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WVU Foundation issues statement on WVU-Beilein buy-out settlement

on Thu, 08/09/2007 - 08:00

The WVU Foundation has been advised that a provision of West Virginia University's buy-out settlement with former basketball coach John Beilein calls for him to make payments totaling $1.5 million over a five-year period to the Foundation. The funds are to be placed into a separate Mountaineer Athletic Club (MAC) account for use by WVU's Department of Intercollegiate Athletics.

While not a party to the agreement, the WVU Foundation will accept the payments as a service to the University. However, we will not represent the $1.5 million as a gift for tax purposes, per our understanding of terms of the agreement and our interpretation of IRS regulations governing charitable gifts.

The WVU Foundation is an independent 501(c)(3) corporation chartered in 1954 to generate, administer, invest and disburse contributed funds and properties in support of West Virginia University and its non-profit affiliates.