Univ. Of Tennessee Reports $13.1M Surplus For FY '14-15, With $9.3M For Capital Projects

The Univ. of Tennessee athletic department on Friday reported a "net operating surplus" of $13.1M for the '14-15 fiscal year, according to Grant Ramey of the Knoxville NEWS SENTINEL. The department "reported consolidated total operating revenues of $121,837,383 against a total of $107,179,659 in operating expenditures and transfers." UT "closed the fiscal year with a reserve fund balance" of $6.9M, the "lowest among the 14 SEC members and a number nearly four times what the school reported" in '12. From the '14-15 surplus of $13.1M, $9.3M will "be used to fund ongoing capital projects that include but aren’t limited to improvements to Neyland Stadium’s East Tower, the Wayne G. Basler Boathouse and Barksdale Tennis Stadium." Included in the '14-15 revenue total was a one-time $2M "commitment bonus from Nike, which became the school’s apparel provider on July 1." An unbudgeted $7.5M was "distributed by the SEC in relation to the SEC Network" (Knoxville NEWS SENTINEL, 9/12).