The Phil Dorr Alumni & Friends Endowment Investment Fund gave the BU Athletic Department $75,000 to utilize for scholarships for student-athletes who are business majors in good academic standing, such as Steffanie Blackmon.
Feb. 20, 2004
The Baylor University Athletic Department will receive a $75,000 disbursement from the Phil Dorr Alumni & Friends Endowment Investment Fund during halftime of Saturday's women's basketball game at the Ferrell Center between No. 19 Baylor and No. 24 Oklahoma.
"We appreciate Phil's efforts in making this project so successful," Baylor Athletics Director Ian McCaw said. "Not only does this investment fund benefit our student-athletes who are business majors, but it also gives Baylor business students the opportunity to gain practical experience with the financial markets. The performance of the fund, given all the circumstances around the world since it began in 2000, is quite impressive."
Established in 2000 with a $250,000 endowment from alumnus Phil M. Dorr, the real equity portfolio is actively managed by select Baylor Business students and has a current market value of $5.2 million. This marks the first disbursement from the fund, which was designed to direct profits into athletic scholarships for Baylor student-athletes who are business majors in good academic standing.
"I wanted to make sure that the Baylor business school would be a place where graduating students would have doors opened to them with money management firms," said Dorr. "This real life experience allows them to have those job opportunities when they get out of school.
"At the same time, the fund provides a vehicle to support athletic scholarships," he added. "People can make their donations to this fund and see direct and ongoing results, because it is an endowed fund."
The Athletic Department will receive $75,000 to fund three scholarships. BU student-athletes who could benefit from the endowment include football's Justin Crooks, women's basketball's Steffanie Blackmon and Tommy Swanson of the men's basketball team. In addition, $20,000 is being distributed to fund one MBA scholarship.
"The investment fund is a perfect example of one of the many opportunities for Baylor business students to get real-life experience in preparation for their career," said Terry Maness, Dean of the Hankamer School of Business.