Tennessee athletic department breaks even after $4 million deficit

An influx of cash from the University of Tennessee’s institutional budget helped the Vols’ athletic department break even in the 2012-2013 fiscal year.

The athletic department reported expenses of $114.26 million on $114.29 million in revenue for a surplus of $25,588 for the fiscal year that ended June 30.

The budget totals were released to the News Sentinel on Thursday in response to an open-records request.

The athletic department had a $4 million deficit in 2011-12, but had planned to break even in 2012-2013 and 2013-14.

The department counted $11.43 million in new revenue from “institutional support.”

Last November, UT said it was relieving the athletic department of its obligation to provide financial transfers to the university, freeing up about $6 million annually. The department said it transferred $1.28 million to UT in 2012-13, compared to $6.39 million a year earlier.

Tennessee paid former football coach Derek Dooley and his assistant coaches an estimated $7.5 million to buy out the remainder of their contracts. UT said its accounting practices call for the buyouts to be included in the budget for the fiscal year in which the firings occurred rather than spread out over time. The department allotted $9 million for "football transition" expenses related to salaries and benefits.

More details later online and in Friday's News Sentinel.

Evan Woodbery covers Tennessee football. Follow him on Twitter.

Get Copyright Permissions © 2013, Knoxville News Sentinel Co.
Want to use this article? Click here for options!

© 2013 govolsxtra.com. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • Discuss
  • Print

Comments » 1

h8FLORIDA writes:

A couple of winning seasons under Butch will put the entire Athletic Department back in the black. Now if the Academic side can keep it's hands out of the till then maybe it can stay in the black.

Want to participate in the conversation? Become a subscriber today. Subscribers can read and comment on any story, anytime. Non-subscribers will only be able to view comments on select stories.