Memorial Stadium in Lawrence blows

[Dugout DickStone]

I'd really love to be on a Street Call where a CEO gets on there and tells the Street that his/her company is never actually going to make any money and then follows that statement up with, "and hey, revenue is just an accounting gimmick anyway".

I think he said profits.

[sonofdaxjones]

I'd really love to be on a Street Call where a CEO gets on there and tells the Street that his/her company is never actually going to make any money and then follows that statement up with, "and hey, revenue is just an accounting gimmick anyway".

I think he said profits.

 Yep and thus I used a bad analogy.  But in the case of non profits, aren't we really just concerned with total operating expenses and total revenue generated?   

[OregonSmock]

I'd really love to be on a Street Call where a CEO gets on there and tells the Street that his/her company is never actually going to make any money and then follows that statement up with, "and hey, revenue is just an accounting gimmick anyway".

I think he said profits.

 Yep and thus I used a bad analogy.  But in the case of non profits, aren't we really just concerned with total operating expenses and total revenue generated?

That's the point.

[KITNfury]

I'd really love to be on a Street Call where a CEO gets on there and tells the Street that his/her company is never actually going to make any money and then follows that statement up with, "and hey, revenue is just an accounting gimmick anyway".

I think he said profits.

 Yep and thus I used a bad analogy.  But in the case of non profits, aren't we really just concerned with total operating expenses and total revenue generated?

That's the point.

If that revenue was being spent on something worth a crap, then yes, it would matter. Unfortunately, KU's stadium is the worst in the conference and would still be bottom 25% after upgrades.

[OregonSmock]

I'd really love to be on a Street Call where a CEO gets on there and tells the Street that his/her company is never actually going to make any money and then follows that statement up with, "and hey, revenue is just an accounting gimmick anyway".

I think he said profits.

 Yep and thus I used a bad analogy.  But in the case of non profits, aren't we really just concerned with total operating expenses and total revenue generated?

That's the point.

If that revenue was being spent on something worth a crap, then yes, it would matter. Unfortunately, KU's stadium is the worst in the conference and would still be bottom 25% after upgrades.

That's like, your opinion, man.  KU has upgraded multiple athletic facilities over the years.  AFH is the best place to watch a college basketball game in the world.  Once the Rock Chalk Sports Complex is complete next spring, KU will be able to renovate the football stadium. 

As for K-State, your athletic department has fewer sports programs than most (if not all) schools in the Big 12.  Therefore you have less expenses than most other athletic departments in the conference.  Also, I've heard that K-State counts its long-term capital assets towards its current athletic revenue.  Most schools count that type of stuff toward their Endowment.

[kitten_mittons]

I'd really love to be on a Street Call where a CEO gets on there and tells the Street that his/her company is never actually going to make any money and then follows that statement up with, "and hey, revenue is just an accounting gimmick anyway".

I think he said profits.

 Yep and thus I used a bad analogy.  But in the case of non profits, aren't we really just concerned with total operating expenses and total revenue generated?

That's the point.

If that revenue was being spent on something worth a crap, then yes, it would matter. Unfortunately, KU's stadium is the worst in the conference and would still be bottom 25% after upgrades.

That's like, your opinion, man.  KU has upgraded multiple athletic facilities over the years.  AFH is the best place to watch a college basketball game in the world.  Once the Rock Chalk Sports Complex is complete next spring, KU will be able to renovate the football stadium. 

As for K-State, your athletic department has fewer sports programs than most (if not all) schools in the Big 12.  Therefore you have less expenses than most other athletic departments in the conference.  Also, I've heard that K-State counts its long-term capital assets towards its current athletic revenue.  Most schools count that type of stuff toward their Endowment.

So your KU endowment taking point goes by the wayside?

[deputy dawg]

That's like, your opinion, man.  KU has upgraded multiple athletic facilities over the years.  AFH is the best place to watch a college basketball game in the world.  Once the Rock Chalk Sports Complex is complete next spring, KU will be able to renovate the football stadium.

KU football and Memorial Stadium are, without question, the worst in the conference by anyone that's ever assessed Big 12 football.  It's pretty much everyone's opinion.    at the "best place to watch a college basketball game in the world" talking point.  That's a common perception among Lawrence / Johnson County inbreds that don't have any other collegiate basketball viewing experience, and parrot what they're told by other KU fans.  BTW, I've been to Allen for several games, and it's not as great as you say it is. The smell is the worst I've experienced in any sporting event I've ever attended.

[deputy dawg]

Also, I've heard that K-State counts its long-term capital assets towards its current athletic revenue.

Answer me this, economics/financial guru (that can run intellectual circles around everyone else here):  How do you count an expenditure (long-term capital assets) as revenue?  Translation: How do you count an investment in bricks and mortar as income?   

[sonofdaxjones]

I'd really love to be on a Street Call where a CEO gets on there and tells the Street that his/her company is never actually going to make any money and then follows that statement up with, "and hey, revenue is just an accounting gimmick anyway".

I think he said profits.

 Yep and thus I used a bad analogy.  But in the case of non profits, aren't we really just concerned with total operating expenses and total revenue generated?

That's the point.

If that revenue was being spent on something worth a crap, then yes, it would matter. Unfortunately, KU's stadium is the worst in the conference and would still be bottom 25% after upgrades.

That's like, your opinion, man.  KU has upgraded multiple athletic facilities over the years.  AFH is the best place to watch a college basketball game in the world.  Once the Rock Chalk Sports Complex is complete next spring, KU will be able to renovate the football stadium. 

As for K-State, your athletic department has fewer sports programs than most (if not all) schools in the Big 12.  Therefore you have less expenses than most other athletic departments in the conference.  Also, I've heard that K-State counts its long-term capital assets towards its current athletic revenue.  Most schools count that type of stuff toward their Endowment.

Non-Profit Accounting Basics:
FASB116 stipulates that "unconditional promises to give" are to be recorded at the time the NFP receives notification of the promise. This notification must be in written form, oral promises should not be recorded. FASB defines a condition as a "future and uncertain event" that must occur for the promise to give to become binding.

In many cases, the only notification an NFP receives is when they receive the contribution. In this case it is clear that the entire contribution must be recorded at that time.

However, in other cases the NFP will receive notification of a contribution prior to the actual receipt of the funds. In this case the NFP must determine if they have received an "unconditional promise to give", if so the revenue must be recorded.

If you're including Facilities in "Long Term Capital Assets" . . . upon completion, all facilities projects are transferred to the State of Kansas and are never shown on the books as an Asset of the Athletic Department.

[OregonSmock]

That's like, your opinion, man.  KU has upgraded multiple athletic facilities over the years.  AFH is the best place to watch a college basketball game in the world.  Once the Rock Chalk Sports Complex is complete next spring, KU will be able to renovate the football stadium.

KU football and Memorial Stadium are, without question, the worst in the conference by anyone that's ever assessed Big 12 football.  It's pretty much everyone's opinion.    at the "best place to watch a college basketball game in the world" talking point.  That's a common perception among Lawrence / Johnson County inbreds that don't have any other collegiate basketball viewing experience, and parrot what they're told by other KU fans.  BTW, I've been to Allen for several games, and it's not as great as you say it is. The smell is the worst I've experienced in any sporting event I've ever attended.

Baylor, Texas Tech, and Iowa State all have worse stadiums than KU at the moment.  K-State's was worse until the renovation.  As for AFH, you're just another butthurt K-State fan in a long line of butthurt K-State fans who have claimed that AFH wasn't "that great."  The place was just completely renovated in 2010, so if you're talking about a smell, you likely haven't visited since the early 1990's.  Also, Business Insider did a top 100 venues in sports list, and AFH is ranked 12th (#1 for any basketball venue).

http://www.businessinsider.com/the-top-100-venues-in-sports

15. Yankee Stadium

14. Cameron Indoor Stadium

13. Estadio Azteca

12. Phog Allen Field House

11. Wembley Stadium

10. Ibrox Stadium

9. Estadio Alberto J. Armando (La Bombonera)

8. Stadio Giuseppe Meazza (San Siro)

7. Stade Louis II

6. Stamford Bridge

5. Fenway Park

4. L'Estadi Camp Nou

3. Soldier Field

2. Wrigley Field

1. Lambeau Field

[OregonSmock]

Also, I've heard that K-State counts its long-term capital assets towards its current athletic revenue.

Answer me this, economics/financial guru (that can run intellectual circles around everyone else here):  How do you count an expenditure (long-term capital assets) as revenue?  Translation: How do you count an investment in bricks and mortar as income?   

wut


Sounds like you don't know what a long-term capital asset is.

[EllRobersonisInnocent]

Because Business Insider is the #1 source for anything sports related

[kostakio]

I'd really love to be on a Street Call where a CEO gets on there and tells the Street that his/her company is never actually going to make any money and then follows that statement up with, "and hey, revenue is just an accounting gimmick anyway".

I think he said profits.

 Yep and thus I used a bad analogy.  But in the case of non profits, aren't we really just concerned with total operating expenses and total revenue generated?

That's the point.

If that revenue was being spent on something worth a crap, then yes, it would matter. Unfortunately, KU's stadium is the worst in the conference and would still be bottom 25% after upgrades.

KU's money is being spent on buyouts for Mangino, Gill, Perkins etc. and for paying Charlie Weis and his assistants about double market value. 

[kostakio]

Also, I've heard that K-State counts its long-term capital assets towards its current athletic revenue.

Answer me this, economics/financial guru (that can run intellectual circles around everyone else here):  How do you count an expenditure (long-term capital assets) as revenue?  Translation: How do you count an investment in bricks and mortar as income?   

wut


Sounds like you don't know what a long-term capital asset is.

umm I think maybe you need to look up the defintion, he seems to have a pretty good handle on it.     

[OregonSmock]

I'd really love to be on a Street Call where a CEO gets on there and tells the Street that his/her company is never actually going to make any money and then follows that statement up with, "and hey, revenue is just an accounting gimmick anyway".

I think he said profits.

 Yep and thus I used a bad analogy.  But in the case of non profits, aren't we really just concerned with total operating expenses and total revenue generated?

That's the point.

If that revenue was being spent on something worth a crap, then yes, it would matter. Unfortunately, KU's stadium is the worst in the conference and would still be bottom 25% after upgrades.

That's like, your opinion, man.  KU has upgraded multiple athletic facilities over the years.  AFH is the best place to watch a college basketball game in the world.  Once the Rock Chalk Sports Complex is complete next spring, KU will be able to renovate the football stadium. 

As for K-State, your athletic department has fewer sports programs than most (if not all) schools in the Big 12.  Therefore you have less expenses than most other athletic departments in the conference.  Also, I've heard that K-State counts its long-term capital assets towards its current athletic revenue.  Most schools count that type of stuff toward their Endowment.

Non-Profit Accounting Basics:
FASB116 stipulates that "unconditional promises to give" are to be recorded at the time the NFP receives notification of the promise. This notification must be in written form, oral promises should not be recorded. FASB defines a condition as a "future and uncertain event" that must occur for the promise to give to become binding.

In many cases, the only notification an NFP receives is when they receive the contribution. In this case it is clear that the entire contribution must be recorded at that time.

However, in other cases the NFP will receive notification of a contribution prior to the actual receipt of the funds. In this case the NFP must determine if they have received an "unconditional promise to give", if so the revenue must be recorded.

If you're including Facilities in "Long Term Capital Assets" . . . upon completion, all facilities projects are transferred to the State of Kansas and are never shown on the books as an Asset of the Athletic Department.

This is why the world has lawyers.

[sonofdaxjones]

"Long Term Capital Assets" are only shown on the books as . . . hang on here kids . . . as assets.

They're never shown as revenue.

Kids, just step back because Beems is just flailing. 

The facts are the facts, from an operational standpoint, K-State athletics operated well in the black in FY 2012, whereas ku athletics operated nearly $9 million dollars in the red in FY 2012.

Beems . . . you don't have the first clue:

The title rights to buildings and building improvements constructed and financed by K-State
Athletics, Inc. on property owned by the State of Kansas immediately transfer to the State.
Management has chosen not to amortize the improvement costs over the estimated useful life of
the assets as required by accounting principles generally accepted in the United States of
America. The statement of changes in net assets includes $13,974,978.51 and $2,993,286.06 of
transfers to the State of Kansas for capital expenditures related to buildings and building
improvements, for the years ended June 30, 2012 and 2011. The effect on the financial
statements from the departure in prior and current periods cannot be quantified from the
historical financial records.

Confused Beems Said:

Also, I've heard that K-State counts its long-term capital assets towards its current athletic revenue.

[kostakio]

I'd really love to be on a Street Call where a CEO gets on there and tells the Street that his/her company is never actually going to make any money and then follows that statement up with, "and hey, revenue is just an accounting gimmick anyway".

I think he said profits.

 Yep and thus I used a bad analogy.  But in the case of non profits, aren't we really just concerned with total operating expenses and total revenue generated?

That's the point.

If that revenue was being spent on something worth a crap, then yes, it would matter. Unfortunately, KU's stadium is the worst in the conference and would still be bottom 25% after upgrades.

That's like, your opinion, man.  KU has upgraded multiple athletic facilities over the years.  AFH is the best place to watch a college basketball game in the world.  Once the Rock Chalk Sports Complex is complete next spring, KU will be able to renovate the football stadium. 

As for K-State, your athletic department has fewer sports programs than most (if not all) schools in the Big 12.  Therefore you have less expenses than most other athletic departments in the conference.  Also, I've heard that K-State counts its long-term capital assets towards its current athletic revenue.  Most schools count that type of stuff toward their Endowment.

Non-Profit Accounting Basics:
FASB116 stipulates that "unconditional promises to give" are to be recorded at the time the NFP receives notification of the promise. This notification must be in written form, oral promises should not be recorded. FASB defines a condition as a "future and uncertain event" that must occur for the promise to give to become binding.

In many cases, the only notification an NFP receives is when they receive the contribution. In this case it is clear that the entire contribution must be recorded at that time.

However, in other cases the NFP will receive notification of a contribution prior to the actual receipt of the funds. In this case the NFP must determine if they have received an "unconditional promise to give", if so the revenue must be recorded.

If you're including Facilities in "Long Term Capital Assets" . . . upon completion, all facilities projects are transferred to the State of Kansas and are never shown on the books as an Asset of the Athletic Department.

This is why the world has lawyers.

The first part says that you should recognize donations as revenue when either you recieve the cash donation or receive a written committment.  As far as I can tell this is what KSU does and I assume KU does the same if they follow FASB/GAAP.   

The second part you highlighted has to do with recording the asset on the balance sheet it has nothing to do with revenue recognition or the income statement at all.   

[sonofdaxjones]

Well Beems "all that research" took about 2 minutes.

[OregonSmock]

Well Beems "all that research" took about 2 minutes.

And it takes less time than that to realize that different athletic departments utilize different accounting principles and use different accounting gimmicks.  Like I've also pointed out, K-State has fewer sports than KU, and therefore less expenses.  I guess if KU wanted to cut a bunch of non-revenue sports and announce a bunch of profit, we could do that, but it wouldn't be in the best interest of our student athletes, or our university.

[420seriouscat69]

Story of beems life:

[SPEmaw]

Also, I've heard that K-State counts its long-term capital assets towards its current athletic revenue.

Answer me this, economics/financial guru (that can run intellectual circles around everyone else here):  How do you count an expenditure (long-term capital assets) as revenue?  Translation: How do you count an investment in bricks and mortar as income?   

 

[SPEmaw]

Well Beems "all that research" took about 2 minutes.

And it takes less time than that to realize that different athletic departments utilize different accounting principles and use different accounting gimmicks.  Like I've also pointed out, K-State has fewer sports than KU, and therefore less expenses.  I guess if KU wanted to cut a bunch of non-revenue sports and announce a bunch of profit, we could do that, but it wouldn't be in the best interest of our student athletes, or our university.

If in accordance with GAAP, it cannot be considered a gimmick. You're like a flailing lib/poor who  chastizes the wealthy ( :ksugrad: ) for following the over-complicated tax code to minimize their liability and points a finger while calling it a gaping loophole lubed by greed. In actuality, it's just evidence of finanicial accuity, overall inteligence & logic, and legal consultation.

Now get out of here with this bologna, you poor! 

[sonofdaxjones]

Well Beems "all that research" took about 2 minutes.

And it takes less time than that to realize that different athletic departments utilize different accounting principles and use different accounting gimmicks.  Like I've also pointed out, K-State has fewer sports than KU, and therefore less expenses.  I guess if KU wanted to cut a bunch of non-revenue sports and announce a bunch of profit, we could do that, but it wouldn't be in the best interest of our student athletes, or our university.

Very few people at ku probably pay any attention to soccer, softball or women's swimming.  The only reason those sports still exist at ku is because Lew Perkins conned the students into forking over nearly $2 million a year in additional student fees and there's still significant question as to whether ku athletics ever followed through on their end of the deal in terms of providing funds for the student rec center.    Just like about a year ago or so ku athletics apparently owed entities like ku parking services significant amounts of money.   Maybe Cheyenne Zulu got those bills paid.

[yachtbroker]

This post didn't get its due:

KU has three Big 12 titles already this year:  Men's basketball, indoor track & field, and outdoor track & field.  K-State can tie us with three this weekend if the baseball team beats OU.  Gotta admit, fellas... it feels good having the best all-around athletes in the Big 12.


 

'grats on winning Women's Track and Field inside and out. That is HUGE.

We'll take two more Big 12 titles to add to our massive collection.  It's an embarrassment of riches in Lawrence right now.

http://www.kshb.com/dpp/news/state/kansas/study-lawrence-economy-worst-in-nation

[OregonSmock]

"Long Term Capital Assets" are only shown on the books as . . . hang on here kids . . . as assets.

They're never shown as revenue.

Kids, just step back because Beems is just flailing. 

The facts are the facts, from an operational standpoint, K-State athletics operated well in the black in FY 2012, whereas ku athletics operated nearly $9 million dollars in the red in FY 2012.

Beems . . . you don't have the first clue:

The title rights to buildings and building improvements constructed and financed by K-State
Athletics, Inc. on property owned by the State of Kansas immediately transfer to the State.
Management has chosen not to amortize the improvement costs over the estimated useful life of
the assets as required by accounting principles generally accepted in the United States of
America. The statement of changes in net assets includes $13,974,978.51 and $2,993,286.06 of
transfers to the State of Kansas for capital expenditures related to buildings and building
improvements, for the years ended June 30, 2012 and 2011. The effect on the financial
statements from the departure in prior and current periods cannot be quantified from the
historical financial records.

Confused Beems Said:

Also, I've heard that K-State counts its long-term capital assets towards its current athletic revenue.

Well now that I've had a chance to look at the financial reports (the latest I could find for KU was 2011), I can see where the actual differences are.  KU transferred roughly $45 million in net assets back to the university in 2011.  This transfer is listed as "property and equipment," which I suspect is Allen Fieldhouse and the adjacent facilities that were renovated in 2010.  Meanwhile, K-State counts roughly $15 million in non-transferred assets towards its net worth.  Like I said all along... accounting gimmicks.

Looking at ticket sales, KU generated roughly $20.85 million in ticket sales, while K-State generated $14.91 million.  KU's total athletic revenue was $74.46 million, while K-State's was $63.56 million.  That's really pretty incredible considering how terrible KU's football program has been the past few years.