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Virginia Tech’s 2021 financial report shows athletic department surplus of $4.7 million – Roanoke Times

BLACKSBURG — The Virginia Tech athletic department’s 2021 financial report makes for a unique read.

The full impact of the COVID-19 pandemic is felt right at the top of the report with the first revenue item listing a combined total of $49,060 in ticket sales for all 22 teams.

The Hokies took in more than $16 million in ticket revenue in 2020 and exceeded $20 million two years ago. The COVID-19 pandemic limited football attendance to less than 1,000 fans a game for much of the 2020 season — the football team actually reported zero dollars in ticket revenues since attendance was limited to the families of players and coaches — and less than that for the team’s indoor sports.

Tech’s revenue was down just shy of $14 million overall ($85.5 million) from a record-high $99.1 million reported in 2020 and fell below $90 million for the first time since 2017, but the department still managed to finish with a surplus of $4.7 million.

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It was the fourth straight year the department maintained a surplus.



The itemized revenue list from the Virginia Tech athletic department 2021 financial report. 




The unaudited numbers were compiled for the annual financial report all Division I member schools must submit to the NCAA. The report was provided to The Roanoke Times in response to a Freedom of Information Act request.

Tech athletic director Whit Babcock credited employee salary and operating budget reductions combined with reduced expenditures in recruiting and game operations for helping the athletic department avoid a shortfall.

Babcock announced a series of cost-saving measures in December 2020 that included salary reductions and layoffs in hopes of trimming $15 million from the budget.

“No collegiate athletics department has been spared from the harsh financial reality of revenue shortfalls directly attributable to COVID-19,” Babcock said, at the time.

Virginia Tech athletics overall expenses in 2021 for team travel was $2.6 million, the recruiting budget was $232,684, game expenses were $1.5 million and direct overhead and administrative expenses were $5.8 million.

The department’s overall expenses were $85.5 million and that was the first time they were below $90 million since 2016.



The itemized revenue list from the Virginia Tech athletic department 2021 financial report. 




Those numbers were higher in 2020 in each category by millions of dollars.

Tech spent $3.9 million on travel, $1.8 million on recruiting, $4.7 million on game expenses and direct overhead and administrative expenses were $7.3 million. The department’s overall expenses were a record $97.4 million.

The university also received state and federal assistance that totaled $13 million to help offset the losses brought on …….

Source: https://roanoke.com/sports/college/va_tech/virginia-tech-s-2021-financial-report-shows-athletic-department-surplus-of-4-7-million/article_eeb5de6e-8595-11ec-a187-4f90936a259e.html

BLACKSBURG — The Virginia Tech athletic department’s 2021 financial report makes for a unique read.

The full impact of the COVID-19 pandemic is felt right at the top of the report with the first revenue item listing a combined total of $49,060 in ticket sales for all 22 teams.

The Hokies took in more than $16 million in ticket revenue in 2020 and exceeded $20 million two years ago. The COVID-19 pandemic limited football attendance to less than 1,000 fans a game for much of the 2020 season — the football team actually reported zero dollars in ticket revenues since attendance was limited to the families of players and coaches — and less than that for the…….

BLACKSBURG — The Virginia Tech athletic department’s 2021 financial report makes for a unique read.

The full impact of the COVID-19 pandemic is felt right at the top of the report with the first revenue item listing a combined total of $49,060 in ticket sales for all 22 teams.

The Hokies took in more than $16 million in ticket revenue in 2020 and exceeded $20 million two years ago. The COVID-19 pandemic limited football attendance to less than 1,000 fans a game for much of the 2020 season — the football team actually reported zero dollars in ticket revenues since attendance was limited to the families of players and coaches — and less than that for the…….

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