Feb. 15, 2013
BERKELEY - The University of California Department of Intercollegiate Athletics (IA) has published the most recent financial statement on the progress of the Endowment Seating Program (ESP). Going forward, IA will issue statements regularly after the close of each quarter to ensure transparency and support clear communications on ESP sales progress.
Over the course of the past six months we have been engaged in a significant revision of the financing plan for the Simpson Center for Student-Athlete High Performance and the renovated California Memorial Stadium. The challenge was as complex as the goal is simple: Ensure we have a strong, responsive and reliable financial foundation for the facilities that will secure Intercollegiate Athletics' long-term ability to meet debt and principal obligations without drawing on central campus funds. While we cannot provide absolute certainty with respect to the future, we are pleased to announce that as a result of revisions and additions to the plan, we are now in a much better position to meet that goal.
At the same time, however, experience indicates that uncertainty is unavoidable with respect to capital projects where both expenses and revenues must be projected over a 40-year time frame. Our crystal ball is no better than anyone else's. Thus, there is no doubt that some of what is listed at the link below will prove to be inaccurate. So, we must and will continue to constantly monitor data, forecasts and assumptions, tap into the right expertise and remain constantly ready to adapt as best we can. Such is the nature of the enterprise.
To review the full financial statement of the progress of the Endowment Seating Program, click here.