June 1994 Philanthropy Journal of North Carolina • 13 Hornets Continued from page 12 Starry Night,’ a game with NBA Ail Stars, that netted $101,000 for the United Way. Alonzo Mourning works to com bat and increase awareness of child abuse. Muggsy Bogues helps the Teen Health Connection and the Boy Scouts, while Dell Curry and his wife have led efforts to fight domestic violence. Many of the players — along with Hugo, the team mascot — dso regularly visit nursing homes and children’s homes and make celebrity appear ances at fundraisers and special events. Coach Allan Bristow was the impetus for the annual Special Olympics Day with the Hornets, when young athletes who have men tal retardation spend a day at the Charlotte Coliseum, watching the team practice and then partic ipating in a has- ketball clinic with them. “It’s always important for us to support charities,” says Curry. “We all want to give back to the community. We had help along the way, and we want to return the favor.” It’s all part of the Hornets’ cor porate culture. “George is generous, and he encourages us to be likewise,” says Bowler, who serves on nine commu nity hoards, such as the Juvenile Diabetes Foundation, American Red Cross, Better Business Bureau and Larry Johnson the Anita Stroud Foundation. Shinn encourages aU 53 of his employees to take a day off work each month - with pay - to work for a charitable organization. “Part of my commitment,” Shinn says, “has been that this team and the players will get involved and support this community in every way they can.” The word has gotten out about the Hornets’ generosity: Bowler says the team receives about 400 requests a week for personal appearances by a player, Hugo or Honey, the mascot for the HoneyBees, the Hornets’ cheerlead ers; autographed items, such as basketballs or photos; financial con tributions; or in-kind donations. The team can’t honor all the re quests, and it has a system to set priorities. Bowler says the team generally focuses its charity within a 75-mile radius of Charlotte and rarely rejects a request to help inner-city youth or terminally ill children or Special Olympics. Special Olympics and Charlotte’s community policing efforts are the main benefactors of the Top Hats & High Tops Ball, an annual Hornets fundraiser that encourages guests to attend wearing any combination of formal attire and athletic shoes. “George knows first-hand about poverty,” says Bowler. “He identi fies with the needy, and many of the players can, too.” Shinn’s philanthropy predated his ownership of the Hornets by many years. In 1974, he founded the Shinn Foundation to provide funds for young ministerial stu dents. That’s still funded, hut the foundation has expanded its efforts into many other areas. Roger Schweickert, vice presi dent of corporate affairs for Shinn Enterprises, says the foundation supports numerous social concerns, especially those dealing with disad vantaged youth, with an emphasis on Mecklenburg County organiza tions. Recent contributions have gone to the Boys Club of America, the Arts and Science Council, Habitat for Humanity, Charlotte’s Jewish Community Center, Junior Achievement and the Salvation Army. The foundation has no endow ment, but Shinn contributes a per centage of his annual income to the foundation to make gifts. And Shinn is always waiting to take on a new challenge for an organization in need. In April, he became chairman of the hoard of trustees of Barher-Scotia College in Concord and pledged to raise $1 million for the financially-troubled institution - or to contribute it him self. Panthers Continued from page 12 talk to the kids. ‘We’ll try to show them what a typical day is like tor an NFL football player,” Shell says. Shell has also spoken at a Johnson C. Smith University fundraiser and is involved with the Columbia, S.C., Youth Games. Shell wants Panthers players to he active in the com munity. In particular, he says, he’d like to see them active with the elderly, a group that some times gets overlooked by the young and ener getic. Mark Richardson, the team’s director of business operations and the son of the owner, also has been active. Richardson was honorary chairman of an April walk-a-thon for the Juvenile Diabetes Foundation. Judy Craig, the foundation’s corporate development representative, says last year’s event included 850 walkers and raised $105,000. With Richardson doing radio advertise ments and using his Panthers contacts to pro mote the ’94 walk, the foundation had more than 2,000 walkers and raised more than $200,000. “We can’t say enough about him and his staff there,” Craig says of Richardson and the Panthers. “They’re wonderful. We hope the Panthers win, too.” Craig says Richardson has agreed to return as honorary chairman in ’95. The Panthers’ future philanthropy hasn’t been fully determined. Shell says he hasn’t set his budget yet. Mike McCormack, the congenial team president, has been immersed in the hiring of football-related personnel and says the Panthers haven’t estab lished their plans for corporate giving. McCormack does say the Panthers will he involved with the United Way. And the team may make some tickets available to underprivi leged children. During the drive to land the franchise in Charlotte, some city residents criti cized Mark Richardson for not making tickets available to the disadvantaged. Also to be decided is how charities will ben efit from an unusual stadium deal. When the Panthers were urging the NFL to award them a team last fall, some NFL owners were con cerned that Jerry Richardson’s group had to finance a $160 million stadium, only $100 mil lion of which would come from the sale of ri^ts to the seats. Raising the remaining $60 million would generate additional debt on an owner ship group that already had to pay $140 million to the league to win the franchise for the team. So Richardson put the stadium in a trust. That way, the Panthers owners aren’t liable if the stadium loses money. The trust wiU be gov erned by a board of trustees and will give money to charities. How much? And to which charities? No one’s sure just yet.“We’ve been so busy,” says Dick Thigpen, the team’s attorney. “TTiat will cOme in time.” What is established is the charitable work of NFL Charities, which draws its money from a percentage of sales of NFL merchandise - the league won’t say how much - and from fines levied on players during the NFL season. NFL Charities has players nominate a for mer teacher for Teacher of the Year, and flies them to the Pro Bowl in Honolulu. Charitable organizations with a national scope may ask NFL Charities for funds. The hoard of NFL Charities is led by Paul Ta^abue, the league commissioner. Last year the board approved funds for Junior Achievement, for scholarship funds for Native Americans and Hispanics, for the Pop Warner Little Scholars program and for a variety of other organizations. The NFL itself is a nonprofit service organi zation under section 501(c)(6) of the Internal Revenue Code. But that status has nothing to do with philanthropy. “It really has to do with the way the tax code is structured,” says NFL spokesman Greg Aiello. He says the league is essentially a ser vice organization for the teams, which of course are enormously profitable. The Panthers themselves aren’t profitable yet. Bulldozers just are beginning to move dirt for the stadium, and the team won’t begin play ing until the 1995 season. But the Panthers are anxious to begin scoring touchdowns and post ing profits - and contributing on a regular basis to charities in the Carolinas. For now, McCormack quips, “We’re just try ing to get back to the line of scrimmage.” Oak Value Capital Management, Inc ''Americas Best Money Managers" $400 I OAK VALUE $352,900 $300 $200 $100 coor*-oo a>o^esico eoooeoeoooo>o>o>o> a>CSJCgCSJCMCMCMCMCM Initial investment of $100,000 on 9/29/86. The above returns are net of fees and net of commissions and include dividends. Oak Value Capital Management, Inc. was recently included in the Top 20 ranking of "America's Best Money Managers" as compiled by Nelson's Publications for the five-year period ending 12/31/93. The firm's composite annualized return was 19.29% compared to the SSlP 500 return of 14.50% for that period. Oak Value's value-oriented investment philosophy focuses on investing in Good Businesses with Good Management at Attractive Prices Oak Value provides investment management services to individuals, pensions, trusts, corporations, and foundations. Past performance is no guarantee of future results. The Nelson Publications U.S. Value Equity database consists of 241 money managers and funds representing $142 billion as of 12/31/93. 3100 Tower Boulevard, Suite 8oo ■ Durham, NC 27707 ■ Phone 919 419 1900 ■ FAX 919 419 1941

Page Text

This is the computer-generated OCR text representation of this newspaper page. It may be empty, if no text could be automatically recognized. This data is also available in Plain Text and XML formats.

Return to page view