Virginia Tech’s 2021 monetary report reveals athletic division surplus of $4.7 million | Virginia Tech

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BLACKSBURG — The Virginia Tech athletic division’s 2021 monetary report makes for a novel learn.

The total influence of the COVID-19 pandemic is felt proper on the high of the report with the primary income merchandise itemizing a mixed whole of $49,060 in ticket gross sales for all 22 groups.

The Hokies took in additional than $16 million in ticket income in 2020 and exceeded $20 million two years in the past. The COVID-19 pandemic restricted soccer attendance to lower than 1,000 followers a recreation for a lot of the 2020 season — the soccer workforce really reported zero {dollars} in ticket revenues since attendance was restricted to the households of gamers and coaches — and fewer than that for the workforce’s indoor sports activities.

Tech’s income was down simply shy of $14 million general ($85.5 million) from a record-high $99.1 million reported in 2020 and fell beneath $90 million for the primary time since 2017, however the division nonetheless managed to complete with a surplus of $4.7 million.

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It was the fourth straight yr the division maintained a surplus.






Virginia Tech 2021 Financial Report

The itemized income record from the Virginia Tech athletic division 2021 monetary report. 




The unaudited numbers have been compiled for the annual monetary report all Division I member faculties should undergo the NCAA. The report was supplied to The Roanoke Instances in response to a Freedom of Data Act request.

Tech athletic director Whit Babcock credited worker wage and working funds reductions mixed with lowered expenditures in recruiting and recreation operations for serving to the athletic division keep away from a shortfall.

Babcock introduced a sequence of cost-saving measures in December 2020 that included wage reductions and layoffs in hopes of trimming $15 million from the funds.

“No collegiate athletics division has been spared from the cruel monetary actuality of income shortfalls straight attributable to COVID-19,” Babcock mentioned, on the time.

Virginia Tech athletics general bills in 2021 for workforce journey was $2.6 million, the recruiting funds was $232,684, recreation bills have been $1.5 million and direct overhead and administrative bills have been $5.8 million.

The division’s general bills have been $85.5 million and that was the primary time they have been beneath $90 million since 2016.






Virginia Tech's 2021 Financial Report

The itemized income record from the Virginia Tech athletic division 2021 monetary report. 




These numbers have been larger in 2020 in every class by thousands and thousands of {dollars}.

Tech spent $3.9 million on journey, $1.8 million on recruiting, $4.7 million on recreation bills and direct overhead and administrative bills have been $7.3 million. The division’s general bills have been a document $97.4 million.

The college additionally acquired state and federal help that totaled $13 million to assist offset the losses introduced on COVID-19.

“To mitigate the monetary challenges posed by the pandemic, the state, the board of tourists and federal companies took a number of actions together with federal and state help, debt restructuring and a well being care vacation program,” Babcock advised The Roanoke Instances, on Thursday. “The $13-plus million income to athletics was a results of the College’s general monetary technique primarily based on these actions.”

Babcock mentioned he was stunned that the athletic division was capable of navigate the COVID-19 pandemic with out reporting a monetary loss this yr. As lately as April, Babcock mentioned he anticipated a major shortfall.

The Virginia Tech athletic division is within the midst of an enormous $400 million fundraising marketing campaign with the aim of accelerating its funds in the direction of the highest tier of the ACC. Based on Babcock, the upper finish athletic budgets within the ACC are upward of $125 million.

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