2020-21 Virginia Tech Athletics Financial Report

This is my annual update of the Virginia Tech Athletics financial report for the year ended on June 30, 2021 (FY 2021).  As noted in past reports, the following standard caveats and comments are made:

  • The 2021 data includes the 2020 football season and the 2020/2021 basketball season, both of which were played under Covid protocol conditions, with very few fans allowed to be present at the game site.
  • There can be various differences between current and prior year numbers within the same school depending on how the school chooses to present its reports.  Contributions (Hokie Club donations, Virginia Athletics Foundation donations) reported will not agree to the annual information reports from the athletic fund-raising numbers primarily because only the application of those amounts are presented.  If the funds are not expended or transferred to operations, they are generally not reported in the NCAA reports.

As in prior years, the information for Virginia Tech and UVA is derived from the published NCAA reports on the Virginia Auditor of Public Accounts (APA) web site.

For this report I have only presented the current and past year info for both Virginia Tech and UVA. In certain instances, I have expanded the financial schedules information, including restating the prior year information to be comparative with the current presentation, and also to provide more useful information on the face of the statements. I have also reduced the narrative analysis of the information. 

Virginia Tech Athletics Summary Financial Report

Financial Report Table 1

The financial information indicates the extent that Covid affected the athletic department operations, as there were significant reductions in revenue and expenditures for FY 2021.

The more noticeable new revenue items are direct state or other governmental support (Covid relief funds) and direct institutional support from the university.  You may notice that there is an expenditure of $72k for bowl expenses.  I do not know what that is related to unless it was a prior year item paid in FY 21.

Also note that after application of Covid funding and other university support, the athletic department had net revenues over expenditures of $4.728 million.  Also, the department net debt balances increased by $34.677 million, most of which was for the Student Athletic Performance Center, the ACC Media Studio, and the department’s share of the Creativity and Innovation District (new dorm).  The department also refinanced certain debt on other facilities.

Financial Report Table 2

Overall salaries, benefits and bonuses decreased in FY 2021 primarily due to reductions in support staff compensation related to the effect of Covid on department operations.

University of Virginia Athletics Summary Financial Report

Financial Report Table 3

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