Hey, we’re number one in something else!
Georgia athletics reported an operating surplus from its fiscal year 2021 NCAA financial report of $46,341,763, more than double any other department nationally. [Emphasis added.]
I see that Josh Brooks is carrying on one policy from his predecessor.
“As we indicate every year, the NCAA Membership Financial Report is straightforward, but distinctly defines revenues to include non-operating funds related to capital projects and interest income from investments but excludes operating departmental contributions to the University and non-operating current capital project expenditures,” Georgia athletic director Josh Brooks said. “Therefore, the balance shown does not reflect the full financial picture.”
Say what you will about the tenets of “The NCAA should take into account that we spend some of our profits every year”, dude, at least its an ethos.
Get The Picture 
The fucking Georgia Way remains undefeated.
Sigh.
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What a weird spin to continue pushing. Nothing is stopping UGA from additionally providing its own non-GAAP operating profit to prove it is so poor. Companies provide their own metrics all the time.
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I wonder if a school’s athletic department can legally divert some of its reserve cash to an outside collective. Asking for a friend.
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Meanwhile up in Knoxville.
https://www.knoxnews.com/story/sports/college/university-of-tennessee/football/2021/02/25/tennessee-athletics-budget-financial-loss-vols-pandemic-sec/4577022001/
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Junior and Lulu are getting bailed out by the SEC…it seems like that football program has been hemorrhaging money for years
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But hey, they are renovating that piece of shit, by the Tennessee river, so there is that!
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Last time they did that they made the seats smaller. No adult can sit in that stadium comfortably.
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Y’all are getting your panties in a wad about something every program with these kind of surpluses does. At the end of the day, the financial statement surplus that all schools report is what you have to go by. EVERY school has those expenses and income that would otherwise be factored into the baseline financial picture. So as far as the NCAA is concerned, we continue our streak of being among the Top 3 most profitable programs to over 15 years now.
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Does the UGA Athletic Department pay Federal and/or State income taxes?
Or, are donations different than say, paying for tickets to athletic events?
Is TV revenue from the SEC different for tax purposes?
Just curious, ’cause I’ve always said, one can accumulate a “surplus” if one doesn’t have to pay taxes, or pay bills.
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The UGAAA is a tax-exempt organization under section 501(c)(3).
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As a CPA who Couldn’t Pass Again, I would like to see the GAAP statement of cash flows. It would be a whole lot more valuable to understand the sources and uses of cash. When I would say on the board on NFPs in the past, it was the most important thing I would review.
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What is a GAAP? Asking for a friend. 🙂
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No snark here, genuinely want to know what Brooks is saying in layman’s terms, not in accountant/CPA terms. Thanks.
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All Hartman and Magill donors should get UGA T-shirts and fridge magnets with the reserve balance on them
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Remember the old Shell game. Just think of it every time a Not For Profit publishes it’s financials.
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As I read that statement from Brooks, all I can visualize is him being low key embarrassed, slightly blushing as he gazes down and slowly rolls that pebble under the toe of his shoe.
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