Pitt, Penn State, and Temple

[Sean Miller Fan]

should all lock arms, walk into Wolf's office and ask for $50 million each for stadium projects. With a liberal governor, aint no better time to ask. $50 million gets Temple, half a stadium. It gets PSU some painters to repaint the seat numbers every 24 inches instead of 18 inches, reducing capacity, and it gets Pitt half of what it would cost for land acquisition.

As part of the deal, to thank the Commonwealth for their great generosity, the 3 schools agree to an annual Commonwealth Cup Football Game and annual basketball games (Pitt vs PSU, Pitt vs Temple, PSU vs Temple every year).

Football
Year 1
PSU at Pitt

Year 2
Pitt at Temple

Year 3
Temple at PSU

Year 4
Pitt at PSU

Year 5
Temple at Pitt

Year 6
PSU at Temple

Etc

 

[NTOP]

should all lock arms, walk into Wolf's office and ask for $50 million each for stadium projects. With a liberal mayor, aint no better time to ask. $50 million gets Temple, half a stadium. It gets PSU some painters to repaint the seat numbers every 24 inches instead of 18 inches, reducing capacity, and it gets Pitt half of what it would cost for land acquisition.

As part of the deal, to thank the Commonwealth for their great generosity, the 3 schools agree to an annual Commonwealth Cup Football Game and annual basketball games (Pitt vs PSU, Pitt vs Temple, PSU vs Temple every year).

Football
Year 1
PSU at Pitt

Year 2
Pitt at Temple

Year 3
Temple at PSU

Year 4
Pitt at PSU

Year 5
Temple at Pitt

Year 6
PSU at Temple

Etc

He's a jackass...but not a mayor. And there couldn't be a WORSE time to ask for anything. He's bound & determined to buy another election through the PSEA. But he hasn't a majority of liberals in either chamber. The $$ isn't there. You should read on more topics.

 

[yourhired]

Not to turn this into a political discussion but if Governor Wolf can't get a budget passed he is sure as in hell not going to get the state legislator to agree on funding for college stadiums. Term Limits for all polticians

 

[CaptainSidneyReilly]

should all lock arms, walk into Wolf's office and ask for $50 million each for stadium projects. With a liberal governor, aint no better time to ask. $50 million gets Temple, half a stadium. It gets PSU some painters to repaint the seat numbers every 24 inches instead of 18 inches, reducing capacity, and it gets Pitt half of what it would cost for land acquisition.

As part of the deal, to thank the Commonwealth for their great generosity, the 3 schools agree to an annual Commonwealth Cup Football Game and annual basketball games (Pitt vs PSU, Pitt vs Temple, PSU vs Temple every year).

Football
Year 1
PSU at Pitt

Year 2
Pitt at Temple

Year 3
Temple at PSU

Year 4
Pitt at PSU

Year 5
Temple at Pitt

Year 6
PSU at Temple

Etc

Great idea and have Mayors of Philly and Pittsburgh be right there demanding it too! If Tax Dollars are shared, so should be Attendance Dollars and City Tourism Coffers!

 

[Bradlib Zannamaker]

it gets Pitt half of what it would cost for land acquisition

Good thing you are an expert on "cost of land aquisition" in Oakland.

 

[9nationalchampionships]

Just where in Oakland will this land grab take place?

 

[pittdan77]

February = Stadium banter on the Lair.

 

[eastcoasthoops]

When did Tom Wolf become the Governor of Fantasyland?

The State can't pass a budget, there are thousands of structurally deficient bridges dotting our road ways, municipalities are running in deep red tape, the state is cutting support of the PSAC schools and you think that a rotating football game between Pitt, Penn State, and Temple is worthy of $150MM?

I give you credit for thinking outside the box.

 

[JoseLind13]

The day the state can't find more important items to use $150M in taxpayer revenue, is the day we should all be demanding a tax cut.

Maybe I could get behind that idea if we were not driving over countless structurally deficient bridges in PA and I was not asked repeatedly to donate basic school supplies to our kid's Kindergarten class to offset state funding shortfalls? Maybe my priorities are just out of whack?

 

[Jakey_John]

School kids don't need money. They need stadiums and pensions for their congressmen.

 

[deepelemblues]

Pitt endowment: ~3.6 billion.
PSU endowment: ~3.6 billion.
Temple endowment: ~390 million.

PSU and Pitt don't need taxpayer money for each to build a new $250 million stadium if they really, really wanted to. Or more expensive stadiums. Sure the endowment isn't just a bank account you can tap into to spend on whatever you want but both universities could find enough money in their endowments + fundraising to build new stadiums. Again, if they really, really wanted to. Without the need for a new political scorched-earth fight in Harrisburg.

 

[eastcoasthoops]

Pitt endowment: ~3.6 billion.
PSU endowment: ~3.6 billion.
Temple endowment: ~390 million.

PSU and Pitt don't need taxpayer money for each to build a new $250 million stadium if they really, really wanted to. Or more expensive stadiums. Sure the endowment isn't just a bank account you can tap into to spend on whatever you want but both universities could find enough money in their endowments + fundraising to build new stadiums. Again, if they really, really wanted to. Without the need for a new political scorched-earth fight in Harrisburg.

Those endowment funds, as I understand it, are for extremely restricted use...typically funding faculty, scholarships and research. The $3.6B number is a bright and shinny object, but for the purposes of capital investment, largely untouchable.

 

[9nationalchampionships]

Can the interest derived from the asset be used for other purposes? At 4% the annual interest is $144,000,000

 

[lilspainishflea]

Those endowment funds, as I understand it, are for extremely restricted use...typically funding faculty, scholarships and research. The $3.6B number is a bright and shinny object, but for the purposes of capital investment, largely untouchable.

It's not true that they can't be used for construction. Typically, institutions will have a construction endowment that can be used for construction. There's also the general endowment which can be used for ANY purpose, but is limited by the total amount which can be spent in any given year (say about 10% or so). It's just difficult to dedicate tens of millions in a given year with that type of cap and simultaneously having other fiscal responsibilities and it's why organizations usually need a capital fundraising campaign to raise that amount of funds.

 

[eastcoasthoops]

It's not true that they can't be used for construction. Typically, institutions will have a construction endowment that can be used for construction. There's also the general endowment which can be used for ANY purpose, but is limited by the total amount which can be spent in any given year (say about 10% or so). It's just difficult to dedicate tens of millions in a given year with that type of cap and simultaneously having other fiscal responsibilities and it's why organizations usually need a capital fundraising campaign to raise that amount of funds.

Fair enough.

 

[deepelemblues]

Those endowment funds, as I understand it, are for extremely restricted use...typically funding faculty, scholarships and research. The $3.6B number is a bright and shinny object, but for the purposes of capital investment, largely untouchable.

Well yeah, that's why I said it's not just a bank account you can tap into for whatever. I dunno how much is available for land purchase and construction but it sure isn't 3.6 billion.

 

[QuitCallingMeWanny]

February = Stadium banter on the Lair.

and What an Endowment Actually Is 101

 

[prez41]

I would actually be pretty pissed if the State OKed this kind of money for stadiums, but our schools still have to take out loans to cover their debts because these idiots can't pass a budget.

 

[ThePanthers]

And the governer would laugh!

 

[JED_72]

I would actually be pretty pissed if the State OKed this kind of money for stadiums, but our schools still have to take out loans to cover their debts because these idiots can't pass a budget.

The General Assembly passed two (June & Dec) budgets: The Governor vetoed the first (June 30) in total rather than "blue lining" items he didn't like. The second budget (December) was passed and signed by the Governor . . . However, he "blue lined" just over a billion $$ (most of it appropriations for schools that would have given them about $200 million in new monies). Also, during the fall stop gaps were approved item by item for certain essential services including school districts getting much of their first half year payments.

Seems we have a Gov who demands but can't lead.

 

[prez41]

I honestly do not care about the technicalities. The bottom line is that we have politician after politician cram how they care about the middle class, education, etc. down our throats, but school districts are taking out loans to cover costs that should be covered by a state budget that can't be agreed upon. Seems we have an entire guvment that is only concerned with getting elected rather than leading.

 

[eastcoasthoops]

I honestly do not care about the technicalities. The bottom line is that we have politician after politician cram how they care about the middle class, education, etc. down our throats, but school districts are taking out loans to cover costs that should be covered by a state budget that can't be agreed upon. Seems we have an entire guvment that is only concerned with getting elected rather than leading.

That's the problem when voters perpetuate career politicians. And we have no one to blame but ourselves.

 

[prez41]

Don't blame me. I refuse to vote.

 

[TempleBAPittMPA]

Don't blame me. I refuse to vote.

Those are the people who make the situation even worse.

 

[NTOP]

Can the interest derived from the asset be used for other purposes? At 4% the annual interest is $144,000,000

The endowment fund includes any interest. And it isn't totally invested in bonds....probably less than 25%. There is a prescribed outflow, I think it's around 4.5% of the wad. And the uses are restricted. Pleasing FB fans isn't on the list. Nor should it be.

 

[Gary77]

Apparently you know less about politics than you do about economics, and that's saying something.

 

[9nationalchampionships]

What if we pitched it as a concert venue with 9 FB game spec year and a spring game?

The endowment fund includes any interest. And it isn't totally invested in bonds....probably less than 25%. There is a prescribed outflow, I think it's around 4.5% of the wad. And the uses are restricted. Pleasing FB fans isn't on the list. Nor should it be.

 

[prez41]

Those are the people who make the situation even worse.

Keep buying into that BS. Look no further than the Democrats' super delegates.

 

[TempleBAPittMPA]

Keep buying into that BS. Look no further than the Democrats' super delegates.

Apparently that's something that displeases you. but how do you impact it in a manner more to your liking by refusing to vote? (Never mind. I get the impression that your refusal to vote is a plus for the causes I favor.)

 

[prez41]

My vote would have no impact one way or the other. That is my point.

 

[Pittbaseball11]

Can the interest derived from the asset be used for other purposes? At 4% the annual interest is $144,000,000

The interest is what is used to fund whatever the endowment is for. The endowment is permanent, the interest and income that comes from the endowment is what pays for everything.

That's why an endowed scholarship or professorship costs much more than tuition or a year's salary. You have a permanent lump sum of money which will generate the interest/income needed to fund what it is stipulated for in perpetuity.

 

[9nationalchampionships]

Okay the endowment is for scrndemic purposes only. It was only a question. I am really cool with Hienz field. A subway from Oakland to downtown is really what I am looking for.

 

[CrazyPaco]

Pitt (nor PSU, Temple, or Lincoln) have received their appropriations for 2015-16 yet. Pitt is fronting all the PHEAA loan money for its students and also covering all the in-state tuition discounts by chewing through its strategic reserves, which means ...at best...even if they eventually get the appropriations for '15-16 they're out on the millions that could have been generated by the investment returns on that money for the last five+ months (which is also needed to offset the depreciation of these reserves by inflation). At worst, they never get the appropriations for this year (which is more and more likely the longer this goes) and Pitt will have taken a $136+ million hit. This is why in a piss poor higher ed environment like that which exists in Pennsylvania, it is critical that you have reserves that Pitt has built for itself because funding from year to year is completely unreliable not only in the amount that you receive, but also when you will receive it. This is the second time in the last couple of years that they've had to do dip into reserves to cover for appropriation delays...this time it is obviously even longer. It makes annual budgeting a nightmare.

It would be a hell of a hit to lose $136 million no matter what...and if someone thinks it make sense to plow double that amount or more into a completely unnecessary facility in such an environment, they are flat out oblivious to what is going on.

 

[Pittbaseball11]

Okay the endowment is for scrndemic purposes only. It was only a question. I am really cool with Hienz field. A subway from Oakland to downtown is really what I am looking for.

If you were replying to me, I wasn't meaning to say it was academic only -- just that the interest is what is used to fund what the endowment is earmarked for.

The endowment itself is untouchable -- be it for academic or athletic purposes. The goal of the endowment is to have a permanent source of income to fund a particular thing. I thought you were assuming the endowment itself paid for things but the interest was free money.

FWIW, the goal of the Panther Club is to fully endow Pitt's athletic scholarships.

 

[pittforreal]

The General Assembly passed two (June & Dec) budgets: The Governor vetoed the first (June 30) in total rather than "blue lining" items he didn't like. The second budget (December) was passed and signed by the Governor . . . However, he "blue lined" just over a billion $$ (most of it appropriations for schools that would have given them about $200 million in new monies). Also, during the fall stop gaps were approved item by item for certain essential services including school districts getting much of their first half year payments.

Seems we have a Gov who demands but can't lead.

Actualy it seems we have a poster who ignores the totality of the facts and twists things around for his own political agenda of lies. I hope you didn't go to Pitt for if you did Pitt failed you because you refuse to use your brain for the truth and wisdom which you were supposed to learn. So many here filled with hate. Starting in August when I am on campus I will tell everyone to keep away fro a site that is filled with so much ignorance and hate and so many that make a great school look so bad.

 

[JED_72]

Pitt (nor PSU, Temple, or Lincoln) have received their appropriations for 2015-16 yet. Pitt is fronting all the PHEAA loan money for its students and also covering all the in-state tuition discounts by chewing through its strategic reserves, which means ...at best...even if they eventually get the appropriations for '15-16 they're out on the millions that could have been generated by the investment returns on that money for the last five+ months (which is also needed to offset the depreciation of these reserves by inflation). At worst, they never get the appropriations for this year (which is more and more likely the longer this goes) and Pitt will have taken a $136+ million hit. This is why in a piss poor higher ed environment like that which exists in Pennsylvania, it is critical that you have reserves that Pitt has built for itself because funding from year to year is completely unreliable not only in the amount that you receive, but also when you will receive it. This is the second time in the last couple of years that they've had to do dip into reserves to cover for appropriation delays...this time it is obviously even longer. It makes annual budgeting a nightmare.

It would be a hell of a hit to lose $136 million no matter what...and if someone thinks it make sense to plow double that amount or more into a completely unnecessary facility in such an environment, they are flat out oblivious to what is going on.

That delay has been entirely unnecessary. Appropriations Bills for Pitt (SB 915), Temple (SB 914), and PSU (SB 912) were all approved in the PA Senate by the requisite 2/3 votes on November 24. The same appropriations bills were defeated in the House at the urging of Democrat leaders. Pitt: SB 915, 114 yeas, 77 nays one "D" voted yes (he was from Bucks county); Temple: SB 914 115, yeas, 76 nays two "D's" voted yea (one from Phila & one from Bucks); PSU: SB: 912, 116 yeas, 75 nays, two. 133 ayes were needed to pass each of the bills.
A Governor who talks a good game for education and asks leadership to defeat the appropriations bills.

 

[eastcoasthoops]

That delay has been entirely unnecessary. Appropriations Bills for Pitt (SB 915), Temple (SB 914), and PSU (SB 912) were all approved in the PA Senate by the requisite 2/3 votes on November 24. The same appropriations bills were defeated in the House at the urging of Democrat leaders. Pitt: SB 915, 114 yeas, 77 nays one "D" voted yes (he was from Bucks county); Temple: SB 914 115, yeas, 76 nays two "D's" voted yea (one from Phila & one from Bucks); PSU: SB: 912, 116 yeas, 75 nays, two. 133 ayes were needed to pass each of the bills.
A Governor who talks a good game for education and asks leadership to defeat the appropriations bills.

Our tax dollars (not) at work.

 

[JED_72]

Actualy it seems we have a poster who ignores the totality of the facts and twists things around for his own political agenda of lies. I hope you didn't go to Pitt for if you did Pitt failed you because you refuse to use your brain for the truth and wisdom which you were supposed to learn. So many here filled with hate. Starting in August when I am on campus I will tell everyone to keep away fro a site that is filled with so much ignorance and hate and so many that make a great school look so bad.

All you need to do is go into the legislative data base and look at the bills, the votes, the roll calls and the vetos.

 

[NTOP]

What if we pitched it as a concert venue with 9 FB game spec year and a spring game?

Doesn't change anything.

 

[QuitCallingMeWanny]

Actualy it seems we have a poster who ignores the totality of the facts and twists things around for his own political agenda of lies. I hope you didn't go to Pitt for if you did Pitt failed you because you refuse to use your brain for the truth and wisdom which you were supposed to learn. So many here filled with hate. Starting in August when I am on campus I will tell everyone to keep away fro a site that is filled with so much ignorance and hate and so many that make a great school look so bad.

actually he is right, you disagree with this?