Georgia athletics reports surplus for last fiscal year following SEC revenue supplement
Georgia athletics reported a surplus approaching $21 million for the fiscal year that ended last June in the first full academic year impacted by the pandemic and limited attendance.
The Georgia Athletic Association reported total revenues of $153,177,131 and total expenses of $132,555,972 for a difference of $20,621,159, according to a draft IRS Form 990 that was accepted by the athletic board’s finance committee on behalf of the full board in a meeting on Tuesday morning.
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Portions of that IRS form were shared during the meeting held via Zoom. It will be filed with the IRS in the coming months.
All 14 SEC schools received a $23 million supplemental revenue distribution by the conference last May to help cushion the financial effects of COVID-19. That means that Georgia would have been in the red without that one-time SEC supplement.
Georgia limited attendance at its athletic venues during the 2020-2021 seasons including at football’s Sanford Stadium where attendance was under 21,000.
Georgia’s revenues dropped $25,984,126 and its expenses decreased $16,122,759 from fiscal year 2020 to fiscal year 2021.
It listed its total assets at the end of the last fiscal year of $493,615,879 and total liabilities of $136,450,288.
The form includes total compensation for the highest earners in athletics from the 2020 calendar year including bonuses paid and the value of perks and benefits led by football coach Kirby Smart at $7,078,741 and men’s basketball coach Tom Crean at $3,348,415.
This article originally appeared on Athens Banner-Herald: Georgia athletics produces surplus after SEC revenue supplement
