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.
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After a fundraising year that included no canning and banned events outside of State College, THON 2020 culminated with the announcement that $11,696,942.38 had been raised For The Kids.
“They were the anchor when we were lost, life vest when we were drowning, and our best catch on a glorious, sunny day.”
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