The unofficial online home for fans of the Old Dominion University Monarchs. Part of Collegiate Sports Nation (CSN).

In regards to donations, I HIGHLY suggest people look into posthumous giving. ODU isn't going to reach the levels we want on short term giving. It will take many large donations that have accrued interest over time to reach that point. Unfortunately, the current athletic administration (like all athletic administrations) have a "win now" mentality. This leads to them placing significantly more value in short term donations and immediate spending, over building up the coffers and spending just the interest instead of the savings decades from now.

I am in the process of doubling my donation and rolling it into a life insurance plan. I'll pay into the plan for the next 18 years. My donation will accrue 550% interest by the time I die. Adjusting for inflation, my donation will be worth twice as much to them then as it would be now. ODU will give me credit for the payout of the death benefits today. (Example: a $25,000 death benefit is viewed as a $25,000 donation today.)

(01-29-2019 09:26 AM)T-Mac Wrote:  In regards to donations, I HIGHLY suggest people look into posthumous giving. ODU isn't going to reach the levels we want on short term giving. It will take many large donations that have accrued interest over time to reach that point. Unfortunately, the current athletic administration (like all athletic administrations) have a "win now" mentality. This leads to them placing significantly more value in short term donations and immediate spending, over building up the coffers and spending just the interest instead of the savings decades from now.

I am in the process of doubling my donation and rolling it into a life insurance plan. I'll pay into the plan for the next 18 years. My donation will accrue 550% interest by the time I die. Adjusting for inflation, my donation will be worth twice as much to them then as it would be now. ODU will give me credit for the payout of the death benefits today. (Example: a $25,000 death benefit is viewed as a $25,000 donation today.)

So I can convert a couple million dollar whole life insurance policies over to ODU and get current benefits for my guaranteed death?

This deserves a thread of its own. Very important discussion, maybe even a sticky?

(01-29-2019 10:05 AM)VB Monarch Wrote:  This deserves a thread of its own. Very important discussion, maybe even a sticky?

Too early on in the discussion for a sticky. But I did split the thread.

My wife and I are plank owners and now Co Chairs of Legacy Society. It's such a great honor that our last name will forever be associated with an athletic scholarship. Our grand children will be able to meet and have lunch with a future Monarch funded through the endowment. There is an annual presentation about the program that will take place in June. If you are interested in learning about the endowment and how easy it is to make happen, please let me know.

I'm part of a group that has just finalized a scholarship in memory of a good friend and true blue ODU alum (no pun intended). It took a couple of years because none of us is wealthy but it's a great feeling knowing you've done something that will benefit ODU athletics for years to come.

(01-29-2019 12:15 PM)jumpshooter Wrote:  I'm part of a group that has just finalized a scholarship in memory of a good friend and true blue ODU alum (no pun intended). It took a couple of years because none of us is wealthy but it's a great feeling knowing you've done something that will benefit ODU athletics for years to come.

That's fantastic. This is something on my radar soon as my kids are a bit older. Right now 110% of my funds go to child care. But what a great thing to be able to accomplish!

If its not too personal, approximately how much does it take to endow a scholarship? Say a person wanted to do so in honor of a loved one? How much would need to be raised?

(01-29-2019 12:30 PM)monarx Wrote:  If its not too personal, approximately how much does it take to endow a scholarship? Say a person wanted to do so in honor of a loved one? How much would need to be raised?

Good question. Whatever it takes to produce about ~30k a year in interest right?

(01-29-2019 12:30 PM)monarx Wrote:  If its not too personal, approximately how much does it take to endow a scholarship? Say a person wanted to do so in honor of a loved one? How much would need to be raised?

Many Moon's ago, I feel like I read it took roughly 1,000,000 to fully endow a baseball scholarship. That was eons ago when they were trying to raise funds to endow all of the baseball scholarships. Given the rising price of tuition, it has to be much more than that now.

(01-29-2019 10:04 AM)AimHigh Wrote:  So I can convert a couple million dollar whole life insurance policies over to ODU and get current benefits for my guaranteed death?

Yes. You'd be considered a multi-million dollar donor and you'd receive a ton of benefits.

(01-29-2019 12:51 PM)BigBlueMonarch Wrote:  

(01-29-2019 12:30 PM)monarx Wrote:  If its not too personal, approximately how much does it take to endow a scholarship? Say a person wanted to do so in honor of a loved one? How much would need to be raised?

Many Moon's ago, I feel like I read it took roughly 1,000,000 to fully endow a baseball scholarship. That was eons ago when they were trying to raise funds to endow all of the baseball scholarships. Given the rising price of tuition, it has to be much more than that now.

Two years ago my father inlaw passed away and left our church with $500k, at the last church business meeting I heard they earned $11,750 in one year from it.

(01-29-2019 12:51 PM)BigBlueMonarch Wrote:  

(01-29-2019 12:30 PM)monarx Wrote:  If its not too personal, approximately how much does it take to endow a scholarship? Say a person wanted to do so in honor of a loved one? How much would need to be raised?

Many Moon's ago, I feel like I read it took roughly 1,000,000 to fully endow a baseball scholarship. That was eons ago when they were trying to raise funds to endow all of the baseball scholarships. Given the rising price of tuition, it has to be much more than that now.

Google says, depending on the university (I only checked what was on the first page--all P5), a partial endowed scholarship can be done for as little as $50,000. Some schools offer an in-state full scholarship option for around $675K, while most just have a general fully endowed scholarship option starting at about $1mm.

I hope none of you signing over your life insurance policies for ODUAF benefits have a wife and/or kids.

(01-30-2019 08:40 AM)EverRespect Wrote:  I hope none of you signing over your life insurance policies for ODUAF benefits have a wife and/or kids.

My wife and kids have more than enough to take care of them after I pass. If you're already donating, though, you might as well maximize both the contribution and the benefits!

(01-29-2019 12:51 PM)BigBlueMonarch Wrote:  

(01-29-2019 12:30 PM)monarx Wrote:  If its not too personal, approximately how much does it take to endow a scholarship? Say a person wanted to do so in honor of a loved one? How much would need to be raised?

Many Moon's ago, I feel like I read it took roughly 1,000,000 to fully endow a baseball scholarship. That was eons ago when they were trying to raise funds to endow all of the baseball scholarships. Given the rising price of tuition, it has to be much more than that now.

We were told $25,000 before they could/would distribute anything. We've hit that and are continuing to add, wife and I on a monthly basis. Don't know what the others in our group do, just that they do it.

The great thing is you can leave a specific amount in your will or a percentage of the total estate, so you don't feel like you are short changing other heirs. It is also a way for people of lesser means to be able to provide a meaningful gift to ODU. We have no heirs (no children and siblings have no children, parents are already gone). We have left everything to endow an athletic scholarship, since ODU sports is something we both enjoy together.

Just an update on this thread. What ODAF told me would happen with a life insurance donation did not come anywhere close to what actually happened. Long story short, ODU has no plan in place to encourage posthumous giving by rewarding these plans with ODAF points. I highly regret starting this thread, and I apologize to anyone who may have looked into going down this road. IMO, this is incredibly short-sighted on ODU's part. Without massive donations and a long-term vision, ODU has no chance of reaching the levels of donations we'll need to compete.

(01-29-2020 01:27 PM)T-Mac Wrote:  Just an update on this thread. What ODAF told me would happen with a life insurance donation did not come anywhere close to what actually happened. Long story short, ODU has no plan in place to encourage posthumous giving by rewarding these plans with ODAF points. I highly regret starting this thread, and I apologize to anyone who may have looked into going down this road. IMO, this is incredibly short-sighted on ODU's part. Without massive donations and a long-term vision, ODU has no chance of reaching the levels of donations we'll need to compete.

Sad because death is 100% guaranteed.

(01-29-2020 01:27 PM)T-Mac Wrote:  Just an update on this thread. What ODAF told me would happen with a life insurance donation did not come anywhere close to what actually happened. Long story short, ODU has no plan in place to encourage posthumous giving by rewarding these plans with ODAF points. I highly regret starting this thread, and I apologize to anyone who may have looked into going down this road. IMO, this is incredibly short-sighted on ODU's part. Without massive donations and a long-term vision, ODU has no chance of reaching the levels of donations we'll need to compete.

Lol so you admit Wood Selig is a disappointment? Ha ha