WVU athletics says it turned $4.2 million profit last fiscal yea - WTRF 7 News Sports Weather - Wheeling Steubenville

WVU athletics says it turned $4.2 million profit last fiscal year

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The West Virginia University Department of Intercollegiate Athletics says it made a $4.2 million profit in the 2012-13 fiscal year, a turnaround from the loss of about $12.9 million the year before.

The previous year's numbers were affected by noncash items such as depreciation and the one-time exit fee to leave the Big East conference and join the Big 12.

The department reported $77.7 million in revenues in 2012-13 and $73.5 million in expenses. The largest revenue sources were contributions ($23.9 million) and ticket sales ($21.4 million). The largest expense was compensation at about $26.4 million. That number includes liabilities for post-employment benefits and other noncash items required by accounting standards.

"Now that our budget numbers are in, I want to say how very pleased and proud I am of our entire athletic department," WVU Director of Athletics Oliver Luck said in a statement that accompanied the release of the numbers.

"And, I cannot say enough about the job turned in by our Mountaineer Athletic Club staff to reach record-breaking fundraising numbers for the second straight year. I also want to thank the MAC members, who rallied around us and the many fans who purchased tickets to various athletic events. We all know how important it is to have a self-supporting athletic department, and that goal has been reached once again."

The athletic department uses a modified accrual accounting system instead of cash accounting, so the income and expense numbers include a variety of noncash items. As an example, the line for employee compensation includes $325,105 for the other post-employment benefit liabilities, said Dia Fortney, WVU athletic business administrator.

The facilities maintenance and repair line on the expense part totaled $10,669,275), which included a non-cash expense of $5,259,824 for depreciation, which must be included to be in accordance with GAAP requirements.

Fortney said something similar would be true for the previous year's deficit. On a cash basis, it was not as bad as the $12.9 million loss on the modified accrual system, she said.

Fortney also said last year's $4.2 million profit goes back into the department's general operating fund.

The information released Oct. 11 is the same that will be submitted to the NCAA for use in its Equity in Athletics Data Analysis (EADA) report.

(FULL WVU ATHLETIC FINANCIAL NUMBERS)