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UT athletics reports $13.1 million budget surplus

September 11th, 2015 8:35 pm by Associated Press

UT athletics reports $13.1 million budget surplus

KNOXVILLE — Tennessee’s athletic department reported a $13.1 million surplus for the 2014-15 fiscal year, thanks in part to record fundraising and the launching of the SEC Network.

In budget information released Friday, Tennessee reported revenues of $121.8 million and expenses of $108.7 million. Revenues included $7.5 million from the Southeastern Conference related to the SEC Network plus a one-time $2 million bonus from Nike, the school’s new apparel provider.

The Knoxville News-Sentinel first reported the information.

Tennessee reported a record $28.2 million in unrestricted cash donations.

The school is transferring $9.3 million of its surplus to fund ongoing capital projects.

Tennessee reported reserves of $6.9 million. Athletic department spokesman Ryan Robinson said the reserve last year was about $3 million. UT said its reserve remains the lowest in the SEC.

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