The Scholarship Challenge
The Department of Athletics supplies athletic and educational opportunities to over 950 student-athletes in 36 varsity sports. It takes significant resources to support an athletic program the size of Ohio State's - one of the largest collegiate sports programs in the nation. Over the years, the cost of the programs has increased dramatically in all areas.
The cost of grant-in-aid alone has risen from under $4 million in 1997 to $13 million in 2008. It is important to understand that the Department is responsible for the cost of each individual student-athlete's scholarship, which includes both in-state and out-of-state tuition and fees, room and board, and books. The University does not waive the scholarship costs which must be paid in full on an annual basis. Along with these costs, our facility expenses, utilities, travel, salary, and benefits have all risen at a pace that surpasses the rate of general inflation.
With a budget of $13 million earning interest at an annual increase of 4 percent, to fully endow the athletic scholarship program, we would need to maintain a principal balance of $325,000,000. Our current resources would require an additional $300,000,000 to meet this challenge.
It is imperative for us to take action to secure the future. An endowment commitment is both a gift now and for the future because the endowment principal is continually reinvested and a percentage of the accrued interest is used annually for scholarship and program support.
The Ohio State University Department of Athletics is grateful for the visionary support of alumni and friends who have demonstrated their pride in the athletic and academic success of all Buckeye student-athletes by establishing endowed scholarships. Their names will forever be linked with proud Buckeye tradition.