Lehigh Football Nation
December 13th, 2016, 04:16 PM
http://www.tallahassee.com/story/sports/college/famu/2016/12/13/famu-needs-622k-mandatory-repairs-bragg-stadium/95367934/
What a cluster.,
The athletic department's revenue is projected to fall $651,724 short of its $8,937,500 budget. So far, the athletic department has made $3,856,893 in revenue.
...
And the FAMU Foundation can’t simply cut a check to fix Bragg. The Foundation has already dedicated millions to paying back the athletic department’s deficit, which was last tallied at nearly $7.5 million.
The Foundation is in charge of the first three years of the repayment plan for the deficit.
...
Not surprisingly, the Rattler Boosters were a topic of conversation during the Tuesday meeting. Cotton, who is also the executive director of the FAMU Foundation, made one thing clear: The Boosters have no more funds to provide FAMU athletics.
Overton budgeted for hundreds of thousands of dollars from the Boosters after the organization was ordered by the BOT to give up the rights to game-day parking. Instead, after months of back and forth, he received one check for $30,000 from the Boosters.
“We’ve met with the Boosters and their executive committee and really worked with them,” Cotton said. “To their credit, I would be remiss in not saying they’ve worked with us, too. They’re provided, quite frankly, the funding they had at the time.
“There just isn’t any additional money. I don’t know the full answer to what happened to all of the money. My general response is, they managed it as best they could and provided us with what they had. What we’ve decided is to move forward from there.”
BOT Chairman Kelvin Lawson insisted Overton and Cotton plan for the possibility that the athletic department can’t raise the funds it needs.
He added it was “troubling” that funds from the Boosters are not forthcoming, and said the BOT is still weighing a potential audit of the organization. The Boosters recently were restructured by the BOT – Executive Director Mickey Clayton’s contract was not renewed.
What a cluster.,
The athletic department's revenue is projected to fall $651,724 short of its $8,937,500 budget. So far, the athletic department has made $3,856,893 in revenue.
...
And the FAMU Foundation can’t simply cut a check to fix Bragg. The Foundation has already dedicated millions to paying back the athletic department’s deficit, which was last tallied at nearly $7.5 million.
The Foundation is in charge of the first three years of the repayment plan for the deficit.
...
Not surprisingly, the Rattler Boosters were a topic of conversation during the Tuesday meeting. Cotton, who is also the executive director of the FAMU Foundation, made one thing clear: The Boosters have no more funds to provide FAMU athletics.
Overton budgeted for hundreds of thousands of dollars from the Boosters after the organization was ordered by the BOT to give up the rights to game-day parking. Instead, after months of back and forth, he received one check for $30,000 from the Boosters.
“We’ve met with the Boosters and their executive committee and really worked with them,” Cotton said. “To their credit, I would be remiss in not saying they’ve worked with us, too. They’re provided, quite frankly, the funding they had at the time.
“There just isn’t any additional money. I don’t know the full answer to what happened to all of the money. My general response is, they managed it as best they could and provided us with what they had. What we’ve decided is to move forward from there.”
BOT Chairman Kelvin Lawson insisted Overton and Cotton plan for the possibility that the athletic department can’t raise the funds it needs.
He added it was “troubling” that funds from the Boosters are not forthcoming, and said the BOT is still weighing a potential audit of the organization. The Boosters recently were restructured by the BOT – Executive Director Mickey Clayton’s contract was not renewed.