Getting ready to file those tax returns?
Chances are the figures won’t add up to what the Southeastern Conference is producing.
The SEC compiled $527.4 million in total revenue for the fiscal year that ended Aug. 31, 2015. That was a 62–percent increase from the fiscal year ending in 2014, with the sizable jumpdue to the inaugural year of the SEC Network and the introduction of college football’s four-team playoff.
Former SEC commissioner Mike Slive announced last May at the league’s spring meetings that $457.8 million would be distributed to its 14 members. Each school received $32.7 million after receiving $20.9 million in 2014, easily the largest such increase in conference history.
“The ability to provide a significant distribution of revenue is more critical than ever for our institutions as they offer more financial and educational benefits to current and former student-athletes,” Slive said last spring. “Beginning this year, our schools will fund new costs associated with providing scholarships based on full cost of attendance, enhance lifetime educational opportunities to former student-athletes, and they are developing new facilities such as athletic nutrition centers to the benefit of student-athletes.”
Slive, who retired last summer after 13 years as SEC commissioner, earned $3,655,576 in total compensation during his final year. His final earnings more than tripled what he made in 2012.
USA Today recently requested the SEC‘s financial return and on Tuesday was the first to report its details.
SEC revenues have increased by a staggering 222 percent in the past six years. Slive’s successor, former SEC executive associate commissioner Greg Sankey, made $409,002 during the 2014-15 fiscal year.
Fast start at Georgia
Georgia announced Tuesday that $12.5 million has been raised through cash and pledges from donors toward the $15.1 million goal for the indoor football practice facility. The facility has a total projected cost of $30.2 million, with the other $15.1 million coming from athletic department reserves.
The leadership giving organization for the indoor project, the Magill Society, has grown to nearly 150 members in four months.
“We are extremely grateful to everyone that has stepped up and supported our efforts through the Magill Society,” athletic director Greg McGarity said in a released statement. “We are off to a fantastic start because of the generosity of so many.”
Construction on Georgia’s indoor facility began late last month. A groundbreaking ceremony will take place next month, with the completion date set for January 2017.
Contact David Paschall, republished with permission by Chattanooga Times Free Press (Tennessee)