Former presidential house sold: House on Hillcrest Drive stood on market for four months.
By Bob Moser
By Bob Moser
CITY NEWS EDITOR
and Laura Hoesman
April 12, 2005
After living in a condominium that cost the University $2,700 per month since November 2002, yesterday's sale of the 44-year-old presidential house will allow President Sidney Ribeau to move into a new home, which cost the BGSU Foundation $1.1 million.
The home -- located at 700 S. Wintergarden Rd. -- sits on 5.74 acres of property. Adjacent to the home is 13.36 acres of undeveloped land that borders the Stone Ridge Golf Club. Both were bought by the Foundation with private donation money in May 2004.
The previous house, at 625 Hillcrest Dr., had been on the market for about four months before selling, according to Betty Gallagher of Newlove Realty, Inc.
The $415,000 sale price is now considered University funds, and an undetermined amount of it will be used to immediately furnish and paint the new home for Ribeau and his family. The remainder of the funds will be put into an account for future renovations and maintenance on the home, said Chris Dalton, senior vice president of Finance and Administration.
Some of the furniture from the old house is currently in storage and may be considered for use in Ribeau's new home, Dalton said.
"I think some of them [furniture pieces] will be moved in," Dalton said. "Those that are appropriate."
Dalton and other University officials justify the use of $415,000 on the home because it is considered University property.
He added that along with serving as Ribeau's residence, the new home can be used for fundraisers to help bring more private donation money to BGSU.
"I think that the Foundation has been very generous in purchasing the house," Dalton said, "and I think it's not inappropriate for the University to use its own funds in the future."
While most of the money given to the Foundation is specified for certain causes by donors, there is a deep pool of money that remains free to use.
As of March 31, the Foundation had $3,075,889 worth of unrestricted earnings that could be used for a variety of things at BGSU.
Along with various faculty grants, student scholarships and projects like Ribeau's Academic Engagement Initiative, the Foundation completely funds the Office of Development -- minus employee costs.
The Office of Development raises private funds for University programs like the future Sebo Athletic Center, Wolfe Center for the Arts and a variety of student scholarships.
But because this office is reliant on the Foundation for their own funding, at least one year's worth of the Foundation's money is always kept in reserve, said Doug Smith, president of the Foundation.
In addition, the purchase of the new home and the $1.1 million fundraising efforts that preceded it was a one-time gift to the University, Smith said.
If the Foundation became responsible for the collection of furniture and maintenance money for the home, he said, other departments and programs on campus that the Foundation helps could be hurt by not getting that money.
© Bob Moser