The University of Virginia announced Friday (April 4) the creation of a fund to permanently support its championship men's tennis program, a first step toward a future in which UVA envisions self-sustaining operations for all Olympic sports.
The fund establishes an endowment that will, in perpetuity, provide funds for the men's tennis program's annual expenses. The initial gift provides a foundation along with a number of scholarship endowments funded by the Lockharts and other UVA donors to hopefully endow the entire men's tennis program in the future.
The Lockhart's gift immediately establishes a mechanism to produce additional funding for student-athlete scholarships, coaching staff salaries, operating budget supplements and facility enhancements. In an endowment, a base of funds is invested, and earnings provide ongoing funding while leaving the original amount untouched.
In the future, when the program is fully endowed, the collective endowments should generate enough income to cover the majority of player scholarships, program salaries and annual operating expenses without a need for annual fundraising or drawing on the UVA Athletics budget.
Over the past several years and through the generosity of UVA alumni, the head coaching positions for men's tennis, men's golf, football and men's basketball have been endowed. UVA aims to endow all its head coaching positions and to have a greater emphasis on endowment fundraising through the Virginia Athletics Foundation over the next decade.
https://virginiasports.com/news/2025/04/07/mens-tennis-endowment/
The fund establishes an endowment that will, in perpetuity, provide funds for the men's tennis program's annual expenses. The initial gift provides a foundation along with a number of scholarship endowments funded by the Lockharts and other UVA donors to hopefully endow the entire men's tennis program in the future.
The Lockhart's gift immediately establishes a mechanism to produce additional funding for student-athlete scholarships, coaching staff salaries, operating budget supplements and facility enhancements. In an endowment, a base of funds is invested, and earnings provide ongoing funding while leaving the original amount untouched.
In the future, when the program is fully endowed, the collective endowments should generate enough income to cover the majority of player scholarships, program salaries and annual operating expenses without a need for annual fundraising or drawing on the UVA Athletics budget.
Over the past several years and through the generosity of UVA alumni, the head coaching positions for men's tennis, men's golf, football and men's basketball have been endowed. UVA aims to endow all its head coaching positions and to have a greater emphasis on endowment fundraising through the Virginia Athletics Foundation over the next decade.
https://virginiasports.com/news/2025/04/07/mens-tennis-endowment/
