OT: Fiscal year 2023 audited financial statements for Rutgers athletics
- Thread starter Fat Koko
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According to the Rutgers-New Brunswick fiscal year 2024 budget approved by the board of governors on July 10, 2023:
Revenue (Sources of Funds) FY 2023 Budget FY 2024 Budget $ Change % Change
NJ State Appropriations $485,985 $564,332 $78,347 16.1%
State Paid Fringe $511,504 $563,928 $52,424 10.2%
In fiscal year 2023, the NJ state treasury transferred $997 million to Rutgers. In fiscal 2024, that figure rises to $1.128 billion, an increase of 13%, according to the budget.
This same fiscal 2024 budget forecasts athletics department spending to rise 18%, leading to an athletics department deficit of $35 million.
Cut the other sports, we have 27 sports and Syracuse has only 18 sports. The only problem is the last time we started cutting other sports, the same crowd NJ.COM and NJ residents start crying about the cuts,
Yep. Anything to throw RU in a bad light.
By the way, RU has 23 varsity sports, not 27 or 28 as has been posted a few times here. I believe we were at 28 when Mulcahy slashed 5 of them.
So if the entire Athletics "deficit" was funded by NJ (which it isnt) , it would be approx 3% of NJ appropriations.
Should 3% of NJ funding go towards NB varsity college athletics?
Still never answered if funding athletics for its students should be a priority for Rutgers University and the state of NJ.
Can't get into if the amount is too high without the baseline of if they should be involved at all.
I think the majority here would agree that money and college sports is out of control. But that is not what tis debate is about. It is about Rutgers place in the mess.
I am sure you would get overwhelming support here for cutting the rising tide and waste overall in general. But until the world we compete in changes that isn't going to happen. Hell unless we hit the apocalypse none of it is going to happen.
People win the lottery and get financial windfalls...that doesn't make playing the lottery an effective retirement plan. Yes BC saw a huge increase in application but how long did that increase last and how many additional students enrolled? How often does a Flutie moment happen? You pulled a event that happened 40 years ago. That was an outlier and not the norm. Do you think all that money spent on Ash increased applications at Rutgers? Is it a cost effective way to increase applications? For example would taking the $28.8 million and using it to increase scholarships be more effective in raising applications? My point is that is if the goal is to increase applications there are more effective ways to boost applications then athletics because the majority of schools it has little or not impact.
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In the future many Colleges and Universities (Private and State) will be having financial problems due to decreases in the numbers of high school students and the fact that more HS students are deciding not to go to college (now about 40% go on to college).
Maintaining student body to pay the bills is the problem going forward.
Pennsylvania was forced to address this problem. PA has smaller "State Universities" which are facing significant student body reductions and increasing financial losses for the state. The state was forced to combine 3 Universities in the Western Part of the State into 1 University (Penn West) and 3 Universities in the Eastern Part of the State into 1 University (Penn East).
West Virginia University as mentioned faced the same problem (decreasing student body and out of state students decreases) and had to cut programs to balance the budget.
Pitt (4 branch campuses) had to semi close its Titusville Campus. Pitt only maintains a small nursing program (23 students) tied into the Bradford Campus. To help the local community Pitt rents space for groups (Not Pitt affiliated) that support other educational interests/crafts (plumbing, electrical etc.).
Penn State has 20 or more branch campuses some of which are now facing student body declines.
Rutgers and Pitt are fortunite in that they can maintain student body with more students wanting to attend than are accepted.
Some small private schools may be forced to close going forward.
Sports budgets are to some extent out of control and only getting worse (PR problem going forward for some schools).
Well that my comments to an interesting problem.
HAIL TO PITT!!!!
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Would be nice if we could play in the B1G for Football and men's bball (and wrestling I suppose) and save a ton of cost by playing the other sports more locally in different leagues. I also don't get the need for all these dedicated fields and training facilities. I thought the plans for the baseball/softball facilities sharing a common concourse was a very creative idea. (and I am certainly not sold on the new football fieldhouse plans as currently existing).
Participation in sports is an important component of the college experience and has been for more than a century. I played rugby at Rutgers and soccer at a university in London, England, and I am grateful for those opportunities.
My quarrel is the funding. Rutgers budgets $155 million in athletics spending in 2024 fiscal year. That equates to more than $200,000 per student-athlete.
Soon, Rutgers will breach the crossover point, when Rutgers spends more on Greg and his top 10 assistants than on scholarships and medical benefits for Rutgers' 700+ student-athletes across all sports.
This spending is at odds with the educational mission of a taxpayer-funded university.
Super thoughts.
Demographics and the Demand for Higher Education explains the situation you describe elegantly in detail. I read the book when studying the student housing industry ahead of making some investments in student housing real estate.
On demographics, Rutgers and Maryland are better positioned than other B1G schools. Population growth is in line with the US average, in contrast with most B1G states where population growth is below average. In addition, Rutgers and Maryland are the sole flagship universities in their states. Plus, these universities are located a commuter train ride away from dominant world cities.
This is exactly why we are in the NLI mess. The greed of coaches and administrators has caused this ridiculous imbalance. How can you blame the athletes for wanting a piece of the pie when you a 6-6 coach gets a $2.25 million a year raise? How do you justify telling a guy like Kyle Monangai that he should be happy with his $40k scholarship and his couple hundred dollars worth of free clothes when his head coach is making $6.25 million, his OC is making $1.4 million and his position coach is making $250k. He is the one putting his health on the line and dealing with all the pain and injuries that come with the game.
Many schools are spending massive amounts of money putting in Taj Mahal sports facilities.
Pitt for example is often criticized because they don't have their own "Stadium" in Oakland. The Pittsburgh Stadium Authority has financial agreements with Pitt and the Steelers to use Acrisure Stadium. Club seats are great and the entire area has been renovated and is 3.5 miles from campus.
Why should the University waste $500 million or more on another facility (used 7 days a year) what a terrible ROI.
Pitt spends its money on facilities that will bring in financial reward or enhances it Research Capabilities. Example, UPMC breaks ground on new $1.5 Billion 17 story UPMC Presbyterian Hospital in Oakland to be completed in 2026. Pitt approves new "Bioforge Biomanufacturing Center" Project at a cost of $250 million to be completed in 2025 in Hazelwood Glen. Money spent for facilities that will be used 24/7.
HAIL TO PITT!!!!
Rutgers spends about $35,000 for each one of your message board posts. Therefore you should post less.
This statistic has about as much relevance and context as most of your statistics.
I think they should get rid of all sports which aren’t profitable at Rowan, William Paterson, Montclair State, College of NJ, NJIT, Ramapo and Rutgers Newark and Camden. I think combined more than $38 million.
Running back coach Damiere's contract expires on February 29th. Pat Hobbs has been especially generous to coaches recently, and I expect Damiere to get a raise in the 50% range. Why not? Damiere mentored Kyle, the B1G's leading rusher measured by yards, though Michigan's Blake Corum ran in 27 touchdowns, more than Rutgers rushing combined.
To be sure, Damiere's guidance contributed to Kyle's success. However, is Kyle's signature jump cut due to coaching or because of Kyle's own ability? Perhaps Kyle is asking that question as he sizes up NIL offers.
1. Acrisure Stadium is not free to use. The stadium authority gets a percentage of Pitt's ticket sales. The Steelers make all the money from parking and concessions. In addition Pitt doesn't get any advertising revenue in the stadium.
2. UPMC are completely separate distinct and legal entities. So regardless of what they spend on facilities has no financial impact on Pitt athletics.
3. Funny how you leave out the $240 million Pitt is spending on a 3,000 seat volleyball (1,799 average attendance) and wrestling (1,317 average attendance) facility. I guess that runs contrary to your delusion that Pitt only spends money on medical projects.
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So you think it is fair that Damiere gets an extra $250k per year based on Kyle's performance while Kyle will not get a penny more from the university? Schools throw money at coaches like it grows on trees yet cry poor when it comes to paying players or when asking for donations.
I doubt Damiere gets an extra $250,000 per year, but I would not rule it out. That would raise Damiere to $500,000. That is what the runnings backs coaches at Illinois and Indiana get paid.
Anyway, I'm not arguing if it is fair but instead describing the situation's reality.
The savings would be minimal by switching to local conferences. Outside of basketball and football Rutgers spent $7,480,111 on lodging, meals, transportation, uniforms, and equipment for coaches, team members, support staff (including, but not limited to team managers and trainers), and others. The meals, lodging, uniform and equipment costs won't really change. So in the end you are only going to save maybe $1 or $2 million on travel costs.
Not sure how you can say lodging wouldn't change but I'd still take $2 million in savings..at CURRENT costs which will only increase going out to the West coast a few more times.
I get it . It's not the big solution but could be a part of it. Doesn't matter. Not going to happen and just thinking out loud.
I said that because you are still going to stay in a hotel room regardless. For example if you are going to either Syracuse or Eugene your still not going to make it a day trip Maybe you will save a night or two here and there but not a ton.
per the Columbus Dispatch
Ohio State’s football program generated more than $127 million in fiscal 2023 with a surplus of $55 million. Men’s basketball had revenues over $24 million with a profit of almost $10 million. Those sports subsidized the rest of the school's 34 sports, which had costs exceeding revenues by almost $56 million.
Ohio State’s football program generated more than $127 million in fiscal 2023 with a surplus of $55 million. Men’s basketball had revenues over $24 million with a profit of almost $10 million. Those sports subsidized the rest of the school's 34 sports, which had costs exceeding revenues by almost $56 million.
yeah I get that. I was thinking old school and they'd sleep on the bus lol. (kidding of course)
The University of Pittsburgh Medical Center (Hospital Side) and the University of Pittsburgh (Academic Side) are both committed to collaborative decision making on ALL key issues. A series of interrelated agreements formally defines the relationship between UPMC and PITT including SHARED BOARD SEATS and UPMC's commitment of financial support to the University of Pittsburgh Medical School. The two institutions have jointly made research growth a priority.
I never said Pitt's Acrisure Stadium use was free, just as the Steelers use of the stadium is not free.
Again this facility is only used 7 times a year. Pitt does not have to pay to maintain the stadium or for renovations.
UPMC has football practice facilities located on the South Side which are shared by Pitt and the Steelers.
Unfortunately, in this new era of college sports, Universities/colleges are forced to spend something to stay in the game trying to avoid operating losses.
HAIL TO PITT!!!!
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I fought hard on keeping Schiano salary the same until the end of next year. Being a former financial person I would love to keep expenses low. I probably could cut $10 million a year with little effort. It might take me a hour to find the cuts. However, some wanted Schiano to be paid $8-9 million for a six win season.
If you had the knowledge and skill to cut $10 mil of waste without any impact on quality and outcomes then you would be wildly in demand with athletics programs. It seems to me that identifying appropriate cuts are not a financial decision, it's a programmatic decision about what expenses add value and fit with the program's strategic goals, and which don't.
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Penn State planning for $94M in cuts, with focus on commonwealth campuses. What we know
The cuts are slated for the 2025-2026 budget, which won’t start for 18 months.
In a news release Monday, the university outlined plans to cut about $94 million from the 2025-2026 budget, which runs from July 1, 2025, until June 30, 2026. The cuts include a $54 million reduction to the commonwealth campuses’ central budget allocation, which is 14.1% less than they currently receive; a $29 million reduction to administrative and student support units (3.8% cut); and an $11 million reduction to University Park colleges (1.4% cut).
The university’s board of trustees will have to formally approve any such fiscal plans. They next meet Feb. 15-16, although budgets are typically discussed in July.
Penn State planning for $94M in cuts, with focus on commonwealth campuses. What we know
The cuts are slated for the 2025-2026 budget, which won’t start for 18 months.news.yahoo.com
In a news release Monday, the university outlined plans to cut about $94 million from the 2025-2026 budget, which runs from July 1, 2025, until June 30, 2026. The cuts include a $54 million reduction to the commonwealth campuses’ central budget allocation, which is 14.1% less than they currently receive; a $29 million reduction to administrative and student support units (3.8% cut); and an $11 million reduction to University Park colleges (1.4% cut).
The university’s board of trustees will have to formally approve any such fiscal plans. They next meet Feb. 15-16, although budgets are typically discussed in July.
The article you referenced states that Penn State received $242.1 million for general support in 2023-2024.
It is seeking a 52% increase to $368.1 million for the 2024-2025 fiscal year which starts July 1. (The general assembly opposed a 7.1% increase last year).
Good luck with that request. Pitt and Temple will be requesting a 52% increase also.
Our legislature does not financially support public universities to the extent that many other states do.
Maintaining student body numbers at Penn States 20 or more branch campuses will be a struggle going forward.
HAIL TO PITT!!!!
I read in the past that one or more Penn State branches will close since the enrollment has dwindled.
Thirteen of twenty Penn State campuses have enrollments of less than 1,000. State should shut down these campuses, eliminate their athletics departments, and encourage students to transfer to another campus or attend Penn State's online World Campus.
Rutgers fiscal 2024 budget shows a 13% boost in state aid, equating to $131 million in additional dollars from NJ taxpayers. This is for all 3 campuses, New Brunswick, Newark, and Camden.
Rutgers-New Brunswick athletics was a big winner in the fiscal 2024 budget - spending will rise 18% relative to the 2023 fiscal year budget, a $23 million increase.
Ohio State's football revenue benefited from 8 home games in fiscal 2023 versus 6 home games in 2024. The university expects in 8-digit decline athletics revenue in fiscal 2024 due to fewer home football games.
I don't have Ohio State's fiscal 2023 details. In fiscal 2022, Ohio State generated $59 million in ticket revenue versus $13 million at Rutgers. That is a big difference that helps explain how Ohio State's football profits can be deployed into 32 non-revenue sports with overall athletic department turning an operating profit.
Why not make an open public records request to Rutgers, get the fiscal 2023 athletics department financial statement, analyze it for an hour, then share with TKR the cuts?
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