Post by bfoley82 on Jun 20, 2024 19:04:51 GMT -5
From Michigan press release mgoblue.com/news/2024/6/20/general-michigan-athletic-department-submits-fy-25-budget
ANN ARBOR, Mich. -- The University of Michigan Athletic Department budget was approved by the Board of Regents on Thursday (June 20), as part of the overall university submission, with the athletic department reporting a slight operating budget surplus for the fiscal year 2024.
For the current fiscal year, the athletic department projects a slight operating surplus of $0.2 million based on operating revenues of $230.6 million and operating expenses of $230.4 million.
Looking ahead to the 2024-25 operating budget, the athletic department projects an increase in total operating revenues to $255.7 million and an increase in total operating expenses to $253.6 million due to various factors.
Elements of the budget are as follows:
• Spectator admissions revenues will fluctuate over the next several fiscal years due to an imbalanced conference football schedule. Spectator admissions revenues are projected to increase by $14.8 million in FY25 due to an increase in home football games, from a seven-game schedule in 2023 to an eight-game home schedule in 2024, combined with a slight increase in ticket pricing.
• Conference distributions are projected to increase by $12.9 million in FY25 due to the impact of the new conference television agreement.
• The Athletic Department continues to explore ways to maximize revenues. The FY25 budget includes $2.6 million in projected net revenues from alcohol sales and $1.0 million in revenues from alcohol sponsorships.
• Operating expenses include a $10.0 million transfer to a deferred maintenance fund and a $7.8 million transfer to the University. The deferred maintenance fund is used to provide for significant repair and rehabilitation projects for athletic facilities. The Athletic Department expects to continue setting aside additional funds for this purpose in future years.
Michigan Athletics had another strong year, with nearly 500 (494) student-athletes earning Academic All-Big Ten Conference honors compared to 491 in the previous year, 507 in the year prior and 499 in the 2020-21 academic year.
Through June 15, 58 student-athletes earned All-America honors during the year, compared to 44 in the year prior. In addition, Michigan had 86 student-athletes earn All-Big Ten honors, with 11 student-athletes winning individual conference championships.
Once again, Michigan led the Big Ten Conference with seven team conference championships, marking the third consecutive season the Wolverines have led the conference in total titles. The Wolverines finished the year ranked 11th nationally in the LEARFIELD Directors' Cup standings of best overall athletic departments.
ANN ARBOR, Mich. -- The University of Michigan Athletic Department budget was approved by the Board of Regents on Thursday (June 20), as part of the overall university submission, with the athletic department reporting a slight operating budget surplus for the fiscal year 2024.
For the current fiscal year, the athletic department projects a slight operating surplus of $0.2 million based on operating revenues of $230.6 million and operating expenses of $230.4 million.
Looking ahead to the 2024-25 operating budget, the athletic department projects an increase in total operating revenues to $255.7 million and an increase in total operating expenses to $253.6 million due to various factors.
Elements of the budget are as follows:
• Spectator admissions revenues will fluctuate over the next several fiscal years due to an imbalanced conference football schedule. Spectator admissions revenues are projected to increase by $14.8 million in FY25 due to an increase in home football games, from a seven-game schedule in 2023 to an eight-game home schedule in 2024, combined with a slight increase in ticket pricing.
• Conference distributions are projected to increase by $12.9 million in FY25 due to the impact of the new conference television agreement.
• The Athletic Department continues to explore ways to maximize revenues. The FY25 budget includes $2.6 million in projected net revenues from alcohol sales and $1.0 million in revenues from alcohol sponsorships.
• Operating expenses include a $10.0 million transfer to a deferred maintenance fund and a $7.8 million transfer to the University. The deferred maintenance fund is used to provide for significant repair and rehabilitation projects for athletic facilities. The Athletic Department expects to continue setting aside additional funds for this purpose in future years.
Michigan Athletics had another strong year, with nearly 500 (494) student-athletes earning Academic All-Big Ten Conference honors compared to 491 in the previous year, 507 in the year prior and 499 in the 2020-21 academic year.
Through June 15, 58 student-athletes earned All-America honors during the year, compared to 44 in the year prior. In addition, Michigan had 86 student-athletes earn All-Big Ten honors, with 11 student-athletes winning individual conference championships.
Once again, Michigan led the Big Ten Conference with seven team conference championships, marking the third consecutive season the Wolverines have led the conference in total titles. The Wolverines finished the year ranked 11th nationally in the LEARFIELD Directors' Cup standings of best overall athletic departments.