Have colleges gone to far.....

in seeking donations? There is something about this that makes my skin crawl!


Reported by USA Today

OKLAHOMA CITY — Boone Pickens gave Oklahoma State's athletic department a jump-start in the most straightforward of ways, donating $165 million of his own money. Now, he's trying to help his alma mater in a more innovative fashion.
Athletic director Mike Holder credited Pickens with the idea for Oklahoma State's new fundraising plan to buy $10 million life insurance policies for 25 of its supporters, with the university as the beneficiary.

"It is an easy way for qualified individuals to give, with the proceeds from life insurance policies secured with a pool of like-minded colleagues who share a common commitment to their institution," said Pickens, a billionaire who made his fortune in the oil business.

Holder said he believes the "Gift of a Lifetime" program is the largest such use of life insurance ever by a college athletic department. The university will pay the insurance premiums for the selected donors, hoping eventually to reap the rewards.

The money from the policies will be used to endow athletic scholarships and pay for facilities and operations, Holder said.

 

WOW!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

 

"hoping eventually to reap the rewards"

I wonder if the AD calls on these guys daily to ask "How are you doing? Anything I can do to help?"

 

This doesn't surprise me at all. College sports is big business. We all know that. But what is changing is the success of each school's sports programs are beginning to feed the academic side of thr school from enrollment to fees and beyond. I recruit for a school on the academic front. Most, if not all schools are well aware of this. This insurance program is not just at Okla. St. Is it right? You have to decide for yourself but it's here to stay.

 

One Putt- I'm sitting here with my twisted mind thinking about all the goulish comments I could make about this...but I might get banned

 

That's thinking outside the box

Pine box

 

O I think it is a great fundraising idea. Seeing most parents would love to have their kids attend upper D-1 schools as mentioned. I guess I will place a letter in with application. Give the full ride and you can price tag me for all you can get. We all know that a degree is a benifit to anyone that goes. But, we also know that what school you get it from pulls alot of weight. Ivy league??????

 

This very practice happens at the most prominent D1 schools in this State. 10 mil. policies are unusual but I can name at least 20 alumni of various schools in the State that have policies in the 50K to 250K range with the school as the beneficiary. Ever wonder how some people suddenly get those ACC basketball tickets?

 

Maybe we can get it to work for high school fundraising. Just think.

 

Money/donations will NOT get you in an Ivy League school. Who your family is may help but simply making a donation will not get it done.