PSU news by
Penn State's student blog

Topics

More

Penn State Athletics Reports $12 Million Increase In Reserve Funding Since 2013

Penn State Athletic Director and Vice President for Intercollegiate Athletics Sandy Barbour presented to the Board of Trustees’ Committee on Finance, Business and Capital Planning Thursday morning.

Barbour’s presentation focused on Penn State Athletics’ financial progress and budgetary details, including funding allocations to the university’s facilities master plan.

In 2013, Penn State Athletics’ reserve fund balance reportedly reached a mere $150,000 due to sanctions and the loss of Big Ten bowl revenues, according to a release. At the conclusion of the 2019 fiscal year, this balance reportedly stood at $12.3 million, thanks to “a combination of investment strategies, expense reduction initiatives and a steady climb in both overall traditional and new revenues.”

The reserve fund allows Penn State Athletics to hedge against unexpected market shifts and provide additional funding for initiatives such as the facilities master plan. Of the reserve balance revenue generated during the 2019 fiscal year, $5 million will reportedly go toward the projects outlined in the plan, while $4 million of future budget predictions would be allocated to the same projects.

Penn State Athletics’ facility master plan includes extensive renovations to Jeffrey Field, Beaver Stadium, and a new natatorium among other projects.

“This comprehensive facility master plan lays a foundation within the vision of how our facilities can strategically support our core purpose as we endeavor to positively impact the lives of our students and the entire Penn State Community,” Barbour wrote in a description of the plan.

The Board of Trustees will hold its full meeting at 1 p.m. Friday, September 13 at the Penn Stater.

Your ad blocker is on.

Please choose an option below.

Sign up for our e-mail newsletter:
OR
Support quality journalism:
Purchase a Subscription!

About the Author

Jim Davidson

Jim is a junior English and history major and the features editor for Onward State. He, like most of the Penn State undergraduate population, is from 'just outside Philadelphia,' and grew up in Spring City, Pennsylvania. He covers a variety of Penn State topics, but spends nine months of every year waiting for the start of soccer season. You can reach him via email at [email protected] or follow him on twitter @messijim.

State College Links
Follow on Another Platform
113kFollowers
157kFollowers
54.9kFollowers
4,570Subscribers
Other posts by Jim

To The People & The Place, I Love You, Goodbye: Jim Davidson’s Senior Column

“Although it’s still unclear where my own path, where my own train, is headed, I know that if I could go back and begin the same journey again, I would slow down as I passed through Happy Valley.”

Penn State Women’s Soccer Alum Ellie Jean Signs With Dutch Club PSV Eindhoven

‘You’re Always A Part Of The Program’: Naeher, Krieger, & The Soccer Journey That Began In Happy Valley

The Story Of Julia Cipparulo & Her Motives For Allegedly Vandalizing Penn State

“That broken ear is a permanent reminder of the dark side of Penn State University, the lives lost, and a warning. A warning that the deaths will continue unless massive change is enacted.”

The Story Of Julia Cipparulo & Her Motives For Allegedly Vandalizing Penn State

“That broken ear is a permanent reminder of the dark side of Penn State University, the lives lost, and a warning. A warning that the deaths will continue unless massive change is enacted.”

Penn State Alum Charged For Campus Vandalism

In a statement sent to Onward State, Julia Cipparulo claimed to have vandalized several Penn State campus landmarks, including the Lion Shrine, on May 8.

Penn State Football Announces New Jersey Numbers For 2022 Season

Nittany Lions old and new have received new jersey numbers ahead of the 2022 season.

 
Send this to a friend