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UGA Athletic Board Updates

sethemerson

Greetings from St. Simons, where the UGA Athletic Board meetings begin this morning. Updates to follow.

Now, as I wrote yesterday, history suggests there won't be any knock-down drag-out debates. This board has through the years really just been a rubber stamp for what is presented by the administration.

I do expect money matters to be front and center, at least in Greg McGarity's presentation. It's expected to be detailed, but also complicated. I'll filter along what I think needs to be passed on.

Then hoping for some updates and news on baseball coach Scott Stricklin, the campus carry implications on tailgating, and whether they're going to be building any more facilities.

Check here and on the site for updates as they come.

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sethemerson

In case you missed it, my Special Report yesterday on the board:

https://www.dawgnation.com/football/dawgnation/special-report-uga-athletic-board-paper-bulldog

And Chip's column on the baseball coaching situation:

https://www.dawgnation.com/football/team-news/heat-is-up-on-ugas-baseball-coach-and-athletic-director

sethemerson

The executive board meets first, at 9 a.m. ET. That consists of Jere Morehead, Greg McGarity, Carla Williams, and other selected board members and administrators. Normally not much happens out of the executive board meeting, which is scheduled for the half-hour before the entire board meets. I haven't heard anything to indicate this session will be different, but in case it is I'm here to chronicle it.

sethemerson

And the executive committee meeting is quickly over, as it usually is. They approve minutes of the previous meeting and the agenda for the big meeting, Jere Morehead asks the group if there are any updates or things they want to put on the agenda. No one does, and they adjourn after a few minutes.

That's how it usually goes.

sethemerson

UGA is reporting it annual payout from the SEC to be $40.6 million, an increase of $3.9 million.

sethemerson

Interesting comment from UGA president Jere Morehead when addressing board:

“We may have been the last SEC school to do an indoor facility. But I think we did it better than anybody else.”

sethemerson

The overall GPA for all UGA athletic teams is a best-ever 3.1, per faculty rep David Shipley. The football team's GPA for the spring was 2.78, the men's basketball team's was 2.69.

sethemerson

UGA treasurer now addressing the reserve funds, and the amount that is in the UGA Foundation that I've discussed earlier: It's now $34.8 million, and the school says they haven't been able to spend it. (That $34.8 million, in addition to the other known reserves, brings it to about $75-$80 million.)

They're proposing to give the A.D. the ability to spend 4 percent of the money in the UGA Foundation. So they can use $1.3 million of it.

But they're also still setting a limit on how much of it has to stay in there. So around $30 million cannot be spent and must stay in the foundation.

sethemerson

They're spending a lot of time discussing the reserve funds. Longer than they ever have at one of these meetings.

sethemerson

Ryan Nesbit, the school treasurer, now leading a slide show presentation that emphasizes the benefit of keeping a good operating reserve. Includes "sound financial planning and fiscal management," and "capacity for other unforeseen needs."

sethemerson

The takeaway right now is they're explaining the reserve fund and justifying it, but also handcuffing themselves by saying that they can never:

Have the reserve fund go below $30 million.
Spend more than 4 percent of the existing money set aside in the UGA Foundation, which is currently $34 million.

amp17

So basically.... Uga will continue to be cheap and behind the powerhouses of college football... Big ears and the president is just gonna continue to make excuses. Wonderful

sethemerson

Faculty rep David Shipley asked if there was a sense among the 65 programs in the power conferences, asking if it was accurate that many were struggling in amount of reserves.

Greg McGarity answered.

“I think you’re right," McGarity said. "That is the situation a lot of institutions are in now. Their reserves have either been depleted or their debt service are so high that future occupants of athletic director’s chair is going to make it tough 20-30 years out. I think it’s a story that’s not very popular in college athletics. It’s a great story.”

sethemerson

Another board member complimented UGA’s fiduciary policy, and then Jere Morehead spoke up to make another point.

“We’re depending on our donors to pay for that project, or else our position changes dramatically,” Morehead said. “We need that project to be funded by our donor base so then we can move on to other projects.”

Nesbit said it would be “ill-advised” to go beyond the $10 million set aside for the west end zone project.

Another board member asked what “unforeseen” events would be that would necessitate keeping the funds. Morehead pointed to the SEC revenue, and whether it will be that much 10 years from now.

sethemerson

There's no dissent from the board on the fiduciary policy. Just some questions and points of clarification. But board members are complimenting the athletic department for its policy.

sethemerson

The discussion of the reserve fund policy is now over after about 40 minutes. We've moved on to the athletic director's report. Greg McGarity speaking now.