Tennessee Athletics announced a surplus of $12.2 million dollars from the 2015-16 fiscal year, which ended on June 30, 2016.
In a press release sent out Wednesday afternoon, UT said its operating revenues came in at $136.2 million, which was over the expected revenue of $124 million.
Tennessee cited a “record” year in donation ($30.7 million) in addition to “notable revenue increases in the areas of football ticket sales, trademark licensing royalties (e.g. Nike merchandise sales), and Southeastern Conference distributions” in the release.
The release also announced that, as of the end of the last fiscal UT year, its reserves have increased to $18.4 million, with $5 million of that designated for ongoing facility improvements. UT has also set its 2016-17 fiscal year budget for $129.5 million
“As I stated from day one, a successful athletics department must be financially stable and healthy,” Vice Chancellor and Director of Athletics Dave Hart said in the release. “We have once again delivered on a balanced fiscal approach which has invested in our student-athletes, improved our facilities, and increased our reserves. The incredible support from our fans and donors, along with the football program’s continued upward momentum, have been paramount in rebuilding our financial picture.”