Named to honor a person known affectionately as “Mr. K-State” – a person who has served Wildcat Athletics as a student-athlete, a coach, and an administrator – the Ernie Barrett Endowment Society at Kansas State University represents a long-term solution to the ever-escalating costs of competing in the ultra-competitive world of intercollegiate athletics.
Endowments are the gift that keeps giving, as they guarantee a perpetual source of financial support for the Athletics Department to meet other essential needs – such as facility enhancements, game day operations, academic support and personnel salaries.
Building an endowment is vital for the future of Wildcat Athletics
Endowments are the vehicle through which a Wildcat supporter can leave an individual or family legacy at K-State and have an impact on future student-athletes lives forever. We must ensure that K-State Athletics has not only the funds to operate – funds provided by Ahearn Fund contributions, ticket sales, and television and radio revenue – but also the funds to grow and enhance our ability compete.
The Ernie Barrett Endowment Society is a program that helps underwrite the increasing costs of tuition, room, board, fees and books. K-State has a total of 220.8 athletic scholarships covering 16 intercollegiate varsity athletic teams. That means that the K-State Athletics Department pays approximately $10 million each year to Kansas State University for these scholarships. Contrary to popular belief, the University does not waive fees or give these scholarships to the Athletics Department. The Athletics Department must pay for the scholarships that they offer to student-athletes. Currently, these funds come from Ahearn Fund supporters and a few loyal fans who have already endowed athletic scholarships.
An endowment in the Ernie Barrett Athletic Endowment Society is created through the establishment of a permanent fund that is invested and managed by the KSU Foundation. A portion of the annual interest income generated is used to carry out the donor’s designated purpose – helping to fund scholarships for K-State student-athletes. Income earned in excess of the annual amount spent is added back into the endowment so that it continues to grow and maintain its purchasing power for future generations.
Making Your Gift
There are many ways a donor may choose to establish an endowment in the Ernie Barrett Athletic Endowment Society. Gifts of cash, stocks and planned gifts, such as charitable trusts and bequests, are all common ways to fund an endowment. Charitable annuities, real estate gifts and life insurance are other forms of giving. Your gift may reduce taxes due on your income, capital gain, and estate settlements. Substantial advantages also are available through donations of property or appreciated securities.
When you make a gift to the Ernie Barrett Athletic Endowment Society, it can either be outright or deferred (through a bequest or will). Either way, your contribution, when received, establishes a legacy of annual gifts well into the future. Your gift may help you eliminate taxes or benefit from an increased income stream.
No matter how you give, you will be helping K-State Athletics in a very significant way!