… for fearless entrepreneurial zeal.
… In IRS documents filed to maintain its tax-exempt status, the KU athletics department reported financial liabilities for 2008-09 of $93.67 million, an increase of about 57 percent from a year earlier. The report also showed long-term debt of about $46.56 million for 2008-09. That figure is more than triple the $15.06 million debt listed the previous year.
… There also are indications that even if the nation’s economy takes a turn for the better, donor dollars [which KU expects to pay the debt] may be harder to come by…
A money strategy as American as apple pie.
October 4th, 2010 at 7:06AM
OK, but they can definitely show that they are a non-profit.
October 4th, 2010 at 8:18AM
That’s the beauty of it right there, tp.
October 4th, 2010 at 10:02AM
In a good news / bad news addendum, KU’s long-term debt is only 6th largest among the Big 12 schools.
KU’s real problem is that these projects were undertaken when the football team was decent and the basketball team was its usual excellent self. The football team now stinks, and my guess is that will blow a big hole in the revenue projections that went into KU’s borrowing.