Tennessee athletics reports $12.2 million surplus in 2015-16

KNOXVILLE, Tenn. (AP) – Tennessee’s athletic department has reported a surplus of $12.2 million for the 2015-16 fiscal year that ended June 30.

The school announced in a release Wednesday that it had operating revenues of $136.2 million and expenses of $124 million in the 2015-16 fiscal year. School officials said the athletic department had a record year in fundraising with $30.7 million in annual unrestricted cash donations.

School officials said the athletic department has total unrestricted reserves of $18.4 million, and that $5 million of that will be used for ongoing facility projects.

According to the release, the athletic department entered the 2016-17 fiscal year with a balanced budget of $129.5 million in operating revenues and expenses.

(Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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