By Jeff Shearer
AUBURN, Ala. - Auburn Athletics finished Fiscal Year 2015-2016, ending on June 30, with record revenues of $137 million and an operating surplus of $13 million. Actual revenue exceeded budget by $8.8 million.
"The financial state of Auburn Athletics is strong," Director of Athletics Jay Jacobs said. "Sound fiscal management is what makes it possible for us to be the best school for the best athletes. We are on solid ground financially due to good management of the resources that are made available to us through the strong support of our loyal donors and fans."
From the $13 million surplus, Athletics transferred $7.5 million to deferred maintenance to be held in reserve for future projects.
"Since 2005, Auburn Athletics has invested over $200 million in facility improvements. Every sport has had either a new facility built or a major facility renovation," said Auburn Chief Financial Officer Lori Arthurs.
While Auburn's Fiscal Year 2015-2016 figures indicate an operating surplus of $13 million, the NCAA Financial Report will show Auburn's surplus as $15.2 million. In FY 2014-2015, Auburn Athletics' operating surplus of $6.9 million was reported by the NCAA as $9.2 million.
Arthurs said the NCAA's report, frequently cited by media outlets, is created under a specific NCAA-required format that differs from financial reporting under GAAP, Generally Accepted Accounting Principles.
Jeff Shearer is a Senior Writer at AuburnTigers.com. Follow him on Twitter: Follow @jeff_shearer