OT- University of Arizona’s $240 million misclculation
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Chin Diesel
Power of Love
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Getting a taste of "the real world" a bit early.
Do your homework and leg work when choosing a major and a university. And even if you do, sometimes the rug gets pulled out from under you.
If their transcripts are good and their major is stable they'll just end up graduating from somewhere else.
Obviously they need to scrap the accounting and finance majors. Ouch!
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May cut sports....https://thespun.com/pac-12/arizona/university-of-arizona-might-cut-sports-due-to-financing-disaster
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Uh no. That’s not the way to treat people.
What if the kid had a scholarship to WV or instate tuition? They may not have much choice to transfer, and they now be on the hook for an extra year of tuition since they gotta start a new major from scratch.
When UHart announced the move from D1 to D3, they at least had the class to say that all athletes would be able to stay and hold their scholarships. They didn’t leave the kids high and dry.
Waquoit
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Especially since the problems at WVU are due to gross mismanagement by those making the big bucks.
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The UA president said selling the athletic department to be run as a for profit was a consideration after a faculty member brought up its possibility.
Rutgers had also been reporting loans from the university to their AD under “other operating revenue,” a practice that is contrary to NCAA guidelines and that made its annual deficits appear smaller. The loans to athletics to cover operating deficits were also not permitted under university policy.
Rutgers had also been reporting loans from the university to their AD under “other operating revenue,” a practice that is contrary to NCAA guidelines and that made its annual deficits appear smaller. The loans to athletics to cover operating deficits were also not permitted under university policy.
In both cases, where does it say that Athletics has to be a profit center? Do they compare the Soccer program to the Linguistics Department and ask which should stay or what level should it be funded at?
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Dunno why they can't make athletics a non profit corporation that is separate from the university.
The athletic departments at the University of Florida, UCF, USF, and FSU are incorporated as non profits...
The AD at FSU is the CEO...the athletic departments at these universities are quasi-private (Sport's Illustrated's term) and employees work for the corporation, not the university.
However, the state law in Florida specifically supports this.
The athletic departments at the University of Florida, UCF, USF, and FSU are incorporated as non profits...
The AD at FSU is the CEO...the athletic departments at these universities are quasi-private (Sport's Illustrated's term) and employees work for the corporation, not the university.
However, the state law in Florida specifically supports this.
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State Legislatures have to pass laws allowing for certain preferential arrangements. Some States are more than willing. Florida did regarding Non-Profit status. Missouri just did, too. In another arena. If you are a Missouri HS senior athlete and commit to a college within the State of Missouri, you can receive NIL while still in HS. (Objective: Incentivize the elite home grown players to enroll at UM). Think Connecticut would ever do that?
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Not sure it's just about profit as much as its hiding the true costs of operating the ADs. Faculties are worried about losing programs/majors and things like offering merit schollies to attract the better students in order to pay for those. I believe that has been an issue at Rutgers for years. You can also massage the financial value of scholarships... IIRC UConn charges $4k just for a its General University Fee and big chunk of that goes to help covering the AD deficits every year. It adds to the cost of attending.
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You can look up what the fees are for. About $1,500 goes to the general university fund, $800 for "student health and wellness", $500 for the new student rec center, $600 infrastructure maintenance, $200 activity fee, $200 for technology, $200 for transit.
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How do you miss 240 million dollar deficit? That blows my mind that a public university that probably has its finances scrutinized by the state legislature be that bad at finances. Guess UA business, finance, economics and accounting majors are worthless there.
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Time to "blow up" college football as it currently exists. The NIL, the full scholarships, multi million dollar head coaches, athletes that are anything but students.
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Thanks Jim. Nan posted this over the summer during B!2 talk. Hope it works, its the AD financial statement its older, pretty good but long. Scroll with mouse wheel.
Big 12 will make significant push for UConn (merged)
We’ll find out what the damage would be this year. Last year UConn got creamed by Top 10 Michigan, but to be fair, they lost their starting QB early in the game and replaced him with a true freshman. This season, the Huskies are taking on Tennessee. If UConn is healthy, we’ll see how they might...