As a graduate of Indiana University I felt I should do my part in helping IU raise money by selling naming rights to school properties. You may have heard IU recently renamed the Bloomington Law School and the basketball gymnasium for $35 million and $40 million respectively. These events transpired pretty much in dark rooms at midnight. I suggest if this publicly funded institution wishes to maximize its pay for play naming game it should establish a schedule of prices and let everyone know how and for how much they may honor themselves by having their names pasted on university assets. Let’s open the bidding.
First we must establish how much Indiana University costs Hoosier taxpayers, then set relative values for selling off its pieces. The state of Indiana established IU in 1820 and has funded it with tax revenues each year. For fiscal 2015-2016 Hoosiers provided $3.27 billion dollars for all the state’s IU campuses. That gives us a reference point for setting relative values for the naming of individual assets such as buildings and departments.
Of course, there are other considerations besides price. For example, we should not condone the naming of our state-owned property for persons of unsavory character. An Al Capone library might not resonate with intellectual pride nor would a Bernie Madoff Economics Department. Surely we are not just for sale to all comers.
However, if the mysterious committee that decides to sell the names of public edifices and other assets has some guidelines in place we might be able to help finance everything from sports to astronomy. But in fairness, a list of things and their prices should be publicized so we all have an opportunity to participate. I have a few suggestions:
Assets Naming Price
The Whole Enchilada (IU) $3 and ¼ billion
Football Stadium $100 million
Baseball Field $ 10 million
Soccer Field $ 1 million
Natatorium $ 500,000
Student Union $ 100,000
Library $ 50,000
English Department $ 40,000
Physics Department $ 30,000
Philosophy Department $ 20,000
Sociology Department $ 5,000
Music School $ 1,000
History Department $ 500
Dining Halls $ 100
Restrooms ???
The folks who currently decide to sell these things are in a better position than I to set actual prices. These are just a few respectful suggestions as to the relative value of some of IU’s elements as might be seen from some of the public’s and the Committee’s perspectives. I hope we can arrive at a meeting of the minds over how best to encourage contributions.
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