Georgia is embarking on a long overdue upgrade of Foley Field, one that involves asking for donors to pony up serious money to the cause before Butts-Mehre will chip in the first penny. Seth Emerson, bless his heart, asks Greg McGarity the obvious question about Georgia’s
precioussss reserve fund:
Now here comes the sticky question: Georgia currently has a reserve fund of about $70 million, so why not just take from that, rather than ask for money from donors?
McGarity, in an interview, said using the reserve fund should be the last resort.
“It would be like you or me dipping into our 401K. You only want to do that when it’s absolutely necessary,” McGarity said. “In the meantime, we do feel like there will be a response from our donors to raise 50 percent of the funds necessary for this. That is a funding model that was used at the University of Florida on projects of this nature, and it’s one that we’re going to use on this model also, and basically do it up front.
“Sure, there are a lot of things that we could do with our reserve. But what we want to do is use that reserve only when it’s essential to use. … The reason we are in such good financial shape is that’s been sort of a philosophy for a number of years: use the reserve when that’s absolutely the only option you have. And in a situation like this, there are other options.”
Only at Georgia do you look at capital improvements to an aging facility as necessary only if nobody else will pay for them. Until that happens, promise ’em anything.
“What we are going to do next is going to wow people,” head coach Scott Stricklin, who was hired a couple weeks ago, said in a statement. “At some point, when a recruit is on this campus, we need them to say wow. And that is what Foley Field is going to be in the very near future.”
I figure he can get away with showing recruits stadium mock ups for at least a couple of years before they start asking questions.
And you still wonder whether Richt will get an indoor practice facility. Know anybody that wants to buy one?