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ERIC Number: EJ829801
Record Type: Journal
Publication Date: 2009-Jan-23
Pages: 1
Abstractor: ERIC
Reference Count: N/A
ISBN: N/A
ISSN: ISSN-0009-5982
For Berkeley's Sports Endowment, a Goal of $1-Billion
Keller, Josh
Chronicle of Higher Education, v55 n20 pA13 Jan 2009
Most athletics programs, if forced to raise $300-million to renovate a football stadium, would not set an ambitious endowment goal at the same time. The University of California at Berkeley is trying to do both. The university's California Memorial Stadium sits directly over an earthquake fault: it needs a major seismic retrofit that will take three years to complete and will be one of the most expensive capital projects in the athletics program's history. With dwindling state support and an uncertain economic future, university officials have decided that aggressively developing an athletics endowment cannot wait. Even as it begins construction on the stadium, Berkeley is starting what appears to be the largest athletics-endowment campaign in the country. The department hopes to raise its endowment, now $40-million, to $450-million by 2014--and to more than $1-billion by 2030. The plan depends on a novel mixture of borrowing and long-term seat licenses, and is being closely watched by other institutions.
Chronicle of Higher Education. 1255 23rd Street NW Suite 700, Washington, DC 20037. Tel: 800-728-2803; e-mail: circulation@chronicle.com; Web site: http://chronicle.com/
Publication Type: Journal Articles; Reports - Descriptive
Education Level: Higher Education
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: N/A
Identifiers - Location: California