David T. Bender Trust Donates $4 Million to Create Endowed Rutgers Athletic Scholarships

[ecojew]

I'm surprised not to see this posted here as it will have a big positive impact on RU's ability to compete at a higher level in several Olympic sports in the B1G. Also, the story behind this is a very nice one that most alums will enjoy reading.

Anybody know how much it costs to endow one athletic scholarship? I'm aware that endowing a faculty chairs costs a few million $$ at least but have no idea about a scholarship.

thanks.

https://support.rutgers.edu/news-st...create-endowed-rutgers-athletic-scholarships/

 

[Mr_Twister]

I would guess it means athletic scholarships are endowed, which is a very good thing. It does not change the number of athletic scholarships that can be granted in the different sports.

 

[Tango Two]

A $300,000 bequest by the estate of a school teacher who was a star Rutgers lacrosse and football player nearly a century ago has grown into a $4 million gift to endow scholarships for student-athletes who compete in eight Olympic sports.


https://support.rutgers.edu/news-st...-create-endowed-rutgers-athletic-scholarships

 

[ecojew]

I would guess it means athletic scholarships are endowed, which is a very good thing. It does not change the number of athletic scholarships that can be granted in the different sports.

Yes, that is a very good thing.

My question, though, had to do with the price tag of one endowed scholarship. I'm wondering how many scholarships can be endowed with $4 million. If it costs about $250K to endow one, then this gift will pay for 16 scholarships in total, which would be a tremendous help to our Olympic sports programs, so of which might well be under the NCAA limit due to lack of funds in the past.

 

[knightfan2000]

You should post this on the football board since Bender was a Rutgers football player and coach and also had a football trophy named for him.

 

[RUnTeX]

Yes, that is a very good thing.

My question, though, had to do with the price tag of one endowed scholarship. I'm wondering how many scholarships can be endowed with $4 million. If it costs about $250K to endow one, then this gift will pay for 16 scholarships in total, which would be a tremendous help to our Olympic sports programs, so of which might well be under the NCAA limit due to lack of funds in the past.

I read somewhere that it will endow 8 scholarships, so I suppose it takes ~$500K to endow a single one, on average.

 

[ecojew]

I read somewhere that it will endow 8 scholarships, so I suppose it takes ~$500K to endow a single one, on average.

Wow. That is quite a bit more than I was expecting to hear. Someone mentioned that 8 teams would be the beneficiaries of the gift but I didn't realize that would mean just one scholie per team.

 

[RUnTeX]

Wow. That is quite a bit more than I was expecting to hear. Someone mentioned that 8 teams would be the beneficiaries of the gift but I didn't realize that would mean just one scholie per team.

I wasn't sure so I double checked and below in quotes is how it's worded in an article on sk.com from Rutgers Today (linked below):

"The gift will support a new endowed scholarship in each of the eight Olympic sports. Every year, one student from each of these sports will receive a Bender scholarship."

With partial scholarships often involved in Olympic sports it's not clear how much is being contributed toward each recipient annually in order to benefit 8 separate student-athletes. On a related note, it's also quite impressive that prior to the current gift, the trust from this bequest had already donated more than $1 million to Rutgers in student-athlete scholarships over the past 29 years.

https://scarletknights.com/news/202...te-endowed-rutgers-athletic-scholarships.aspx