Football scoop article on Chuckles contract

[TheAccountant]

2 minutes ago, bullsbucsfan426 said:

 

Thinking here as the other CPA on this board-

There's no guarantee that his contract isn't part of the temporarily restricted assets. Given the arms race in college football, I wouldn't be shocked if fundraising to endow or raise money for coaching positions is part of the deal. Seeing as they have to revise the accounting every year for a lower buyout, I could have seen them releasing temporarily restricted net assets every year to lower the liability. 

 

You are 100% correct.  However, judging by how difficult it has been to raise the $20m Kelly wants to begin construction on the IPF, it is difficult for me to believe that USF has been able to procure $5m to $7.5m to be used for coaching positions. Without seeing the actual financial statements, it is difficult to see what the temporarily restricted funds are actually restricted for. 

That being said, they could always go back to donors who have given to the endowment and ask them for written permission to release some of those funds to pay for the CCS buyout. 

[Rocky Style]

2 hours ago, TheAccountant said:

That being said, they could always go back to donors who have given to the endowment and ask them for written permission to release some of those funds to pay for the CCS buyout. 

Eh just build the stupid thing.  It's apparently important to recruits, so we need to make long term progress. 

There's no guarantee the next coach wouldn't Holtz us into oblivion even more.  We look like a QB away from winning games.

Edited September 10, 2019 by Rocky Style

[Bulls On Parade]

9 minutes ago, Rocky Style said:

Eh just build the stupid thing.  It's apparently important to recruits, so we need to make long term progress. 

There's no guarantee the next coach wouldn't Holtz us into oblivion even more.  We look like a QB away from winning games.

What I think as well.  A solid qb can make even Strong look like a good coach.

The defense is looking better so that's a positive. 

[Mike Stuben]

3 hours ago, bullstampede9922 said:

I'm guessing at the time, Harlan really wanted Strong and the only way to get him here was to set it up this way.  I think the Foundation is going to be on the hook for a big payout if he's fired.

 

Foundation is just a bank for USF donations. If Athletics wishes to fire a coach and his contract owes him a buyout, then it will be up to Athletics to pay that money. 

I guess what I am saying is that don't think of Foundation as some separate group. Its not like USF can use donations made for library improvements to fire a football coach. Just because Athletics under Harlan structured the deal with Strong this way, don't think that money isn't coming from Athletics. 

[NewEnglandBull]

Who exactly controls the money in the foundation? Or is this the kind of question that cause someone to immediately start following me and one day I will simply disappear?

Edited September 10, 2019 by NewEnglandBull

[Dogma]

14 hours ago, Grateful Dad said:

Has anybody thought to demand excellence yet?

EXCELLENCE WILL DESTROY US!!!

[TheAccountant]

4 minutes ago, NewEnglandBull said:

Who exactly controls the money in the foundation? Or is this the kind of question that cause someone to immediately start following me and one day I will simply disappear?

That's only the clinton foundation, and nobody will start following you but you may commit suicide suddenly. 

 

To answer your question though, it depends on the source of the money. If a donor donated money to the foundation, they most likely stipulated what it could be spent on or if it needed to remain in the endowment when they donated. If they did not stipulate what it could be spent on, or that it needed to remain intact in the endowment fund, the Board of Directors of the foundation would control what it could be spent on.

[NewEnglandBull]

12 minutes ago, TheAccountant said:

That's only the clinton foundation, and nobody will start following you but you may commit suicide suddenly. 

 

To answer your question though, it depends on the source of the money. If a donor donated money to the foundation, they most likely stipulated what it could be spent on or if it needed to remain in the endowment when they donated. If they did not stipulate what it could be spent on, or that it needed to remain intact in the endowment fund, the Board of Directors of the foundation would control what it could be spent on.

Ahh...ok

[usf97]

Just know if someone says the deal you are getting is an "absolute steal". 

Just know you are actually getting screwed. 

https://www.wtsp.com/article/sports/college/ncaaf/usf-coach-charlie-strongs-contract-among-nations-best-values-usa-today-says/67-600688141

I agree with some of the thoughts above. 2017 was the high water mark with CCS and it is probably attainable again if they can strike gold again with diamond in the rough players. Ford could be one of those players. Let's hope McCloud could develop into something. I see some progress on the defense. 

When you look at CCS's career, you see a lot of average mixed with Bridgewater and Q thrown in. This looks like a 5-7 to 6-6 season. At the end of the season, we are going to hear "Blah, Blah, Blah, no indoor practice facility, cannot compete with UH & UCF, give KB one more year to implement his offense".

[BDYZR]

4 minutes ago, usf97 said:

Just know if someone says the deal you are getting is an "absolute steal". 

Just know you are actually getting screwed. 

https://www.wtsp.com/article/sports/college/ncaaf/usf-coach-charlie-strongs-contract-among-nations-best-values-usa-today-says/67-600688141

I agree with some of the thoughts above. 2017 was the high water mark with CCS and it is probably attainable again if they can strike gold again with diamond in the rough players. Ford could be one of those players. Let's hope McCloud could develop into something. I see some progress on the defense. 

When you look at CCS's career, you see a lot of average mixed with Bridgewater and Q thrown in. This looks like a 5-7 to 6-6 season. At the end of the season, we are going to hear "Blah, Blah, Blah, no indoor practice facility, cannot compete with UH & UCF, give KB one more year to implement his offense".

They obviously need to rewrite that article since it was written last year when he was 14-2. 

Been saying this for almost a year now - Just wait til next year, again.