The WVU Foundation has issued the following statement regarding the buy-out settlement between West Virginia University and former basketball coach John Beilein:
The WVU Foundation has been advised that a provision of West Virginia Universitys buy-out settlement with former basketball coach John Beilein calls for him to make payments totaling $1.5 million over a five-year period to the Foundation. The funds are to be placed into a separate Mountaineer Athletic Club (MAC) account for use by WVU s Department of Intercollegiate Athletics.
While not a party to the agreement, the WVU Foundation will accept the payments as a service to the University. However, we will not represent the $1.5 million as a gift for tax purposes, per our understanding of terms of the agreement and our interpretation of IRS regulations governing charitable gifts.
The WVU Foundation is an independent 501�(3) corporation chartered in 1954 to generate, administer, invest and disburse contributed funds and properties in support of West Virginia University and its non-profit affiliates.