COLLEGE PARK, Maryland, February 10. IN positive news for college swimming, the University of Maryland has extended its fundraising deadline for the swimming and diving teams in College Park according to the Washington Post.
The University has reached a compromise with the teams to give them more of a chance to succeed. Before, the teams were required to raise $11.57 million by June 30 to save the programs.
With the swimming and diving teams having already raised some significant funds, but not being in place to meet that deadline, the University has agreed to a phased in process.
The teams must now raise $1.4 million by April 1 as a first step, before then coming up with a total of $2.8 million by June 30 to ensure the 2012-13 competitive season. At that point, Maryland will then need to raise a total of $5.79 million by Dec. 30, 2012, before then completing the total $11.57 million requirement by Dec. 30, 2013.
All of these stages must be real money deposited, and not just pledged funds.
Then, to guarantee that the program will be saved in perpetuity, a full endowment of $36.1 million is due by June 2020.