Frequently Asked Questions UW Oshkosh Alumni Stadium renovation project Is there, or isn't there, "debt" - or a shortfall -- associated with the Alumni Stadium renovation project? Yes, there is. Total costs for this project detailed in UW Oshkosh Foundation and University records are $726,073. Total revenue for the project, including income from pledges and cash gifts and documented gift-in-kind revenue, is $440,892. That leaves a net deficit (costs higher than revenue) of $285,181. Every single contractor, vendor and bank has been paid. The Foundation applied donor funds appropriately, and the University used some money from its central fund to help the Foundation make certain there were no outstanding bills for the renovation. The University's funding also helped cover the project's net deficit. While all bills have been paid on this project and contractors and vendors made whole, the University takes very seriously its obligation to hold the baseball program, the Athletic Department and related coaches and colleagues accountable to continue fundraising and help pay back the University's central fund. Can you better detail what the total costs for Alumni Stadium's renovation involved? UW Oshkosh Foundation records (summarized on page 3) show that $548,785 was paid to contractor C.R. Meyer and Sons over the course of the Alumni Stadium renovation project, between 2003 and 2007. There have been assertions by others that that amount - or an amount close to it - represents the grand total of project costs. However, the UW Oshkosh Foundation was billed for and, with the University's assistance, paid costs above, beyond and independent of that C.R. Meyer total. They include costs related to 1 concrete, steel and tile work at Alumni Stadium and $20,255 to replace a special stadium wind screen (in 2010). They also include costs related to landscaping and coach's office and locker room work covered by gifts-in-kind. Additionally, included in construction costs is $89,673 in project bank loan interest (accrued between 2004 and 2009, according to records). That interest was on a loan taken out specifically to pay Alumni Stadium costs until the baseball program and Athletics Department raised the funds they committed to raise, helping completely close the amount of the remaining project shortfall paid by the University. Factoring all these amounts, the total cost of the baseball stadium renovation to the Foundation and University is $726,073 - an amount detailed in a project financial summary we are once again providing on page 3. Project cash and pledge donations, along with documented in-kind gifts, raised $440,892. Again, the University is holding the baseball program and Athletic Department accountable to pay back the University's central fund, which absorbed the deficit. How do you respond to assertions and allegations of misapplication and/or mismanagement of donor funds for this project? These statements are baseless and have been made without any corroborating, documented evidence. The UW Oshkosh Foundation and the University strongly deny any misuse of donor funds and confidently stand by the results of their auditor's report on the stadium project. The review was done with integrity and precision. The UW Oshkosh Foundation's internal control processes are thoroughly reviewed annually by their independent auditing firm. The firm, CliftonLarsonAllen LLP, ensures funds are applied to the capital projects donors intend them for. Donors are receipted for gifts made to the Foundation and include details such as date the gift was made, cash amount and fund designation. The UW Oshkosh Foundation is not aware of any notifications, letters or messages to date from donors that suggest inaccuracies with, raise objections over or allege misapplication of gifts directed toward the Alumni Stadium renovation. 2 Baseball Stadium Renovation Project Summary Baseball Stadium Renovation Costs (2003-2007) C.R. Meyer & Sons Co Carew Concrete Viking Steel Other vendors Coaches office/locker trim out ($14,475 cost covered by inkind gift) Wausau Tile Landscaping (cost covered by in-kind gift) Wind Screen (special purchase 05/2010) Total Construction Costs $548,785 $13,155 $15,148 $60 $25,179 $4,000 $7,000 $20,255 $633,582 Bank Loan Interest (West Pointe Bank 2004-2009) Total Capitalized Construction Costs Fundraising Costs $89,673 $723,255 $2,818 Total Cost of Baseball Stadium Renovation Project $726,073 Income (pledges and cash gifts) Write offs Total Gifts Raised $448,605 -$29,188 $419,417 In-kind Gift (documentation received) $21,475 Total Revenue $440,892 Net deficit ( costs higher than revenue) $285,181 Paid by University (to be paid back by Athletics/Baseball to the University Central Fund) $285,181 Source: UW Oshkosh Foundation 3