Very quick bullet point summary:
On the EXPENSE side (from largest expenses to smallest)
- Coaching Salaries stayed the same
- Administrative Salaries remained the same (Drop of about $1 Million. There were some short term furloughs of some rank and file personnel)
- Cost for Scholarship, Room and Board, Meals for student athletes remained the same, of course
Other Expenses:
- Travel dropped by about 25% / $2 million (Of course, fewer games)
- "Game Day Expenses" - which is mostly paying for all the peripheral stuff on gameday, mostly for football - parking folks, ushers, cops, etc, etc - dropped by 75% / $7 million (of course, these expenses are to accommodate attendance, of which there was none)
- Bowl Game expenses dropped from $3.5 million to (nearly $0 - Penn State, of course, didn't go to a Bowl (Somehow about $100,000 still showed up as "Bowl Expense", probably an old account payable or something)
- The $ million paid for Pay Day game opponents for football (like paying VIllanova and Ball State to come in for a football game) dropped from $4 million down to 0 (since we didn't have any of those)
- Recruiting expenses dropped from $2.5 million down to $1 million (of course, couldn't travel as much or official visits)
On the REVENUE side, starting with the largest sources of revenue:
- Total Media rights revenue dropped by about 25% / $13 million (likely due primarily to fewer football games... though this also includes NCAA BB tourney money (which actually went up a tad) and some other stuff))
- Lost $43 million in ticket revenue, that was, of course the big one, and mostly football related
- "Donations", a large chunk of which are likely STEP fees, dropped, but only from $30 million to $22 million. (Penn State's "handling" of STEP money obviously gave PSU ICA a huge advantage over everyone else - who refunded or credited)
- Royalties (which is the $ PSU gets every time someone buys something with a PSU Icon on it) stayed the same, as one would expect
- Parking and Concession revenue, which is largely football game parking, dropped from $7 million to essentially 0, of course, with no fans
- Penn State took about the same from the endowment, up $1 million from 7 million to 8 million
- Penn State didn't get a Bowl Money stipend from the Big Ten (obviously, since PSU didn't go to a bowl), Last year that was about $2.5 million
- Penn State did enter a large revenue stream from "Other", of $20 million (that is typically about $7-8 million per year - for stuff ranging from golf course fees to who knows what else). The only explanation given (as required by the EADA for such large sums) was that it was primarily the result of a lawsuit payout. So, who knows?
That's the nickel tour of the financials
www.statecollege.com
