So where did T. Boone Pickens get the idea to insure some elderly Oklahoma State boosters for the benefit of the football program?
… After learning that some churches were generating revenue from life insurance policies that had been purchased for aging members, Pickens floated the concept to Holder, a fellow alumnus who served for decades as golf coach before being named athletics director in 2005.
Don’t worry – it’s a carefully considered program.
… Oklahoma State’s donors were selected because their age, gender and health “best matched the university’s needs,” said John Lee, chairman of Dallas-based Management Compensation Group, which is managing the insurance program. To put it less delicately, the donors selected are expected to die in a timely manner to generate the $250-million payout.
… Only two of the prospective donors hung up when Larry Reece, Oklahoma State’s executive director of major gifts and development, broached the subject.
Only two. Well done, my man!
No word yet on whether Oklahoma State is looking at a new Cowboys mascot…
Pickens has prided himself on being a trend setter. This project is no different.
… Mark Mallady, executive vice president of Collegiate Financial Services, a Williamsburg, Va.-based firm, agrees that other college athletic department fundraisers soon will be working the phones.
“Their thinking is that ‘we’ve got donors giving us millions of dollars each year,’ ” he said. “But what happens when the donors die? Is there a plan or a policy to replace what they’ve been giving?”
Pickens concurred: “You will see other [similar] deals in the near future” at other nonprofit organizations.
Does this give anyone at the school the creeps? Let’s just say Mr. Reece is very clear-eyed about his mission:
“I’m not going to say that the response has been all positive,” Reece said. “But we believe that athletics is the front porch of the university. That’s how you advertise nationally. Right, wrong or indifferent, you don’t see the science bowl on ABC. You see the Cotton Bowl and the Final Four.”
If this is what goes on on the front porch at OSU, I’d hate to see what they’re cooking up in the basement…
(h/t The Wizard of Odds)