The University of Michigan athletic department expects balanced budgets for both the current fiscal year and the one that begins July 1, despite continued challenges amid the ongoing COVID-19 pandemic.
Warde Manuel, the Donald R. Shepherd Director of Athletics, presented the year-end financial projections and the budget for the coming year to the Board of Regents on June 16.
RELATED BUDGET STORIES
For the current fiscal year, the athletic department projects a balanced budget based on operating revenues of $197.6 million and operating expenses of $197.6 million. Revenues increased notably in the areas of conference distributions and spectator admissions.
Looking ahead to the 2022-23 operating budget, the athletic department projects a balanced budget based on operating revenues of $201.9 million and operating expenses of $201.9 million.
Elements of the new budget are as follows:
- Spectator admissions revenues are projected to increase by $6.5 million due to an eight-game home football schedule compared with seven home games last year, as well as an increase in season ticket prices. Big Ten Conference distributions are projected to increase by $9.7 million, primarily due to an increase in television revenues.
- Financial aid expenses are projected to increase by $4.2 million because of additional education-related benefits for student-athletes and tuition increases.
- Team and game expenses are projected to increase by $3.7 million due to an increase in football non-conference guarantee payments, expenses associated with hosting an additional home football game and increases in other various expenses related to the support of the university’s teams and student-athletes.
As part of the presentation to the board, Manuel also shared some of the department’s top achievements on and off the field.
Michigan set another school record with 507 student-athletes earning Academic All-Big Ten Conference compared with 499 in the previous year, 405 in the prior year, and 372 in the 2018-19 academic year. Another school record was set, with 701 student-athletes earning a grade-point average of 3.0 or better during the academic year.
Through June 10, 48 student-athletes earned All-America honors during the year. In addition, Michigan had 118 student-athletes earn All-Big Ten honors, with 24 student-athletes winning individual conference championships.
Michigan set a single-season record with 13 team championships, again leading all Big Ten schools in that category. The Wolverines entered the spring season in first place in the Learfield Directors’ Cup standings thanks to 13 top-10 national finishes.