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Kiffin's previously unreported $2 mil home loan
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thefaU Offline
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Post: #1
Kiffin's previously unreported $2 mil home loan
http://fauowlaccess.com/floridaatlantic/...018/08/12/

Quote:FAU’s total compensation package for football coach Lane Kiffin includes a previously unreported $2 million loan that he won’t need to repay should Kiffin remain at Florida Atlantic through 2021...

FAU forgives 20 percent of the original loan amount for each year that Kiffin remains the Owls’ coach, a decrease of $400,000 per year that Kiffin needs to repay.

Having already coached one season, Kiffin would have to repay the university $1.6 million plus interest should he elect to leave prior Dec. 1. With the forgiveness of the $400,000, Kiffin’s actual compensation for last season came to $1.35 million prior to bonuses he received for winning the Conference USA championship and the Boca Raton Bowl.
08-12-2018 05:36 PM
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Hilltopper2K Offline
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Post: #2
RE: Kiffin's previously unreported $2 mil home loan
(08-12-2018 05:36 PM)thefaU Wrote:  http://fauowlaccess.com/floridaatlantic/...018/08/12/

Quote:FAU’s total compensation package for football coach Lane Kiffin includes a previously unreported $2 million loan that he won’t need to repay should Kiffin remain at Florida Atlantic through 2021...

FAU forgives 20 percent of the original loan amount for each year that Kiffin remains the Owls’ coach, a decrease of $400,000 per year that Kiffin needs to repay.

Having already coached one season, Kiffin would have to repay the university $1.6 million plus interest should he elect to leave prior Dec. 1. With the forgiveness of the $400,000, Kiffin’s actual compensation for last season came to $1.35 million prior to bonuses he received for winning the Conference USA championship and the Boca Raton Bowl.

That's pretty smart. I think this is something that WKU should do when we hire a new coach. One advantage of being a small market is that houses don't cost as much as some other places so a $1,000,000 loan repayed over the course of 5 years or so would buy a spectacular lifestyle. Then if they break the contract (leave) then the university takes control of the house and the equity.
08-12-2018 06:53 PM
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ghostofclt Offline
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Post: #3
RE: Kiffin's previously unreported $2 mil home loan
clt has applied to be the next fau fb coach
08-12-2018 07:13 PM
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Thegoldstandard Offline
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RE: Kiffin's previously unreported $2 mil home loan
[Image: Live-like-no-one-else-so-that-later-you-...e-else.png]
08-12-2018 07:49 PM
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goliath74 Offline
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Post: #5
RE: Kiffin's previously unreported $2 mil home loan
Pretty smart on FAU's part.
08-12-2018 07:54 PM
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nastybunch Online
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Post: #6
RE: Kiffin's previously unreported $2 mil home loan
If you guys are trying to convince yourselves he won’t leave at a drop of a hat, try something else...
08-12-2018 09:07 PM
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usmbacker Offline
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Post: #7
RE: Kiffin's previously unreported $2 mil home loan
Smart gameplan on FAU's part. USM couldn't afford to finance a mobile home for our head coach right now.
08-12-2018 09:15 PM
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mturn017 Offline
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Post: #8
RE: Kiffin's previously unreported $2 mil home loan
(08-12-2018 06:53 PM)Hilltopper2K Wrote:  
(08-12-2018 05:36 PM)thefaU Wrote:  http://fauowlaccess.com/floridaatlantic/...018/08/12/

Quote:FAU’s total compensation package for football coach Lane Kiffin includes a previously unreported $2 million loan that he won’t need to repay should Kiffin remain at Florida Atlantic through 2021...

FAU forgives 20 percent of the original loan amount for each year that Kiffin remains the Owls’ coach, a decrease of $400,000 per year that Kiffin needs to repay.

Having already coached one season, Kiffin would have to repay the university $1.6 million plus interest should he elect to leave prior Dec. 1. With the forgiveness of the $400,000, Kiffin’s actual compensation for last season came to $1.35 million prior to bonuses he received for winning the Conference USA championship and the Boca Raton Bowl.

That's pretty smart. I think this is something that WKU should do when we hire a new coach. One advantage of being a small market is that houses don't cost as much as some other places so a $1,000,000 loan repayed over the course of 5 years or so would buy a spectacular lifestyle. Then if they break the contract (leave) then the university takes control of the house and the equity.


It doesn’t sound like the school controls the house just the loan. So if he left he’d owe the school back 1.6 million on a 2.1 million dollar home and would retain the equity. Of course as the article mentioned, the school that hires him will likely buy FAU out of the loan.
08-12-2018 09:29 PM
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Hilltopper2K Offline
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Post: #9
RE: Kiffin's previously unreported $2 mil home loan
(08-12-2018 09:29 PM)mturn017 Wrote:  
(08-12-2018 06:53 PM)Hilltopper2K Wrote:  
(08-12-2018 05:36 PM)thefaU Wrote:  http://fauowlaccess.com/floridaatlantic/...018/08/12/

Quote:FAU’s total compensation package for football coach Lane Kiffin includes a previously unreported $2 million loan that he won’t need to repay should Kiffin remain at Florida Atlantic through 2021...

FAU forgives 20 percent of the original loan amount for each year that Kiffin remains the Owls’ coach, a decrease of $400,000 per year that Kiffin needs to repay.

Having already coached one season, Kiffin would have to repay the university $1.6 million plus interest should he elect to leave prior Dec. 1. With the forgiveness of the $400,000, Kiffin’s actual compensation for last season came to $1.35 million prior to bonuses he received for winning the Conference USA championship and the Boca Raton Bowl.

That's pretty smart. I think this is something that WKU should do when we hire a new coach. One advantage of being a small market is that houses don't cost as much as some other places so a $1,000,000 loan repayed over the course of 5 years or so would buy a spectacular lifestyle. Then if they break the contract (leave) then the university takes control of the house and the equity.


It doesn’t sound like the school controls the house just the loan. So if he left he’d owe the school back 1.6 million on a 2.1 million dollar home and would retain the equity. Of course as the article mentioned, the school that hires him will likely buy FAU out of the loan.

Understood. I was talking about a hypothetical variation on this deal (not very clearly). If a coach stays for the term of the contract then he owns the house free and clear. If not then the university is out very little because they sell the house and cash out the equity.
08-13-2018 04:08 AM
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ESE84 Offline
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Post: #10
RE: Kiffin's previously unreported $2 mil home loan
(08-12-2018 05:36 PM)thefaU Wrote:  http://fauowlaccess.com/floridaatlantic/...018/08/12/

Quote:FAU’s total compensation package for football coach Lane Kiffin includes a previously unreported $2 million loan that he won’t need to repay should Kiffin remain at Florida Atlantic through 2021...

FAU forgives 20 percent of the original loan amount for each year that Kiffin remains the Owls’ coach, a decrease of $400,000 per year that Kiffin needs to repay.

Having already coached one season, Kiffin would have to repay the university $1.6 million plus interest should he elect to leave prior Dec. 1. With the forgiveness of the $400,000, Kiffin’s actual compensation for last season came to $1.35 million prior to bonuses he received for winning the Conference USA championship and the Boca Raton Bowl.

Is there an out for FAU if the wheels fly off his program?
08-13-2018 07:49 AM
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FAU Connoisseur Offline
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Post: #11
RE: Kiffin's previously unreported $2 mil home loan
(08-12-2018 09:07 PM)nastybunch Wrote:  If you guys are trying to convince yourselves he won’t leave at a drop of a hat, try something else...

And if it helps you to convince yourself you will have a chance to win the conference by him leaving keep doing what you are doing. We are well aware of his situation, and if he leaves after this season that probably means we just finished two amazing seasons in a row.

Current count: Kiffin at FAU 1 year longer than everyone thought (at least posters on football forums)
08-13-2018 08:05 AM
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BlueRaiderBoy Offline
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Post: #12
RE: Kiffin's previously unreported $2 mil home loan
So. Here is a stupid couple of questions. Who actually loaned Kiffin the $2 Million? The university or a Fat Cat FAU Booster? Isn't it an NCAA violation to conceal these other forms of compensation? And, for Hilltopper 2K, does anybody in Bowling Green have $2 Million?
08-13-2018 08:42 AM
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Theflash Offline
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Post: #13
RE: Kiffin's previously unreported $2 mil home loan
(08-13-2018 08:42 AM)BlueRaiderBoy Wrote:  So. Here is a stupid couple of questions. Who actually loaned Kiffin the $2 Million? The university or a Fat Cat FAU Booster? Isn't it an NCAA violation to conceal these other forms of compensation? And, for Hilltopper 2K, does anybody in Bowling Green have $2 Million?

Nope. Nobody in BG has 2 million. Dumb trash hillbillies is all we is. We don’t live in the Mecca of all Tennessee cities like the Boro lol.
08-13-2018 08:50 AM
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goliath74 Offline
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Post: #14
RE: Kiffin's previously unreported $2 mil home loan
(08-13-2018 08:42 AM)BlueRaiderBoy Wrote:  So. Here is a stupid couple of questions. Who actually loaned Kiffin the $2 Million? The university or a Fat Cat FAU Booster? Isn't it an NCAA violation to conceal these other forms of compensation? And, for Hilltopper 2K, does anybody in Bowling Green have $2 Million?

Did any piece of the information provided suggest that a "Fat Cat Booster" provided the money?
08-13-2018 08:50 AM
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FAU Connoisseur Offline
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RE: Kiffin's previously unreported $2 mil home loan
(08-13-2018 08:42 AM)BlueRaiderBoy Wrote:  So. Here is a stupid couple of questions. Who actually loaned Kiffin the $2 Million? The university or a Fat Cat FAU Booster? Isn't it an NCAA violation to conceal these other forms of compensation? And, for Hilltopper 2K, does anybody in Bowling Green have $2 Million?


Nothing was concealed since the agreement was found in a Sunshine Law request. I don't believe Saban pays for his house, car, boat, anything actually.
(This post was last modified: 08-13-2018 09:07 AM by FAU Connoisseur.)
08-13-2018 09:07 AM
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VA49er Offline
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Post: #16
RE: Kiffin's previously unreported $2 mil home loan
I wonder if there are any tax implications associated with a $2 million loan that doesn't have to be paid back?
08-13-2018 09:16 AM
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mturn017 Offline
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RE: Kiffin's previously unreported $2 mil home loan
(08-13-2018 09:16 AM)VA49er Wrote:  I wonder if there are any tax implications associated with a $2 million loan that doesn't have to be paid back?

Loan forgiveness is income in the year forgiven.
08-13-2018 09:49 AM
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THUNDERStruck73 Online
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Post: #18
RE: Kiffin's previously unreported $2 mil home loan
(08-12-2018 06:53 PM)Hilltopper2K Wrote:  
(08-12-2018 05:36 PM)thefaU Wrote:  http://fauowlaccess.com/floridaatlantic/...018/08/12/

Quote:FAU’s total compensation package for football coach Lane Kiffin includes a previously unreported $2 million loan that he won’t need to repay should Kiffin remain at Florida Atlantic through 2021...

FAU forgives 20 percent of the original loan amount for each year that Kiffin remains the Owls’ coach, a decrease of $400,000 per year that Kiffin needs to repay.

Having already coached one season, Kiffin would have to repay the university $1.6 million plus interest should he elect to leave prior Dec. 1. With the forgiveness of the $400,000, Kiffin’s actual compensation for last season came to $1.35 million prior to bonuses he received for winning the Conference USA championship and the Boca Raton Bowl.

That's pretty smart. I think this is something that WKU should do when we hire a new coach. One advantage of being a small market is that houses don't cost as much as some other places so a $1,000,000 loan repayed over the course of 5 years or so would buy a spectacular lifestyle. Then if they break the contract (leave) then the university takes control of the house and the equity.

No they won't. It said he has to repay the loan, therefore the house is his, not the University's
08-13-2018 10:01 AM
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Post: #19
RE: Kiffin's previously unreported $2 mil home loan
Years ago, Rice used to provide a house as part of the compensation package to the football and men's basketball head coaches. As far as I understood it, they were provided the houses rent-free if they chose to live in them, but if they wanted to live elsewhere, they were on their own. I don't know if that arrangement still is in the works, but I suspect it's fairly common at a lot of schools for the top campus administrators since a lot of the wealthier schools (like Rice) own a lot of real estate outside of the main campus. I know when Willis Wilson was the coach, his home was in Bellaire and he stayed there for a bit but eventually decided to move his family to Sugar Land instead.
08-13-2018 10:46 AM
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Attackcoog Offline
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Post: #20
RE: Kiffin's previously unreported $2 mil home loan
(08-13-2018 09:07 AM)FAU Connoisseur Wrote:  
(08-13-2018 08:42 AM)BlueRaiderBoy Wrote:  So. Here is a stupid couple of questions. Who actually loaned Kiffin the $2 Million? The university or a Fat Cat FAU Booster? Isn't it an NCAA violation to conceal these other forms of compensation? And, for Hilltopper 2K, does anybody in Bowling Green have $2 Million?


Nothing was concealed since the agreement was found in a Sunshine Law request. I don't believe Saban pays for his house, car, boat, anything actually.

Side deals and special deals with boosters are often part these coaching contracts.
08-13-2018 11:19 AM
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