Colorado State University Athletics
Photo by: Tim O'Hara
CSU Athletics Presents 2018-19 Financial Report to CSU System Board of Governors
8/9/2019 3:22:00 PM | General
CSU Athletics reports successful second year of operation in Canvas Stadium with nearly $1.5 million in increased revenues.
FORT COLLINS, Colo. – Strong financial performance and significant increases in self-generated revenue highlighted a very successful year for Colorado State University Athletics in 2018-19. 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 Aurora, Colo.
Highlights of the 2018-19 financial report:
LINKS: 2018-19 CSU Athletics Financial Report to Board of Governors
Highlights of the 2018-19 financial report:
- Canvas Stadium had a financially successful second year of operation with revenue increasing by almost $1.5 million compared to the prior year before including an additional $1.775 million of revenue due to the Tax Cuts and Jobs Act of 2017 (TCJA17) causing total Canvas Stadium revenues to exceed FY 18 by more than $3.2 million
- Revenue from Canvas Stadium outpaced the CSL model by almost $5 million excluding the TCJA17 adjustment.
- Due to the TCJA17 Premium and Priority seat donations are now held directly by the university rather than the CSU Foundation. Previous year pro formas only reflected the amount transferred from the CSU Foundation to the university. In order to adapt to the tax law change the FY 19 pro forma and future FY pro formas will reflect all Premium and Priority seat donations for that year.
- Total stadium expenses (exclusive of the bond payment) were approximately $2.9 million; a reduction of just over $177,000 from FY 18. Total expenses exceed the 2012 CSL model by more than $1.5 million due to significant changes in the landscape of security and fan expectations since 2012.
- Game day expenses for the 2018 football season were reduced almost $200,000 due to aggressive cost containment steps after assessment of the 2017 season and despite about $70,000 in additional game day staffing expenses due to deployment of magnetometers for the 2018 season
- While absorbing those expenses, Athletics still:
- Made a more than $8 million bond payment;
- Returned $200,000 to campus for academic purposes (*pending Board of Governors approval);
- Returned to the rest of the Athletic Department an extra $1.996 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 million in 2018-19.
LINKS: 2018-19 CSU Athletics Financial Report to Board of Governors
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