Independence Bowl audit

[Rebel02]

Audit for the year ended 2/29/09 is up on the Louisiana Legislative Auditor's website PDF link

Auditor's opinion states there is still a concern about the I-Bowl Foundation's ability to continue operations. Does it mean an end to the I-Bowl? No. It means trouble for the Foundation running the bowl game.

On to the numbers....

1. Ticket revenue DECREASED approximately $150k from the prior year. Seriously, it went DOWN from the prior year ticket revenue.

2. The Foundation lost approximately $85,000 for the year ended 2/29/09, which is better than the $450,000 lost the prior year. Still not good when you had a "home" team playing in the game. However, part of that decrease in the loss from the prior year can be attributed to #4 below.

3. The Foundation has a note payable with Capital One for the new scoreboad at their stadium. Payments are due each year in the amount of $150k. For the year ended 2/29/09, the Foundation DID NOT pay their $150k!! They were able to extend the length of the note since they were not able to pay it this fiscal year.

4. The Foundation is trying to cut costs in order to become more profitable. While total expenses did decrease approximately $600k for the year, $550k of that decrease was due to LTU and NIU being the schools in the game, therefore the Foundation did not have to pay as much to those schools if say the SEC and Big 12 were able to fill their spots. So basically, they have not reduced any of their expenses. Had the Big 12 or SEC conferences, or both, had enough teams, you could have been looking at approximately $700k in losses for the Foundation this year.

The Foundation has now filed suit against former title sponsor PetroSun for non-payment of their sponsorship fees. No idea how that will turn out in court.

Doesn't look good for the I-Bowl Foundation. Once you start not being able to make your payments on your loans, you're screwed.

[DrumRoll]

_ Audit for the year ended 2/29/09

Rebel02...

Did LA Tech get paid?

[CajunRebel]

_ Audit for the year ended 2/29/09 is up on the Louisiana Legislative Auditor's website PDF link

Auditor's opinion states there is still a concern about the I-Bowl Foundation's ability to continue operations. Does it mean an end to the I-Bowl? No. It means trouble for the Foundation running the bowl game.

On to the numbers....

1. Ticket revenue DECREASED approximately $150k from the prior year. Seriously, it went DOWN from the prior year ticket revenue.

2. The Foundation lost approximately $85,000 for the year ended 2/29/09, which is better than the $450,000 lost the prior year. Still not good when you had a "home" team playing in the game. However, part of that decrease in the loss from the prior year can be attributed to #4 below.

3. The Foundation has a note payable with Capital One for the new scoreboad at their stadium. Payments are due each year in the amount of $150k. For the year ended 2/29/09, the Foundation DID NOT pay their $150k!! They were able to extend the length of the note since they were not able to pay it this fiscal year.

4. The Foundation is trying to cut costs in order to become more profitable. While total expenses did decrease approximately $600k for the year, $550k of that decrease was due to LTU and NIU being the schools in the game, therefore the Foundation did not have to pay as much to those schools if say the SEC and Big 12 were able to fill their spots. So basically, they have not reduced any of their expenses. Had the Big 12 or SEC conferences, or both, had enough teams, you could have been looking at approximately $700k in losses for the Foundation this year.

The Foundation has now filed suit against former title sponsor PetroSun for non-payment of their sponsorship fees. No idea how that will turn out in court.

Doesn't look good for the I-Bowl Foundation. Once you start not being able to make your payments on your loans, you're screwed. _

So they are losing tons of money and they still decided to snub the in-state school 3 hours away that would have brought tons more fans? Pathetic morons.

[Rebel02]

_ Rebel02...

Did LA Tech get paid? _

According to the report, not as of that February 29, 2009. But that is the norm for bowls and the end of the fiscal years. Most don't get paid until all of the numbers are finalized.

[gorcajun]

I-Bowl "What's in your wallet???


Couldn't resist.

[HoustonCajun]

_ I-Bowl "What's in your wallet???


Couldn't resist. _

We know that UL is plannning to enlarge the football stadium. I was told in Houston that suites and increased attendance will pay for the improvements and that they could sell the suites now. Let's speed up the timetable for that and enlarge it to over 50,000 to cover the future growth of UL football AND let's host a replacement bowl game for the Independence Bowl. Call it the Tabasco Bowl or the Cajun Bowl and do like Boise State does in hosting a bowl game and promoting their program. That might be a great way to bring Tabasco into UL's fold as a major program and bowl sponsor. At least we have a history of hosting one bowl game, the N.O. Bowl a couple of years ago. Surely a game in the heart of Cajun Country would be more attractive nationally than one in Shreveport.

[CajunSaint]

_ I-Bowl "What's in your wallet???


Couldn't resist. _

now that there is funny!

[TravlnCajun]

_ I-Bowl "What's in your wallet???


Couldn't resist. _

that was priceless!