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Men’s and women’s fencing, field hockey, lightweight rowing, men’s rowing, co-ed and women’s sailing, squash, synchronized swimming, men’s volleyball and wrestling all gone at the end of this season, if there is a season.
Faced with a $25 million deficit, the AD needed to make cuts. What the heck is that endowment for?
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The cardinal sin: spending an endowment corpus.
Cutting the sports is an interesting philosophical move, but not a shocking practical one. How about the fact that there was $8 million in net spending on these small sports.
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Sic transit gloria mundi (so shut up and get back to work) -
a university that has 6,000+ students has the second largest number of varsity sports in America. The AD gets no money from the University and is running a massive deficit. I can’t believe it was only 10%… I would think they would be budgeting for 20% or 25%.
And an endowment isn’t nearly as good a giant state taxpayer base!
And I feel terrible for those athletes, coaches and staff. never is it more apparent in my lifetime that putting the uniform on for your college is a privilege.
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For me, it is difficult to evaluate the decisions to terminate individual programs without an understanding of the overall investment decisions. What funding was maintained?
How much was Shaw asked to contribute, if he was asked at all? How much did Muir contribute? If they are drawing upper quartile salaries, does performance justify those compensation packages…or are their compensation programs seen as their personal reparations benefit? We have been advised by Muir himself that he has suffered greatly because of white privilege. How many administrative positions were rif’ed in the continuing sports?
Pardon my personal prejudice, but I have little confidence that Muir got this right.
Here's a toast with one last pour, may it last forever and a minute more;
Good fortune seems to you have sung, to live and love way past long
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[quote quote=1195]Yes, but how much of the 27.7 billion is corpus?[/quote]
My comment was, of course, cynical and tongue in cheek at the same time. My candid answer is “who cares?” You know why? Nobody who controls them actually thinks you should spend an endowment. If there ever was a time to spend a chunk of the endowment, it’s now. And, it ain’t happening. When they say the endowment is targeted to other things, they only mean the income on it. They aren’t even considering the capital base, which has only grown over time.
I got to listen to the leader of the Ford foundation, who took the reins and actually suggested spending some of the endowment. Boy was that an uphill fight.
While I am not particularly bothered by the reduction in varsity sports, especially those that are essentially reserved for children of wealth, I do think to do it because we are somehow “poor” is just dumb. Next thing you know we’ll find out that Stanford was taking PPP loans.
Oh, and another thing: The $8 million per year that these moves save represents about 2 calendar days of endowment income on $27.7 billion at 4.5% rate. It’s chump change for the university but of course we have an artificial wall between the athletic department and the overall school except when you want to only give to the athletic department.
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Sic transit gloria mundi (so shut up and get back to work)
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I THOUGHT WE CANCELLED D1 FOOTBALL LAST YEAR AT 4-8…
“I remember that one fateful day when Coach took me aside. I knew what was coming. "You don't have to tell me," I said. "I'm off the team, aren't I?" "Well," said Coach, "you never were really ON the team. You made that uniform you're wearing out of rags and towels, and your helmet is a toy space helmet. You show up at practice and then either steal the ball and make us chase you to get it back, or you try to tackle people at inappropriate times." It was all true what he was saying. And yet, I
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[quote quote=1200]Can’t you borrow using the endowment as collateral? Money is cheap …… Do you really think Stanford is netting 4.5%?[/quote]
I assume you mean stanford is netting more return on the endowment. I agree (and am pretty sure you can look up the actual returns). I used 4.5% as a logical real return on a diversified portfolio over the long term. A politically connected portfolio like Stanford’s probably earns 7+ percent real. I think GR or someone else has posted on this previously.
If you think they are earning less than 4.5%, and I suspect you don’t, then we agree they should fire the manager. 😉
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Sic transit gloria mundi (so shut up and get back to work) -
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The AD doesn’t get money from the U historically, I think it is borrowing some now. AD has the DAPER Fund, which is endowed, and heavily invested in Silicon Valley, used historically more for capital projects, but it is being tapped. The entire campus, every department was asked to make 10%ish cuts. This was the AD’s “cut” so far. We all know if there is not football in the fall then the AD budget deficit climbs much higher.
Muir, Shaw, Haas, VanDeVeer all voluntarily taking 10% pay cuts right now…I don’t know how much money that actually saves and I think it looks like pissing in a bucket…20% would have looked good.
But I think the Flames Will Go Higher on this across the country. Especially if the golden goose doesn’t play this Fall.
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[quote quote=1217]The AD doesn’t get money from the U historically, I think it is borrowing some now. AD has the DAPER Fund, which is endowed, and heavily invested in Silicon Valley, used historically more for capital projects, but it is being tapped. The entire campus, every department was asked to make 10%ish cuts. This was the AD’s “cut” so far. We all know if there is not football in the fall then the AD budget deficit climbs much higher. Muir, Shaw, Haas, VanDeVeer all voluntarily taking 10% pay cuts right now…I don’t know how much money that actually saves and I think it looks like pissing in a bucket…20% would have looked good. But I think the Flames Will Go Higher on this across the country. Especially if the golden goose doesn’t play this Fall.[/quote]
Better forest after the forest fire, but it sure hurts.
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Sic transit gloria mundi (so shut up and get back to work) -
Unless you are in an area controlled by the National Park Service. Rather than regrow a forest by mitigating against wildfire (there are successful models in Europe) the Pt. Reyes staff has let the Bishop Pine Preserve grow Willy Nilly creating an expanse of dead and diseased trees just dying to ignite. Along with all the other Laurel and Hardy federal agencies the Interior Dept. is the ideal Keystone Kops enterprise. Cream sinks to the bottom.
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in fairness, trumpo has only had 3.5 years to overhaul the department of the interior and since it really can’t investigate his crooked ass like the FBI, DOJ and Congress, he isn’t even aware it exists and needs reform. he still thinks California is on fire because of the state’s forestry mismanagement.
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