The problem is paperwork, the promise was either verbal or written in an email like what I received below (copied). They had to do away with the endowment category in order to not continue offering the Hokie club benefits.

I am glad that you all are considering a gift to the new basketball practice facility and Golden Champion. Yes, a golden champion commitment could be pledged w/ a commitment of $50,000 over five years. Obviously, shorter pledge periods are welcome. Once the pledge is funded, a $500 annual donation is required to maintain those same level of benefits.

With best regards,