1. This is a June fiscal year-end, so the heart of Covid's impact will hit in FY21. The full damage isn't known yet, but it'll probably be pretty bad.
2. UC Regents saved Athletics, which transferred an additional $20m to its athletics "subsidiary". Regents essentially kicked the can down the road because they would have been smashed by a loss of donations if they didn't support Athletics. Also, the "profit" is probably to finance athletics against a probable bad FY21 fiscal deficit. Meanwhile, UC Berkeley swung from a $60m gain in position to a whopping $148m loss. The loss is due to a rise in payroll expenses, rather than any change in revenues. This will not shock you, but UC Berkeley is underfunded by the State of California. The main university can withstand losses for longer, but I have no idea how much longer.
3. Cal lost $3m in ticket sales for the fiscal year ended June 30th, but travel fell by $2m.
4. Cal lost $0.7m by going to the Cheez-Its Bowl. It broke even by going to the Red Box Bowl because it was within driving distance.
5. Athletic aid for non-revenue sports fell by about a million (about 15%). This infers that scholarship levels were cut.
1. This is a June fiscal year-end, so the heart of Covid's impact will hit in FY21. The full damage isn't known yet, but it'll probably be pretty bad.
2. UC Regents saved Athletics, which transferred an additional $20m to its athletics "subsidiary". Regents essentially kicked the can down the road because they would have been smashed by a loss of donations if they didn't support Athletics. Also, the "profit" is probably to finance athletics against a probable bad FY21 fiscal deficit. Meanwhile, UC Berkeley swung from a $60m gain in position to a whopping $148m loss. The loss is due to a rise in payroll expenses, rather than any change in revenues. This will not shock you, but UC Berkeley is underfunded by the State of California. The main university can withstand losses for longer, but I have no idea how much longer.
3. Cal lost $3m in ticket sales for the fiscal year ended June 30th, but travel fell by $2m.
4. Cal lost $0.7m by going to the Cheez-Its Bowl. It broke even by going to the Red Box Bowl because it was within driving distance.
5. Athletic aid for non-revenue sports fell by about a million (about 15%). This infers that scholarship levels were cut.
Does this mean we can hire a new basketball coach? Please, please pretty please!
I really hope the AD cuts 6-8 sports and redirects that money into men's football and men's basketball.
Good news!