NIL News: “The Hokie Way” Raised Over $600,000 in December 2022

Big news out of Blacksburg today: Non-profit organization “The Hokie Way” raised over $600,000 in a fundraising drive at the end of 2022, kicking off their efforts to support Virginia Tech NIL (Name, Image, Likeness) with a bang.

In the entire press release, which can be read here, The Hokie Way reports that after receiving their non-profit 501(c)(3) status in November, they kicked off a fundraising drive that generated over $300,000 in donations before the end of the year. $300,000 of those donations were matched by a generous donor, resulting in over $600k generated in a little over a month.

“We’re proud to share that over 550 Virginia Tech supporters contributed donations during the December campaign,” said Jim Pearman, Treasurer of The Hokie Way Board of Directors. “With the matching commitment, total contributions totaled more than $600,000.”

Jim Petrine, who appeared on Tech Sideline Podcast 278 in late December, added, “The response and involvement of Hokie fans throughout the matching campaign was incredible. The funds raised are going to have a big impact on local charities, as well as VT student-athletes. I’m really excited to share with the Hokie Nation the difference they will make as a result of their generosity. A very special thank you to all who participated.”

Charities partnering with The Hokie Way include: 

Petrine said on the December podcast that The Hokie Way ultimately would like to partner with “five to ten” charities, so that list is expected to grow.

About The Hokie Way

The Hokie™ Way is an independent 501(c)(3), founded to facilitate the use of the Name, Image and Likeness (NIL) of Virginia Tech student-athletes to help promote charitable causes. For more information, visit thehokieway.org.

Follow them on social media: Facebook, Twitter, Instagram, and LinkedIn

10 Responses You are logged in as Test

  1. Get rid of all the coaches and give all their salaries to the players. I could volunteer coach in my spare time and probably win the ACC if given those resources.

  2. I think you meant to write that Jim Petrine appeared on the late Dec podcast not Jim Pearman – correct? And Jim Petrine is Chair of The Hokie Way – not Treasurer. Regardless – this is outstanding for The Hokie Way & VT student athletes!!!

  3. A little over $500k to student-athletes, and just under $100k (12%) for costs — which will largely be revenue for the two NIL collectives (Triumph NIL and Commonwealth NIL). Extrapolated over the course of a year (not necessarily what will happen but probably in the ballpark of what “needs” to happen to compete), that’s a little over $6 million to student-athletes and just under $1 million to the two collectives.

    It’s easy to lose sight of the fact that this money is not going to the charities directly. I think it bears repeating that it’s going to athletes and to the collectives. They will then work to promote the charities and their mission.

    NIL is not philanthropy. It’s capitalism, which is perfectly fine. To the credit of the principals behind Hokie Way, they seem interested in capitalism with a heart. Also perfectly fine.

    1. To clarify: 12% is the max allowed, not necessarily what the collectives will actually take out. The collectives will have certain administrative/implementation costs that will be similar, whether the particular project or initiative is large or small.

      So a small project — say, $5,000 — will require what is a relatively large admin cost, limited to 12% ($600). A large project — say, $100,000 — will require a similar admin cost — let’s say, $1,500 — which is a much smaller percentage, just 1.5%.

      Worth noting: I’m totally making these numbers up, just to make a point. I have no idea what the actual figures are.

      1. Duly noted. But even if it averages out to 5-6%, it’s still a pretty good chunk of change for the collectives — particularly if The Hokie Way continues to collect money at that pace (which I hope they do).

        And only Hokie Way donations are bound by the 12% figure. Funds going directly through Triumph or CNIL would likely be subject to higher-percentage costs, and they’re not likely to be reported at all.

        Again, I think it’s fine. NIL is what it is. And at least The Hokie Way has a structure set up that might have an ancillary benefit for worthwhile charities.

    2. Great comment. Thank you for pointing that out Long-Lost Hokie. Capitalism is what made this country great and is fine as long as all understand the facts.

  4. Outstanding work by everyone involved – this is what NIL should look like and the money raised will make a difference in the organizations where it is invested.

    1. Amen…it sure makes the “pay for play” much more palatable for me! I think it is a GREAT way to facilitate NIL where some charities get some benefit too…

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