The NCAA "grew its investment portfolio to $527 million for the year ended June 30, with an 11 percent gain in its $304.5 million quasi-endowment and an 8.8 percent return in its $222.5 million operating reserve," according to Eichelberger & Condon of BLOOMBERG NEWS. The organization generated $841M in revenue in '11-12 and its "biggest expense was the record $522 million it distributed to schools for their participation in the NCAA men’s basketball tournament and for grants and scholarships." The NCAA's federal tax filing shows that it spends an additional $110M "running national championships in other sports." The NCAA relies upon its 14-year, $10.8B men’s basketball tournament TV contract with TBS and CBS "for most of its television and marketing rights," accounting for about 84% of its annual revenue. The NCAA to "lessen its dependence on that single source" has "started a quasi-endowment, and separately, an operating reserve, so it could make payments to schools and creditors if revenue unexpectedly dropped." NCAA VP/Administration & CFO Kathleen McNeely said that the organization "exceeds its benchmark indexes." McNeely said, "If anything, we’re a little bit too conservative." McNeely added that the NCAA "plans to increase the balance in the quasi-endowment fund" to $380M by '16, and to "maintain a minimum balance in the operating reserve" of at least $84M (BLOOMBERG NEWS, 8/27).