Athletics Transfers Over $10 Million to University
BATON ROUGE, La. — The LSU Athletic Department will transfer over $10 million this fiscal year to other components of the university for use in supporting LSU’s academic, research, public service and other missions, Vice Chancellor and Director of Athletics Joe Alleva announced Monday.
“Our athletic department is sincerely committed to supporting the academic mission of the university, and we’re extremely proud to transfer over $10 million this year,” Alleva said. “These funds provide vital resources for our students, faculty and staff, and they help to sustain LSU as one of the top research institutions in the country.”
The athletic department has contributed a total of $43.5 million to the LSU-Baton Rouge campus over the past five fiscal years.
Beginning in 2012, the athletic department has annually presented $7.2 million to the university in accordance with the Athletics Fund Transfer Policy approved by the LSU Board of Supervisors. The policy states that in years in which LSU Athletics yields a surplus, a portion of the surplus in addition to the $7.2 million may be provided to the university.
The surplus produced by the athletic department in fiscal year 2014-15 will allow an additional $2.85 million to be channeled to the university, creating a total fund transfer this year of $10.05 million.
“This surplus comes on the heels of an extremely challenging budget year, and the real beneficiaries will be our students, “ said LSU President F. King Alexander. “Few athletic departments across the country have the capacity to give back to their university the way ours does, and we appreciate their deep commitment to all our students.”
In addition to the annual fund transfer, the athletic department also pays the university $13.2 million each year for student-athlete scholarships.
“We’re very grateful to all of the fans and supporters of Fighting Tiger athletics who allow us to generate these essential funds,” Alleva said, “and we’re especially pleased this year to provide a significant surplus in addition to our annual commitment.”
The surplus funds for this fiscal year will be used for one-time instructional, research and student endeavors, such as awards to outstanding faculty, classroom/laboratory construction and renovation, and student support.