A great day for W&M Women's Basketball! A former player, Terry Thompson '67 has given 3.5 million dollars to the program that is designated for scholarship support.

Details below...


http://www.tribeathletics.com/ViewArticl...=210159450

Very impressive.

This is fantastic for the WBB program. How many scholarships does 3.5 million endow?

(06-23-2015 03:15 PM)hktribefan Wrote:  This is fantastic for the WBB program. How many scholarships does 3.5 million endow?

Multiple players for multiple years for W&M. Figure $100-150k per player for all four years if it's a full scholarship. Or one starting point guard for four years for UConn.

(06-23-2015 03:21 PM)Tribal Wrote:  

(06-23-2015 03:15 PM)hktribefan Wrote:  This is fantastic for the WBB program. How many scholarships does 3.5 million endow?

Multiple players for multiple years for W&M. Figure $100-150k per player for all four years if it's a full scholarship. Or one starting point guard for four years for UConn.

Don't these types of donations go into an endowment? For some reason 1-1.5 million into an endowment yields the funds for one scholarship per year. Theoretically the endowment should fund a scholarship in perpetuity. Or was this just a donation where all the cash will go straight to scholarships rather than be endowed?

Endowments $ are paid out at 4.5% per year, so 1M gives you 45K (slightly less than an out of state tuition at W&M).

That really is terrific!

Let's hope that the funds actually go to increase women's basketball expenditures, rather than, say, freeing up up money which had been used for wbb scholarships to go to some other sport.

Got Ribe!

Since the donor is a former woman's player at W&M and, according to the release has designated the funds for that program, it appears certain this is a banner day for the ladies basketball program.

This has to be one of the largest donations to a WBB program ever

So, based on what I read above, that endowment should be able to support 3 out of state players a year or more instate players (maybe 5?), does that sound correct?

(06-23-2015 08:00 PM)LeadBolt Wrote:  So, based on what I read above, that endowment should be able to support 3 out of state players a year or more instate players (maybe 5?), does that sound correct?

Pretty much, might be able to get a little more. At 4 to 5% a year, it would earn about 160k annually. That's proably closer to 6 in state students, and 3 OOS with a little left over.

At last report from the basketball offices deep in W&M Hall, Coach Swanson could be seen floating on air.

This program is moving up fast.

(06-23-2015 03:15 PM)hktribefan Wrote:  This is fantastic for the WBB program. How many scholarships does 3.5 million endow?

-------------------------------------------------------------------------
I am under the impression that, because of Title IX mandates, all W&M Women Basketball players are already receiving full scholarships.

It is great that there is now more money to support the program but I am not sure this will result in more scholarships for women BB players.

(06-24-2015 09:06 AM)62Indian Wrote:  

(06-23-2015 03:15 PM)hktribefan Wrote:  This is fantastic for the WBB program. How many scholarships does 3.5 million endow?

-------------------------------------------------------------------------
I am under the impression that, because of Title IX mandates, all W&M Women Basketball players are already receiving full scholarships.

It is great that there is now more money to support the program but I am not sure this will result in more scholarships for women BB players.

It's not for more scholarships, it would (proably) go into an endowment fund that covers the cost of scholarships.

So, right now the College pays for scholarships out of pocket. This money will be kept safe and earn interest every year, earning ~160k a year. That 160k will be used to pay for scholarships, reducing the amount the College needs to pay

It would also allow for the most crucial elements of a stronger program, better salaries and a larger recruiting budget. That is where we were lagging behind.

The way I read that release is that she is making a $3.5 commitment to W&M, a large portion of which will go to women's basketball. Doesn't mean the full amount is going to that specific program. Either way it's a wonderful gift and hopefully the women's basketball alumnae will step up to the plate and meet the matching challenge.

Women's basketball does already offer the full allowable number of scholarships, but endowing them will free up the expendable funds that were being used each year to make serious program enhancements. Having more endowed scholarships is what will really help to elevate all programs.