FC: Penn State Athletics Reports Nearly $24 Million Deficit Following COVID-Impacted 2020-21 Fiscal Year

[StamfordBridgeVikingatLeftOffensiveTackle]

It's the equivalent of a Monday, help me connect the dots as to who the OP is/was???

It's not important. The guy's annoying and a moron to boot.

 

[PSUFTG]

I'm reading the comments in the NCAA report and it says "one time insurance settlement." The amount of increase in "other revenue" over the previous two years is about $12mm. Sound familiar? Wanna take a guess?

I really don't know.
I haven't sat down to really ponder it - maybe if I do I would come up with something. But, honestly, I was taken by surprise to see that figure.

One option - completely out of left field - would be something connected to the Sandusky settlement/insurance company bit. But that is all so long ago, and if something were to come in from there I would expect it to hit the University books (at large) but not ICA.

I am not aware of PSU having any type of "loss of revenue" coverage in the event of athletic events being wiped out by something like Covid. Certainly haven't heard anything about it if they did - not that I can recall.

Do you have any idea what it could be? (Or know for sure)

 

[GrimReaper]

I really don't know.
I haven't sat down to really ponder it - maybe if I do I would come up with something. But, honestly, I was taken by surprise to see that figure.

One option - completely out of left field - would be something connected to the Sandusky settlement/insurance company bit. But that is all so long ago, and if something were to come in from there I would expect it to hit the University books (at large) but not ICA.

I am not aware of PSU having any type of "loss of revenue" coverage in the event of athletic events being wiped out by something like Covid. Certainly haven't heard anything about it if they did - not that I can recall.

Do you have any idea what it could be? (Or know for sure)

I thought Sandusky-related was a possibility. $12mm is 20% of the NCAA fine that was to have been paid over 5 years. Initial reports had ICA paying it, but disposition is murky. I wouldn't bet my daily coffee money on this explanation.

Event cancellation insurance makes sense. Like you, I haven't heard anything.

No good ideas here.

 

[canuckhal]

In other news. a new VP in athletics is hired to focus on the deficit.