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Updated 10:00 AM June 8, 2009
 

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Athletics revenues support financial aid, capital improvements

The Athletic Department presented to the Board of Regents Thursday a proposed FY 2010 budget that will fund all sports to the full NCAA scholarship limit and support capital expenditures.

Total revenues for FY 2010 are budgeted to be $94.4 million and total operating expenses are budgeted at $85.6 million. The Athletic Department is a self-supporting unit that does not receive financial support from the University’s General Fund budget.

"We are pleased to project another operating surplus for FY 2010, the ninth straight year of operating surpluses," Athletic Director Bill Martin said. "To achieve competitive excellence requires a significant financial commitment. We are proud to be able to field an outstanding, well rounded athletic program, build new facilities and fund all our sports to the full NCAA scholarship limit.”

In the fiscal year that ends June 30, department revenue will have provided $15.03 million in athletic financial aid — including tuition, housing and books — to 476 student-athletes who compete in the 25 men’s and women’s sports.

The Athletic program contributed $1.6 million to the university’s funding for need-based financial aid for Michigan students in FY 2009, and anticipates another $1.6 million transfer in FY 2010.

“Funding for financial aid is a top university priority, and the Athletic Department is pleased to help more Michigan students achieve their goal of attending the University of Michigan,” Martin said.

Athletic Department Chief Financial Officer Jason Winters said the department projects a $10.2 million operating surplus for the fiscal year ending June 30, and a surplus of $8.8 million for FY 2010.

Martin also updated the Regents on Athletic Department facility initiatives.

“We have made remarkable progress in the last few years. The Ross Academic Center, Junge Champions Center, Hartwig building renovation, and the Wilpon baseball/softball complex renovations have been completed. The Michigan Stadium renovation project, new wrestling practice facility and indoor field house are on schedule for completion within the next several months.  We have indentified funding for our new soccer stadium and basketball practice facility. We will focus on Crisler Arena next.”

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