Iowa gets $10 million gift; endows head coaching job

swingman

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$5 mill to head coach job, $3 mill gor program, $2 mill for Kinnick upgrades. Gift from the Moon family, owners of big truck stop on I-80.

linked story also notes no Iowa rcvr over 6 feet

 

Catechol

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I thought “endowment” of a position typically meant that the principal amount would sustain the annual salary, or at least a meaningful part of it. $5MM is only 1 year of Ferentz head coach compensation.
 

A_Slab_of_Bacon

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I thought “endowment” of a position typically meant that the principal amount would sustain the annual salary, or at least a meaningful part of it. $5MM is only 1 year of Ferentz head coach compensation.
Yeah wut.

Maybe this "endowment" just pays out some minimal amount and this is really just a fundrazing call of sorts for others to also help out with the endowment ...
 

FatNTired

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I thought “endowment” of a position typically meant that the principal amount would sustain the annual salary, or at least a meaningful part of it. $5MM is only 1 year of Ferentz head coach compensation.

It’s budget relieving. Illinois, Northwestern, and Michigan also have endowed head football positions.

Iowa also recently endowed the women’s basketball position. In total, $17 million dollars have been committed to endowed funds in support of Iowa Athletics. $850k in perpetual funding at the assumed 5% disbursement rate.
 

fmlizard

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I’m not sure why someone with $10m to donate in times of financial crisis for universities felt the need to funnel it directly to Kirk Ferentz and the coaches. Didn’t their racist strength coach make over $1M? Time to pay the players.
 

A_Slab_of_Bacon

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I’m not sure why someone with $10m to donate in times of financial crisis for universities felt the need to funnel it directly to Kirk Ferentz and the coaches. Didn’t their racist strength coach make over $1M? Time to pay the players.
Yeah I do worry this is sort of a "yeah well this is just for the coaches because there's an endowment" is really just an excuse for funneling funds and suddenly "naw we don't actually make any money ... and that other money is all locked up in this endowment..."
 

MplsGopher

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The coaches make a salary. It's in their contract.

This is just a matter of where that money comes from. It either comes directly out of the athletic dept budget. Or in the case, some of it comes from the disbursement of the endowment.


I believe Stanford has a coaching salaries endowment that pays for every coach in every sport, and has for a while?
 

Boomtime

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I don't care how much their HC gets paid. Fleck needs to beat Iowa. And not just once in a decade.

Stop choking away games when Gopher fans claim we have more on the field talent.
 

A_Slab_of_Bacon

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I don't care how much their HC gets paid. Fleck needs to beat Iowa. And not just once in a decade.

Stop choking away games when Gopher fans claim we have more on the field talent.
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