Stock Gift is Windfall for Hospitality Program

Colleges & Universities A-Z Florida State University
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<p>Nearly eight years later, a businessman's promise to donate $7 million worth of company stock to Florida State University's program in hospitality management is yielding huge dividends. As a result of Robert Dedman's generosity, the Dedman School of Hospitality could receive as much as $12.6 million, once matching funds from the state of Florida are factored in.</p>

<p>Dedman, who died in 2002, was the founder of ClubCorp, the world's leader in private club management. Internationally, ClubCorp affiliates own or operate nearly 170 golf courses, country clubs, private business and sports clubs, and resorts. (In Tallahassee, the company manages the University Center Club, located in FSU's University Center complex.) ClubCorp has approximately $1.5 billion in assets.</p>

<p>In 1999, Dedman agreed to donate $7 million worth of ClubCorp stock to FSU's hospitality program. In return, the program acquired his name, becoming known as the Dedman School of Hospitality. Among other things, his gift helped the school establish the Professional Golf Management program, which exposes FSU students to career opportunities in all aspects of country club management - everything from golf-course planning and development to sales and merchandising, coaching, broadcasting and journalism, just to name a few.</p>

<p>"The overwhelming generosity of the Dedman family has dramatically improved our program in hospitality management and resulted in wonderful career opportunities for hundreds of students," said Robert A. Brymer, an FSU hospitality professor and chairman of the Dedman School. "Although he is no longer with us, Robert Dedman's legacy lives on in the opportunities his gift is generating."
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"First, we want to use this money to attract more world-class researchers," he said. Important research in the hospitality field encompasses such areas as tourism trends and economic impacts, the study of leadership skills and dynamics, and developing ways to enhance service quality.</p>

<p>"With a larger faculty, we would like to develop a new doctoral program in hospitality by 2008," Brymer said. Other areas that would be augmented by the additional money are student scholarships and faculty internships, he said.
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Approximately 110 students graduate from the Dedman School of Hospitality each year. The school boasts of a 100-percent job placement rate for its graduates within their field of study. To read more about the school, visit <a href="http://www.cob.fsu.edu/dsh%5B/url%5D"&gt;www.cob.fsu.edu/dsh&lt;/a>. To learn more about the school's Professional Golf Management program, go to <a href="http://www.cob.fsu.edu/dsh/pgm_major.cfm%5B/url%5D"&gt;www.cob.fsu.edu/dsh/pgm_major.cfm&lt;/a&gt;.&lt;/p>

<p>For the rest of the article, see: <a href="http://www.fsu.com/pages/2007/01/25/StockGift.html%5B/url%5D"&gt;http://www.fsu.com/pages/2007/01/25/StockGift.html&lt;/a&gt;&lt;/p>

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<p>Update info...</p>

<p>The Florida State University Dedman School of Hospitality recently received the donation money Robert Dedman promised the program in 1999. The $7 million promise has been waiting in a stock in Dedman's company, ClubCorp, which was sold Dec. 26 of last year.</p>

<p>The stock turned out $6.3 million after the sale and has been deposited in the FSU Foundation account. Because the donation surpasses $2 million, the program is also eligible to receive matching funds from the state of Florida, bringing the possible total of Dedman's gift to $12.6 million. There is, however, a tiny catch most people may not realize.</p>

<p>"The $6.3 million we received, we don't touch," explained Robert A. Brymer, an FSU hospitality professor and chairman of the Dedman School. "That amount stays in the FSU Foundation account. We do not use that money; instead, we use the four percent interest that comes off those funds. This is the standard operating procedure for all gifts to the school." </p>

<p>In actuality, although the money sits in the account, Brymer and the other faculty of the program will have to wait for the interest to be there, which will not become available until July 1. </p>

<p>Dedman's involvement with FSU was through the fact that his company hired a number of FSU graduates in the hospitality program, who in turn helped to make his company successful. In fact, it was FSU graduate turned ClubCorp executive Vice President James A. Riscigno who was instrumental in the donation. As Brymer said, he was "the catalyst to energize that gift to make it a reality."</p>

<p>"Robert felt he was creating a 'win-win' partnership with FSU and other universities through his giving," said Riscigno, who directs FSU's program in Professional Golf Management, as stated in a press release. "He was convinced that if he helped universities and students, ClubCorp would be in a position to attract the brightest and the best students to become employee partners with his company."</p>

<p>With such an astounding amount, the program now has the opportunity to grow in numerous ways. According to Brymer, the program will work to enhance the research professorship opportunities by focusing on research activities and eminent scholar chairs. They can enable students to become more involved with industry training and give more scholarships. </p>

<p>Also, the program can engage the industry on campus more by having executives and the like come speak with students. Funding for student and faculty travel, including trips to research conferences, is also a possibility. </p>

<p>"It will enhance our chances to become even more highly ranked than we currently are," said Brymer. "Usually we rank within the top 10, with different qualifications, but we want to be in the top three."</p>

<p>For the rest, see:
<a href="http://media.www.fsunews.com/media/storage/paper920/news/2007/02/05/News/Dedmans.Hospitality.Realized.8.Years.Later-2695313.shtml?sourcedomain=www.fsunews.com&MIIHost=media.collegepublisher.com%5B/url%5D"&gt;http://media.www.fsunews.com/media/storage/paper920/news/2007/02/05/News/Dedmans.Hospitality.Realized.8.Years.Later-2695313.shtml?sourcedomain=www.fsunews.com&MIIHost=media.collegepublisher.com&lt;/a&gt;&lt;/p>