The LSU Athletic Department announced this morning it will transfer a little over $10 million this fiscal year to support LSU’s academic, research, public service and other missions at the flagship campus in Baton Rouge.
The transfer brings to $43.5 million the total amount the athletic department has given to the university over the past five years—surpassing a goal set in 2012 to give $36 million over five years.
“These funds provide vital resources for our students, faculty and staff, and they help to sustain LSU as one of the top research institutions in the country,” says LSU Vice Chancellor and Director of Athletics Joe Alleva in a news release.
In 2012, LSU athletics transferred $7.2 million to the university and announced plans to do so annually over the next five years, giving $36 million over five years in accordance with the Athletics Fund Transfer Policy approved by the LSU Board of Supervisors. However, the policy also states that in years in which LSU athletics yields a surplus, a portion of the surplus in addition to the $7.2 million may be provided to the university.
The surplus the athletic department produced in fiscal year 2014-15 will allow an additional $2.85 million to be channeled to the university, creating a total fund transfer this year of $10.05 million.
“This surplus comes on the heels of an extremely challenging budget year, and the real beneficiaries will be our students,” says LSU President F. King Alexander in a prepared statement. “Few athletic departments across the country have the capacity to give back to their university the way ours does, and we appreciate their deep commitment to all our students.”
The surplus funds for this fiscal year will be used for one-time instructional, research and student endeavors, such as awards to outstanding faculty, classroom and laboratory construction and renovation, and student support. In addition to the annual fund transfer, the athletic department also pays the university $13.2 million each year for student-athlete scholarships.