Tech Press Box Loan has no repayment Schedule

Back in 2016, Louisiana Tech announced the construction of nearly $20 million in improvements to the Joe Aillet Stadium, including some $16 million for the stadium press box.

During a lunchtime press conference in the Jarrell Room of the Davison Athletics Complex Tuesday, McClelland revealed that a new $16.7 million press box and guest suite facility would be built. An additional $1.9 million will be invested in other stadium improvements, including LED lighting, a permanent west side ticket booth, renovations to the west side bathrooms and aesthetic improvements to stadium entry points.

The total price of $18.6 million for the various improvements will be funded 100 percent through private donations.

In early January, the Louisiana Tech University Foundation annual audit had this note on page 13.

Effective May 23, 2017, the board of directors approved self-financing, through the Foundation, to facilitate the timely completion of an athletics expansion project with the use of endowment funds. The funds were borrowed at an interest rate of four percent, with no formalized repayment schedule. Funds will be paid back as proceeds from charitable gifts along with income generated from above said project are available. The financial statements reflect a note receivable from the Foundation, in the amount of $11,054,000 and an unsecured note payable in the same amount to the Louisiana Tech University Foundation endowment investment account.

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