Georgia releases latest financial update, forecast for pandemic-related shortfall
Many athletics departments are struggling financially in the wake of the coronavirus pandemic. But in some cases, the pinch is not as severe as expected.
That’s the case at Georgia, which released its latest financial figures to the media on Friday.
Revenue was $179.2 million, while expenses were $138.7 million, not including $21 million in building costs and another $4 million sent back to the university in the period that ended June 30, 2020, Seth Emerson of The Athletic reported. The upcoming shortfall is not expected to be as difficult as originally expected. The University of Georgia Athletic Association’s operating surplus increased by $9.8 million during the fiscal year that ended in June to more than $40.5 million, the Athens Banner-Herald reported.
The period included about three and a half months of the pandemic when winter sports team seasons ended abruptly and the spring seasons were also stopped. The report from the AB-H included a comparison with other notable programs around the country: Georgia’s operating surplus far outpaces reported figures by Texas ($22.1 million), Ohio State ($18.7 million), Alabama ($16.1 million), Auburn ($13.2 million) and Michigan ($11.7 million).
“Despite reduced revenue last year, the unwavering support of our fans and donors, coupled with the disciplined financial practices of our coaches and staff, has put the UGAAA in the black which is detailed in this report,” Stephanie Ransom, UGA Deputy Athletics Director for Finance, said in a statement. “While the NCAA Membership Financial Report is straightforward, it is important to understand that the NCAA distinctly defines both revenues and expenditures, so our positive balance is not a simple net amount.”
Contributions from donors rose $12.3 million to $64.6 million. Football accounted for $57.1 million of that.
Savings related related to recruiting cutbacks and associated lack of travel and visits resulted in about $5 million, but that will help Georgia’s financial hit in the current fiscal year with reduced football revenue.
Georgia Athletics financial update: pic.twitter.com/E3dfMlXDFK
— Seth Emerson (@SethWEmerson) February 12, 2021