Peter and Ann Tombros commit $26 MM to PSU.

[BobPSU92]

Will cover many areas. See the link below. Highlights from the article:

“UNIVERSITY PARK, Pa. — Peter and Ann Tombros, longtime philanthropic and volunteer leaders for Penn State, have made a new commitment of $26 million that places them among the top five donors in the University's history. Their new gifts, which will come through their estate and their family foundation, will benefit programs across Penn State and create a University-wide endowment to fuel innovation and encourage other alumni and friends to support the institution.”

And,

“Through their new commitment, the Tombroses will create a first-of-its-kind fund for the University’s top leadership. The Peter and Ann Cullen Tombros Endowment will provide the Penn State President, guided by an advisory board of University leaders including the executive vice president and provost, the senior vice president for business and finance, and the vice president for development and alumni relations, with support that can be used to supply seed grants for pilot initiatives; foster philanthropy and volunteering among the Penn State community; and encourage other donors to support the University by providing matching funds for their gifts.”

And,

“As fans of Penn State men’s basketball, the Tombroses are endowing the men’s basketball coach position, establishing a fund that will allow the Peter and Ann Tombros Head Coach to enhance opportunities for student-athletes through scholarships, travel, equipment, and other needs.”

New commitment places Peter and Ann Tombros among top five Penn State donors | Penn State University

 

[Zenophile]

😮

 

[bkmtnittany1]

Any coin for the museum?

 

[BobPSU92]

Any coin for the museum?

barren’s got this. A hole’s been dug, and he’s digging deeper.

 

[psuro]

If they really liked us, they would have donated $52MM.

 

[BobPSU92]

If they really liked us, they would have donated $52MM.

Of course they hate us (and people who look like us).

 

[step.eng69]

Any coin for the museum?

The Peter and Ann Cullen Tombros Endowment will provide the Penn State President, guided by an advisory board of University leaders including the executive vice president and provost, the senior vice president for business The Peter and Ann Cullen Tombros Endowment will provide the Penn State President, guided by an advisory board of University leaders including the executive vice president and provost, the senior vice president for business and finance, and the vice president for development and alumni relations, with support that can be used to supply seed grants for pilot initiatives;

 

[psuro]

Of course they hate us (and people who look like us).

No - only some of us.

 

[PSU_Chicago]

the description of what the funds are going to be used for .... sounds like a big flush of $26MM ..... the only question is in whos hands does it land.

 

[Art]

the description of what the funds are going to be used for .... sounds like a big flush of $26MM ..... the only question is in whos hands does it land.

It's a wonderful gift, but the descriptions of how it will be used are confusing. Intentionally vague or bad writing?

 

[ThePennsyOracle]

It's a wonderful gift, but the descriptions of how it will be used are confusing. Intentionally vague or bad writing?

Yes

 

[Art]

Yes

You don't say.

 

[TheBigUglies]

I wish I had that much money to donate.

 

[Aardvark86]

the description of what the funds are going to be used for .... sounds like a big flush of $26MM ..... the only question is in whos hands does it land.

yeah, this is really the worst kind of grant giving, notwithstanding the admirable intent. It's sad that so many get obsessed with names on buildings or programs that money like this so seldom goes to direct student affordability. The primary reason that I don't contribute to universities any more is that they've largely just become large passive investment pools who throw their investment weight around to facilitate things that have little to do with their fiduciary duties.

 

[Elwood Blues]

Cynicism level on this thread is about a 9 on a 0-10 scale.

 

[BobPSU92]

Cynicism level on this thread is about a 9 on a 0-10 scale.

We’re tired today, but it’s early. I’m confident we can hit our stride and reach a 10 before day’s end.

 

[bwifan]

It's a wonderful gift, but the descriptions of how it will be used are confusing. Intentionally vague or bad writing?

Sandy and Barron wrote the press release ...

 

[BobPSU92]

Sandy and Barron wrote the press release ...

TRANSPARENCY.

 

[creamery freak]

TRANSPARENCY.

The 1st installment is going towards a tanker truck full of onion dip. Good news is it will be made at our own creamery.

 

[Nitwit]

Let no good deed go unpunished.

 

[schoolie]

It's a wonderful gift, but the descriptions of how it will be used are confusing. Intentionally vague or bad writing?

I'll do a true daily double on "intentionally vague" Alex.

 

[Art]

Cynicism level on this thread is about a 9 on a 0-10 scale.

Let no good deed go unpunished.

Okay, let's keep this simple. What is this part of the gift being used for?

"As fans of Penn State men’s basketball, the Tombroses are endowing the men’s basketball coach position, establishing a fund that will allow the Peter and Ann Tombros Head Coach to enhance opportunities for student-athletes through scholarships, travel, equipment, and other needs."

 

[fastlax16]

Sat in Peter's seats (he used to work with my father) for the 2014 OSU game. He might be a bigger deal than I realized lol.

 

[RGWhirly]

Okay, let's keep this simple. What is this part of the gift being used for?

"As fans of Penn State men’s basketball, the Tombroses are endowing the men’s basketball coach position, establishing a fund that will allow the Peter and Ann Tombros Head Coach to enhance opportunities for student-athletes through scholarships, travel, equipment, and other needs."

It probably allocates a certain amount of funding per year to be used at HC’s discretion for what he feels is urgent.

It is vague of course. I know hockey coaches have something similar. Say there is something they feel is important for in the hockey lounge or something like that which is not covered by building fund, they can use some of these funds.

I was actually shocked once to hear that if Guy wanted to put up a hockey sweater of every HS team in the state, he would have to find funding for it, out of such funds, unless he could find a donor to specifically fund it. Pegula Bldg fund was not an option.

 

[LemonEars]

Will cover many areas. See the link below. Highlights from the article:

“UNIVERSITY PARK, Pa. — Peter and Ann Tombros, longtime philanthropic and volunteer leaders for Penn State, have made a new commitment of $26 million that places them among the top five donors in the University's history. Their new gifts, which will come through their estate and their family foundation, will benefit programs across Penn State and create a University-wide endowment to fuel innovation and encourage other alumni and friends to support the institution.”

And,

“Through their new commitment, the Tombroses will create a first-of-its-kind fund for the University’s top leadership. The Peter and Ann Cullen Tombros Endowment will provide the Penn State President, guided by an advisory board of University leaders including the executive vice president and provost, the senior vice president for business and finance, and the vice president for development and alumni relations, with support that can be used to supply seed grants for pilot initiatives; foster philanthropy and volunteering among the Penn State community; and encourage other donors to support the University by providing matching funds for their gifts.”

And,

“As fans of Penn State men’s basketball, the Tombroses are endowing the men’s basketball coach position, establishing a fund that will allow the Peter and Ann Tombros Head Coach to enhance opportunities for student-athletes through scholarships, travel, equipment, and other needs.”

New commitment places Peter and Ann Tombros among top five Penn State donors | Penn State University

Sure wish I had that kind of money to donate to Dear Old State. If I did have say $50m to donate I would contact the university and say, "I will donate $50m to the university if and only if the Paterno statue is put back. Otherwise you don't get a penny."

 

[ednit]

I’m willing to bet the University would say “Thanks, but no thanks” if that condition was placed on it.

 

[Raffycorn]

Okay, let's keep this simple. What is this part of the gift being used for?

"As fans of Penn State men’s basketball, the Tombroses are endowing the men’s basketball coach position, establishing a fund that will allow the Peter and Ann Tombros Head Coach to enhance opportunities for student-athletes through scholarships, travel, equipment, and other needs."

It's an endowment. It offsets the cost that the university has to pay each year for the head coach's salary. If the endowment pays out $250,000 a year, and Shrewsberry is paid $2,250,000 a year, then Penn State only needs to pony up $2,000,000. But you already know that!

 

[Art]

It probably allocates a certain amount of funding per year to be used at HC’s discretion for what he feels is urgent.

It is vague of course. I know hockey coaches have something similar. Say there is something they feel is important for in the hockey lounge or something like that which is not covered by building fund, they can use some of these funds.

I was actually shocked once to hear that if Guy wanted to put up a hockey sweater of every HS team in the state, he would have to find funding for it, out of such funds, unless he could find a donor to specifically fund it. Pegula Bldg fund was not an option.

It's vaguer than that.

Typically, when a head coaching position is endowed, the income thrown off is used toward the coach's compensation. And there is nothing "discretionary" about a basketball scholarship.

My guess is that the Tombroses established a fund to underwrite the basketball program, offsetting whatever expense it might incur. Description probably isn't as sexy as PSU would like.

It's all good. In the immortal words of Limp Rod, "money is fungible."

 

[Art]

It's an endowment. It offsets the cost that the university has to pay each year for the head coach's salary. If the endowment pays out $250,000 a year, and Shrewsberry is paid $2,250,000 a year, then Penn State only needs to pony up $2,000,000. But you already know that!

Yeah, i did know that, but it's not what the press release says.

 

[Raffycorn]

It's vaguer than that.

Typically, when a head coaching position is endowed, the income thrown off is used toward the coach's compensation. And there is nothing "discretionary" about a basketball scholarship.

My guess is that the Tombroses established a fund to underwrite the basketball program, offsetting whatever expense it might incur. Description probably isn't as sexy as PSU would like.

It's all good. In the immortal words of Limp Rod, "money is fungible."

It's this - whether it's described as an endowment of the head coaching position, or an endowment for the basketball program wherein the head coaching position is named after the donor seems pretty immaterial. It's all the same pot of money: "basketball expenses."

For reference, here's Pitt's very similar-sounding description of the football coach endowment they did this fall: "The gift will help fund significant capital improvements that will benefit the total Pitt football student-athlete experience, both now and into the future. From the $20 million gift, $10 million will be used immediately to enhance the training, nutrition and learning environment infrastructure. The remainder of the gift will be placed in an endowment to support such efforts in perpetuity."

 

[Art]

It's this - whether it's described as an endowment of the head coaching position, or an endowment for the basketball program wherein the head coaching position is named after the donor seems pretty immaterial. It's all the same pot of money: "basketball expenses."

For reference, here's Pitt's very similar-sounding description of the football coach endowment they did this fall: "The gift will help fund significant capital improvements that will benefit the total Pitt football student-athlete experience, both now and into the future. From the $20 million gift, $10 million will be used immediately to enhance the training, nutrition and learning environment infrastructure. The remainder of the gift will be placed in an endowment to support such efforts in perpetuity."

Let's try this. The men's basketball budget (expenses of the program) runs around $7.4mm p.a. Let's use your example that the endowment throws off $250k p.a. Does the budget grow to $7.625mm, or does the money flow through to surplus allowing Ms. Excellence to spend it on whatever she damn pleases?

 

[BobPSU92]

Let's try this. The men's basketball budget (expenses of the program) runs around $7.4mm p.a. Let's use your example that the endowment throws off $250k p.a. Does the budget grow to $7.625mm, or does the money flow through to surplus allowing Ms. Excellence to spend it on whatever she damn pleases?

Sandy laughs at not being allowed.

 

[LHavenlion]

Okay, let's keep this simple. What is this part of the gift being used for?

"As fans of Penn State men’s basketball, the Tombroses are endowing the men’s basketball coach position, establishing a fund that will allow the Peter and Ann Tombros Head Coach to enhance opportunities for student-athletes through scholarships, travel, equipment, and other needs."

Annual cash for Shrews to use at his discretion for direct player needs... I guess

 

[Art]

Annual cash for Shrews to use at his discretion for direct player needs... I guess

We're all guessing. Betcha Coach Shrews might be guessing, too. Therein lies a problem with the way the Athletic Department is managed.

 

[PSUriseANDfire]

I would give it to local businesses to pay athletes in all sports to advertise their products. 😀

 

[PennsylvaniaPride]

Will cover many areas. See the link below. Highlights from the article:

“UNIVERSITY PARK, Pa. — Peter and Ann Tombros, longtime philanthropic and volunteer leaders for Penn State, have made a new commitment of $26 million that places them among the top five donors in the University's history. Their new gifts, which will come through their estate and their family foundation, will benefit programs across Penn State and create a University-wide endowment to fuel innovation and encourage other alumni and friends to support the institution.”

And,

“Through their new commitment, the Tombroses will create a first-of-its-kind fund for the University’s top leadership. The Peter and Ann Cullen Tombros Endowment will provide the Penn State President, guided by an advisory board of University leaders including the executive vice president and provost, the senior vice president for business and finance, and the vice president for development and alumni relations, with support that can be used to supply seed grants for pilot initiatives; foster philanthropy and volunteering among the Penn State community; and encourage other donors to support the University by providing matching funds for their gifts.”

And,

“As fans of Penn State men’s basketball, the Tombroses are endowing the men’s basketball coach position, establishing a fund that will allow the Peter and Ann Tombros Head Coach to enhance opportunities for student-athletes through scholarships, travel, equipment, and other needs.”

New commitment places Peter and Ann Tombros among top five Penn State donors | Penn State University

how awesome! That’s a ton of money!

 

[BobPSU92]

We're all guessing. Betcha Coach Shrews might be guessing, too. Therein lies a problem with the way the Athletic Department is managed.

Sandy to Micah: “Micah, don’t worry your pretty little head about the money.” *pat* *pat* *pat* “I got this.”

 

[dbonsick]

Sure wish I had that kind of money to donate to Dear Old State. If I did have say $50m to donate I would contact the university and say, "I will donate $50m to the university if and only if the Paterno statue is put back. Otherwise you don't get a penny."

This is not a criticism of you, Lemon, but your statement is illustrative of the difference between PSU and SEC schools (as well as many others) and why we continually have the conversation about CJF leaving for other schools more committed to football. Donors at LSU, Bama, Texas A&M, etc. don’t put “conditions” on their contributions to the program. They are asked to pony up and they do. Neither is right or wrong, but it has always been a different culture at PSU. so, when people talk about commitment to football, it’s a legitimate concern that PSU — both the Administration and donors — are not as open with their monies as many other schools.

 

[BeaverLion]

the description of what the funds are going to be used for .... sounds like a big flush of $26MM ..... the only question is in whos hands does it land.

It's their money, if this is how they wanted the donations to go, it's their call. Donate 26MM and you can decide where you want it to go.

 

[BobPSU92]

This is not a criticism of you, Lemon, but your statement is illustrative of the difference between PSU and SEC schools (as well as many others) and why we continually have the conversation about CJF leaving for other schools more committed to football. Donors at LSU, Bama, Texas A&M, etc. don’t put “conditions” on their contributions to the program. They are asked to pony up and they do. Neither is right or wrong, but it has always been a different culture at PSU. so, when people talk about commitment to football, it’s a legitimate concern that PSU — both the Administration and donors — are not as open with their monies as many other schools.

Name another school that wrongfully treated their legendary coach the way PSU treated Joe? What reason does a donor have to give bama such an ultimatum?