Shocker Auction

[SubGod22]

How can someone pass on the dinner conversation with IB?

I do go through phases where I struggle to sleep. Can I bring a pillow?

[WstateU]

I do go through phases where I struggle to sleep. Can I bring a pillow?

[1972Shocker]

I'm not blaming anyone but like everyone else I'm very concerned about the direction fundraising and just interest in the program. Hopefully a new AD can change that. If IB can't get the job done this year we have to move on because most of the boosters already have.

Boatright's firing was only 3 days before the auction so there wasn't enough time for that to really impact this year's auction. However, it is just another factoid to put in your why should/was Darron Boatright fired folder.

Another factor I fear is that fans are turned off by the player revolving door and aren't nearly as invested in a bunch of mercenaries jumping from school-to-school as they would be for "our team".

I spoke very briefly with a person this morning who is pretty substantial and seems to have pretty close ties with the program and with Gregg Marshall. I asked him what he thought of Boatright's firing and his comment was "too little, too late".

Obviously, WSU needs to make a quality hire to replace Boatright but that is just a first step in restoring interest and support of the program. Whoever, takes on this role will definitely earn his/her paycheck if he or she get's it done.

[WuShock16]

Another factor I fear is that fans are turned off by the player revolving door and aren't nearly as invested in a bunch of mercenaries jumping from school-to-school as they would be for "our team".
.

That absolutely has to play a factor in lowered interest in "dinner with team" type events. In the past, we as fans felt like we knew our guys and so the thought of getting to know them even better at such events sounded amazing. When you look at this next season and realize that there really aren't many known guys on next year's roster, it isn't a surprise that people wouldn't be as excited.

[1972Shocker]

That absolutely has to play a factor in lowered interest in "dinner with team" type events. In the past, we as fans felt like we knew our guys and so the thought of getting to know them even better at such events sounded amazing. When you look at this next season and realize that there really aren't many known guys on next year's roster, it isn't a surprise that people wouldn't be as excited.

This is also reflected in the Dinner served by the Coach and the Team event that typically sells out the 25 slots for couples at $1,000 per couple and they only sold 2 this year. Just on this one item they are down $23,000 in addition to the poor attendance and auction results in general.

WSU would have known how many tickets they had sold and what had be contributed for auctions prior to the event. Although they had no way of knowing how the auctions would go the reduced attendance probably was a good indicator that was not going to go well. Plus I am sure they had a list of regular attendees at previous auction events and could see who wasn't showing up this year. Perhaps those folks even received phone calls to encourage their attendance. What kind of responses would those have elicited? This may very well have impacted the decision to pull the plug on Boatright 3 days prior to the auction. But as my guy told me, "too little, too late".

The ICAA is also closing in on the end of the June 30th fiscal year so at this point they pretty much know what those financials are going to look like absent some kind of unanticipated windfall. Those statements will probably be out in late September. My expectation is they will be more than a little bit ugly.

Even without the big severance pay hit in the numbers for fiscal 2021 the ICAA had an operating loss of $1.4 million.

The ICAA 2021 financials showed a net position of $3.9 million. This is the amount by which the ICAA's assets exceeded their liabilities as of June 30, 2021. Of that amount $1.6 is for capital assets (net of depreciation). This would include office furniture and equipment and athletic equipment. Note that all land and structures (i.e. Koch Arena) are owned by the State of Kansas and are not included in these financials. In any case, you generally can't use this furniture and equipment to pay your bills.

That leaves a surplus of $2.3 million of which $1.6 million is unrestricted and $0.7 million is expendable but restricted based on contractual obligations. Only about $57k of that was available for men's basketball.

Furthermore, the ICAA's investment assets at the end of fiscal 2021 were valued at $3.95 million with about 85% of that in fixed income mutual funds. Fixed income values have not fared well at all lately with rising interest rates. I have no idea which funds they are invested in but the Vanguard Core Bond Fund is down 8.7% in the past year. Last year the ICAA had total investment income of $295k including unrealized appreciation during the year. That number could easily show a net investment loss of $200k in fiscal 2022.

It is not out of the realm of possibilities that the fiscal 2022 operating loss will exceed $2.3 million. Which would mean the ICAA would technically be insolvent.

You can put this in your folder as well regarding why Darron Boatright was terminated. Perhaps Bob and Jeff Lutz would like to comment on this and correct me where I may be wrong.

[SHOXAAC]

Story time from good ole SHOXAAC: Back in the day I had a niece that played volleyball for Lambo. She was very sociable and became friends with a notable basketball player. For three consecutive years this basketball player attended our family Easter celebration. He won over the hearts and souls of all my family. My mother was a particular interest to this basketball player because he thought it was amazing that my family has been basketball season ticket holders for well over 50 years. Our three years with this young man was priceless and appreciated. He represented the university in such a class manner and the fact he stayed in Wichita and played for four years is exactly why I have checked out of the season ticket/SASO fiasco. I want a sense of belonging, loyalty and connection to these kids. I will always have a soft spot for Tekele Cotton in my heart.

[Ted Lasso's Neighbor]

Brent Kemnitz tweeted a photo from the night of the auction - not sure when the crowd shot happened - https://twitter.com/BrentKemnitz/sta...24821734789120

Also, if anyone is interested in what was auctioned off, the list of items can be found at https://goshockers.com/news/2022/3/2...d-auction.aspx

[1972Shocker]

I added some additional financial analysis to my post #20 above. Has to be challenging for athletic department employees to put on happy face in public these days.

[WstateU]

I added some additional financial analysis to my post #20 above. Has to be challenging for athletic department employees to put on happy face in public these days.

[MikeKennedyRulZ]

[Kel Varnsen]

Very well-researched and analyzed by 1972Shocker. Good work. Also, sobering.

[1972Shocker]

Very well-researched and analyzed by 1972Shocker. Good work. Also, sobering.

Everyone always says follow the money. Unfortunately for Darron Boatright the money has gone out the door and he followed closely behind.

I am quite sure someone with a modicum of financial acumen probably sat down with President Muma and explained some of these financial realities to him.

[WuDrWu]

That absolutely has to play a factor in lowered interest in "dinner with team" type events. In the past, we as fans felt like we knew our guys and so the thought of getting to know them even better at such events sounded amazing. When you look at this next season and realize that there really aren't many known guys on next year's roster, it isn't a surprise that people wouldn't be as excited.

What will Patty do?

[ABC]

What will Patty do?

I wish I was retired so I could respond to this appropriately.

[shoxlax]

This is also reflected in the Dinner served by the Coach and the Team event that typically sells out the 25 slots for couples at $1,000 per couple and they only sold 2 this year. Just on this one item they are down $23,000 in addition to the poor attendance and auction results in general.

WSU would have known how many tickets they had sold and what had be contributed for auctions prior to the event. Although they had no way of knowing how the auctions would go the reduced attendance probably was a good indicator that was not going to go well. Plus I am sure they had a list of regular attendees at previous auction events and could see who wasn't showing up this year. Perhaps those folks even received phone calls to encourage their attendance. What kind of responses would those have elicited? This may very well have impacted the decision to pull the plug on Boatright 3 days prior to the auction. But as my guy told me, "too little, too late".

The ICAA is also closing in on the end of the June 30th fiscal year so at this point they pretty much know what those financials are going to look like absent some kind of unanticipated windfall. Those statements will probably be out in late September. My expectation is they will be more than a little bit ugly.

Even without the big severance pay hit in the numbers for fiscal 2021 the ICAA had an operating loss of $1.4 million.

The ICAA 2021 financials showed a net position of $3.9 million. This is the amount by which the ICAA's assets exceeded their liabilities as of June 30, 2021. Of that amount $1.6 is for capital assets (net of depreciation). This would include office furniture and equipment and athletic equipment. Note that all land and structures (i.e. Koch Arena) are owned by the State of Kansas and are not included in these financials. In any case, you generally can't use this furniture and equipment to pay your bills.

That leaves a surplus of $2.3 million of which $1.6 million is unrestricted and $0.7 million is expendable but restricted based on contractual obligations. Only about $57k of that was available for men's basketball.

Furthermore, the ICAA's investment assets at the end of fiscal 2021 were valued at $3.95 million with about 85% of that in fixed income mutual funds. Fixed income values have not fared well at all lately with rising interest rates. I have no idea which funds they are invested in but the Vaguard Core Bond Fund is down 8.7% in the past year. Last year the ICAA had total investment income of $295k including unrealized appreciation during during the year. That number could easily show a net investment loss of $200k in fiscal 2022.

It is not out of the realm of possibilities that the fiscal 2022 operating loss will exceed $2.3 million. Which would mean the ICAA would technically be insolvent.

You can put this in your folder as well regarding why Darron Boatright was terminated. Perhaps Bob and Jeff Lutz would like to comment on this and correct me where I may be wrong.

That was a phenomenal post, 72’. This is the sort of analysis that we need more of.