Iowa athletics earns record amount in 2013
Most revenue went to debt service for football facilities
IOWA CITY -- The University of Iowa's athletics department earned more than $107 million in the 2013 fiscal year, nearly a $10 million hike year-over-year.
According to a financial document supplied by Iowa to The Gazette through the Freedom of Information Act, Iowa also spent close to $107 million. The department finished in the black by $184,555. The university's 2013 fiscal year ended June 30, 2013.
The numbers are a one-year reversal from fiscal year 2012 when Iowa brought in nearly $98 million but spent $104.65 million. That was the first time in at least a decade Iowa reported more expenses than revenue. Iowa prepared for that year's shortfall with previous years' contributions that were earmarked for debt service.
"We were able to not dip as low as we anticipated," Iowa Athletics Director Gary Barta said. "We still have expenses coming in the next year or two related to the construction. Some of that just depends on when itís finalized and when the final billing goes out."
In fiscal 2013, Iowa's athletics department recorded more than $30.57 million in contributions last year, an all-time high, and an increase of $4.57 million. Nearly all of the bump -- $4.31 million -- was given directly to football. The second phase of a football practice facility and operations building should be finished this summer. The project's total cost is around $55 million.
"The ups and downs of our year-end numbers are generally, mostly, related to the cash flow of those facilities," Barta said. "So when we were in the heat of raising money for Carver-Hawkeye Arena, it spiked up. When we were paying the bills, it dropped down. Weíre going through the same cycle of the football facilities."
Iowa's ticket sales increased to $26.1 million from $25.24 million. Men's basketball ticket revenue soared by nearly $800,000 to nearly $3.5 million while football enjoyed a $620,000 bump to $21.65 million.
"Certainly weíve anticipated in our budgeting that each year revenue from our menís basketball program was going to go up," Barta said. "I would say it was at all-time low a few years ago, and there was nowhere to go but up. Fortunately itís happening †at a faster rate."
As for key expenses, staff salaries rose by about $430,000 to $15.22 million. Maintenance and debt service costs increased by $400,000 to nearly $3.8 million. Student-aid costs grew to $11.11 million, up from $10.28 million. Barta said he factors in around a 5 percent increase in tuition each year.
"Some years you have more out-of-state students and we fund all of our scholarships, 100 percent allowable of the NCAA," Barta said. "Some schools will give the maximum amount of scholarships but limit the number of out-of-state a team can have. We donít do that. We allow the maximum number of scholarships the NCAA allows and we accepts in-state and out-of-state just based on the best student-athlete that fits the program."