There was a rebuttal from Boren in the newspaper today.
He says nearly all of the debt is bond indebtedness for the buildings.
Like having a $300,000 mortgage is not the same as being $300k in debt.
The official governing body of The University of Oklahoma, Cameron University, and Rogers State University is the Board of Regents, composed of seven citizens appointed by the Governor with the advice and consent of the State Senate. Each Regent serves a seven-year term.
Chairman of the Board of Regents for 2018-19 is Clayton I. Bennett, Oklahoma City businessman; and the Vice Chairman is Leslie J. Rainbolt-Forbes, M.D. of Oklahoma City.
Other members of the Board are Bill W. Burgess, Jr., Lawton businessman; C. Renzi Stone, Oklahoma City businessman; Phil B. Albert, Claremore businessman; Frank Keating, former Governor of Oklahoma; and Natalie Shirley of Oklahoma City.
He says nearly all of the debt is bond indebtedness for the buildings.
Like having a $300,000 mortgage is not the same as being $300k in debt.
The official governing body of The University of Oklahoma, Cameron University, and Rogers State University is the Board of Regents, composed of seven citizens appointed by the Governor with the advice and consent of the State Senate. Each Regent serves a seven-year term.
Chairman of the Board of Regents for 2018-19 is Clayton I. Bennett, Oklahoma City businessman; and the Vice Chairman is Leslie J. Rainbolt-Forbes, M.D. of Oklahoma City.
Other members of the Board are Bill W. Burgess, Jr., Lawton businessman; C. Renzi Stone, Oklahoma City businessman; Phil B. Albert, Claremore businessman; Frank Keating, former Governor of Oklahoma; and Natalie Shirley of Oklahoma City.
Let's break this down into simple language. The money from sports is coming into the university just like the money from student enrollment.
What the university is doing is just like every other business, they create a sports program and then call it autonomous, or a business unit if you may, yet it's still part of the University umbrella. As most businesses do, they call XXX business non profitable, while calling other business units profitable.
Meanwhile they scream for help for the business units that need financial help while the other business units are flush with profits.
Nothing new here. Its how businesses especially those that are begging for government money or donations from graduates operate.
Bookkeepers and CPA's are expert at cooking the books in that regard.
Dennis you are correct, schools systems use fund accounting and then only show the general or operating fund to the public not the consolidation of all the funds.
From Post #40 They have over $1.6 Billion in their endowment and a publicly advertised $941 million in annual revenue from state appropriations, tuition, grants, contracts etc...
Big donors have never given a dime to the General Fund their money is given to special funds. that you never see the balances of these funds.
From Post #40 They have over $1.6 Billion in their endowment and a publicly advertised $941 million in annual revenue from state appropriations, tuition, grants, contracts etc...
Big donors have never given a dime to the General Fund their money is given to special funds. that you never see the balances of these funds.
So the "sports division" is a separate corporate entity making a profit or breaking even covering their expenses. If the "school division" goes tits up there's no reason the sports division can't continue on with business as usual. Likewise there's no reason the school couldn't sell the sports division for an obscene profit, right? Right?
the NCAA might have issue with it, but if you're strictly looking at it as a 'business' then likely you're right.
keep in mind, this model is largely profitable because the 'labor' is largely unpaid. Or certainly not paid at market value. Changing that aspect of the situation could drastically alter the overall model
That post was pure sarcasm. It's been a peeve of mine for years that schools have this shell game.
gotcha. and i agree, it's a sham. I especially like the part where they 'gold plate' facilities to the point of being able to show no profit. Because every program needs to redo their locker room every other year to make sure each locker has an up-to-date flat screen...
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