Florida State athletics department reports surplus of over $10 million in FY2022
One year after recording an $8 million surplus thanks to major spending cutbacks during the pandemic, Florida State’s athletics department reported even better financial results in the most recent fiscal year.
According to documents submitted to the NCAA last month, Florida State reported operating revenue of $161,141,884 for fiscal year 2022, which ended last summer. The Seminoles’ reported expenses for that year were $150,777,734, for a net surplus of about $10.36 million.
Both numbers were substantial jumps from the 2021 fiscal year, which covered the latter stages of the coronavirus pandemic. In that year’s filing, FSU reported revenues of nearly $130 million and expenses of nearly $122 million.
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The largest revenue category for the Seminoles in 2022 was media rights with a total of $30.34 million, which includes the Atlantic Coast Conference’s distribution from its television deal with ESPN. Florida State also brought in $24.4 million for royalties, licensing and advertising.
Ticket sales generated $18.77 million of the total revenue, and the Seminoles got another $10.7 million from the ACC — about half from its share of conference bowl revenue, and half from non-bowl revenue.
On the other side of the ledger, Florida State’s three largest expenditures were related to salaries, administration and overhead.
Coaches’ salaries and benefits accounted for about $25.6 million, and support staff salaries and benefits added another $22.83 million. Overhead and administration costs totaled $22.2 million, while the Seminoles spent about $10.8 million on tuition and other student aid.
The other two big expense categories in the 2022 fiscal year were $10.7 million in debt and leases, and $9 million in team travel.
Not surprisingly, football is the largest revenue generator and expense for Florida State. According to the report, the Seminoles generated $77.8 million from that one sport while spending about $54.6 million.
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