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Post by Pakachoag Phreek on Apr 27, 2024 8:56:32 GMT -5
HC's bond rating from S&P and Moody's? Moody Aa3 (fall 2022) S&P AA- (summer 2023)
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Post by Pakachoag Phreek on Apr 27, 2024 6:44:44 GMT -5
There may never be an "official" release. Likely that the next appearance will be at the introduction of the next capital campaign, when new facilities at the top of the priority list are described, along with a price tag for each. The College's long term debt was $236 million on June 30, 2023. Nearly $60 million of that debt matures 2024-26. There's probably not much appetite to re-finance much of that at this time. Thank you, Packachoag. Can you explain further the significance of the debt maturity to me? Are you saying that it will be a hindrance to further capital expenditures, or possibly delay the campaign? I’m fairy ignorant on stuff like this. But an infrastructure geek! Holy Cross' long-term debt is currently being paid off at a rate of $8 -9 million a year. However, in 2026, the amount due is $40+ million. This jump probably reflects the maturing of a balloon note that Holy Cross secured, IIRC, during the COVID pandemic when the finances of all colleges and universities were disrupted. The balloon note was probably used to cover an anticipated shortfall in revenue, and HC did not want to report an operating loss. Balloon notes are typically for a short period, with little/no principal paid until the final year of the note. The balloon note's maturing in 2026 would not affect the schedule of the capital campaign. It is possible that HC has used the balloon note as a cash reserve, and invested it. However, if HC had decided to use the proceeds of the balloon note to construct the City View townhouses and the new Jesuit residence (neither seems to have been financed through long-term bonds) then IMO, other options come into play, e.g., pay-off the note from the proceeds of a new long-term bond issuance, or convert the balloon note into a long-term debt instrument, or secure a new balloon note for the same amount as the original (unlikely). Holy Cross' long term debt is about $220 million. Colgate's is nearly double that. Boston College's long-term debt is $1.5 billion, with annual interest payments of over $50 million, and principal payments of over $30 million. Little wonder that BC's new capital campaign doesn't call for much in the way of new facilities.
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Post by Pakachoag Phreek on Apr 26, 2024 18:34:19 GMT -5
^^^ As a point of reference, Colgate (with a very similar enrollment to HC's) had total expenses of $249 million. Colgate's institutional fin aid grants totaled $74.4M (including $16 million in athletics awards).
Colgate's endowment value for fiscal 2023 was $160 million higher than HC's.
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Post by Pakachoag Phreek on Apr 26, 2024 18:19:29 GMT -5
Holy Cross' total expenses in fiscal 2023 were $229.0 million
Assuming an on-campus enrollment of 2900 (excludes those studying elsewhere, i.e., NYC, DC, other countries), the expenses per on-campus student were $79,000.
However, Holy Cross awarded $64M in financial aid grants, including $14M in athletic awards. Much of the grant money was obtained by charging full-pay students a tuition/fees/room & board amount above that needed to cover the College's expenses. The full-pays are 'subsidizing those receiving financial aid grants; i.e., a redistribution of 'wealth'.
A key feature of the next capital campaign will be to increase the endowment value which should reduce the amount that full-pays subsidize the College's financial aid program.
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Post by Pakachoag Phreek on Apr 26, 2024 17:26:30 GMT -5
^^^ That a bag of NIL money at his feet?
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Post by Pakachoag Phreek on Apr 26, 2024 13:36:47 GMT -5
There may never be an "official" release.
Likely that the next appearance will be at the introduction of the next capital campaign, when new facilities at the top of the priority list are described, along with a price tag for each.
The College's long term debt was $236 million on June 30, 2023. Nearly $60 million of that debt matures 2024-26. There's probably not much appetite to re-finance much of that at this time.
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Post by Pakachoag Phreek on Apr 25, 2024 18:57:19 GMT -5
Wow- that “total cost” number at MIT is hard to believe Even harder to believe is that the "total cost" for a graduate student is 3x the cost of educating an undergraduate student.. I suspect that varies significantly by degree program. ----------------- True story; Circa 1970, BC students went on strike because the school announced a $500 increase in tuition. As a percentage of total tuition cost at that time, this was HUGE increase. Why did BC announce such a hike? The school's operating deficit was $5.6 million. If BC didn't increase it's revenue stream, bankruptcy and a sale to Harvard loomed. And what about the BC endowment? you ask. The total value of the endowment at that time was $6 million.
As the BC student newspaper noted at the time. Harvard's endowment was about $1 billion. Harvard's endowment was over 160x times larger than BC's. Now it is 13-14x times larger. So ten-fold progress by BC. --------------- Cost of tuition at St. Sebastian's school, west of Boston, in the current 2023-24 academic year is $58,200. (A whopping $2,000 cheaper than HC's tuition cost.) Day school so no room/board charges.
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Post by Pakachoag Phreek on Apr 25, 2024 14:15:10 GMT -5
According to MIT, for 2024-25, tuition and fees cover less than half the cost incurred by MIT for educating an undergraduate. For MIT, total cost of attendance to MIT per U/G student is between $125,000-$130,000. Tuition is $62,000. Additional revenue from room and board (about $20,000 per) reduces the gap, An analysis from 2015-16, for private colleges and universities, indicated that tuition covered about 60 percent of the cost of educating an undergraduate student. collegeaffordability.urban.org/cost-of-educating/subsidies/
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Post by Pakachoag Phreek on Apr 25, 2024 7:21:42 GMT -5
I will argue that the greatest redistribution of wealth resulted from George W. Bush's tax cuts. This graph is an index of how much workers get compared to how much the owners/stock holders get. (The spike in labor's share circa 2020 reflects the huge stimulus payments to individuals because of COVID.) Gini coefficient of inequality in the United States. A declining value (less unequal) until the early 1980s. And what happened then? Reagan tax cuts.<iframe src="https://data.worldbank.org/share/widget?indicators=SI.POV.GINI&locations=US" width='450' height='300' frameBorder='0' scrolling="no" ></iframe>^^^ chart won't imbed.
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Post by Pakachoag Phreek on Apr 23, 2024 8:28:23 GMT -5
OK, I'll ask...what was the proposal about uniforms made by the rules committee that was rejected? Enforcement of rule about length of the pants. The uniform rule that was adopted is the green dot for the player with the wireless. I', assuming multiple players could have green dots, but only one could be on the field at a time.
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Post by Pakachoag Phreek on Apr 23, 2024 6:14:51 GMT -5
The original NFL two minute warning had nothing to do with the game of football, but everything to do with advertising revenue. This may make business sense at the big time, TV-intense FBS level of college football, but not at the PL/IL/CAA level HC plays in. More of the endless commercialization of college sports. I doubt the NFL's two-minute warning had anything to do with advertising revenue. It was adopted in 1942, before there were stadium clocks. The time was kept on the field by an official with a stopwatch and the two-minute warning let teams know when the end of a half was approaching. The college change isn't about money either. There are several rules and timing changes that take effect in the last two minutes and this synchronizes them. "This rules change synchronizes all timing rules, such as 10-second runoffs and stopping the clock when a first down is gained in bounds, which coincides with the two-minute timeout." And it was adopted for all Divisions. Also adopted was a rule allowing 18 tablets to be used ^^^ If I am reading this correctly, HC moving its sideline from the south stands to the north stands would now be at a disadvantage, given the north stands camera angle is not as high. If there are no stands on one side, e.g., Georgetown, Fordham, than both teams would get the same sideline feed. In any event, this will be no small investment to adapt the existing camera feeds. And is the distance between stands and sideline identical on both sides of Fitton? I am thinking of coaches and players huddled around tablets. And the home team can dress more players than the visitor. And this, At the FBS level,
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Post by Pakachoag Phreek on Apr 22, 2024 19:39:20 GMT -5
Other changes of interest. Source; NCAA
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Post by Pakachoag Phreek on Apr 18, 2024 17:34:25 GMT -5
To be clear, GU's athletic budget does not include NILs. Those are contracts between boosters and a player. Are they allowed to include in the contracts clauses that attempt to retain players? Example, player gets paid some amount only if they stay at the school? With my money, I don't have much interest in investing in a player who will jump ship next year. I think KY Crusader is correct. These are one-year contracts. A Federal judge in Tennessee has issued a preliminary injunction against the NCAA from enforcing a rule that required a player to be enrolled to receive a NIL. If this is not reversed, one will be able to offer NILs to high school players, contingent on them applying to university X IMO, you simply cannot build and sustain a successful program with all these external forces pulling and tugging on your roster. The NFL is way more regulated than the NCAA is right now.
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Post by Pakachoag Phreek on Apr 18, 2024 4:36:23 GMT -5
GU’s basketball budget is ever expanding now with a very robust NIL program- rumor is that pg transfer from Harvard, Mack is getting a very high 6 figure deal. To be clear, GU's athletic budget does not include NILs. Those are contracts between boosters and a player.
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Post by Pakachoag Phreek on Apr 17, 2024 19:08:32 GMT -5
HC's teams? Which showed a profit? Which ran at a loss? No HC team has turned a profit in over 50 years. Before 1970, it is possible that football and men's basketball might have occasionally been profitable. I would guess that the payout for being ABC Game of the Week, with no sharing required, might have made football profitable for that year. When HC and Harvard would play at Harvard stadium in the 1930s, before crowds of 50,000+, those games were certainly profitable, especially if revenue was shared from having home/away games played in the largest venue there was. Then greed took over. If GU played 15 home games at an average game attendance of 8,000 and an average ticket price of $20 (net price to GU after paying Ted Leonsis for the arena rental), that's $2.4 million, which might cover half the salaries of the coaches.
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Post by Pakachoag Phreek on Apr 17, 2024 16:47:10 GMT -5
What was the revenue for Georgetown men’s hoops? One cannot determine the generated revenue without access to the NCAA revenue and expense reports. Where generated revenue is insufficient to pay for expenses, the school 'subsidizes' the program with $ from student tuition / fees; or the unrestricted portion of the endowment's annual funding of university operations. Endowment funds restricted to a sport are classified as generated revenue. I looked up UConn. Women's hoops' expenses were nearly $10 million. And as generated revenues were insufficient to cover, the university subsidized the program from university funds. Even with a national championship, UConn men's hoops expenses exceeded generated revenue. For Boston College, women's hoops expenses were $5,229,000. Revenue was $980,000. There was no subsidy. To balance the books on women's hoops, BC likely used some of the 'profit' from football. BC's football 'profit' was about $11 million. Notre Dame football had a profit of about $70 million. That profit 'subsidized the losses experienced by every other sport at Notre Dame, and there was enough left over to show a modest overall profit.
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Post by Pakachoag Phreek on Apr 17, 2024 6:50:46 GMT -5
Twenty years ago, 2003-2004, HC spent $1,261,000 on men's hoops, $2,689,000 in 2022-23.
Twenty years ago, Georgetown spent $3,331,000 on men's hoops. So a 10-fold jump for them.. Georgetown in 2022-23 spent $3.5 million on women's hoops. so total GU spending on M/W hoops was $37.8 million.
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Post by Pakachoag Phreek on Apr 16, 2024 19:41:28 GMT -5
$34,324,430. About 10x what GU spent on women's hoops. The Title IX reports for all schools for 2022-23 are out, and that's the source. Otherwise, I expect many here would be instructing me 'to hay off the sauce' And yes, I realize much of that is the result of changing coaches, but still. How do we compare?? HC spent $2,680,908 on men's hoops in 2022-23 GU spent about $1.5 million more on men's hoops than HC did on its entire athletic program.
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Post by Pakachoag Phreek on Apr 16, 2024 13:50:47 GMT -5
$34,324,430.
About 10x what GU spent on women's hoops.
The Title IX reports for all schools for 2022-23 are out, and that's the source. Otherwise, I expect many here would be instructing me 'to hay off the sauce'
And yes, I realize much of that is the result of changing coaches, but still.
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Post by Pakachoag Phreek on Apr 15, 2024 8:13:43 GMT -5
The provost is writing the strategic plan for the academic departments. This section of the overall strategic plan awaited the arrival of the new provost. I'll wager a goodly sum that the goals of more faculty, more endowed professorships, less reliance on visiting professors will be included in the academic powerhouse pillar of the strategic plan
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Post by Pakachoag Phreek on Apr 15, 2024 6:47:09 GMT -5
I believe today (Sunday) was the 'accepted students visit day' - any posters know of any relatives/friends who have kids who have been accepted into the class of '28 ? Would be interested in hearing about what other schools they are considering and what they thought of the presentation today I expect a significant percentage of those who attended are enrolling students. The enrolling students are ED students, which constitute a high percentage of HC's entering classes. www.holycross.edu/accepted-students/open-house^^^ If I am reading the instructions correctly, many/ / most of these students already have a Holy Cross email account.
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Post by Pakachoag Phreek on Apr 14, 2024 12:51:53 GMT -5
HC Tuition and room & board versus USA median individual income 1972-Spring of freshman year & fall of sophomore year USA Median Individual Income= $5,000 HC Tuition Room & Board= $4,500 (that's my recollection of ballpark cost) Median income =1.1 X tuition room & board Today USA median individual income= $50,000 (2023 figure HC Tuition room & board = $83,320 Median income= 1.67 X tuition room & board I do know that tax rates and other factors come into play and that parents pay out of net income not gross income Where are you getting these income numbers from? Median personal income in the U.S. in 2022 was $40,490. measured in current dollars. In 1974, tuition, room and board at BC totaled about $3,850. That would suggest that HC was about $3500-3600 in 1972. .
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Post by Pakachoag Phreek on Apr 13, 2024 6:58:40 GMT -5
Probably due to the wet conditions in Fitton Field, and Freshman Field. A lot of rain this week. Nearly two inches of rain fell in Worcester yesterday, and total precipitation from Jan 1 through yesterday is almost twice the average amount.
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Post by Pakachoag Phreek on Apr 11, 2024 18:10:28 GMT -5
Won't happen. The NCAA takes in $1 billion in revenue from the post-season tournaments; some of this revenue is then distributed to the member schools. For example, HC receives money from the NCAA for fielding x number of sports. Division I FBS is split into autonomy schools, and non-autonomy schools. The autonomy schools control the major bowls, and the playoffs. They receive all the revenue from such, and don't share. The NCAA Division I revenue distribution to member schools for 2023 can be found here: ncaaorg.s3.amazonaws.com/ncaa/finance/d1/2023D1Fin_RevenueDistributionPlan.pdfpdf file ^^^
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Post by Pakachoag Phreek on Apr 10, 2024 19:21:30 GMT -5
This is all very good news. It makes me wonder why HC leadership, pre-PVR, didn't undertake some of these obvious initiatives (hasn't everyone thought for many years that HC was casting too small a net with its admissions recruiting?). Even many of the leaders of the College. However, IMO, the previous Director of Admissions struggled with outreach, and was more comfortable with a familiar network of schools with which she had a multi-decade relationship. She was a graduate of Holy Cross, and had a long career (35+? years) sat Holy Cross. IIRC, the only other place she worked after graduating from HC was in admissions at Emmanuel College in Boston. So, an entire career that was New England centric.
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