Oklahoma State University Athletics
Moving The Bar
April 15, 2008 | General
Endowed scholarships are essential to assuring Oklahoma State University athletes compete for championships while attracting student-athletes who will make O-State fans proud. With this in mind, the department launched the Leave a Legacy fundraising campaign last year.
As of this magazine issue's press, 53 supporters have committed more than $23 million in cash and deferred gifts to this campaign. Prior to the campaign, OSU stood alone in last place. According to 2006 data, Texas A&M lead athletic endowment funds with $60 million. Relative to endowed dollars in the Big 12 Conference, Oklahoma State is now in the middle of the pack and gaining ground.
Due to the incredible support and generosity of the Cowboy faithful, a larger number of student-athletes will receive scholarships, travel, academic support, strength and conditioning, housing, food, etc. through endowed funds and associated investments.
Why the success? Our supporters find it very appealing. It's a combination of athletic and academic philanthropic support. Scholarships directly impact a student-athlete's life during his or her years at Oklahoma State, preparing them for athletic competition and, more importantly, post-graduation. Supporters are literally providing funding for a young woman or young man's scholastic pursuit so that whether or not they go into professional sports after graduation, they'll have a college education and the opportunity for success in the marketplace. In the words of recent campaign donors Paul and Mona Pitts, “This is a great way to leave an on-going legacy at Oklahoma State in our family's name – it is a privilege to give back in this area and we are excited about the future of Oklahoma State and OSU Athletics.”
The campaign goal is to raise $115 million, totally endowing 229 athletic scholarships in eighteen sports. This actually accounts for financially assisting 467 student athletes via full and partial scholarships.
There is a secondary effect of having all the athletic scholarships endowed: it has a direct bottom-line impact on our $40 million operating budget. Once we complete the campaign and fully endow each scholarship, the department can re-direct the $4.5 – 5 million annual scholarship expense toward specific needs surrounding the department including coaching, support staff, travel, recruiting – all elements leading to being more competitive in every sport.
There are three levels of endowments: the Position Scholarship Endowment ($500,000); the Team Scholarship Endowment ($250,000); and the First Quarter Scholarship Endowment ($125,000). At certain levels, donors choose which sport and even which position their endowment will fund. Donors can take up to ten (10) years to pay off their commitment. Each donation makes a substantial impact on the respective OSU sport.
Beyond respective tax deductions awarded by these charitable contributions, OSU is one of the few Division One athletic departments awarding priority points for endowment commitments – both for cash or stock gifts and planned (testamentary) gifts. Donors can use points for premium seat upgrades, post-season ticket requests and so on. Roughly half of the committed funds are associated with a donor's bequest, estate planning, life insurance or charitable trust.
True to the name of the campaign, the university plans to commemorate each donor's contribution in a significant and creative way. Recognition will be a way of expressing the department's appreciation for a supporter making a significant impact on the school they love.
On behalf of student athletes, our coaching staff, faculty and administration, thank you to all the supporters of OSU Athletics – we are poised for great things and the future is bright orange.
Craig Clemons
