Athletic revenues support financial aid for student-athletes,
The Athletic Department presented to the Board of Regents July 19 a proposed budget for Fiscal Year 2008 that will support capital expenditures, most notably the Michigan Stadium expansion project, and continue funding all sports to the full NCAA scholarship limit.
Total Athletic Department revenues for FY 2008 are budgeted to be $87.4 million and total operating expenses at $74.5 million. The Athletic Department, a self-supporting unit, is not part of the University General Fund budget.
"It is a continuous struggle to balance our revenue streams. Our mission of competitive excellence comes at a significant financial commitment," Athletic Director Bill Martin said when he presented the budget to the board.
Martin also updated regents on Athletic Department facility initiatives and renovation projects for aging buildings.
"We have made remarkable progress in the last few years. The Ross Academic Center and Junge Champions Center have been completed, the Hartwig building renovation is near completion, deferred maintenance is being funded and the Wilpon baseball/softball complex renovations will be completed next spring. The Michigan Stadium expansion project and new indoor field house are underway with funding identified. Our next area of much needed attention will be Crisler Arena."
In the fiscal year that ended on June 30, Athletic Department revenue provided $12.86 million in athletic financial aidincluding tuition, housing and booksto 484 student-athletes who compete in the 25 men's and women's sports.
In FY 2008 the athletic program will add $1.5 million to the University's funding for need-based financial aid for Michigan students.
"Funding for financial aid is a top University priority and the Athletic Department is pleased to be able to help more Michigan students achieve their goal of attending the University of Michigan," Martin said. Funding for the need-based program will be provided from a portion of the proceeds from the new Big 10 media contracts.