Any institution that is dependent on a single source of funding, is only as secure as that source of funding. Saying that a “dedicated stream of funding is impossible to unwind,” is perhaps a bit naive. For all we know, someone could file chapter 11, and all bets are off. Not that I expect this to happen, I use this as an example of how even the most dedicated source of funding could be undone. He who pays the piper calls the tune, and it is perfectly obvious who is doing that.
My understanding from David Eichner is that Finny can withdraw funding if Sattler ever moves from its founding principals document, which is a red flag considering how much the college relies on one source.
Finny's locked in for five years (year one being the prep year before schooling actually started) but after five years, if Sattler changes it's Founding Precepts in ways that Finny in his sole judgment believes to be a move away from it's founding principles, Finny can cut funding after giving nine months opportunity to cure.
Also, as you mentioned, Finny's guaranteed funding is capped at the proceeds of certain fund. I don't fault him for this, but it is a risk factor for the college just like it's a risk factor for any business if it has one large customer that makes up the bulk of it's revenue.
Soloist wrote: ↑Thu Dec 07, 2023 2:49 pm
I wish Sattler well, but I sincerely hope you are not officially speaking for the leadership there.
Oh, no worries! Trust me, I'm not, and I don't think anyone is making that mistake!
Wife: Haha. that's what i get for quoting you. I meant the other guy. Backing slowly back out of this thread. If I were annoyed at you, I could just tell your wife and she could tell you that soloist's wife is grumpy again and asks your daughter to send her cookies
Edit: I am not grumpy, but would still like cookies... just barely squeaked by my sugar test.
2 x
Soloist, but I hate singing alone Soloist, but my wife posts with me Soloist, but I believe in community Soloist, but I want God in the pilot seat
The point being, that even though the university was given this gift a few years back, the giver is now able to retract it based on his disapproval of comments made by the President of the university.
It reminded me of Sattlers benefactor giving a sizable gift to the college, but then being disappointed in Sattlers President later.
It makes me wonder if Finney could actually retract the Sattler funding in the same way as Ross Steven’s Penn gift.
RZehr wrote: ↑Fri Dec 08, 2023 1:34 pm
The point being, that even though the university was given this gift a few years back, the giver is now able to retract it based on his disapproval of comments made by the President of the university.
It reminded me of Sattlers benefactor giving a sizable gift to the college, but then being disappointed in Sattlers President later.
It makes me wonder if Finney could actually retract the Sattler funding in the same way as Ross Steven’s Penn gift.
Of course he can.
All he has to do is determine that the college isn't operating according to the vague and ambiguous founding precepts the he, himself, wrote. And then he can pull the plug.
Which is really an ENORMOUS stick that he is wielding over the college regardless of who is running it. The fact that he hasn't used it doesn't mean it doesn't exist.
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A fool can throw out more questions than a wise man can answer. -RZehr
RZehr wrote: ↑Fri Dec 08, 2023 1:34 pm
The point being, that even though the university was given this gift a few years back, the giver is now able to retract it based on his disapproval of comments made by the President of the university.
It reminded me of Sattlers benefactor giving a sizable gift to the college, but then being disappointed in Sattlers President later.
It makes me wonder if Finney could actually retract the Sattler funding in the same way as Ross Steven’s Penn gift.
RZehr, that was an excellent contemporary example of the point you were trying to make. Donors really do exercise control, even if they create mechanisms and legal fictions to make it seem like they do not.
What does all this have to do with Sattler, anyway? I wasn't paying real close attention - was their Dean or President hauled down in front of Congress too?
ken_sylvania wrote: ↑Sat Dec 09, 2023 10:18 pm
What does all this have to do with Sattler, anyway? I wasn't paying real close attention - was their Dean or President hauled down in front of Congress too?
According to the OP, though, Dean is no longer President. I don't think he can currently be referred to as "their" Dean.
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I grew up around Indiana, You grew up around Galilee; And if I ever really do grow up, I wanna grow up to be just like You -- Rich Mullins
I am a Christian and my name is Pilgram; I'm on a journey, but I'm not alone -- NewSong, slightly edited
The old woodcutter spoke again. “It is impossible to talk with you. You always draw conclusions. Life is so vast, yet you judge all of life with one page or one word. You see only a fragment. Unless you know the whole story, how can you judge?"
