How much does UF's athletic department love the university? Something to the tune of $6 million.
The University Athletic Association's board of directors approved a $6 million contribution Monday to help UF with its $42.2 million budget cut, which goes into effect on Wednesday.
"It's only right that you assist where you can," Athletics Director Jeremy Foley said.
The size of the contribution could end up even larger if UF's sports teams do well, and licensing revenue from sales of UF merchandise increases, said Melissa Stuckey, a UAA associate controller. UF and the athletic department split licensing revenue 50-50.
Large contributions to UF are nothing new for the department. It's expected that the contribution will total about $4.4 million for the current fiscal year, which ends today, according to UF figures.
The UAA also contributed about $9.6 million in the 2007-2008 fiscal year and has given about $53 million to the university since the 1990-1991 fiscal year, according to its figures. Those numbers include licensing revenues.
In order to make the contribution this year, the department made 10 percent cuts to discretionary spending, like travel and equipment. Each sport, for example, was asked to make a 10 percent cut to its budget.
The UAA's board also approved an increase of about $5.9 million in the department's budget for the 2009-2010 fiscal year on Monday, raising it to about $89 million.
The current fiscal year's revenues are projected to come in about $6 million short of where they were expected to be.
That should all change next year, with projected revenues ballooning mostly due to a $6.2 million increase in TV payments from a new SEC contract with CBS and ESPN.
Though revenues from football and men's basketball are expected to be down about $1.1 million in the next fiscal year, the two sports still carry the athletic department. About 66 percent of all revenues come from football, while basketball accounts for 9 percent. On the other hand, about 15 percent of the budget is spent on football and 8 percent on men's basketball.
The budget for the next fiscal year also includes about $400,000 in expenses for the newly added women's lacrosse program, in addition to about $288,000 in scholarships for the players, according to Stuckey. The players are expected to start practicing this summer and will be competing in spring of 2010.
The lacrosse stadium, currently under construction on Hull Road, across from the Southwest Recreation Center, should be completed by next month.
