Coke deals out funds

Students may not know that they should be thanking Coca-Cola for their newly polished resumes from career services. Coca-Cola gives the University $482,000 per year as part of the current 10-year contract, according to the Coca-Cola contract. “Money was the determining factor in choosing Coke as a sponsor,” said David Martin, former Director of the Purchasing Department to University Communications. “Coke offered $4.3 million, while Pepsi was at $4 million.” The University receives the money from the soda company and decides how to break up the funds, Budget Director Ted Winfield said. The money is used for student ???nancial aid, university operations, athletics and student programming, Win???eld said. While $157,500 is used for student financial aid, $138,000 is used for university operations, such as the general financial budget, he said. Athletics receives $108,000 and $78,500 goes toward student programming, Winfield said. Students have said that they were not aware that money was going to these groups, but they are happy that the funds are going back to the University. “It’s good to know that the money benefits students and is not lost and that [Coca-Cola] hold up their end of the deal,” sophomore Brie Timm said. If the University chooses not to renew the contract, some have said they are worried that the loss of funds provided by Coca Cola will affect the University. The money received from the contract is not a significant part of the University’s income, said Marlee Baron, co-president of the Vermont student environmental program (VSTEP). “If students are worried about reductions in academic scholarships or program funding, they must come to realize that a very insigni???cant portion of funding is coming from Coca-Cola right now,” Baron said. The Coca-Cola Contract will be ending next June, according to a University Communications announcement. The University is currently accepting ideas from students and faculty members regarding a new beverage agreement, a document from the Office of Sustainability stated.