Penn State Athletics Turned Profit Of More Than $5M In '16-17
Penn State athletics during FY '16-17 again "turned a profit" thanks to "increases in ticket sales, contributions, Big Ten and NCAA distribution, and media rights money," according to Greg Pickel of PENNLIVE.com. The athletics department made $5.293M during the year ending on June 30, 2017, which is "up from $2,896,927" in FY '15-16. The figure was "spurred by revenue figures that surpassed" $11M. Expenses did "increase again though, mostly due to the new cost of attendance stipulation requirements." As a whole, the department "brought in $144,017,055 during the fiscal year, and the football program accounted for $81,232,076 of it while turning a profit of $41,440,610." Penn State also "saw contributions go up from $26,183,278" in '15-16 to $30,779,975 last year. It is "unclear how new tax legislation may impact that number moving forward" (PENNLIVE.com, 3/7).