76ers owner, Josh Harris, just announced a $1,000,000 gift to UofP wrestling. He apparently wrestled there for one year as an undergrad.
Penn Wrestling $$
- Thread starter Antaeus
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Does someone who used to post here run Penn Wrestling’s twitter account?
they've been pulling in some good commits over the past few months too.
i've been thinking about getting season tickets from them for this season. mostly in hopes of getting ncaa tourney tickets but also because they're the closest program to where i live.
i've been thinking about getting season tickets from them for this season. mostly in hopes of getting ncaa tourney tickets but also because they're the closest program to where i live.
I wonder how this kind of donation can be used based on NCAA rules.
Is it entirely dedicated to facilities and training equipment? Or can some of it be used to endow the coaches' salaries, or the 9.9 scholarships? What's allowed and what's not?
Is it entirely dedicated to facilities and training equipment? Or can some of it be used to endow the coaches' salaries, or the 9.9 scholarships? What's allowed and what's not?
You should pose as a concerned Iowa wrestling fan and call Penn’s compliance office
That NCAA ticket tie in is a genius idea. Nothing wrong with spending time in the historic Palestra either. If you do this, you need to let the rest of the board from the Illadelph know if the NCAA ticket gambit worked.
I guess they have extra $ lying around now that Lebron has made his Decision 3.0....
I don't think Ivy's do athletic scholarships, FWWIW.
I don't think Ivy's do athletic scholarships, FWWIW.
Half is being used to endow an assistant coach's position in Josh Harris's name. The other half will pay for travel, recruiting, equipment, salaries, and facility improvements.
That's according to a Tweet from the team's account.
Just a guess but there is a pretty good chance that Coach Reina and Mr. Harris probably spent time together on the mats as students at UPenn.
The Ivy's do not give athletic or academic scholarships. Student- athletes do receive some aid based on the amount of parent income, family size, etc. as do all students.
I can't speak for the others, but, at least for Harvard, I don't think that's right. Their endowment fund is so enormous (over $35 billion) that pretty much anyone who gets accepted into Harvard gets some sort of scholarship to attend, while many pay zero tuition and it's covered by endowment funds.
They even say it here. https://college.harvard.edu/financial-aid/types-aid/scholarships-grants
https://college.harvard.edu/financial-aid/how-aid-works/fact-sheet
As the joke goes: needs-based aid -- if they need you, you get aid.
My first reaction to this thread was “Awesome news for Penn Wrestling and wrestling in general! It’s cool that an owner of a major sports franchise (NBA especially) seems to care about our beloved sport in some way enough to contribute to this program!”
I saw a specific answer to your question, re. Penn spending. Here's a more general answer;
As far as using donor money for Financial Aid, this section of the NCAA Rulebook is lengthy. Several mentions to "administering" the Financial Aid money is mentioned, and the following language for donors appears;
15.01.4 Contributions by Donor. An individual may contribute funds to finance a scholarship or grant-in-
aid for a particular sport, but the decision as to how such funds are to be allocated in the sport shall rest
exclusively with the institution. It is not permissible for a donor to contribute funds to finance a scholarship or
grant-in-aid for a particular student-athlete.
If it's for Coaches Salary, it also becomes an endowment, and if held for general spending (recruiting, travel, equipment, facility-use, etc.) my understanding is it goes into a General Fund.
I happened to click on the twitter and in the discussion was this:
$500,000 of this amazing gift to Penn Wrestling will go to create the Joshua J. Harris Wrestling Assistant Coach Endowment. The remaining $500,000 will be applied to team travel, recruiting, nutrition, equipment and salaries, along with planned facility renovations.
$500,000 of this amazing gift to Penn Wrestling will go to create the Joshua J. Harris Wrestling Assistant Coach Endowment. The remaining $500,000 will be applied to team travel, recruiting, nutrition, equipment and salaries, along with planned facility renovations.
COMPLIANCE
Rachel Hiller Assistant AD, Compliance 215-573-9697 rhiller@upenn.edu
BJ Merriam Assistant Director of Compliance 215-898-6241 bmerriam@upenn.edu
You are welcome, Vodka! Keep that playing field level. ;-)
needs blind admission is the term generally used. Penn with large, but much smaller endowment than Harvard, does similar thing.Several years ago, read that avg. Penn student paid something like 22k. PS U with poor state support has become quite expensive. Unfortunate.
Always has been one of the ironies of schools where traditionally the wealthy go to vs. the schools that the working and middle classes go to, whereby those who can likely afford higher tuition don't pay it, and those who can't go deep in debt to pay for an education.
But, our society as a whole is structured that way, so we shouldn't be surprised.
"Poor state funding" is an excuse. PSU has for decades proven itself unwilling to contain costs.
In 2001, in a recession, PSU increased tuition 13%. In 2002, on the heels of the 9/11 attacks, PSU again increased tuition by 13%. Harrisburg did not cause those increases. Graham Spanier did.
Of course, PSU could request less state funding for capital projects in exchange for more tuition funding. And I could suddenly sprout a 3rd arm.
Sure, I'd like to see more Harrisburg funding. But not until Old Main holds itself accountable.
As one who's worked in the state system for 22 years (23 in November), I can tell you that this isn't a PA problem; it's a national problem.
A combination of the recession, and decades and decades of tax cuts have left state revenues with nothing (Iowa has one of the biggest messes of all). So, to offset the lack of revenue, we raise tuitions. Keep in mind that it didn't used to be that way.
You won't find a state in this list that has been able to overcome this formula.
https://www.cbpp.org/research/state...-cuts-jeopardize-students-and-states-economic
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I don't even live in PA and I was able to easily find this. Again, this isn't just PA, but a national problem we've had for thirty years.
https://www.pennbpc.org/pa-house-moving-tax-cut-plan-will-cost-hundreds-millions-0
https://www.pennbpc.org/pa-house-moving-tax-cut-plan-will-cost-hundreds-millions-0
Static tax policy is an old, tired fallacy. And there will never be enough Other People's Money for politicians, or for monopolies or cartels such as college administrators.
Maybe, but what we know for sure is that, in the end, we end up paying more for everything with less revenue. There are only two options: cut spending, which no one can figure out how to do, or raise taxes. Revenue doesn't just appear.
This is not true. "We" don't pay for anything. Politciians pay for things with my money -- and when they run out of my money, they purchase things with my future money and the money of future generations. And "we' don't agree to anything they purchase with my money -- "we" only agree whether or not to re-hire those politicians every 2-4-6 years.
Also, the notion that raising taxes raises tax revenue is exactly static tax policy. It neglects the impact of tax rates on economic growth -- and (especially at the local and state levels) it ignores the fact that people and employers will move away when overtaxed. The fact is that tax revenue vs tax rate is a curve, equal to $0 at both 0% and 100% rates. If you're on the right side of the max revenue point, then raising taxes actually decreases revenue. If you're on the left side of the max point, then raising taxes does raise revenue. But either way, raising taxes means less economic growth.
Yes, we do pay for things. When revenues are not coming in then we (you and I) pay more for services due to the lost revenues, and we have to purchase things on our own when such services are no longer available. Why do we pay so much more for health care in the U.S., compared to every other country, who pays for it earlier in higher taxes?
Why did the economy grow so much during the 90's, when, at the time, the biggest tax increase in history was put in place? Then, taxes were dropped, and the economy stagnated.
On a state level, why is Kansas and Louisiana struggling so much and looking to raise taxes, when they greatly lowered rates?
Kansas Supreme Court is doing the legislative job with respect to education funding. They don’t have to face the voters as regularly. OTOH, Greitens reduced taxes substantially and MO economy is on fire.
I am missing something. Greitens never got taxes reduced. Parsons signed that bill on Thursday and Missouri's economy, whatever effect the tax cut will have, has not felt any impact.
As far as being on fire, the state's GDP for the past year has been 1.1% or half the rest of the country.
With that all said. I apologize to everybody. This string in this thread belongs on test/politics not here on the wrestling site.
Don’t. This is all great stuff. Great debate, no insults. I learned a lot.
I'm not sure that one can make a direct link between lowered taxes and booming economies (in fact, history shows the opposite to be true), but the bigger question was do lower taxes increase government revenues? I know of no instance where we have seen that happen, other than on Arthur Laffer's bar napkin, where he literally drew up the theory one evening.
This isn't political to me. This is an economic discussion/debate. I've brought no politics into it, and I was one of the first two discussing it.
Interesting timing on Income Tax Revenue increases, after tax cuts...
Income Tax Revenues Are Up 9% This Year — Is Trump Tax Cut Paying For Itself?
- 7/11/2018
With unemployment very low, obviously tax revenue should increase because more people are working. Question is, is tax revenue increasing because of tax cuts, reductions in deregulation, more confidence? Trump administration believes deregulation is the biggest factor in the improved economy. Who knows, hard to figure out because many variables are constantly changing.
Regarding college's spending, they are addicted to the easy money from student loans that are given out like candy. That is a huge almost guaranteed source of revenue each year. The easy student loans are bad for most students, borrowing money to study a field with low long term economic prospects. Take away the easy student loans or make them dischargeable in bankruptcy and the cost of college will go down drastically.
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