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Thread: What does it mean to have an "endowed chair" as hockey coach?

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    What does it mean to have an "endowed chair" as hockey coach?

    Watching Clarkson-Harvard and heard them announce that Casey Jones just had his head coaching position "endowed." I used to think this was just a title they gave the coach after a "big" donation. Or is it something else? Is it meaningful in any way?

    Used to think it was just something that bougie schools like Notre Dame would do.

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    Re: What does it mean to have an "endowed chair" as hockey coach?

    In honor of the late Lenny "The Rug" Ceglarski even

    https://clarksonathletics.com/coaches.aspx?rc=665
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    Re: What does it mean to have an "endowed chair" as hockey coach?

    It means that the coach is paid through the earnings of an endowment. College professors and deans can also have endowed chairs.

    An endowment is a special kind of donation--made by an individual or a group of people--that can never be spent. However, the endowment will generate earnings and only those earnings are used to pay the coach's salary. As a simple example, let's say that an endowment of $10,000,000 earns a 4% return in any given year. That 4% equates to $400,000 and would be enough to pay the annual salary of several NCAA hockey coaches. Of course, positive returns (or returns sufficient to pay a coach's salary) are never guaranteed each year but I deliberately kept the example simple so that people would understand. Quite a few coaches in the ECAC are paid thorugh endowments (all the Ivy League coaches except Fogarty at Princeton).

    Obviously if a coach has an endowed chair, his or her salary is not being funded by the school. The school simply acts as a medium and pays the coach with the endowment's funds. However, large donations like endowments usually come with some kind of condition or stipulation from the donor (s). Those conditions aren't necessarily made public.
    Last edited by Red Hockey; 01-26-2019 at 07:12 AM.

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    Re: What does it mean to have an "endowed chair" as hockey coach?

    Quote Originally Posted by Red Hockey View Post
    It means that the coach is paid through the earnings of an endowment....his or her salary is not being funded by the school....
    Yes and no. While salaries are not funded from university operating funds, the endowment itself if managed by the university (usually through an Endowment Committee and/or advisor) and shows on the plus side of the balance sheet.
    Last edited by Split-N; 01-26-2019 at 09:47 AM.
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    Re: What does it mean to have an "endowed chair" as hockey coach?

    I am pretty sure that my own school has endowed scholarships. I could be wrong, but I thought I remember a fundraising drive for it.
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    Re: What does it mean to have an "endowed chair" as hockey coach?

    Quote Originally Posted by Split-N View Post
    Yes and no. While salaries are not funded from university operating funds, the endowment itself if managed by the university (usually through an Endowment Committee and/or advisor) and shows on the plus side of the balance sheet.
    Yeah, as a CPA, I know that endowments show as assets on the school's balance sheet/statement of net assets, but I didn't want to go too deep into it. Some schools have massive endowments and the people who manage them are full-blown employees of the schools. These people often have some kind of Wall St./big bank/investment fund type experience or something similar.



    Quote Originally Posted by Happy View Post
    I am pretty sure that my own school has endowed scholarships. I could be wrong, but I thought I remember a fundraising drive for it.

    Same kind of deal. The money for the scholarship comes from the earnings of an endowment.

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    Re: What does it mean to have an "endowed chair" as hockey coach?

    Quote Originally Posted by Red Hockey View Post
    ...Some schools have massive endowments and the people who manage them are full-blown employees of the schools. These people often have some kind of Wall St./big bank/investment fund type experience...
    Right you are. Those in the "massive" category (hello Harvard, Yale, et al) have separate but wholly owned corporations, which function much like the big commercial investment banks, to massively manage those massive endowments.

    Might be interesting to know just how many D1 HC positions are endowed. Clarkson apparently, and in the Boston area, Northeastern, BC, and Harvard. (Not sure about BU.)
    Last edited by Split-N; 01-26-2019 at 11:51 AM.
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    Re: What does it mean to have an "endowed chair" as hockey coach?

    Quote Originally Posted by Split-N View Post
    Right you are. Those in the "massive" category (hello Harvard, Yale, et al) have separate but wholly owned corporations, which function much like the big commercial investment banks, to manage those massive endowments.

    Might be interesting to know just how many D1 HC positions are endowed. Clarkson apparently, and in the Boston area, Northeastern, BC, and Harvard. (Not sure about BU.)
    As noted previously by Red Hockey all the Ivy League schools except Princeton have endowed head coaching positions: Brown, Cornell, Dartmouth, Harvard, Yale.
    . . . still crazy after all these years. . .

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    Re: What does it mean to have an "endowed chair" as hockey coach?

    Quote Originally Posted by Red Hockey View Post
    It means that the coach is paid through the earnings of an endowment. College professors and deans can also have endowed chairs.

    An endowment is a special kind of donation--made by an individual or a group of people--that can never be spent. However, the endowment will generate earnings and only those earnings are used to pay the coach's salary. As a simple example, let's say that an endowment of $10,000,000 earns a 4% return in any given year. That 4% equates to $400,000 and would be enough to pay the annual salary of several NCAA hockey coaches. Of course, positive returns (or returns sufficient to pay a coach's salary) are never guaranteed each year but I deliberately kept the example simple so that people would understand. Quite a few coaches in the ECAC are paid thorugh endowments (all the Ivy League coaches except Fogarty at Princeton).

    Obviously if a coach has an endowed chair, his or her salary is not being funded by the school. The school simply acts as a medium and pays the coach with the endowment's funds. However, large donations like endowments usually come with some kind of condition or stipulation from the donor (s). Those conditions aren't necessarily made public.
    Interesting, thank you for explaining.

    Do you feel this is an advantage for a school to have an endowed head coaching position? I mean I guess the answer would be yes, someone else is paying the coach's salary out of interest from a big donation. But it still seems relatively rare and is more common among private schools than publics. Does it provide for a larger salary? Is this sort of thing attractive when coaching positions open?
    Last edited by Dirty Dream No. 2; 01-26-2019 at 12:20 PM.

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    Re: What does it mean to have an "endowed chair" as hockey coach?

    That's a good question. Salaries of coaches from private schools typically aren't made public, although this article offers some level of insight. Endowments certainly give the schools some leeway in being able to afford specific coaches, but a good coach is going to be paid well wherever he or she goes. These folks are certainly not starving during the seasons and off-seasons.
    Last edited by Red Hockey; 01-26-2019 at 02:05 PM.

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    Re: What does it mean to have an "endowed chair" as hockey coach?

    Quote Originally Posted by Dirty Dream No. 2 View Post
    ...Do you feel this is an advantage for a school to have an endowed head coaching position?...Is this sort of thing attractive when coaching positions open?
    I can't imagine any player/parent/"advisor" deciding on one program over others simply and solely because one program has an endowed HC position while others do not. Similarly, an endowment is not likely to be the deciding factor for a coaching candidate that might have multiple offers on the table. The big advantage of an endowed HC position is that it gives a program a certain degree of stability by shielding the HC salary from budget priorities that can change over time, depending on administration whims and/or economic conditions.
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    Re: What does it mean to have an "endowed chair" as hockey coach?

    Quote Originally Posted by Split-N View Post
    I can't imagine any player/parent/"advisor" deciding on one program over others simply and solely because one program has an endowed HC position while others do not. Similarly, an endowment is not likely to be the deciding factor for a coaching candidate that might have multiple offers on the table. The big advantage of an endowed HC position is that it gives a program a certain degree of stability by shielding the HC salary from budget priorities that can change over time, depending on administration whims and/or economic conditions.
    I see, makes sense. Thanks.

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    Re: What does it mean to have an "endowed chair" as hockey coach?

    Quote Originally Posted by Red Hockey View Post
    That's a good question. Salaries of coaches from private schools typically aren't made public, although this article offers some level of insight. Endowments certainly give the schools some leeway in being able to afford specific coaches, but a good coach is going to be paid well wherever he or she goes. These folks are certainly not starving during the seasons and off-seasons.
    Very interesting! ~$500k is nothing to sneeze at. What a life!

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    Re: What does it mean to have an "endowed chair" as hockey coach?

    A little history of the Yale endowment.

    Position as Malcolm G. Chace Hockey Coach Inaugurated At Yale's Ingalls Rink in Honor of U.S. Hockey Founder
    march 12, 1998
    Yale has established the position of Malcolm G. Chace Head Hockey Coach as a memorial to Chace, an 1896 graduate of Yale College and one of the initiators of ice hockey in the United States. The position is funded by a gift from the honoree’s grandson, Malcolm G. Chace, of Providence, Rhode Island, who graduated from Yale College in 1956.

    Yale University Director of Athletics Thomas A. Beckett and Vice President for Development Charles J. Pagnam announced the new position in New Haven at ceremonies during the Yale men’s hockey game against Brown on Feb. 13, 1998.

    Yale President Richard C. Levin thanked the donor and welcomed the creation of the endowed coach position. “This generous and far-sighted gift,” said Levin, “provides an ideal memorial for a man who helped establish ice hockey in this country and at Yale. One hundred years ago, Malcolm Chace led the first hockey match in U.S. intercollegiate competition. The head coach position will provide a formal link between his name and hockey as long as Yale exists.”

    In the 1890s, Chace first learned of the Canadian game of ice hockey and led a team of American collegiate athletes in a series of games against Canadians. Chace and several friends decided to adopt the sport, replacing the more common U.S. game of ice polo played with a ball and different equipment . The first U.S. collegiate hockey competition was a game between Yale and Johns Hopkins University, played in Baltimore on Feb. 14, 1896. Yale, led by Chace as captain, won the game, 2-1.

    At the inauguration ceremonies, Timothy B. Taylor was introduced as the first holder of the Malcolm G. Chace Head Hockey Coach title. Taylor has been head coach of men’s hockey at Yale since 1977 and is only the eighth hockey coach in Yale history. His teams have won or shared six Ivy League Championships, and he was named the Eastern Hockey Coach of the Year in 1986. Taylor was the Head Hockey Coach for Team USA at the 1994 Olympics in Lillehammer and has also served as an assistant coach for several other U.S. National Teams.

    The oldest award in Yale hockey, the Malcolm G. Chace Award, is given annually to the player who best exemplifies leadership and the traditions of the sport at Yale. A portrait of Chace hangs in the Schley Room at Ingalls Rink, home of Yale ice hockey.

    Chace’s grandson is chairman of Mossberg Industries, chairman of Bank Rhode Island, and principal of Point Gammon Corp. A former member of the Yale Development Board, he also volunteered with the recently completed Yale Campaign 1992-97 as area co-chair for Rhode Island. He served as co-chair of his Yale College 40th reunion gift committee.

    The Chace family has made numerous philanthropic contributions to Yale. In 1992, Chace and his father, Malcolm G. Chace Jr., a member of the Yale College class of 1927, established the Chace Family Professorship in the Humanities. The younger Chace has also supported the major renovation recently undertaken in Yale’s Sterling Memorial Library.

    Levin emphasized the importance of endowed positions such as the Chace title, which provide a permanent source of funding that is independent of the University operating budget.

    The Malcolm G. Chace Coach position is the third endowment for a varsity coach at Yale. In 1988, the position of Joel E. Smilow Head Coach of Football was established through a gift from Smilow, a 1954 graduate of Yale. In 1997, Gordon B. Hattersley Jr., Class of 1952, endowed the Robert J. H. Kiphuth Director of Swimming in honor of Kiphuth, swimming coach at Yale from 1918 to 1959.
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