Penn State Intercollegiate Athletics is bringing in the big bucks.
Penn State athletics recently filed its 2016-17 NCAA annual Financial Report. In fiscal year 2017, Penn State athletics generated $144,017,055 in net revenues, with expenses totaling $138,724,055 — making a profit of about $5.3 million. All of which are up from last fiscal year.
“Penn State Athletics continues to be a strong, self-supporting unit, boosted by new and increasing revenue streams during fiscal 2017, while remaining attentive to rising expenses in many areas,” Sandy Barbour, Penn State’s athletic director, said in a press release. “During the past year, we’ve continued to see strong and encouraging indicators, including ticketing, sponsorships and licensing, and additional revenue in other areas, that have brought us closer to a sense of normalcy, in conjunction with our efforts to closely manage expenses.”
Athletics doesn’t receive any funding from the state, taxpayers or student fees.
The greatest source of revenue for athletics comes from ticket sales at about $35.5 million, according to the report. The majority of that is football ticket sales at almost $31.7 million. Men’s ice hockey brought in about $1.7 million, while men’s basketball made $933,082 and wrestling made $685,443. All women’s sports brought in $427,472 in ticket sales. Men’s baseball, gymnastics and volleyball bring in the rest.
According to the report, other sources of revenue include contributions ($30.8 million); media rights ($23.3 million); royalties, licensing, advertisement and sponsorships ($13.8 million); other operating revenue ($11.3 million); conference distributions ($8.2 million); program, novelty, parking and concession sales ($6.4 million); NCAA distributions ($6.1 million); athletics restricted endowment and investments income ($5.6 million); bowl revenues ($2.7 million); and guarantees ($300,000).
The biggest expense for athletics is paying coaches and staff, according to the report. Coaching salaries, benefits and bonuses cost ICA $25.5 million, and support staff/administrative compensation, benefits and bonuses cost $25.2 million. Athletic student aid comes in at $20 million.
Other expenses include athletic facilities debt service, leases and rental fee ($13.7 million); direct overhead and administrative expenses ($11.8 million); other operating expenses ($9.8 million); team travel ($7.2 million); game expenses ($7.2 million); sports equipment, uniforms and supplies ($3.6 million); bowl expenses ($3.6 million); recruiting ($2.5 million); guarantees ($2.4 million); medical expenses and insurance ($2.2 million); fundraising, marketing and promotion ($1.9 million); student-athlete meals, non-travel ($1.5 million); spirit groups ($285,226); severance payments ($188,066); and membership and dues ($85,617), according to the report.
Penn State has 800 student-athletes and 31 intercollegiate varsity programs (16 men’s and 15 women’s).