Budget reports for college athletic programs in the 2024 fiscal year have been released over the past week, with several schools reporting record highs in revenue while others are deep in the red and finished the year at a deficit.
The 2024 fiscal year in the NCAA ran from July 1, 2023 to June 30, 2024.
Among the schools making headlines was the University of Texas, which reported the largest operating budget in history, generating $331.9 million in revenue and accumulating $325 million in expenses for the FY 2024, resulting in a $6.9 million surplus.
This marks the first time since the NCAA began its current reporting system in 2005 that a Division I public school reported more than $300 million in both revenues and expenses in the same year. The $325 million in expenses also marks the biggest ever recorded, surpassing the $292.3 million Ohio State reported a few days earlier for the 2024 fiscal year.
The $331.9 million in revenue reported by Texas is the second-highest ever, trailing the $391 million generated by the University of Oregon in 2019-20, which included a one-time $270 million donation to renovate their track & field stadium.
The revenue total marked a $61 million increase for Texas from last year, largely due to contributions. The Longhorns received $133.9 million in contributions in the 2024 fiscal year, up from $48 million in 2024. A significant part of that was a large one-time donation to help fund the construction of the Moody Center, an on-campus arena that opened in 2022.
Texas also reported $69 million in revenue relating to royalties, advertisement and sponsorships, up $14 million year-over-year.
OTHER NOTABLE SCHOOL BUDGET REPORTS
Ohio State
- As previously mentioned, Ohio State accumulated $292.3 million in expenses compared to bringing in $254.9 million in revenue, resulting in a near $38 million budget deficit.
- OSU’s revenue dropped by nearly $25 million from the 2023 fiscal year, partially due to playing only six home college football games after playing eight the season prior (FY2024 doesn’t include the 2024 season where they played eight home games).
- Their expenses included $9.2 million in severance payments and benefits to past coaches, almost all of which was related to the mid-season firing of former head men’s basketball coach Chris Holtmann. Severance payments the previous year were just over $160,000.
- Coaching salaries also increased from $45.2 million in 2022-23 to $54.3 million in 2023-24.
- Football and men’s basketball were the only two sports to generate profit in 2023-24, with the Buckeyes notably winning the college football championship title.
- OSU said in a statement that past earnings, reserve funds and anticipated future earnings were projected to cover the shortfall.
Purdue
- Purdue reported a $3.6 million surplus after generating $134.9 million in revenue and accumulating $131.3 million in expenses.
- Football and men’s basketball operated at a $34.7 million surplus while the other 14 spots had a $8.1 million deficit.
Colorado
- The University of Colorado generated $142 million in revenue in 2023-24, an increase of $117 million from the previous fiscal year. This number came in part due to a surge in football ticket sales under head coach Deion Sanders.
- Colorado finished with a $10 million surplus after accumulating $132 million in revenue.
- The school reported $31.2 million in revenue from football ticket sales, nearly double the previous year ($16.57 million), and a combined $16.7 million from merchandise, licensing, sponsorship and game-day parking and concessions (also nearly double the year prior).
Iowa
- The University of Iowa had a $2.8 million operating surplus, generating $173.2 million in revenue (compared to $167.4 million and a $7.1 million surplus in 2023).
- Iowa women’s basketball generated $3.2 million in ticket sales during Caitlin Clark‘s final season, which was “by far the most in Big Ten history.” The previous year, Iowa generated $1.4 million in ticket sales, which was a program record.
Indiana
- Indiana University brought in a record $173.5 million in revenue, an increase of $28.8 million from the previous year.
- The athletics department reported $176.6 million in expenses, an increase of $37.6 million year-over-year, resulting in a $3.1 million budget deficit.
- IU generated $26.4 million from ticket sales (up $1.9 million from 2023), $23.6 million from donor contributions (up $4 million), and $50.8 million in media rights (up $3 million).
- The biggest increase in expenses came from coaching salaries, which cost $32.5 million, an increase of $6.6 million, and $22.1 million was paid in severance, an increase of $18.5 million.
Missouri
- The Missouri Athletics Director estimated the school is approximately $35 million below the average revenue generated by other SEC schools.
- Mizzou reported $168 million in revenue and $183.2 million in expenses for a budget deficit of $15.2 million. In the 2023 fiscal year, they reported $141.5 million in revenue and expenses, ending up in the black by $1.
Michigan
- The University of Michigan reported a $557K budget surplus with $238.86 million in revenue and $238.3 million in expenses.
- The $238.86 million marks the highest revenue ever generated by Michigan, up from last year’s $229 million, when they reported a $4 million surplus.
- Support staff and administration compensation accounted for $44.4 million of the revenue in 2023-24, up $3 million from 2022-23.
- Coach salaries increased by $2 million up to $41.3 million, while athletic student aid ($33.9 million) increased by almost $1.4 million.
- Michigan brought in nearly $59 million in ticket revenue, 95% of which came from football, men’s basketball and hockey.
- UM also earned $50.8 million in media rights, received $44 million in contributions, and $34.4 million in royalties.
UCLA
- UCLA gave its athletic department $30 million during the 2024 fiscal year, which helped the department see a $14 million revenue increase, though they still reported an operating deficit.
- With $179.89 million in operating expenses, UCLA had a $51.85 million budget deficit, the sixth straight year of operating deficits for the department. Over that span, UCLA’s deficit totals $219.55 million.
- $15 million in expenses was geared towards preparing to join the Big Ten Conference.
Arkansas
- Arkansas reported an all-time high $170.6 million in revenue for the 2024 fiscal year, surpassing the $167.3 million in 2023.
- The Razorbacks had $167.3 million in expenses, resulting in a $3.5 million surplus—an improvement after a surplus in the $800K range last year.
- Arkansas’ contributions dropped more than $4 million to $29.2 million, and media rights revenue was roughly the same at $37.2 million, but ticket sales saw increases of more than $2 million.
Here’s an unpopular thought: Let all the athletic departments be run like a for profit business, treat athletes as assets that make money for the department, and pay them based on their contributions to the bottom line and train them to be professional athletes in the future. Then use the profits from the department to reinvest in athletic equipment and buy future talents, and also divert 50% of the earnings to subsidize academic departments that might be underfunded. Given the unstable fundings for R&D, maybe using some of that to fund future cures for cancer, Alzheimer’s, etc.
This way, everyone wins.
University of Iowa runs an operational surplus but cancelled swim and dive teams due to financial issues? We need an article that compares colleges with surplus that have dropped swim and dive programs. They need to be exposed for lack of support for an olympic sport.