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the $400M from UM Medical

poncho0091

poncho0091

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Someone explain to me a few things about this. I'm curious and not knowledgeable on the situation and got friends trying to pull their moral BS on me with this Mario move and the money. As always, they'll find anyway to try to knock us.

1. Do other universities not fund their sports program from non-sports related money?
2. Is this extra funding we got due to Covid?
3. All of our sports funding before has been from our sports programs and fundraising before?
 
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It's more about reallocation of existing funds within the University's budget. They used to have pump a ton of money into UHealth. But now that UHealth is self-sustaining they can adjust their budget to reallocate some of the existing budget and put it towards their athletic department.

They're not getting a check for $400 million dollars, deposited it into a new bank account, and then putting $30 million of that into the athletic department.

Atleast this is my take. Could be wrong.
 
Gi0logy said:
It's more about reallocation of existing funds within the University's budget. They used to have pump a ton of money into UHealth. But now that UHealth is self-sustaining they can adjust their budget to reallocate some of the existing budget and put it towards their athletic department.

They're not getting a check for $400 million dollars, deposited it into a new bank account, and then putting $30 million of that into the athletic department.

Atleast this is my take. Could be wrong.
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Peter to give to Paul, no issue.

**** are people asking Phil Knight about Chinese child labor to create his Nike products, which then intern goes into the program.
 
People think anything medical made a fortune during covid and it's simply not true. The money in healthcare is in outpatient and elective surgery, all of which was cut off leaving hospitals tightening belts and counting pennies. The fact that UHealth ended up in a good position was the result of decisions made before the pandemic. It's been trending up for a while.
 
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miamifan007 said:
Peter to give to Paul, no issue.

**** are people asking Phil Knight about Chinese child labor to create his Nike products, which then intern goes into the program.
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Yeah I'm honestly fine with it either way. More so just saying people are oversimplifying this. This is more about the overall University budget than it is about "profits."
 
poncho0091 said:
Someone explain to me a few things about this. I'm curious and not knowledgeable on the situation and got friends trying to pull their moral BS on me with this Mario move and the money. As always, they'll find anyway to try to knock us.

1. Do other universities not fund their sports program from non-sports related money?
2. Is this extra funding we got due to Covid?
3. All of our sports funding before has been from our sports programs and fundraising before?
Click to expand...
It’s about a booster with 20 BILLION DOLLARS. Anyone who tells you differently is lying, stupid or both.
 
poncho0091 said:
Someone explain to me a few things about this. I'm curious and not knowledgeable on the situation and got friends trying to pull their moral BS on me with this Mario move and the money. As always, they'll find anyway to try to knock us.

1. Do other universities not fund their sports program from non-sports related money?
2. Is this extra funding we got due to Covid?
3. All of our sports funding before has been from our sports programs and fundraising before?
Click to expand...
1. Public universities are able to use tax dollars to pay for athletics. Most of these states have college coaches as the highest paid state employees from the state education budgets, all while their public education systems flounder.
2. No this is not from Covid. D$ and others have explained the money is from renegotiated share of money from UHealth. This means instead of losing millions of dollars, the UHealth system makes a lot of money for UM.
3. Basically. Miami has NEVER made an effort to get into the "arms race" of college sports until now. Everyone used to say we were broke and didn't care. Now the The U has entered the chat.
 
1. Do other universities not fund their sports program from non-sports related money?

Absolutely

2. Is this extra funding we got due to Covid?
No

3. All of our sports funding before has been from our sports programs and fundraising before?

Yes, eat what you kill from Donna S.
 
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poncho0091 said:
Someone explain to me a few things about this. I'm curious and not knowledgeable on the situation and got friends trying to pull their moral BS on me with this Mario move and the money. As always, they'll find anyway to try to knock us.

1. Do other universities not fund their sports program from non-sports related money?
2. Is this extra funding we got due to Covid?
3. All of our sports funding before has been from our sports programs and fundraising before?
Click to expand...
Some schools allow general funds to be used in Athletics, some do not. In the past Miami has not. The Hospital is now making money - has nothing to do with Covid , but improvements in costs and billing consistency initiated beginning 2017. Miami has now deciced to committ some general funds to athletics.
 
Gi0logy said:
It's more about reallocation of existing funds within the University's budget. They used to have pump a ton of money into UHealth. But now that UHealth is self-sustaining they can adjust their budget to reallocate some of the existing budget and put it towards their athletic department.

They're not getting a check for $400 million dollars, deposited it into a new bank account, and then putting $30 million of that into the athletic department.

Atleast this is my take. Could be wrong.
Click to expand...
Right on.
 
Dan E. Dangerously said:
1. Public universities are able to use tax dollars to pay for athletics. Most of these states have college coaches as the highest paid state employees from the state education budgets, all while their public education systems flounder.
2. No this is not from Covid. D$ and others have explained the money is from renegotiated share of money from UHealth. This means instead of losing millions of dollars, the UHealth system makes a lot of money for UM.
3. Basically. Miami has NEVER made an effort to get into the "arms race" of college sports until now. Everyone used to say we were broke and didn't care. Now the The U has entered the chat.
Click to expand...
spot on!
 
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Boarcane said:
It’s about a booster with 20 BILLION DOLLARS. Anyone who tells you differently is lying, stupid or both.
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I've read some articles talking about how shady and strange his SPAC deal is. He could be investigated by the SEC and that won't be good.
 
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Gi0logy said:
Every SPAC deal is essentially shady and could be investigated by the SEC. SEC is about to regulate the crap out of SPACs.
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I don't know much about it other than the articles about John Ruiz's deal. It seemingly makes money from nothing if I understood correctly.
 
poncho0091 said:
Someone explain to me a few things about this. I'm curious and not knowledgeable on the situation and got friends trying to pull their moral BS on me with this Mario move and the money. As always, they'll find anyway to try to knock us.

1. Do other universities not fund their sports program from non-sports related money?
2. Is this extra funding we got due to Covid?
3. All of our sports funding before has been from our sports programs and fundraising before?
Click to expand...


1. You have to be careful about how you describe "funding". The University of Miami has a number of different divisions and departments. This is not like a consolidated C-corporation, like Disney/ABC/ESPN. If UM makes money from UHealth, good for them. And how UM spends its money, as a non-profit, is up to them. But, no, we are not putting $20 to $30 million in a hospital medical waste bag and then transporting it to the Hecht.

2. No.

3. For the most part. In past years, the University's general operating fund has been utilized to cover Athletics shortfalls, particularly in the 1990s when UM was not getting a ton of money from the Big East and missed a bunch of bowl games.


EDIT: Just saw Gi0logy's post, I think we are in agreement.
 
Boarcane said:
It’s about a booster with 20 BILLION DOLLARS. Anyone who tells you differently is lying, stupid or both.
Click to expand...


Uh...is there a fourth option for "honest"?

First, Ruiz does not yet have the $20B. He might soon. But not yet.

Second, we have no idea what he has, or will, contribute. I know he wants to give, but it hasn't happened yet.

Finally, the change in annual budgetary allocations is happening at the University level. "Fund-raising" is almost always allocated to capital expenditures.

Not lying, not stupid, not both.
 
JTKoval said:
1. Do other universities not fund their sports program from non-sports related money?

Absolutely

2. Is this extra funding we got due to Covid?
No

3. All of our sports funding before has been from our sports programs and fundraising before?

Yes, eat what you kill from Donna S.
Click to expand...


We have to stop blaming Donna. "Eat what you kill" was the policy under Tad Foote too. The primary differences being, (a) Tad Foote relaxed the rule a bit when Miami went on probation and the Big East revenue dropped precipitously, and (b) Donna did not relax the rule once we had a massive increase in revenue due to joining the ACC. Which, of course, was a great thing that she accomplished for UM and UM Athletics.
 
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