Well, Greg McGarity’s future employment plans may be temporarily on hold due to the coronavirus, but rest assured, as Mike Griffith relays in his latest tongue bath, Georgia’s reserve fund is rarin’ to go.
“We see it as our rainy day fund,” McGarity told DawgNation. “It’s there to meet certain expectations and obligations that we have.”
The fund is made up of money accrued from donations, unused revenue from previous years and investment income.
Per the winter UGA board meeting, Georgia has a projected $17,879,325 remaining from the (fiscal year) 2020 reserves, along with $48,561,020 from long-term investments of reserves — a total of $66,440,345.
UGA deputy athletic director of finance Stephanie Ransom — a former Bulldogs’ All-American soccer player and marketing major — said there’s an additional $36,500,000 in general endowment money. That makes the total money available in reserve fund $102,940,345.
A hundred million, ready to be deployed at a moment’s notice… man, if that doesn’t give you comfort that the athletic department has things covered, nothing does.
Except, when you drill down to it, McGarity isn’t actually planning to tap into the reserve fund: “We’re cautiously optimistic that we won’t have to utilize reserve funds or go down that path without football in the fall.”
Why not? You get one guess.
Georgia has roughly 16,000 donors in the Hartman Fund, which requires a minimum donation for the right to buy tickets. Of that number, about 1,200 are members of the Magill Society, a club which requires a minimum donation of $5,000 a year over a three-year period for inclusion.
McGarity said those numbers continue to rise.
“We are still receiving gifts during these difficult times,” he said. “It’s very encouraging.”
And that, friends, wraps up another edition of The Georgia Way.