Indiana University Athletics
Varsity Club Closes Books on Record Year
7/14/2005 12:00:00 AM | Varsity Club
July 8, 2005
BLOOMINGTON, Ind. - The Indiana University Varsity Club, the fundraising arm of Hoosier intercollegiate athletics, enjoyed a productive fiscal year in 2004-05. Highlighted by The Glaubinger Foundation's $10 million gift to the IU Athletic Scholarship Endowment, the Varsity Club drew a record $11.5 million in gifts and pledges to the overall endowment. IU now boasts the largest scholarship endowment in the Big Ten Conference, as cash, pledges and deferred gifts now stand at $65 million. Furthermore, overall annual giving has increased 8.3 percent in the last year and 44.8 percent in the last three years.
While the athletic department greatly appreciates such generous support, they continue to emphasize fundraising efforts.
"Up until the mid-1980s, the university waived tuition for student-athletes, but when it discontinued that policy, the athletic department started to chase a moving target," IU Associate Athletic Director for Development Scott Dolson said of rising tuition costs. "For example, total scholarship costs for 2004-05 are projected at $7.75 million. We will fund $5.58 million of that through annual giving, and another $1.6 million through the endowment. However, that still puts us about $500,000 short of where we need to be for the upcoming year. When you consider that the projected scholarship costs for 2005-06 are $7.9 million, that target continues to move."
Continued scholarship endowment growth is vital to the athletic department's financial situation.
"We would like to sincerely thank all of our donors for their substantially loyal support," IU Athletics Director Rick Greenspan said. "Without their backing, it would be difficult to sustain a comprehensive athletics program for our student-athletes. Along with continued scholarship endowment growth, we will continue to pursue all avenues - increased ticket sales, success in football and additional corporate support to grow our base of financial support for our total athletic program."
Hoosier football season tickets are not the only hot commodity in Bloomington. Prior to the 2002 football season, 300 club seats were installed in the fourth level of the Memorial Stadium press box, and club seat sales are currently up 23.5 percent from the 2004 season. For more information on public season tickets, please contact the Indiana ticket office, 1-866-IU-SPORTS. For more information on club seats, please contact Mark Deal in the IU Varsity Club at (812) 855-0866.
