THE UNIVERSITY OF OKLAHOMA’S I NDEPENDENT STUDENT VOICE
VOL. 93, NO. 70 FREE — Additional Copies 25¢
WEDNESDAY, DEC. 3, 2008 © 2008 OU Publications Board
OU donors coming through despite recession EDITOR’S NOTE: This is the second in a three-part series about OU’s efforts to deal with the economic crisis. Today’s article addresses the economy’s impact on university donors. MEREDITH SIMONS The Oklahoma Daily With Wall Street’s wild ride during the past few months, many are less able — or less willing — to make charitable donations as economic uncertainty grows and savings shrink. A study by the Center on Philanthropy predicted a drop in charitable giving over the next quarter, prompting concerns from universities whose donors may be closing their wallets just as schools’ financial
needs increase. Defaults on previously pledged donations have forced some schools to stop construction or development, but OU administrators say the university’s fundraising efforts are in better shape than most, even if some of OU’s most high-profile donors have experienced high-profile losses during the last few months. Some donors have become slower to commit to projects, but none have reneged on outstanding commitments, according to Tripp Hall, vice president for development. “Our default rate is zero,” he said.
OU ECONOMY
TUESDAY
TODAY
THURSDAY
The Daily’s threepart series
Part 1: How OU is cutting its costs
Part 2: Recession impact on donors
Part 3: The effect on endowments
of Chesapeake Energy Corp., revealed in October he had been forced to sell most of his stock in the company, losing billions of dollars in the process. The announcement came just five months after OU announced that McClendon donated $12.5 million to a variety of university athletic and academic programs, and Chesapeake made a donation of $2.5 million to the Mewbourne College of Earth and Energy. Big commitments But OU President David L. Boren said Aubrey McClendon, chairman and CEO neither Chesapeake nor McClendon have
missed scheduled payments on their gifts, which are multi-year pledges. McClendon is actually ahead of schedule. Boren declined to give specific numbers but said the amount of money McClendon has already paid on his pledge is “counted in the millions, not the thousands,” and amounts to more money than McClendon was scheduled to have donated at this point in the year. Boren said it was possible, however, that the timing of future payments would be renegotiated.
“We certainly have not written off any pledges from Chesapeake or the McClendon family, and we have every confidence that those pledges are good pledges that will be honored,” Boren said. “It could be that we’ll have to change our timetable, and we’re willing to do that.” OU’s donors — and OU’s own finances — have weathered the economic downturn much better than those of some universities. Investments made by T. Boone Pickens, the billionaire businessman who donated $165 million to Oklahoma State University in 2005, have lost $1 billion this year because of market losses. OSU, which had reinvested Pickens’
DONORS Continues on page 2
ARTS & ENTERTAINMENT R.I.P. Bruce Wayne? While Batman’s fate is still unknown, the new Batman #682 focuses instead on retelling the superhero’s early years. The Week in Comics also has wolves and Iron Fists. Page 7.
SPORTS Injuries have popped up and bitten the Oklahoma football team again, and now a virtual unknown will find himself in the Sooners’ starting lineup: middle linebacker Mike Balogun, a junior from Maryland. Page 5.
MIKE BALOGUN
CAMPUS BRIEFS ‘Bake Before Books’ tonight The equestrian team is hosting the holiday fundraiser “Bake Before Books” today at 6:30 p.m. at the Delta Gamma house. Students can decorate cookies and make holiday cards for the troops. There will be food and music. Tickets are $5.
WHAT’S INSIDE Auto sales hit 26-year low U.S. light vehicle sales at General Motors and Chrysler plunged more than 40 percent in November, while Ford’s sales dropped 31 percent, battered by an economic storm that has sent consumer demand for new vehicles to the lowest level in more than 26 years. Page 9.
TODAY’S INDEX A&E 7, 10 Campus News 3 Campus Notes 9 Classifieds 8 8 Crossword
Horoscope 9 Opinion 4 Police Reports 9 Sports 5, 6 Sudoku 8
WEATHER FORECAST
STATE of the ART
Regents approve art museum expansion • Stuart Family Foundation donates $3M to project TROY WEATHERFORD The Oklahoma Daily The OU Board of Regents considered two fine arts projects funded and promoted by members of the board at its meeting Tuesday in the Oklahoma Memorial Union. The elevation of the musical theater program from a department to a school and an expansion of the Fred
LOW 48° HIGH 50°
THURSDAY LOW 26° HIGH 45° Source: Oklahoma Weather Lab
Jones Jr. Museum of Art were both approved Tuesday at the regents’ final meeting of the year. The art museum will be updated and expanded to allow more room for the display of OU’s current collection and the enlargement of the collection, which is already one of the most valuable in the country. The renovations were planned to coincide with the creation of a new gallery for the Adkins Collection, a collection of Taos and Native American art that the university received in July 2007 OU Board of Regents Chairman Jon Stuart made the project possible with a $3 million gift from the Stuart Family Foundation, according to OU President David L. Boren.
“Once again, when the university needed support for an important project, Jon and Dee Dee Stuart have come forward,” Boren said. The renovations will cost a total of $13 million. Stuart’s $3 million “lead gift” will be supplemented with $6 million in one-time funding from the university’s discretionary reserves. The remaining $4 million needed for the project will come from smaller gifts from private donors. Boren said construction of the new facility will not require the university to borrow money. He is currently in conversations with prospective donors who might cover the final $4 million.
MUSEUM Continues on page 2
Energy-rich Russia moves to become world power again • Dream course lecturer speaks on foreign energy, policy LEIGHANNE MANWARREN The Oklahoma Daily
TODAY
Illustration Provided
An artistic rendition depicts the proposed expansion to the Fred Jones Jr. Museum of Art. The OU Board of Regents approved the expansion during its meeting Tuesday.
While the U.S. strives to become energy independent, resource-limited Europe relies heavily on Russian oil and natural gas, which is helping Russia move back onto the international stage. Robert Orttung, senior fellow at the Jefferson Institute in Washington, D.C., spoke to OU students Tuesday evening in the Oklahoma Memorial Union about Russia’s relationships with foreign countries and the corruption within the country’s government. “The basic idea of this lecture is the rela-
tionship between Russia’s energy to its political sphere,” Orttung said. “Though resource energy is a cause of corruption in Russia, it’s not the direct cause for it because it is not the only cause. The corruption would still be there even without their energy resources.” Through Russia’s control over vast energy sources, it is once again trying to become a world power. “Russia is becoming a focus of global politics because of its command over its large source of raw petroleum resources and its distribution,” political science assistant professor Paul Goode said. “Because of this, Russia is becoming a world power again with its relations to Europe and the East. This also means that along with the rise of this wealth, there is a rise in corruption among their AP Photo politicians,” While the U.S. has no connections to People pass by a currency exchange booth with the sign indicating U.S. dollar and euro Russia’s energy resources, Europe is heavily rates Monday in Moscow. The lecture “Corruption and Russia’s Resource-Based Economy”
RUSSIA Continues on page 2 was held Tuesday evening in the Oklahoma Memorial Union.