After posting on LSU’s booster club/athletic foundation and its financials last week, I received a number of emails and tweets asking for more about the debt athletic departments service each year for facilities. So, we’re going to take look at Michigan, Florida, and Georgia. I’m giving you multiple schools to show how different the situation is at each institution – not necessarily for comparison’s sake.
Michigan (based on budget or fiscal year 2012):
|Interest||Principal||Total Debt Service||Scheduled Balance – June 2011|
|Plus bridge loans against pledge receivables||$6,170,000.00|
|Net debt service||$197,110,000.00|
Florida (based on audited financials from fiscal year 2010):
Before I show you the debt service, here’s what each of Florida’s bonds was used for:
1990 Series: Used to retire outstanding 1982 and 1985 Stadium Revenue Bonds and finance construction cost ofthe North End Zone.
1994 Series: Used to finance construction of a volleyball practice gymnasium and to renovate the athletic field house.
2001 Series: Used to retire the 1994 Series and to finance the construction cost of the Basketball Practice Facility and the expansion of Ben Hill Griffin, Jr. Stadium.
2005 Series: Used to finance the construction of improvements and the expansion of McKethan Stadium at Perry Field, the construction of a new football equipment storage facility/restroom/training room and the renovation and improvements to the Lemerand Atletic Center.
2007 Series: Used to finance the acquisition, construction and equipping o capital improvements to Ben Hill Griffin Stadium.
There have been numerous redemptions and conversions of these bonds, but you I’m only giving you the basics. Here are the outstanding balances and payment amounts:
|Series||Outstanding Amount||Term||Interest Rate|
|2007 Principal||2005 Principal||2001 Principal||1990 Principal||Total Principal||Total Interest|
Total payments for year ending June 30, 2011: $5,797,167.
Georgia (based on budget for fiscal year 2012):
First, here’s what each bond was used for:
Bond Series 2003: Stadium N. Deck, Softball Stadium, BM Football Locker Room & Trophy Area
Bond Series 2005A: N. Sky Suites and refinancing of Sky Suites II
Bond Series 2005B: Basketball/Gymnastics Practice Facility
Bond Series 2011: Refinancing of previous bond, BM Expansion, Reed Plaza, Stegeman Coliseum
And here are payments to be made by the athletic department in fiscal year 2012:
Keep in mind, this is debt simply for construction, renovation and expansion of facilities. There are millions more spent each year for operation and maintenance of those facilities not reflected here.
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