UT athletics dept. reports $25K profit

UT athletics dept. reports $25K profit

Posted:

KNOXVILLE (WATE) - The University of Tennessee department of athletics is reporting a deposit of $25,588 to its cash reserve at the end of the 2012-13 fiscal year.

UT Athletics reported revenues of $114,285,208 against expenses of $114,259,620.

The department faced a deficit of $3,981,276 after the 2011-12 fiscal year.

Chancellor Jimmy Cheek announced in November 2012 that the money the athletics department has contributed to the campus will be reinvested in the athletics department.

Relieving athletics of the commitment will allow the department to add an average of $6 million per year to its bottom line for a total of $18 million over three years.

During the 2012-13 fiscal year, the University committed $14,241,211 out of that $18 million from a combination of cash transfers and the release of prior obligations.

Click here for a complete listing of UT's 2012-13 expenses and revenues versus 2011-12 figures.

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