Named to honor a person known affectionately as “Mr. K-State” – a person who has served Wildcat Athletics as a student-athlete, a coach, and an administrator – this new, fully implemented athletic endowment program at Kansas State University represents a long-term solution to the ever-escalating costs of competing in the ultra-competitive world of intercollegiate athletics. Endowments guarantee a perpetual source of financial support for the Athletics Department to meet other essential needs – such as facility enhancements, game day operations, academic support and personnel salaries.
Endowments
are the vehicle through which a Wildcat supporter can leave an
individual or family legacy at K-State and have an impact on future
student-athletes lives forever. We must ensure that K-State Athletics
has not only the funds to operate – funds provided by Ahearn Fund
contributions, ticket sales, and television and radio revenue – but also
the funds to grow and enhance our ability compete.
The
establishment of an athletic scholarship endowment program to help
underwrite the increasing costs of tuition, room, board, fees and books
is a vital priority. K-State has a total of 220.8 athletic scholarships
covering 16 intercollegiate varsity athletic teams. That means that the
K-State Athletics Department pays approximately $5 million each year to
Kansas State University for these scholarships. Contrary to popular
belief, the University does not waive fees or give these scholarships to
the Athletics Department. The Athletics Department must pay for the
scholarships that they offer to student-athletes. Currently, these funds
come from Ahearn Fund supporters and a few loyal fans who have already
endowed athletic scholarships.
An
endowment in the Ernie Barrett Athletic Endowment Society is created
through the establishment of a permanent fund that is invested and
managed by the KSU Foundation. A portion of the annual interest income
generated is used to carry out the donor’s designated purpose – helping
to fund scholarships for K-State student-athletes. Income earned in
excess of the annual amount spent is added back into the endowment so
that it continues to grow and maintain its purchasing power for future
generations.
There
are many ways a donor may choose to establish an endowment in the Ernie
Barrett Athletic Endowment Society. Gifts of cash, stocks and planned
gifts, such as charitable trusts and bequests, are all common ways to
fund an endowment. Charitable annuities, real estate gifts and life
insurance are other forms of giving. Your gift may reduce taxes due on
your income, capital gain, and estate settlements. Substantial
advantages also are available through donations of property or
appreciated securities.
When
you make a gift to the Ernie Barrett Athletic Endowment Society, it can
either be outright or deferred (through a bequest or will). Either way,
your contribution, when received, establishes a legacy of annual gifts
well into the future. Your gift may help you eliminate taxes or benefit
from an increased income stream. No matter how you give, you will be
helping K-State Athletics in a very significant way!
For more information or to become part of the Ernie Barrett Athletic Endowment Society, contact Chad Weiberg at 785-532-6901 or via email at cweiberg@kstatesports.com.
