South Carolina athletics operated at surplus in 2021 due to SEC bailout – Greenville Information

COLUMBIA – The pandemic and its impact on college athletic departments nationwide proceed to be revealed, and South Carolina would’ve ended the 2021 fiscal 12 months within the detrimental had it not been for a greater than $20 million handout from the SEC.
In Might 2021, the convention introduced it might advance $23 million to all member establishments from the convention’s future multi-year TV cope with ESPN that begins in 2025 to assist stave off among the monetary hardship ensuing from COVID-19. The payout hit USC’s athletic finances, and in its annual fiscal report filed to the NCAA final week, the varsity reported a $4,792,677 working surplus.
June 30 marked the shut of the 2021 fiscal 12 months. USA TODAY and The Greenville Information obtained the athletic division’s monetary report by way of a public information request.
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South Carolina listed working revenues totaling greater than $135.1 million whereas it spent greater than $130.3 million. The close to $5 million within the black was a stark distinction to the 2020 fiscal 12 months, which was affected by the pandemic solely in its final three months, when the athletic division reported a deficit of $765,306.
Had it not been for the SEC’s bailout, USC, like most different fellow convention members, would’ve reported a major monetary loss final 12 months. The $29.5 million South Carolina acquired from the league made up 21 % of its income finances.
From 2019, the final fiscal 12 months earlier than the pandemic, South Carolina’s athletic division operated at $136.8 million but in addition made more cash at $140.7 million.
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For the second straight fiscal 12 months, contributions coming into the athletic division verily dipped. USC acquired $13.5 million throughout pandemic-riddled 2021. In 2020, that quantity was up greater than $25 million and at $31 million in 2019.
Contributions embody quantities acquired from people or different organizations designed for operations like money and quantities acquired above ticket face worth.
Shortly after former soccer coach Will Muschamp was fired by South Carolina, each events agreed to a $12.9 million buyout off his contract that had 4 years remaining.
The lump sum settlement was a lesser determine than the $15.3 million the varsity was topic to owe Muschamp, however his severance accounted for almost 10 % of South Carolina’s whole working bills for fiscal 12 months 2021.
In all, the athletic division paid out greater than $15 million in severances.
A few of that $15 million included payroll taxes on prime of Muschamp’s buyout in addition to buyouts for a few former soccer assistant coaches and assist employees members.
In some methods, the pandemic saved South Carolina cash. However in different methods, you may see how having no or restricted numbers of followers within the stands — in addition to the additional precaution and pointers — created extra value.
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Due to a league-only soccer schedule and shortened nonconference schedules in different sports activities, USC trimmed assured funds from almost $3 million in 2020 to only $116,536 in 2021.
South Carolina’s recruiting additionally shrank immensely from two years in the past. It spent $2.1 million in 2019 then dropped to $1.3 million in 2020 earlier than plummeting to $372,977 in 2021. Sports activities weren’t allowed to host recruits on campus, and coaches have been unable to hit the highway to recruit all through the 2021 fiscal 12 months.
Crew journey and gameday bills have been additionally areas the place USC saved cash.
The pandemic additionally damage South Carolina in numerous methods. Fundraising, advertising and promotion was reported at $616,318, far under the greater than $2 million South Carolina usually generates.
Following Heart for Illness Management and NCAA pointers for COVID-19, medical bills and insurance coverage for USC student-athletes and the division greater than doubled in 2021 from $1.8 million to $3.7 million.
Tickets gross sales have been affected by greater than $21 million from 2020 to 2021. South Carolina generated $9.9 million in income from admission gross sales to athletic occasions throughout 2021.
Cory Diaz covers the South Carolina Gamecocks for The Greenville Information as a part of the USA TODAY Community. Comply with his work for all issues Gamecocks on Twitter: @CoryDiaz_TGN