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Message
re: Athletics transfers $10 Million+ to University this FY
Posted on 7/21/15 at 10:37 pm to tigerinridgeland
Posted on 7/21/15 at 10:37 pm to tigerinridgeland
quote:
The money transferred isn't being transferred from TAF, but from the department's funds. Some of those funds originate with TAF, but once transferred to athletic department, the funds belong to the university.
TAF is not transferring anything to the University. The $10 million is from the Athletic Department. TAF is an independent organization and is governed by its own board.
0
Posted on 7/21/15 at 10:40 pm to airbornetiger
quote:
Yes, part of that money was a gift/donation. The only obligation TAF had to provide LSU was the 7.2M$. TAF may give additional money if/when there is a surplus. Naturally, as a non-profit TAF cannot keep the money, but (from what I read in the charter) TAF is not obligated to give the additional surplus to LSU.
The agreement to transfer $7.2 million plus surplus to the University is between Athletic Department and University, not TAF and University.
You are correct that TAF is not part of the University though. But there is no obligation for TAF to transfer any part of that $7.2 million.
Posted on 7/22/15 at 5:57 am to GeorgeReymond
Hopefully some will be transferred to my son's fee bill today.
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