In prior updates, I've shared some of the challenges of competing this year. There have also been triumphs. Andrew Lyubovsky became the eighth All-American in men's gymnastics and the first since 2017. Annie Tuttle, as part of an impressive team performance at the CAA swimming championship, set two school records. Our student-athletes and team produced many other extraordinary moments as we trained and competed as safely and fiscally responsibly as possible.
 
I've also laid out the fiscal challenges faced in FY21 in prior updates. Our alumni and friends have shown remarkable generosity throughout the year – with almost a full quarter to go. In this update, I'd like to share more on the commitment of our donors and the work underway to build further confidence in W&M Athletics.
 
Generous Support from Alumni and Friends
 
At the start of this fiscal year, our ability to make our annual budget, which depends heavily on annual giving, was far from certain. When we closed the books on the first quarter of FY21 (September 30, 2020), W&M Athletics had raised a total of $454,073, most of which came in a single gift to one program.
 
We knew that if we fell short of our initial goal of raising $2.8 million by March 1, 2021, personnel actions would be required. We provided each team with a fundraising goal seeking a common level of support and put forward what felt like an audacious aspirational goal under the circumstances of raising $4M during FY21.
 
The generosity of the Tribe to W&M Athletics, while always appreciated, exceeded our expectations and faster than we could have hoped. For example, we:

As you know by now, I like to tell stories through graphs. The first graph below reflects the end of Q1. The second, with gold columns noting programs who have reached their FY21 goal, is where we are early in Q4 after OTOD. We have noted only funds that were expendable in FY21 (i.e., we have not included funds raised beyond a team's annual goal). As we near the end of the fiscal year it is imperative that we continue to push to reach our goals for every sport.
   
Building Donor Confidence in W&M Athletics
 
As we continue the positive momentum of this year, we are also glad to announce the end of one project and the start of another.
 
In the fall of 2020, William & Mary's leadership requested the university's Internal Audit Department conduct a review of the Athletics Department's business processes and compliance with restrictions to endowed funds.
 
The recently concluded audit affirmed business processes consistent with university practices and use of endowed funds with the stated intentions of donors. As expected of any audit, helpful recommendations were made to increase efficiency and refine processes. W&M Athletics was already moving on several of these improvements during FY21.
 
In addition to the audit, we also reviewed and strengthened our policies governing endowment spending. Already in place, the newest rules require four signatures from different departments before endowment funds can be disbursed to individual student-athletes (or the funds' designated purpose). This system of checks and balances ensures that each donor's gift reaches its intended recipient.
 
As we embarked on our review of finances, gender equity and excellence, we promised to update you regularly on our progress. The newsletter you are now reading is one example of our engagement and education efforts. Additionally, we will publish quarterly reports to record our efforts. The first in the series is now available on TribeAthletics.com.
 
As a Tribe, we should take confidence from FY21. It's been a trying year on so many fronts. Still, we've shown that together we can face tough realities, make thoughtful decisions and move forward with regard to equity, financial sustainability and excellence in the future. We have much further to go on these fronts. We know that. As we prepare to welcome a new leader in W&M Athletics this summer, we will face our challenges head-on, with courage and confidence.
 
As always, go Tribe!
 
All the best,
Jeremy
 
Jeremy P. Martin Ph.D. '12 MBA '17
Interim Director of Athletics
William & Mary