Stanford cuts 11 Olympic sports

[glastonbury50]

Stanford's endowment is something like 30 billion. What is actually behind these cuts?

 

[huskymedic]

Stanford's endowment is something like 30 billion. What is actually behind these cuts?

Good article about endowments... What the heck IS a college endowment anyway? I asked an expert

Persona non grata but Forde touches on endowments here today:

>>A solution proffered by many Wednesday: just dip into that $27.7 billion (with a “b”) university endowment to prop up the athletic budget. But that shows no understanding of how endowments work.

Stanford says 75% of its endowment money is earmarked for specific purposes by donors, and at a place like Stanford the purposes are overwhelmingly academic. (There are athletic endowments, including the head-coaching positions on many varsity teams.) You can’t just dip into the endowment bank account for whatever needs may arise on campus. Also, endowment spending is capped at five% per year, since the goal is to keep the university well-funded in perpetuity.

Given a yearly full cost of attendance price tag in the neighborhood of $75,000, a lot of Stanford students receive financial aid. Two-thirds of the annual endowment spending goes toward paying those need-based grants.

As much as Stanford likes winning sports championships, it is hardwired to produce rocket scientists, tech wizards, lawyers and titans of industry. That isn’t going to be altered to save the rowing team.<<

 

[glastonbury50]

Good article about endowments... What the heck IS a college endowment anyway? I asked an expert

Persona non grata but Forde touches on endowments here today:

>>A solution proffered by many Wednesday: just dip into that $27.7 billion (with a “b”) university endowment to prop up the athletic budget. But that shows no understanding of how endowments work.

Stanford says 75% of its endowment money is earmarked for specific purposes by donors, and at a place like Stanford the purposes are overwhelmingly academic. (There are athletic endowments, including the head-coaching positions on many varsity teams.) You can’t just dip into the endowment bank account for whatever needs may arise on campus. Also, endowment spending is capped at five% per year, since the goal is to keep the university well-funded in perpetuity.

Given a yearly full cost of attendance price tag in the neighborhood of $75,000, a lot of Stanford students receive financial aid. Two-thirds of the annual endowment spending goes toward paying those need-based grants.

As much as Stanford likes winning sports championships, it is hardwired to produce rocket scientists, tech wizards, lawyers and titans of industry. That isn’t going to be altered to save the rowing team.<<

okay i get it.

 

[Adios]

Stanford's endowment is something like 30 billion. What is actually behind these cuts?

Non revenue or profit generating sports. The old days of loads of different sports at every school are over.

 

[Chin Diesel]

Good article about endowments... What the heck IS a college endowment anyway? I asked an expert

Persona non grata but Forde touches on endowments here today:

>>A solution proffered by many Wednesday: just dip into that $27.7 billion (with a “b”) university endowment to prop up the athletic budget. But that shows no understanding of how endowments work.

Stanford says 75% of its endowment money is earmarked for specific purposes by donors, and at a place like Stanford the purposes are overwhelmingly academic. (There are athletic endowments, including the head-coaching positions on many varsity teams.) You can’t just dip into the endowment bank account for whatever needs may arise on campus. Also, endowment spending is capped at five% per year, since the goal is to keep the university well-funded in perpetuity.

Given a yearly full cost of attendance price tag in the neighborhood of $75,000, a lot of Stanford students receive financial aid. Two-thirds of the annual endowment spending goes toward paying those need-based grants.

As much as Stanford likes winning sports championships, it is hardwired to produce rocket scientists, tech wizards, lawyers and titans of industry. That isn’t going to be altered to save the rowing team.<<

Basically calling out all the alumni who reaped the rewards of their scholarships to Stanford for the lowest producing sports to dig in to their pockets to afford the same opportunities for others going forward.

 

[Jimdish255]

Jon Rothstein
@JonRothstein

Stanford will cut 11 varsity sports following the conclusion of the 20-21 year, per release. Another effect of coronavirus.
12:14 PM · Jul 8, 2020·TweetDeck

news.stanford.edu/2020/07/08/athletics-faq/… 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.

@patforde -- a nation turns its lonely eyes to you.

Keeping women's VB and Beach VB as well as Track and XC. No surprises but this isn't a huge dollar reduction. Significant?

 

[Goatmeat]

Pat Forde is cordially invited kiss my behind

This is not English

 

[ZenConn]

These cuts were in the works before this week. But when the ICE rule came down, it blew a massive hole into the budgets of these schools. If foreign students are forbidden from attending American universities, effectively, a massive amount of revenue is lost, which could amount to 20% or more of fungible budgets.

I think the ICE rule are for schools that offer online courses only (which may happen across the country anyway). Nevertheless, it's still going to be a big budget killer for the schools (dorms/housing). It's like having a bunch of vacancies in a hotel for an entire year. The already fragile economy for the businesses around the college campuses will be hurt too.

If they don't want to return back to their countries, they'll have to transfer to a school that offers in-person classes. I can't even fathom Javonte Brown Ferguson needing to transfer to another school if Uconn does not offer in-person classes.

This is just pure nonsense - not only for the athlete but for the general student population.

 

[bfs3]

Sad to see another college wrestling program disappear. It’s a great sport that’s seen it’s high school participation increase across the country. The fewer colleges that offer scholarships for the sport the more it hurts. Especially a major D1 school.

 

[upstater]

I think the ICE rule are for schools that offer online courses only (which may happen across the country anyway). Nevertheless, it's still going to be a big budget killer for the schools (dorms/housing). It's like having a bunch of vacancies in a hotel for an entire year. The already fragile economy for the businesses around the college campuses will be hurt too.

If they don't want to return back to their countries, they'll have to transfer to a school that offers in-person classes. I can't even fathom Javonte Brown Ferguson needing to transfer to another school if Uconn does not offer in-person classes.

This is just pure nonsense - not only for the athlete but for the general student population.

It goes well beyond schools that offer online classes only. If you read the requirements, the school has to make justifications for each individual student. A one credit hybrid course with a meeting isn't going to cut it. There are strict requirements.

Even if this is overturned, the damage may have already been done. The US has the biggest sector of foreign students in the entire world, and their tuitions are largely paid for by governments.

 

[huskymedic]

Alternate Access Link<

>>UConn women's rowing coach Jen Sanford said she isn't looking for a villain to blame for the school's cost-cutting decision to eliminate her program. She just wants to find a way to save the athletic opportunities her program provides for about 60 women each year. That is why she is exploring the possibility of a Title IX lawsuit.<<

>>Valerie McMurtrie Bonnette is a former equal opportunity specialist with the federal Office for Civil Rights who now consults with schools on Title IX issues. She said just because UConn is eliminating a large women's team doesn't mean it is violating the federal civil rights law, which was enacted in the 1970s to ensure equal opportunities for women in education, including in athletics. “When schools are cutting women's teams along with men's teams, the goal is participation proportionate to enrollment,” she said. “A lot of schools are cutting teams right now. It's a very difficult time for all schools.”<<

>>Elaine Lee is a sports science professor at UConn who rowed there as an undergraduate and later served as an assistant coach. She said the team routinely has one of the top GPAs in the athletic department, is among the most racially diverse and has produced numerous doctors, lawyers and other leaders in their fields. “I know hard decisions have to be made,” she said. “But we have a community that is well connected to potential donors if there's an opportunity for that. So we're waiting to see what we can do, if anything."

To save the program, the team would need to raise enough money to endow it, at an estimated cost of $1.4 million a year, and to find a way to add back male scholarships to keep gender proportionality.<<

 

[huskymedic]

Imagine that...

 

[Watchdog]

How can Stanford cancel Men's Volleyball? Between them and UCLA, they're the big boys in a sport without a lot of schools participating.

Women's volleyball was the more accomplished of the two.

 

[seeya27]

Imagine that...

I won't hold up Dartmouth, an FCS school, as evidence of Forde's biased grievance reporting. I want him to do a piece on Stanford and other P5 schools that "mismanaged" their athletic programs on P5 revenue.

Truth is, this is a function of an unforeseeable economic situation, and institutional survival and sane athletic management is occuring. The article about UConn was a hit piece because of Forde's dislike and bias towards UConn. Let's see what fair-minded reporter he really is.

 

[Watchdog]

It goes well beyond schools that offer online classes only. If you read the requirements, the school has to make justifications for each individual student. A one credit hybrid course with a meeting isn't going to cut it. There are strict requirements.

Even if this is overturned, the damage may have already been done. The US has the biggest sector of foreign students in the entire world, and their tuitions are largely paid for by governments.

It really is a double edged sword. The schools want the high tuition paid by foreign nationals and our various security agencies want to prevent technology theft that damages our companies and weakens national security.
There's been a plethora of stories and indictments the past few years about the high level of espionage being carried out (largely by Chinese students) at research universities.
Add in the professors who've been indicted and you have a real mess that can't be allowed to continue if we're to protect our intellectual property and our security.