Just pasted this from MLB's most recent Crusader Report released this morning.
Earlier this month, the NCAA awarded one-time payouts totaling $200 million to nearly 350 Division I institutions around the country. These excess funds stemmed from the liquidation of an NCAA quasi-endowment. Under the plan, each NCAA Division I program will receive an allocation based on the number of scholarships each school offers for student athletes. The Valparaiso University athletic department received $280,000 from this distribution, along with a strict set of rules on how those funds can be used.[/u]
In lieu of this allocation, I am excited to announce we will be establishing a $280,000 endowment fund to enhance our existing nutritional program. Our plan is to create a "snack station" stocked with sport drinks, light meals to-go, snacks, and protein supplements available to all student-athletes. Following last year's NCAA legislation pertaining to food and snacks for student-athletes, we utilized Crusader Fund dollars to increase the amount of nutritional offerings (pre-game, post-game, post-workout) available to all athletes here on campus. Again, I thank you all for your support of the Crusader Fund, which afforded us the critical foundation we needed to jump-start this initiative.
$280K is a lot of money. Valpo has chosen to establish and nutritional endowment fund with it. I underscored Mark's qualifier to emphasize that the $$$ must have come with strings attached. Only speculating, but maybe facilities improvements, coach's salaries, recruiting funds were rolled out.
A story with more information on the payouts as a whole, including a document with what each school is receiving: https://www.usatoday.com/story/sports/college/2017/03/24/ncaa-200-million-payout-bonus/99582450/ (https://www.usatoday.com/story/sports/college/2017/03/24/ncaa-200-million-payout-bonus/99582450/)
The pertinent part, to your underscored statement:
'The money is to be put toward "the direct benefit of the student-athlete and their academic success, life skills, career success, health and safety and student-athlete focused diversity and inclusion initiatives," according the Q&A document. The money cannot be used for items such as coaches' salaries, strength equipment, and stadium or arena improvements aimed at fans.'
Awesome, glad to hear that the NCAA did something positive for us today ;)
Quote from: VULB#62 on April 03, 2017, 06:53:53 AM$280K is a lot of money. Valpo has chosen to establish and nutritional endowment fund with it.
It's a nice chunk of change, to be sure. But, in endowment terms it's not _so_ much money. Maybe it generates $14k a year. What do we have, around 500 student athletes? If you make free food available, it's not very hard to imagine spending $30 a student, and quickly.
On an individual student basis it sounds like a nice, if moderate or even modest, additional benefit. Hopefully the students appreciate the perk, and it makes their lives a little better and easier.