At the LSU VS. Auburn Football game on October 14th, many Tiger Athletic Foundation (TAF) donors were honored for their generous gifts made to support the LSU Athletic programs. In a video the TAF posted on Facebook, you can see the ceremony here.
The Tiger Athletic Foundation was formed in 1987 and has since provided private financial support for programs and facilities that ensure LSU student-athletes the opportunity to win in the classroom, in competition, and in life – as stated in their mission statement located on their website.
Arlen “Benny” Cenac Jr., CEO of Cenac Marine Services, was honored for his donation of $250,000 for an endowed Scholarship towards the Swimming and Diving programs at LSU. The scholarship is named The Cenac Family Endowed Scholarship Fund.
An endowed scholarship is different from a typical donation because the money is invested. The school never withdraws any of the money from the principal donation; only the interest from the donation is used to fund scholarships. This makes an endowed scholarship a permanent gift. Whereas a one-time gift may be spent just once, an endowed scholarship keeps on generating income indefinitely.
Because Mr. Cenac’s money goes into a fund with LSU and the money is accrued from the investment fund used to provide scholarships, his donation will help the Swimming and Diving program as long as LSU is in existence. As stated on the LSU TAF website, the funds raised for the LSU Swimming and Diving team goes towards improving and maintaining the swimming and diving facilities.
Thank you, Mr. Cenac, and all other donors that understand the importance and impact they have on these talented students.