GT Fundraising Exceeds $9.5 Million

[JTS]

Georgia Tech Fundraising Initiative Exceeds $9.5 Million

"Georgia Tech’s latest fundraising initiative will exceed $9.5 million, surpassing its original goal of $2.5 million, according to information provided by the Institute’s athletic department Tuesday."

Georgia Tech fundraising initiative exceeds $9.5 million

Georgia Tech’s latest fundraising initiative will exceed $9.5 million, surpassing its original goal of $2.5 million, according to information provided by the Institute’s athletic department Tuesday.

www.ajc.com

 

[00Burdell]

Thanks J

This is absolutely mind blowing. Money changes everything.

 

[FullMetalBuzz]

The “Competitive Drive Initiative” raised $4.8 million to accelerate funding for athletes. The Georgia Tech Foundation pledged a dollar-for-dollar match, resulting in the final total of almost $10 million.

The article title is slightly misleading, but still a solid effort for a couple months.

 

[GTLiebs]

The article title is slightly misleading, but still a solid effort for a couple months.

The important thing is the Foundation kept matching above the original 2.5.

 

[BigDanT]

Thanks J

This is absolutely mind blowing. Money changes everything.

Absolutely a great first step. Nothing to sneer at at all.

 

[ricejacket]

Pastner buyout secured

 

[andrew]

Pastner buyout secured

Think the focus will be on football. If you want to make revenue healthy again, that's the first thing you tackle.

 

[MACHETE]

Can someone post articles. Firewall...

 

[JTS]

The important thing is the Foundation kept matching above the original 2.5.

The article title is slightly misleading, but still a solid effort for a couple months.

I am unable to read the full AJC article so maybe it clarifies things. If so disregard....My understanding is that the matching was extended from the original $2.5M to $3.5M. It is not clear if the additional $1M was from the GT Foundation or some other person or organization or if the matching was extended beyond the $3.5M level. The information that I have from the AT Fund indicated that they were able to offer double points for donations because the "anonymous" donor was not claiming the points. I suppose that the anonymous donor could be the GT Foundation, but is weird that they would not just come out and say that if that were the case. That actual amount raised from donors (ie not the GT Foundation) could be anywhere from ~$4.8M to $7M+ depending on where matching stopped and who sourced the added matching donation. This is an impressive amount to raise considering that this is all additional money on top of the money already pledged for donations before the Competitive Drive Initiative was announced.

 

[Akinji07]

Great news. Keep doing what you’re doing Batt.

 

[stinger78]

Is the competitive drive initiative specifically earmarked for use?

 

[Supersize that order mutt]

For those who asked ---


Georgia Tech fundraising initiative exceeds $9.5 million

Caption
Credit: Jason Getz / Jason.Getz@ajc.com

GEORGIA TECH
By Doug Roberson, The Atlanta Journal-Constitution
17 hours ago

Georgia Tech’s latest fundraising initiative will exceed $9.5 million, surpassing its original goal of $2.5 million, according to information provided by the Institute’s athletic department Tuesday.

The “Competitive Drive Initiative” raised $4.8 million to accelerate funding for athletes. The Georgia Tech Foundation pledged a dollar-for-dollar match, resulting in the final total of almost $10 million.

The fundraising effort, spearheaded by Tech, the Georgia Tech Foundation, the athletic department and the Alexander-Tharpe Fund, was announced Oct. 27, with the goal of raising $2.5 million. That goal was reached Dec. 5. A new goal of $3.5 million was set. More than 1,700 donors contributed, according to the Institute’s athletic department.

“We are so appreciative for the generosity of Georgia Tech fans and their commitment to accelerating the impact that they make on our student-athletes,” Tech athletic director J Batt said in a statement released by the athletic department. “On behalf of our student-athletes, our coaches and our staff, we thank everyone who contributed to the Competitive Drive Initiative.”

 

[00Burdell]

Pastner buyout secured

Think the focus will be on football. If you want to make revenue healthy again, that's the first thing you tackle.

Damn right - it better be on football. Fixing bball first would be like sweeping the floor while your house is on fire.

 

[JJacket]

Pastner buyout secured

At this point, just let Pastner's contract get to the one year left point and pull the trigger.

 

[ricejacket]

Damn right - it better be on football. Fixing bball first would be like sweeping the floor while your house is on fire.

I agree that football should be a priority but men's basketball HAS to be addressed. We can't keep hiring coaches from the scratch and dent basket. There is absolutely no reason Tech shouldn't be in the upper half of the ACC and an NCAA team every year.

 

[andrew]

Is the competitive drive initiative specifically earmarked for use?

It is earmarked for scholarships, I believe. But money is fungible, scholarships are fixed costs, and every dollar donated in this drive is a dollar the AA no longer has to spend on scholarships and is free to use elsewhere.

 

[00Burdell]

It is earmarked for scholarships, I believe. But money is fungible, scholarships are fixed costs, and every dollar donated in this drive is a dollar the AA no longer has to spend on scholarships and is free to use elsewhere.

Clearly, J gets this. Its not as obvious to the casual observer. I use this concept to explain why the claim by politicians that the lottery "funds" education is complete BS (in the long run).

 

[andrew]

Clearly, J gets this. Its not as obvious to the casual observer. I use this concept to explain why the claim by politicians that the lottery "funds" education is complete BS (in the long run).

It really depends on whether what the funds are earmarked for and how fixed of a cost it is.

For example, I think it's fair to say that lottery funds the HOPE scholarship, because if the lottery ceased to exist most likely the HOPE scholarship would cease to exist. With a quick Google I saw that it also funds some pre-K programs in GA. Are those mandated by law to be funded? If so, then yeah, it's kind of BS to say that the lottery funds them because they're going to be funded no matter what and the lottery just makes it possible for something else to be funded too.

With our scholarships, they're going to be funded no matter what. There's not really a scenario in which we stop funding athletic scholarships -- they're table stakes. So any donations earmarked for scholarships are really funding some other program that's lower in priority.

 

[G776T]

It really depends on whether what the funds are earmarked for and how fixed of a cost it is.

For example, I think it's fair to say that lottery funds the HOPE scholarship, because if the lottery ceased to exist most likely the HOPE scholarship would cease to exist. With a quick Google I saw that it also funds some pre-K programs in GA. Are those mandated by law to be funded? If so, then yeah, it's kind of BS to say that the lottery funds them because they're going to be funded no matter what and the lottery just makes it possible for something else to be funded too.

With our scholarships, they're going to be funded no matter what. There's not really a scenario in which we stop funding athletic scholarships -- they're table stakes. So any donations earmarked for scholarships are really funding some other program that's lower in priority.

For this its an earmark in name only, gives the foundation some cover on giving money to the AA when they can say it was for scholarships and not a new weight room

 

[FullMetalBuzz]

I am unable to read the full AJC article so maybe it clarifies things. If so disregard....My understanding is that the matching was extended from the original $2.5M to $3.5M. It is not clear if the additional $1M was from the GT Foundation or some other person or organization or if the matching was extended beyond the $3.5M level. The information that I have from the AT Fund indicated that they were able to offer double points for donations because the "anonymous" donor was not claiming the points. I suppose that the anonymous donor could be the GT Foundation, but is weird that they would not just come out and say that if that were the case. That actual amount raised from donors (ie not the GT Foundation) could be anywhere from ~$4.8M to $7M+ depending on where matching stopped and who sourced the added matching donation. This is an impressive amount to raise considering that this is all additional money on top of the money already pledged for donations before the Competitive Drive Initiative was announced.

The full article includes the quote I posted. GTAA raised $4.8M from donors and the GT Foundation matched it dollar for dollar to total $9.6M.

I am unsure why the GTAA messaging around this was so weird. Perhaps they had some anonymous matching letter templates ready to go and were just lazy.