A Couple of Interesting Facts Re: GTAA

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General Wood

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Here is a link to a pdf file that I find very interesting. It is listed in the offical "Fact Book" from Georgia Tech. Please read at its entirety, but here are some highlights.

www.irp.gatech.edu/Annual_Report/ pdf/AthleticAssociation02.pdf

1) Top finish in recent history in Sear's Directors Cup. (Unfortunately, this is the worst in the conference. Normally, I would inject some sarcasm.)

2) Role of Executive Admissions Committee expanded and clarified with improved credentials of recruited student-athletes. (This was printed before Flunkgate when 5 or 15 freshmen were dropped before one full year in school.)

3) Season ticket sales record. (Where do they get there numbers?) They reported 22,500 tickets sold. (Unfortunately 24,000 and 30,000 are larger numbers. These are the ticket sales from 1973 and 1967 respectively)

4) Financial Management...."When these projects (RCS & BDS) were combined with the re-financing of existing debt, the total bond indebtedness was $112,080,000. The financing pro-forma for these 30 year bonds includes revenues from private gifts, licenses from club seats, luxury seat sales, and other ancillary revenues. (I can't make up stuff this good. I see some problems here. I'll allow all of my smart friends connect the dots)

5) The GTAA closed the year with a positive cash position for the fiscal year.....revenues were more than $30,561,358.73. (When has anyone seen a financial report state that revenue were more than a specific number? Seems a little odd when they don't tell you that expenses exceeded revenues by more than $800,000, and that we were one of only two schools in conference to lose money. These numbers came from the Department of Education, and the Equity in Athletics Disclosure Act reports)


This was my first three hammer post, but I would like to thank the GTAA for the facts they provided.
 
Dear General:
A revelation of fact is going to be the down fall of very poor, very irresponsible, management in the GTAA. It's almost an "Emperor has no Clothes" scenario. Oh were the days when Homer Rice raised money before he made huge financial commitments for the program. And now we have a "run as fact as you can, so we don't have to be accountable" style of management that is not healthy for the school. Granted, the Olympics boosted Tech's image athletically - that's Homer's accomplishment. And we covered the costs. How does today's GTAA explain the gap in reality as the tab comes to the table?

I had been told about this by someone with all the facts, and I could not understand how the figures were being hidden from the Tech faithful. This could imply that someone's contract is in jeopardy, and their immediate payout might be little or nothing if all of these facts are legitimate.

Would this be a Credit Card mentality in the GTAA?
 
Originally posted by AWB:
Dear General:
A revelation of fact is going to be the down fall of very poor, very irresponsible, management in the GTAA. It's almost an "Empeor has no Clothes" senario. Oh were the days when Homer Rice raised money before he made huge financial commitments for the program. And now we have a "run as fact as you can, so we don't have to be accountable" style of management that is not healthy for the school. Granted, the Olympics boosted Tech's image athletically - that's Homer's accomplishment. And we covered the costs. How does today's GTAA explain the gap in reality as the tab comes to the table?

I had been told about this by someone with all the facts, and I could not understand how the figures were being hidden from the Tech faithful. This could imply that someone's contract is in jeopardy, and their immediate payout might be little or nothing if all of these facts are legitimate.

Would this be a Credit Card mentality in the GTAA?
Click to expand...
<font size="2" face="Arial, Verdana, Sans-Serif">I agree and throw this fact in with your thoughts...

GTAA has only collected (as in money that has actually been deposited into the bank) 1/3 of the $45 million that they claim that has been raised. I am not saying GTAA is lying, but when asked directly if the $45 million was in the bank or not they refused to answer.

Throw on top of that, their own admission that the "enhanced seating" was a significant part of the financing.

I had thought about withdrawing my pledges for the stadium expansion in order to punish "Coach" Braine. I have come full circle and will meet all of my pledges simply because it appears that the destructive policies of the current administration are on the verge of putting our entire progrem into financial peril. We need every cent we can get now to pay for the expansion (which I think looks great!). How sad is it when you must auction off your soul and honor on E-Bay in order to cover your arse because you are an incompetent boob?
 
How does this register in the minds of rational thinkers? Acquiring the expense, without the dollars in the bank, will force Tech people to infuse the amount needed. Maybe at Virginia Tech. or other places - but should Georgia Tech Alumni be treated in that fashion. It's not a question of money available - it's a simple question of respect for Alumni resources and "sound salesmanship". (Snake Oil, Carnival Elixor, Used Car, and Flim-Flam methodology is unacceptable!!!)

Homer Rice sold the concepts, and we enjoyed his technique and his approach toward the goals set forth. The current GTAA administration operates with little, if no, respect for the overall image expected by Georgia Tech Alumni. Don't bull**** us - present the facts - show us the outcome - and "we will exceed" our goal everytime!! And do not take advantage of us because of our financial portfolios.

Do we really have to question the motives of the GTAA everytime there is an presentation or a campaign for added funding??? Never was like that before - except for the Doug Weaver era. The truth will always rule - even in College Athletics. "Wouldn't ya' like to be a Jacket too!!!!"
 
Beeserk, I love the way it looks too, but the new Lexus looks good, and I had to settle for the station wagon.

Word on the street was that there were 22 empty boxes for the Clemson game. These sales figured into the plans also. Their words not mine! What are they going to say now, "Oh, we knew we couldn't sell them given the blah, blah, blah!"

Why don't you consider escrowing the money until there is better financial management. It is similar to buying a stock that is in the crapper. "I'm going to buy some Enron now that it is low" Instead, tell yourself, "I'll save my money until the company is on sound footing and making decisions that enhance my investment."

Just a thought, and appreciate your comments!!!
 
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