This is my annual update to the financial report of Virginia Tech Athletics for the fiscal year ended June 30, 2021 (fiscal year 2021). As noted in previous reports, the following standard caveats and comments are made:
- The 2021 data includes the 2020 football season and the 2020/2021 basketball season, both of which were played under Covid protocol conditions, with very few fans allowed to be present at the game site.
- There can be various differences between the current year’s figures and the previous year’s figures within the same school depending on how the school chooses to present its reports. Contributions (Hokie Club donations, Virginia Athletics Foundation donations) reported will not be suitable for annual disclosure reports of sports fundraising figures, primarily because only the application of these amounts is presented. If funds are not spent or transferred to operations, they are generally not reported in NCAA reports.
As in previous years, information for Virginia Tech and UVA is taken from reports published by the NCAA on the Virginia Auditor of Public Accounts (APA) website.
For this report, I have presented only current year and prior year information for Virginia Tech and UVA. In some cases, I have expanded the information in the financial tables, including restating the previous year’s information to compare it with the current presentation, and also to provide more useful information on the face of the statements. I also reduced the narrative analysis of information.
Virginia Tech Athletics Summary Financial Report
The financial information indicates how Covid has affected the operations of the athletic department, as there have been significant reductions in revenue and expenses for fiscal year 2021.
The most notable new revenue items are direct support from the state or other governments (Covid relief funds) and direct institutional support from the university. You may notice that there is an expense of $72,000 for bowl fees. Not sure what this is related to unless it was a prior year item paid for in FY21.
Also note that after applying Covid funding and other university supports, the athletic department recorded net revenue over expenses of $4.728 million. In addition, the department’s net debt balances increased by $34.677 million, most of which was for the Student Athletic Performance Center, ACC Media Studio, and the department’s share of the Creativity and Innovation District (new dorm). The ministry also refinanced certain debts on other facilities.
Overall salaries, benefits and bonuses decreased in fiscal 2021, primarily due to reductions in support staff compensation related to the effect of Covid on department operations.
University of Virginia Athletics Summary Financial Report
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