KNOXVILLE, Tenn. – For the fiscal year ending June 30, 2015, the University of Tennessee’s Department of Intercollegiate Athletics has reported consolidated total operating revenues of $121,837,383 over total operating expenditures & transfers of $108,735,063 resulting in a net operating surplus of $13,102,320 before capital transfers and designations
An amount of $9.3 million has been transferred or designated from the net operating surplus for the funding of ongoing capital projects including, but not limited to, improvements to the Neyland Stadium East Tower, Wayne G.
Basler Boathouse, and Barksdale Tennis Stadium.
Included in total operating revenues, UT Athletics recognized a one-time $2 million commitment bonus from apparel partner Nike, in addition to, an unbudgeted $7.5 million distribution from the Southeastern Conference (SEC) related to the SEC Network. UT athletics achieved a record year in fundraising collecting $28.2 million in annual unrestricted cash donations.
“We were extremely fortunate to have completed a year in which several things came together to lead to a favorable result,” said Dave Hart, Tennessee athletics director. “This fiscal period’s performance was a necessity, not only in an effort to strengthen our department’s overall financial position, but also to fulfill various funding obligations of current capital projects and further support the increasing costs associated with new student-athlete welfare opportunities.”
UT athletics closed the fiscal year with an unrestricted auxiliary reserve balance of $6.9 million which remains the lowest amongst the SEC membership.
Prior to entering fiscal year 2015-16, UT athletics produced a balanced operating budget consisting of total operating revenues and total operating expenses & transfers of $119,815,400. Beginning with fiscal year 2015-16, UT Athletics will provide increased scholarship awards to student-athletes in an amount up to the full cost-of-attendance as recently permitted by the NCAA.
(E-mail Larry Fleming at larryfleming44@gmail.com and follow him on Twitter @larryfleming44)