BSU reveals its finances

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BSU reveals its finances - Spectrum Boise State University Foundation...
Spectrum Boise State University Foundation reveals its finances BOISE. Idaho (AP) finnrt ath. poaches and administrators valuable commodities and them can be the difference success and failure, the State University Foundation "...people and activities have marketable characteristics which can be measured in dollars and the failure to this factor is often the between success and failure," the foundation said. The BSU Foundation took a full-page full-page full-page ad in the Idaho Statesman on Wednesday to outline its origin, goals and justify its agreements with Boise State coaches and administrators. administrators. Those dealings, and lack of public disclosure of them, were cited by the state Board of Education when it fired John Keiser as Boise State president on Sept. 20. Highlights: The foundation set up a supplemental supplemental retirement plan for Bobby Dye, in his ninth year as basketball coach, which included $21,000 per year for 10 years and which was to pay him for 15 years after retirementBut it was discovered discovered that created a tax liability for Dye, which he wasn't able to pay, so the foundation gave him $155,160 and a later payment of $73,793 for a total of $228,953. ; A similar fund was set up for ; -2 - I i 1 Skip Hall, head football coach, calling for payments of $10,000 per year into a fund that Hall can use upon retirement only if he remains head football coach for at least 10 years. Hall is in his fifth season. It did not create any tax liability. An agreement with Athletic Director Gene Bleymaier provided for $7,000 per year to be paid into a supplemental retirement fund over a 10-year 10-year 10-year period. But it was discovered that would give Bleymaier Bleymaier tax liabilities similar to those of Dye. The foundation said it decided to make the annual payments payments directly to Bleymaier and let him pay tax on it and invest the money himself . ' "No Foundation funds were used for these plans or for any of the payments made to the BSU athletic athletic staff; rather, those monies came from the contributions of those who support the athletic program," the ad said. In support of its commitments to keep Dye as coach, the ad noted that Boise State had only two winning winning basketball seasons in the 13 years before he arrived. Since Dye started, BSU is 142-89 142-89 142-89 in basketball, basketball, and has won 68 percent of its games the last five seasons. Basketball revenue was $206,000 the season before Dye arrived and is expected to be more than $800,000 this year, the ad said. When it fired Keiser after more than 13 years as BSU president, the Board of Education said among other things that Keiser did not disclose his financial dealings with the foundation. Keiser disputes disputes that anything was kept secret The board has adopted new rules requiring the Idaho schools to detail detail any operating agreements they have with private foundations. foundations. It stipulates that foundations must permit the schools and the Board of Education to inspect and audit their books "at reasonable times." " Foundation President Charles Blanton said the information is not secret. - - "It is just information we are releasing to the public. It's infor- infor- mation mat has always been avail-'' avail-'' able," Blanton said. However, the Idaho Statesman said its request for some of the numbers and the foundation's federal federal tax reports were denied two weeks ago. The ad was signed by Boise State University, the foundation, the Bronco Athletic Association and the BSU Athletic Department. : Everything on Sale Everyday A whole store full of MOTVATONU & RECOVERY Books Tapes Gifts Plush, Mutted . i yf fXVi

Clipped from
  1. The Daily Spectrum,
  2. 10 Oct 1991, Thu,
  3. Page 17

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