Varsity Club sets new fundraising record

The University announced Wednesday that donations to the IU Varsity Club increased for the seventh consecutive year. With $7.7 million in donations, it is the fourth consecutive year that annual giving has set a new record for IU athletics.\nThe Varsity Club, which was founded in 1954, is the fundraising arm of the athletic department. The donations are used to fund scholarships, endowment support and for capital improvements to the athletic facilities. Fundraising has been successful recently for the Varsity Club as donations have gone up 95 percent in the last six years according to a press release issued by the athletic department.\nVarsity Club National Board of Directors President Jennifer Sinclair said support from Hoosier fans is invaluable to the athletic department.\n“On behalf of the IU Varsity Club National Board of Directors, I would like to personally thank the thousands of IU fans and alumni who continue to support our wonderful and talented student-athletes and the traditions of IU Athletics,” Sinclair said. “This record-breaking achievement in annual giving is a testament to the love and loyalty that IU fans have for our University and for our athletics programs.”\nIU Director of Athletics Rick Greenspan said the fundraising effort is invaluable to keep the current level of scholarships for the athletic department.\n“The very significant challenge of meeting the rapidly rising cost of tuition, books, fees and support services for our 650 student-athletes is the most critical issue we have,” Greenspan said in the release. “We will near $9 million in annual scholarship cost this year and we will meet this goal entirely with private gifts from Varsity Club donors through annual gifts and endowment support.”\nThe announcement is another positive step for an athletic department in financial trouble when Greenspan took over in September 2004. The athletic department is in the midst of a massive facilities improvement including the Memorial Stadium north endzone project, a basketball practice facility and new stadiums for the baseball and softball teams. The $55 million plan approved by the Board of Trustees was funded by bonds issued by the athletic department and the “Glory of Old IU” capital campaign.\nDespite his financial success, Greenspan has been criticized for the hiring of former men’s basketball coach Kelvin Sampson. The NCAA levied six allegations against the program for violations by Sampson and his staff – leading to the resignation of Sampson and a mass exodus of players and coaches. Only one scholarship player will return next season for new head coach Tom Crean.\nGreenspan announced June 26 that he will resign at the end of 2008. Greenspan cited short-term projects such as the completion of IU’s baseball and softball stadiums and fundraising were the reasons he would continue until January.\nIn his four years as AD, Greenspan has continued to stress the importance of being financially strong. For IU to be successful financially, Greenspan said that the support of fans will have to continue.\n“The support, generosity and resilience of our loyal Varsity Club members is a huge strength of the IU Department of Athletics,” Greenspan said.