Forgoing Contributions
For the next three years, the money the athletics department has given to the campusan average of $6 million per yearwill be reinvested in the athletics department. Relieving athletics of this commitment will allow the department to add $18 million to its bottom line over three years.
Let me be clear: We are not providing any state or academic funding to athletics; we simply have agreed to forgo the athletics departments contributions to the campus for the next three fiscal years.
The athletics department will continue to pay debt service on garages.
What This Means to Academics
Most of the funding weve received from athletics has provided scholarships and fellowships. We will not reduce our commitment to students and will fund these initiatives from reserves and private gifts.
No currently funded programs will be impacted. However, we may not be able to commit resources to new initiatives.
I can assure you this will not impede progress on our journey to becoming a Top 25 public research university.
Attaining Financial Stability
We are one of only a handful of schools across the country that does not give state dollars to athletics.
A healthy football program pays for most of the other sports programs for our student-athletes and allows for the generous contributions the campus has received over the years.
If we dont attain financial stability in athleticsand specifically our football programwe could see ourselves using other campus resources for our athletics program.
Overhauling athletics funding means more than improving the game on the field.
Historically, athletics has committed money to the campus at the beginning of each year, without regard to what their finances may look like at the end of the year. We need a more sustainable model where contributions are made after accounting for all expenses and obligations.
Athletics is in a period of transition, but we will help get it where we need it to be. We are committed to winning both on the field and in the classroom.