TEMPE, Arizona, June 19. THE Save Arizona State Swimming movement released the following update on how close it is getting to reinstating the program.
Since the middle of May the men's swim team community from ASU has been working diligently to collect pledges towards an endowment that would lead to the program's reinstatement.
On Monday, the Alumni board that is heading up the effort made a presentation to the athletic department's senior administration staff highlighting the significant results of the initial pledge drive, and a comprehensive plan to generate the necessary endowment to ensure the long term viability of men's swimming at ASU.
To date, our effort has raised more than $1,000,000 in pledges over a five-year period. Thank you to everyone's incredible support to date. On the strength of that commitment, and the merit of the endowment campaign plan, Lisa Love met with Michael Crow to discuss financial targets for reinstatement:
• $330,000 up front
• $330,000 by December 31, 2008
• $340,000 by March 31, 2009
This first phase of generous funding puts four years of operating expenses into an ASU Swimming Fund to be drawn upon for that purpose only. During that period we would have the opportunity to raise a $5,000,000 endowment to fund the program on an ongoing basis.
Pledges are currently being collected. The amount immediately available is $275,000 meaning ASU Swimming requires another $55,000 in pledges for reinstatement. ASU Swimming is confident we can reach our goal but it will require your ongoing support. Our community realizes the value and benefits of the ASU Swim Team and they have rallied together for a common goal. We've come a long way in such a short amount of time.
Please call Simon Percy at 602-818-4791 with any questions.