
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It was just tweeted as an “exciting announcement” so atleast it’s probably a good thing.

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UrbyJT
UrbyJT
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WOWZA https://twitter.com/drakeuniversity/status/1122926715506970625?s=21

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BRFDawg
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$5,000,000 donation to the program from Suzie Glazer Burt including endowment for Women's HC position.
RazorDog
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The usual expected return on an endowment is 5%. So, that would generate $250K yearly to support the program. Great Gift!
hamlox
h
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ESPN:

http://www.espn.com/womens-college-basketball/story/_/id/26634816/trustee-gives-5m-drake-women-basketball
UrbyJT
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Register article with some good monetary details. https://twitter.com/randypete/status/1122999541177962499?s=21

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dog67
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Well, hopefully now the concern about losing the coach will greatly dissipate due to the renewed ability to meet any other offer that she may receive.
Perhaps this may have something to do with  Mrs. Burt's generosity. Putting her money where her mouth is. A great moment in Drake history. 
Darth Vader
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This is indeed a wonderful moment. Admittedly I'm surprised it isn't getting as much play as I thought it would. $5MM is a big f'ing deal!!!
Hopefully this can translate into so much more positive momentum in the athletic department and school in general.
I am curious how it will impact recruiting and general support for the program.
Incredible donation. Team and school is lucky to have Suzie Glazer-Burt and her family in their corner.

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Mc Bulldog
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"isn't getting as much play as I thought it would", what? :-)  Front page of the Fishwrap, ESPN ran an article yesterday, every news outlet in Iowa has storied it. What is your idea of getting play?

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Bring back the craziness!!!



Black Magic
Darth Vader
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Mc Bulldog - 5/1/2019
"isn't getting as much play as I thought it would", what? :-)  Front page of the Fishwrap, ESPN ran an article yesterday, every news outlet in Iowa has storied it. What is your idea of getting play?

A little more MOJO from the hometown fans who frequent this site. 9 replies? I was hoping more WBB fans would chime in with thoughts about what this means to the program
Regardless, it is a big-time game-changer

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Mc Bulldog
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Agreed! 

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Bring back the craziness!!!



Black Magic
Lime
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Forbes:
https://www.forbes.com/sites/alanaglass/2019/04/30/when-philanthropy-meets-sports-drake-womens-basketball-receives-5-million-gift/


Lime
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pretty monumental day for the women's program. The endowment returns alone should give Drake a permanent leg up on the rest of the MVC. The support from that family is incredible, particularly for non-alumni.
BulldogJT
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Lime - 5/1/2019
pretty monumental day for the women's program. The endowment returns alone should give Drake a permanent leg up on the rest of the MVC. The support from that family is incredible, particularly for non-alumni.

so how does an endowment work?  trying to understand how the first $1 million is for jennie, rest is for traveling other things.  Then i read up on endowments and it sounds like the lump sum stays and only interest or a small percentage each yr is released?  
UrbyJT
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BulldogJT - 5/1/2019
Lime - 5/1/2019
pretty monumental day for the women's program. The endowment returns alone should give Drake a permanent leg up on the rest of the MVC. The support from that family is incredible, particularly for non-alumni.

so how does an endowment work?  trying to understand how the first $1 million is for jennie, rest is for traveling other things.  Then i read up on endowments and it sounds like the lump sum stays and only interest or a small percentage each yr is released?  

I was a little confused by this as well. 

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BlueDawg
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BulldogJT - 5/1/2019
Lime - 5/1/2019
pretty monumental day for the women's program. The endowment returns alone should give Drake a permanent leg up on the rest of the MVC. The support from that family is incredible, particularly for non-alumni.

so how does an endowment work?  trying to understand how the first $1 million is for jennie, rest is for traveling other things.  Then i read up on endowments and it sounds like the lump sum stays and only interest or a small percentage each yr is released?  

There is no one way for it to work. Generally it is agreed between the donor and the fund custodian at the outset (the donor can not retain control if they want the tax break for the donation -- I wonder if this one gets the 20% haircut us small donors get?). In the strictest ones the endowment never dips below the amount contributed and only the income is available each year. That tends to have swings in funds from year to year that make planning difficult. One solution to that is to delay everything a year, so income from year x is available in year x+2, helps in giving a definite amount, but not the swings from year to year. Other alternative may be x% of the balance on a specific date each year. That gives a more reliable stream of income to the program and allows the endowment to spread the investment losses and gains over the years.
mnbulldog
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FYI BlueDawg and anyone else. Congress eliminated the 20% haircut with tax reform. It is now 100% haircut for donations that allow ticket purchasing privileges.

And MN is still living under 2016 law so u can get that 80% deduction on your MN return for 2018. We might get a law update for 2019.
GO


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