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Some tweets that may contain info not in the press releases.

 

Sounds like some of this gift will go toward renovations within the SEFCU Arena.

UAlbany AD Mark Benson said $10 million will go toward supporting the football stadium, into a scholarship endowment for athletes, (cont.)

(Cont.) and into improvements for other athletic facilities, including SEFCU Arena, home of the basketball teams.

Liana Bonavita@LianaBonavita 6h

Last part of the gift will go toward athletic initiatives, which includes facilities (renovating SEFCU Arena) #sportson10

Edited by MsGDG
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Say you can get $600,000 per year in investment returns that would be phenomenal. You can do a lot with that money. Also the SEFCU naming rights are coming up soon. I believe the past agreement was for Ten Years at 2.75 million. If accounted for inflation at 3% per year so we should expect a naming rights deal of 3.57 million over ten years. I have a feeling Benson will get a better deal than that. But if you combine both the Stadium naming rights and Sefcu arena money you will have $957,000 per year.

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BTW for anyone interested, the UAlbany Foundations RoR was about 10% in 2014 on $52m of invested assets (net of expenses).

 

http://www.albany.edu/uafoundation/attachments/Financial%20Statements%2013-14.pdf

 

How and under what conditions can these funds be used? Can you provide an overview of what this means in plain English? Is this the same thing the endowment?

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BTW for anyone interested, the UAlbany Foundations RoR was about 10% in 2014 on $52m of invested assets (net of expenses).http://www.albany.edu/uafoundation/attachments/Financial%20Statements%2013-14.pdf

 

How and under what conditions can these funds be used? Can you provide an overview of what this means in plain English? Is this the same thing the endowment?

No, its not the same as an endowment. The foundation has a number of endowment funds with income generated by those assets being essentially earmarked for specific purposes. Some of which are unrestricted, some temporarily restricted and some permanently restricted by donor wishes.

 

The total endowment at year end 2014 was $49m. The total assets of the Foundation sit at about $120m but include real estate and artwork, amongst others.

 

Endowment funds and university foundations are complex because each donor has their own specifc and sometimes weird restrictions.

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Say you can get $600,000 per year in investment returns that would be phenomenal. You can do a lot with that money. Also the SEFCU naming rights are coming up soon. I believe the past agreement was for Ten Years at 2.75 million. If accounted for inflation at 3% per year so we should expect a naming rights deal of 3.57 million over ten years. I have a feeling Benson will get a better deal than that. But if you combine both the Stadium naming rights and Sefcu arena money you will have $957,000 per year.

 

Will be interesting to see how it plays out. Without any inside knowledge..I think the view at the time was that the original deal was probably a bit generous. And inflation has been a bit lower..closer to 2% annually. However..the product is certainly better now. In the 7 DI years before the deal there was 1 total championship between MBB and WBB. In the 9 years since there have been 8.

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Anyone think we would have still gotten the $10m had we been playing in the NEC on University Field? Honest question.

 

Maybe not, but I'd say that our success on the field had more to do with it...especially over the past year. We were one of only 3 universities in the nation to rack up as many championships and tournament appearances...not to mention the tens (perhaps hundreds) of millions in media exposure earned thanks to Peter Hooley. This program is just ridiculously good, and very much deserving of this fortune. I cant wait to see what Benson does with the new SEFCU deal.

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Say you can get $600,000 per year in investment returns that would be phenomenal. You can do a lot with that money. Also the SEFCU naming rights are coming up soon. I believe the past agreement was for Ten Years at 2.75 million. If accounted for inflation at 3% per year so we should expect a naming rights deal of 3.57 million over ten years. I have a feeling Benson will get a better deal than that. But if you combine both the Stadium naming rights and Sefcu arena money you will have $957,000 per year.

 

Will be interesting to see how it plays out. Without any inside knowledge..I think the view at the time was that the original deal was probably a bit generous. And inflation has been a bit lower..closer to 2% annually. However..the product is certainly better now. In the 7 DI years before the deal there was 1 total championship between MBB and WBB. In the 9 years since there have been 8.

 

 

That's crazy. To think that in the 10 years or whatever that I've been a fan we have 5 mens championships and what, 4?, for the women? Insane.

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