Remember the NitWits gobbling up the PSU "Record Setting Donations" Propaganda?

[stormingnorm]

And remember who told you those numbers were "Bovine Excrement"?

Here is the truth - from the PSU BOT Audit Committee.

"How to Fabricate $263 Million in Donations":

https://barryfenchak4trustee.wordpress.com/2019/02/13/financial-phone-in/

 

[LurkerLazarus]

Anybody with half a brain knew that was all bullshit, especially if you knew enough people who used to give a fair amount, that no longer did. Reading the tea leaves was too easy, but too many knob-polishers were smug in their denial.

No wonder we admit 40% out of state students, can't afford to properly support athletics, and have the faculty feeling financially pinched. No wonder the academic rankings are sinking like a stone.

And yet, the former head of the BOT, and CR66/Zipay told us that they all had enough rich friends to make up the difference. Maybe some day when the university fully implodes financially, somebody will look into the history of who ran the place into the ground, and when that process begins. And funny, it will all be found to have started when JVP was pushed out and died.

 

[91Joe95]

This is the group that counted loan money as revenue. You can't make it up.

 

[richmin3]

This is the group that counted loan money as revenue. You can't make it up.

What else is new? Same old shit just a different day for that bunch.

 

[ApexLion]

Anybody with half a brain knew that was all bullshit, especially if you knew enough people who used to give a fair amount, that no longer did. Reading the tea leaves was too easy, but too many knob-polishers were smug in their denial.

No wonder we admit 40% out of state students, can't afford to properly support athletics, and have the faculty feeling financially pinched. No wonder the academic rankings are sinking like a stone.

And yet, the former head of the BOT, and CR66/Zipay told us that they all had enough rich friends to make up the difference. Maybe some day when the university fully implodes financially, somebody will look into the history of who ran the place into the ground, and when that process begins. And funny, it will all be found to have started when JVP was pushed out and died.

I agree with the sentiment but it didn't start then. We in the Alumni Association back in the late 90s saw issues and knew things were getting worse. Unfortunately, the university threw gasoline on the fire by inviting in the creeps many of you now know (Surma, Peetz, Kenny, Asser). The financial situation went from bad to worse. At the same time the state has lessened an already low level of support. Most Pennsylvanians have no idea that their flagship university is well underfunded and is only a state affiliated university. Here in NC, UNC's enrollment is 16k undergrad and by state law 81 percent of all incoming students must be residents of NC. Building has been slow and often tied directly to corporate committments (Glaxxo investment is an example). The university has been managed well financially. Contrast that with what you are seeing at PSU's main campus and at the branches - runaway expenditures benefiting some familiar names while the pressure to enroll more and more out of state students increases and yet the costs keep going up. PA residents are being robbed. There's no other way around it and the beginnings were way before Sandusky or Joe being pushed out.

 

[Raffycorn]

Anybody with half a brain knew that was all bullshit, especially if you knew enough people who used to give a fair amount, that no longer did. Reading the tea leaves was too easy, but too many knob-polishers were smug in their denial.

No wonder we admit 40% out of state students, can't afford to properly support athletics, and have the faculty feeling financially pinched. No wonder the academic rankings are sinking like a stone.

And yet, the former head of the BOT, and CR66/Zipay told us that they all had enough rich friends to make up the difference. Maybe some day when the university fully implodes financially, somebody will look into the history of who ran the place into the ground, and when that process begins. And funny, it will all be found to have started when JVP was pushed out and died.

I slightly disagree - IMO a number of the problems that you mentioning Penn State is facing had their seeds planted long before 2011. The explosion of money-losing branch campuses, the high-cost building boom, the acquisition and creation of so many new schools and colleges (many outside of University Park) and the shift towards out-of-state undergraduate students were all occurring in the 90s and 2000s, too. What happened in 2011 may just prove to be the flash point when the chickens started to come home to roost.

 

[angus55]

Anybody with half a brain knew that was all bullshit, especially if you knew enough people who used to give a fair amount, that no longer did. Reading the tea leaves was too easy, but too many knob-polishers were smug in their denial.

No wonder we admit 40% out of state students, can't afford to properly support athletics, and have the faculty feeling financially pinched. No wonder the academic rankings are sinking like a stone.

And yet, the former head of the BOT, and CR66/Zipay told us that they all had enough rich friends to make up the difference. Maybe some day when the university fully implodes financially, somebody will look into the history of who ran the place into the ground, and when that process begins. And funny, it will all be found to have started when JVP was pushed out and died.

You complain either way. The BOT changes and you complain. When they invest in athletics you complain about the costs. When they don't invest you complain about the facilities.

EXACTLY what changes do you want?

 

[91Joe95]

So, I've had a chance to go through the numbers posted and the analysis of them is completely wrong. What the original poster failed to account for is the insurance money that came pouring in to psu's coffers.

 

[LurkerLazarus]

You complain either way. The BOT changes and you complain. When they invest in athletics you complain about the costs. When they don't invest you complain about the facilities.

EXACTLY what changes do you want?

I think you are confusing me with someone else, at least insofar as football and the major sports. But yeah, you're right that I don't want to support too many sports if we can't afford them. And it appears that we can't afford much.

 

[Ian]

No statue, no $$$. I will not contribute to “Bovine” Barron until he addresses the questions he has always avoided. The dude is a robber baron. Remember “release the report” back in October? Finally it was but not by the biggest bovine of them all.

 

[katchthis]

And remember who told you those numbers were "Bovine Excrement"?

Here is the truth - from the PSU BOT Audit Committee.

"How to Fabricate $263 Million in Donations":

https://barryfenchak4trustee.wordpress.com/2019/02/13/financial-phone-in/

Last week, WSJ article had 2018 as a banner year for the universities that got the largest donations. With the tax laws changing in 2019, many donors accelerated their payments into 2018. So if they got crap in '18, then '19 and forward will be much less in total givings.

 

[LurkerLazarus]

Nothing will ever change until the leadership structure is completely rebuilt. And that will never happen. As Vic Bell noted yesterday, those guys must get so much money from being on that board, they will never go anywhere as long as one of them still has a pulse. Nothing else matters to them. Nothing could embarrass or shame them enough to make them go.