Last Updated on June 5, 2014 by Lauren Nevidomsky
Last week, the University of Michigan held their monthly university leadership meeting, where Athletic Director Dave Brandon announced the $146.4 million budget for fiscal year 2014 (the 2013-2014 school year). It is projected that out of the operating revenues of $146.4 million there will a budget surplus of $8.9 million.
With the continuous growth of Michigan’s athletic department, such as the addition of women’s lacrosse starting in fiscal year 2014, contributing to the increasing expenses “our objective is to do everything possible to fully support the health, welfare and competitive opportunities of the 900-plus student-athletes associated with our 31 teams,” added Brandon.
In addition to the increasing growth of the athletic program, Olympic facilities are also in the plan to be built.
“We believe that no sport should be left behind, and all of our student-athletes and coaches deserve practice and competition facilities that are truly the leaders and best,” said Brandon.
The University of Michigan is preparing for the Bridgestone NHL Winter Classic on January 1, 2014, which is helping to pad next year’s budget. The budget projects the athletic department will incur $600,00 in expenses when it hosts the event. Those expenses will be more than covered by the rental fee from the NHL: a cool $3.1 million.
Another area of revenue growth being projected is preferred seat donations and inessential gifts, which are budgeted to increase from $27.4 million to $32.3 million in fiscal year 2014.
As fiscal year 2013 draws to a close, Michigan Athletics is projecting a $10.2 million surplus, coming in $4.4 million higher than originally budgeted. The surplus will be used to help compensate in the funding of renovating the field hockey project and for the Schembechler Hall.
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