Athletics revenues support financial aid, capital improvements
Total revenues for FY 2009 are budgeted to be $90.5 million and total operating expenses are budgeted at $80.2 million. The Department of Athletics 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 2009, the eighth 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 $14.06 million in athletic financial aid including tuition, housing and books to 481 student-athletes who compete in the 25 men's and women's sports.
The athletic program contributed $1.5 million to the University's funding for need-based financial aid for Michigan students in FY 2008, and anticipates another $1.5 million transfer in FY 2009.
"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.
The department projects a $14.2 million operating surplus for the fiscal year ending June 30, and a surplus of $10.3 million for FY 2009, said Jason Winters, chief financial officer for athletics. Greater-than-expected annual gifts and licensing revenues contributed to this year's surplus, Winters said.