GREENWOOD VILLAGE, Colo.—Strong financial performance and significant increases in self-generated revenue highlighted a very successful year for Colorado State University Athletics in 2017-18. CSU Director of Athletics Joe Parker presented the department's financial report to the CSU System Board of Governors on Aug. 9 at its regular board meeting at the CSU-Global Campus in Greenwood Village, Colo.
Highlights of the 2017-18 financial report with context for the first year of operation for Canvas Stadium:
- Canvas Stadium had a financially-successful first year of operation with revenue exceeding costs by approximately $4.6 million.
- Revenue from the stadium outpaced the CSL model by more than $4 million.
- Total stadium expenses (exclusive of the bond payment) were more than double the CSL model ($3.1 million vs. $1.4 million)
- The higher expenses compared to the model resulted from a commitment to deliver a quality game day experience for fans while mitigating impact on the community.
- Game day expenses were more than a million dollars over the CSL model ($1.5 million vs $480,000). Work is being done to reduce those costs in future years while recognizing that the landscape has evolved significantly since the 2012 CSL study in terms of security and other expectations for fans.
- For example, police, fire, Landmark security and traffic mitigation cost nearly $500,000 more than the final year at Hughes Stadium (2016). Efforts are underway to reduce those costs without adversely affecting fan and community experience.
- First-year learning about utility, custodial and labor costs to manage and operate a 750,000 square foot building with 365-day-a-year usage—unlike Hughes Stadium—that is an asset to the campus and community was instructive for future years.
- While absorbing those expenses, Athletics still:
- Made a more than $4 million bond payment;
- Set aside $3 million in the future for stadium reserve;
- Returned $500,000 to campus for academic purposes (*pending Board of Governors approval);
- Returned to the rest of the Athletic Department an extra $1.1 million beyond what was realized from Hughes Stadium (*pending Board of Governors approval).
- Other department self-generated revenue from sources other than Canvas Stadium exceeded budget by more than $1.6 million in 2017-18.
- Overall CSU Athletics increased its self-generated revenue from $15.7 million in 2016-17 to $24 million in 2017-18.