A national championship win is paying off for Ohio State.
Ohio State’s royalty revenues have increased by $3 million to $4 million after the national championship win, associate vice president for Student Life Xen Riggs said at a Board of Trustees finance committee meeting on Thursday.
He said the amount of apparel sold after OSU’s football team beat Oregon, 42-20, on Jan. 12 was on par with apparel sales for the winning team of the Super Bowl.
Riggs, who manages affinity partnerships for the university, also talked about how OSU’s private contracts are drawing attention nationwide.
The university has more than $683 million in private contracts with companies such as Coca-Cola Co., Nike Inc., Huntington National Bank, QIC Global Infrastructure, Nationwide Insurance, Hat World Inc. (doing business as Lids Sports Group) and J. America Sportswear Inc.
Riggs said the contracts provide an additional $20 million in revenue for the university. He added that the primary beneficiaries for these partnerships are the Office of Academic Affairs, athletics, the Office of Student Life and the Alumni Association. Academic Affairs received 55 percent of the money from these contracts, Riggs added.
“We are on the cutting edge nationally. Other schools are coming to us and asking how we’re doing (these contracts),” Riggs said.
Now, OSU is set to enter into a 20-year agreement with LifeCare Alliance, a Columbus-based nonprofit organization that aims to provide “health and nutrition services to older adults and medically challenged or homebound residents,” according to its website. Those services include Meals on Wheels and wellness centers.
The agreement was required before a state capital appropriation of $1.5 million could be released to LifeCare Alliance, money that will be used to renovate properties at 1699 W. Mound St. and 1697 W. Mound St. That renovation includes revamping the Meals on Wheels kitchen, updating a medical building and creating a digital mammography center, according to the committee agenda.
The agreement gives OSU use of those renovated buildings for educational and other programs and activities, as well as for student internship programs between LifeCare Alliance and OSU.
The committee also discussed various construction projects, including repairs and replacements to the existing elevators on the campus. That work will be prioritized based on assessments made of the condition of the elevator, but could affect up to 17 “elevator systems” in 11 academic buildings. The project is expected to cost $4.8 million and will come from state appropriations, according to the committee agenda.
Another agreement was proposed to renovate and add onto the School of Music’s Weigel Hall and renovate Hughes Hall, as well as creating an arts district master plan. The design and construction costs for the School of Music are expected to cost as much as $60 million.
Revenues for the university increased 3.9 percent over the same period last fiscal year, mostly because of revenue from healthcare.
Student revenues were less than last year, because there were six fewer days during Fall Semester 2014 than Fall Semester 2013. However, gifts to the university rose to $75 million, an increase of $11 million.